PALM BEACH COUNTY BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY. April 2, 2013 Consent [] Regular [X] Public Hearing [] Water Utilities Department

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Rudolf Owens
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1 Agenda Item# PALM BEACH COUNTY AGENDA ITEM SUMMARY Meeting : Department: April 2, 21 Consent [] Regular [X] Public Hearing [] I. EXECUTIVE BRIEF Motion and Title: Staff recommends motion to approve: A) Budget Transfer of $,55, in the Water Utilities Revenue Fund (4) to reflect the effect of the bond refunding; B) Budget Amendment of $1,197, decreasing the Water Utilities Capital Improvement Fund (411) to reflect the effect of the bond refunding; C) Budget Amendment of $2,158, decreasing the Water Utilities Debt Service Series 26 Fund (49) to reflect the effect of the bond refunding; and D) Budget Amendment of $92,, increasing the Water Utilities Debt Service Series Refunding 21 Fund (447) to record the bond proceeds, debt service expenses and payments to escrow agent. Summary: On October 16, 212 (Agenda Item 5F-1), the Board authorized the issuance of the Series 21 Refunding Bonds for a partial refunding for the Water & Sewer Revenue Bonds, Series 26A through a competitive-negotiated sale as recommended by the County Financing Committee (CFC) and the County's Financial Advisor. Through a bid, the County awarded the sale to JP Morgan. The refunding will save the County $6,86,272 in debt service over the life of the bonds. Countywide (MJ) Background and Justification: On August 2, 212, the County Financing Committee (CFC) met to discuss the financing alternatives and recommended that, due to the current period of low interest rates, the County should proceed with the refunding for potential savings. Upon the recommendation of the County's Financial Advisor and the CFC, the refunding was done through a competitive-negotiated sale. The Bonds are secured by a pledge of Water & Sewer revenues. Attachments: A) Budget Transfer form in the Water Utilities Revenue Fund (4) B) Budget Amendment form in the Water Utilities Capital Improvement Fund (411) C) Budget Amendment form in the Water Utilities Series 26 Debt Service Fund (49) D) Budget Amendment form in the Water Utilities Series 26 Debt Service Fund (447) E) Summary of Transactions by Fund Recommended By: --~c..., Department Director "'F---"'1-'-~===-= "2_,./_-z-'~---+-'I 1--='---- App,oved By, ~~~ _, Assistant~ dministrator J/fl./1 1 date

2 II. FISCAL IMPACT ANALYSIS A. Five Year Summary of Fiscal Impact: Fiscal Years Debt Service External Revenues Program Income (County) In-Kind Match County $89,875, l sss,s1s,ooo ) ($58,6) ($584,6) ($584,8) ($584,9) NET FISCAL IMPACT $1,197, ($58,6) ($584,6) ($584,8) ($584,9 # ADDITIONAL FTE POSITIONS (Cumulative) Budget Account No.: Fund _ Dept _ Unit Rev Source Is Item Included in Current Budget? Yes No X (*) *See attached budget transfer and budget amendments. Reporting Category N/A B. Recommended Sources of Funds/Summary of Fiscal Impact: The refunding yields net present value savings of $6,86,272. Debt service payments will be funded from user fees. C. Department Fiscal Review:,:./4:_.:;L fu;b;...l..,_~:: Ill. REVIEW COMMENTS B. OFMB c/4, P';\_1'> Legal Sufficiency: tj ( ft Assistant County Attorney C. Other Department Review: Department Director This summary is not to be used as a basis for payment.

3 1-729 BUDGET: TRANSFER FUND 4: Water Utilities Deparhnent Revenue Fund Account Number I Name Expenditures and Reserves Transfer to Fund Transfer to Fund Transfer to Fund 447 Original Current Budget Budget Increase Decrease 5,469,4 5,41,4 1,197, 1,276,4 1,276,4 2,158,,55, Adjusted Encumbered Remaining Budget As of 1/8/1 Balance 4 2'22, 4, 5,8,248 28,4Z22, 152 8,118,4 2,569,1 5,549,,55,,55, 'cs Total expenditures and reserves,55,,55, By Board of County Comm1ss1ners At Meeting of Initiating Department/Division i C') (1) :::J -)>

4 1-7 BUDGET: AMENDMENT FUND 411: Water Utilities Capital Improvement Fund 7hJ tj/181«.-&fzj?h Olo?/ ~ I 77 Account Number I Name Original Current Budget Budget Increase Decrease Adjusted Budget Encumbered As of 1/8/21 Remaining Balance - Receipts and Revenues Transfer from Fund 4 5,469,4 5,ti9,4 1,197, 4,Z22,4 Total receipts and revenues 185,86,182 18,49 1,197, 179,242, Expenditures and Reserves Reserves for linprovement Program 55,689,494, 55,69,494 1,197, 54,442,49/4 54,442,49 Total expenditures and reserves 185,86,182 18,149, 1,197, 179,242, 17.9,242,, = :c...:.::..= By Board of County Comm1ss1ners At Meeting of Initiating Department/Division \w\12). ~ (D :::i... ID

5 1-71 BUDGET: AMENDMENT FUND 49: Water Utilities Debt Service Series 26 ~///I/.J * tff ///1 -Jli:: // Account Number I Name Original Current Budget Budget Increase Decrease Adjusted Budget Encumbered As of 1/8/21 Remaining Balance Receipts and Revenues Transfer from Fund 4 1,276,4 1,276,4 2,158, 8,118,4. ' Total receipts and revenues lfj).58.4 JfL5&,4DD 2,158, Expenditures and Reserves \ n'erffi-i-.-rnrrls 6,24, 6,24, 2,246,,778, 1,56,5 2,271, Amortization of Bond Premium Amortization of Issue Costs (27,4) (27,4) 119, 79,1 79,1 1, (151,4) 48,1 (64,959) (86,441) 18,64 29,46 Total expenditures and reserves 1,58,4 1,58,4 119, 2,277, 8,2()~4 1,459,71 6, 658,J\.99 Initiating DepartmenJ/Division 2./2,.r/ IJ By Board of County Comnuss1ners At Meeting of ~ Cl) ::i -(')

6 1-72 BUDGET: AMENDMENT FUND 447: Water Utilities Debt Service 21 Refunding Bonds Account I Original Current Number I Name I Budget Budget Increase Decrease ///fl i 7()f Olll/ % /f / Adjusted Encumbered Remaining Budget As of!'/4/1 Balance Receipts and Revenues Proceeds of Refunded Bonds 72,4, SSII\ Bond Premium 16,248, Transfer from Fund 4 ;55, Total receipts and revenues 92,, 72,4, 16,248,,55, 92,, Ex:eenditures and Reserves Interest-Bonds 2,79, Amortization of Bond Premium 676, Amortization of Issue Costs 17, Amortization of Refunding Loss 42, Paying Agent Services 5, Issue Costs 4, Payments to escrow agent 89,788, Total expenditures and reserves 92,79, 676, 2,79, 2,79, (676,} (676,} 17, 17, 42, 42, 5, 5, 4, 5,22 94,768 89,788, 89,787, ,, 9,92,788 2,616,212 Initiating Department/Division ~ -z,tczr/u n-(f\wr By At Meeting of -II) (D :::s -

7 Series 21 Bond Refunding Summary of Transactions by Fund FY 21 Budget Year Description Total Fund Revenue Transfer from fund 4 Bond proceeds Bond premium o 72,4, 16,248, (1,197,) (2,158,),55, 72,4, 16,248, Total revenue 88,678, o (1,197,) (2,158,) 92,, Expenditures Transfer to fund 411 Transfer to fund 49 Transfer to fund 447 Interest-Bonds Amortization of Bond Premium Amortization of Issue Costs Amortization of Refunding Loss Paying Agent Services Issue Costs Payments to escrow agent Reserves (1,197,) (2,158,),55, (167,) (557,) (14,) 42, 5, 4, 89,788, (1,197,) (1,197,) (2,158,),55, (1,197,) (2,246,) 2,79, 119, (676,) (1,) 17, 42, 5, 4, 89,788, Total expenditures 88,678, o (1,197,) (2,158,) 92,, m

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Agenda Item #3.A. J PALM BEACH COUNTY BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY ======================================================================== Meeting Date: August 19, 28 [X] Consent