2018 Capital Improvement Plan Discussion CITY OF ST. AUGUSTINE

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Nathaniel Arnold
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1 2018 Capital Improvement Plan Discussion CITY OF ST. AUGUSTINE

2 Table of Contents City of St. Augustine Strategic Plan 1 FY 2018 Capital Spending Highlights 2 Visitor Information Center Proposed Increase 3 Debt Refunding 4 Mobility & Parking Technology Discussion 5 Excerpts from the National Citizen Survey 7 FY 2018-FY 2022 Capital Improvements: All Funds 9 FY 2018-FY 2022 Capital Improvements: By Area 13

Online Presence Historic Preservation Planning Event Management Capital Plan Financing Infrastructure Planning and

3 Hierarchal Organization of the City of St. Augustine Strategic Plan City of St. Augustine Vision Core Values Mission Guiding Principles Livability Authenticity Character Vitality Communication and Online Presence Historic Preservation Planning Event Management Capital Plan Financing Infrastructure Planning and Construction Arts and Culture Enhancement Zoning Update Sustainable Best Practices Mobility Planning Enhance Community Parterships for Homelessness 1 P a g e

4 FY 2018 Capital Spending Highlights Infrastructure Sevilla Street Utility work, Stormwater work and re-bricking Charlotte street completion (including re-bricking) Road paving of $750,000 (a $225,000 increase above FY 2017 budget) Sidewalk projects South Dixie Highway project Continuation of SRF Projects that were funded in FY 2017: San Marco Watermain project Fullerwood Watermain project North City Watermain project Water Meter Replacement program Lift Stations damaged during Hurricane Matthew will be repaired, replaced, and mitigated. Not expected to begin until late FY Continued upgrades to lift stations and force mains Continued Infill and Inflow Elimination for wastewater Continued transfer of $250,000 for future use towards West Augustine sewer projects. Seawall Connectivity Project Historic Preservation Waterworks Building Rehabilitation (to be funded with VIC revenue increase) Mobility Historic Downtown Parking Facility continued maintenance Parking garage/satellite parking research (to be funded with VIC revenue increase) Dynamic Signage development (to be funded with VIC revenue increase) Mobility & Parking Technology & Access Management (to be funded with VIC revenue increase and new monies from debt refunding) 2 P a g e

5 VIC Rates Adjusted to $15 ($2 with ParkNow card) Adjusting the rate to $15 from $12 and the ParkNow card rate from $3 to $2 will generate approximately $750,000 in additional revenue. This revenue will be used to increase the funding for 2 of our top Strategic Items: Mobility and Historic Preservation FY 2017 Transfers from VIC Parking Revenues Historic Preservation $ 100,000 Mobility Studies & Infrastructure $ 300,000 VIC Sinking Fund for Future Repairs $ 100,000 $ 500,000 FY 2018 Transfers from Rate Increase Historic Preservation $ 250,000 Mobility Personnel, Operations, Studies Infrastructure $ 350,000 VIC Sinking Fund for Future Repairs $ 150,000 $ 750,000 Total Transfers from VIC Parking Revenues in FY 18 Budget Historic Preservation (Water Works Building rehab, implementation of Historic Preservation Master Plan, improvements to Archaeology program) Mobility Personnel, Operations, Studies, Infrastructure (meets existing budget and additional debt service from refunding as described on page 6) $ 350,000 $ 650,000 VIC Sinking Fund for Future Repairs $ 250,000 $ 1,250,000 3 P a g e

6 Refunding of Existing Debt As financial advisor to the City of St. Augustine, Florida (the City ), PFM Financial Advisors LLC (PFM) continually monitors the City s outstanding debt portfolio for refunding opportunities that could lower the City s overall debt service payments. We have reviewed the City s outstanding Capital Improvement and Refunding Revenue Bonds, Series 2004 (the 2004 Bonds ) and Capital Improvement Revenue Bonds, Series 2011 (the 2011 Bonds ) and determined that current market conditions would allow the City to refund these bonds for debt service savings. The 2004 Bonds are outstanding in the par amount of $1,055,000 and are currently callable. The 2011 Bonds are outstanding in the par amount of $16,215,000 and can be called on October 1, By refunding the 2004 Bonds and 2011 Bonds, we estimate that the City could realize approximately $1.7 million of net present value debt service savings (net of all costs associated with completing the transaction) or 10.09% of the refunded bonds par amount under current market conditions. This equates to approximately $100,000 of annual savings through When analyzing the appropriate time to undertake a refunding, most municipalities use a guideline that requires net present value debt service savings of at least 5.0% of the refunded bonds par amount. As indicated above, due to the historically low interest rates in the current market, the current expected savings is well in excess of this threshold (10.09%). As a result, we are requesting permission from the City to begin preparing the financing documents with the goal of seeking final approval of a Bond Resolution at a subsequent City Commission meeting. It is also our understanding that the City has about $1.25 million - $1.50 million of new money needs. Due to the attractive level of interest rates as well as economies of scale in terms of minimizing cost of issuance by combining financings, the City should consider funding these new money needs in conjunction with the above described refunding. If these new money needs were paid back over a 7 year term, the annual debt service would be between $200,000 and $230,000. When taking into account the $100,000 of annual savings from the refunding, the net increase in debt service over the 7 year payback period is $100,000 to $130, P a g e

7 Mobility & Parking Technology and Access Management-Cost Estimates Item # Cost VIC Garage ITS Signage 4 $ 80,000 VIC Garage Access Control ALPR 7 $ 105,000 VIC Garage Annual Fixed Camera License 7 $ 3,500 VIC Garage ALPR - -Supply per Level 3 $ 120,000 VIC Garage Gate Equipment 7 $ 45,500 Parking Enforcement ALPR 2 $ 70,000 Parking Enforcement Vehicles 2 $ 30,000 Parking Enforcement Enforcement Software 1 $ 104,000 Parking Enforcement Handhelds 5 $ 21,500 Parking Enforcement Out-of-state tag service 2 $ 3,600 Parking Enforcement Server & Software 1 $ 14,000 Parkeon Paystations TPALS To Replace Single Space 21 $ 176,820 Parkeon Paystations TPALS To Replace Existing Strada 23 $ 193,660 Parkeon Paystations Fee for Pay by Plate increase 35 $ 5,760 Contingency 10% Equipment & Software 1 $ 97,334 ITS/TDM Consulting Services 1 $ 25,000 Marketing, Branding, Website & App Development - 3 Year Contract 1 $ 125,000 Tolamato Lot Design and Construction - Freight Delivery 1 $ 279,326 TOTAL: $ 1,500,000 5 P a g e

8 Mobility & Parking Technology and Access Management-Schedule 6 P a g e

9 Excerpts from the National Citizen Survey TM 7 P a g e

10 Excerpts from the National Citizen Survey TM 8 P a g e

11 Capital Improvement Plan FY P a g e

12 Capital Improvement Plan FY P a g e

13 Capital Improvement Plan FY P a g e

14 Capital Improvement Plan FY P a g e

15 % Funds by Geographic Area FY P a g e

16 Notes 14 P a g e

17 Notes 15 P a g e

2017 PROPOSED BUDGET

2017 PROPOSED BUDGET CITY OF ST. AUGUSTINE Table of Contents FY 2016 Strategic Plan 1 FY 2016 Action Items 2 FY 2017 Strategic Plan 3 The National Citizen Survey Excerpt 4 FY 2017 Budget: City Wide 7