St. Petersburg City Council BUDGET, FINANCE & TAXATION COMMITTEE AGENDA. Meeting of NOVEMBER 18, :30 AM City Hall Room 100

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1 St. Petersburg City Council, FINANCE & TAXATION COMMITTEE AGENDA Meeting of NOVEMBER 18, :30 AM City Hall Room 100 Members & Alternate: Support Staff: Chair James R. Jim Kennedy, Jr.; ViceChair Charles Gerdes; Karl Nurse; Leslie Curran and William Dudley (alternate) Angela Ramirez, Budget Department & Linda Livingston, Finance Department A. Call to Order B. Approval of Agenda C. Approval of Minutes 1. September 12, October 10, 2013 D. New/Deferred Business 1. FY13 Budget Cleanup (Tom Greene) 2. 4th Quarter Financial Report (Anne Fritz) E. Continued Business 1. None. F. Upcoming Meetings Agenda Tentative Issues 1. November 25, 2013 (a) (b) (c) (d) External Audit Services Agreement Extension (Brad Scott) Draft Procedure to Encourage and Utilize Unsolicited Outside Grant Applications (John Wolfe, Louis Moore) Legal Update Report 3rd Quarter Delinquent Lease Items (Lynn Gordon) 4th Quarter Grants Report (Shrimatee OjahMaharaj) 2. December 12, 2013

2 (a) Report of the December 10, 2013 Investment Oversight Committee Meeting (Anne Fritz) 3. December 19, 2013 (a) Health Insurance Rates for Next Year (Gary Cornwell) G. New Business Item Referrals Enter next meeting date here 1. Referrals (attached) Review and reprioritize referral list H. Adjournment

3 Attached documents for item September 12, 2013

4 CITY OF ST. PETERSBURG Budget, Finance & Taxation Committee September 12, 2013 at 8:05 a.m. Present: Also: Absent: Chair James R. Kennedy, ViceChair Charles Gerdes, Councilmembers Karl Nurse. Councilmembers Jeff Danner and Steve Kornell; Attorney John Wolfe, Assistant City Attorney Jeannie Hoffman; City Administrator Tish Elston; City Auditor, Bradley Scott; Finance Director Anne Fritz; Purchasing & Materials Management Director, Louis Moore; Thomas Hoffman, Controller; Angela Ramirez, Budget Analyst II, Budget & Management; Kewa Wright, City Council Aide and Cathy E. Davis, Deputy City Clerk. Councilmembers Leslie Curran and William Dudley (Alternate). Chair Kennedy called the meeting to order. In connection with the approval of the meeting Agenda Councilmember Nurse motioned that the agenda be approved as submitted. All were in favor of the motion. Ayes. Kennedy. Gerdes. Nurse. Nays. None. Absent. Curran. Dudley (Alt). In connection with the approval of the August 29 th meeting minutes Chair Kennedy asked that the approval of minutes be deferred until the next meeting. Amendment to External Audit for EMS Audit City Auditor Brad Scott addressed the committee and commented briefly in connection with a request for approval of a proposed Amendment to the City s External Audit Agreement to conduct an audit of the City s Emergency Medical Services. Mr. Scott stated for the past 3 years Pinellas County has required that an audit be conducted by external auditors and that Mayer Hoffman McCann PC, KRMT Tampa Bay Division would conduct the audit as the previous two years at a cost of $7, ViceChair Gerdes motioned that the request be approved by the committee. All were in favor of the motion. Ayes. Kennedy. Gerdes. Nurse. Nays. None. Absent. Curran. Dudley (alt). Councilmember Dudley (Alternate) was reported present at 8:07 a.m. Councilmember Curran was reported present at 8:10 a.m. Report from 9/10/13 Investment Oversight Committee Meeting Anne Fritz, Director, Finance Director, provided to the Committee a report from the September 10, 2013 Investment Oversight Committee (IOC) during which the IOC discussed modifications to the City s Investment Policy to allow alternative investment strategies for the City s Workers Compensation Fund, Insurance Fund, General Liability Insurance Fund and Water Cost

5 CITY OF ST. PETERSBURG Budget Finance & Taxation Committee Minutes September 12, 2013 Stabilization Fund. The alternative investment strategies would allow equity investments for a portion of the available investible amounts. Ms. Fritz stated that the IOC members were of the opinion that only the Water Cost Stabilization Fund should be considered for modification of the current investment policy to allow investing in equities, limited to an amount not to exceed twentyfive percent of the Fund s investible funds. The IOC members inquired relative to any potential adverse impact to the City s bond rating or the violation of any bond covenants should the City s investment policy be modified to allow equity investments within the Water Cost Stabilization Fund. The IOC approved a motion directing Administration 1) to inquire of the City s Bond rating agencies relative to any possible adverse impact to the City s Bond Rating if the City modifies the Investment Policy to allow equity investments up to twentyfive percent of the investible funds in the Water Cost Stabilization Fund; 2) to prepare a draft of changes to the City s Investment Policy to include equity investments in the Water Cost Stabilization Fund up to twentypercent of the investible funds in the Water Cost Stabilization Fund; and 3) to assess whether to engage Graystone Consulting or a separate Money Manager for the equities investments. In connection with committee discussion CM Kornell stated he was in favor of getting the increase fund and asked if there was a model that could be used as money is made to take half to take care of the rate payers and put half into the fund to increase the fund so that it s not dropping too much. Ms. Fritz stated that would be a policy decision and that council could choose to modify the Water Cost Stabilization Fund and stated currently it is written that all of the interest gets transferred monthly from the Water Cost Stabilization Fund to the water operating fund. CM Kornell asked that staff provide an analysis using the date of 9/12/01 as an example. Chair Kennedy requested a report to the BF&T after the next IOC meeting scheduled for December 10, Modifications to Procurement Policy, Funding for Grant Writer, Brownfield Workshop Louis Moore, Procurement Director, was present to discuss with the committee members the desire of the committee to make any necessary changes to the City s Procurement Policy to allow the contingency for a grant writer to administer the grant if the application is successful in lieu of payment for grant writing services. Mr. Moore stated that City policy requires contracts greater than ten thousand dollars have a selection process and was also concerned relative what qualifications would be included in a grant writer / administration Request for Proposal. Unsolicited proposals received by the City require a public notice for a specified period of time prior to approval which may create an issue for the timely submittal of grant proposals. 2

6 CITY OF ST. PETERSBURG Budget Finance & Taxation Committee Minutes September 12, 2013 ViceChair Gerdes motioned that Procurement and Legal departments draft a procedure intended to encourage and utilize solicited and unsolicited outside grant applications and to bring such draft to the BF&T committee within seventyfive days. All were in favor of the motion. Ayes. Kennedy. Gerdes. Nurse. Curran. Nays. None. Absent. There being no further business, the meeting was adjourned at 8:53 a.m. 3

7 Attached documents for item October 10, 2013

8 CITY OF ST. PETERSBURG Budget, Finance & Taxation Committee October 10, 2013 at 8:04 a.m. Present: Also: Absent: Chair James R. Kennedy, ViceChair Charles Gerdes and Councilmember William Dudley (Alternate). Councilmember Steve Kornell; Attorney John Wolfe; City Administrator Tish Elston; Leisure & Community Services Administrator, Clarence Scott; Director Budget & Management, Thomas Greene; City Development Administration, Joe Zeoli; Assistant Director Downtown Enterprises, Clay Smith; Manager Golf Courses, Kenneth Betz; City Auditor, Bradley Scott; Thomas Hoffman, Controller; Angela Ramirez, Budget Analyst II, Budget & Management; Kewa Wright, City Council Aide and Cathy E. Davis, Deputy City Clerk. Councilmembers Karl Nurse and Leslie Curran. Chair Kennedy called the meeting to order. In connection with the approval of the meeting Agenda ViceChair Gerdes motioned that the agenda be approved as submitted. All were in favor of the motion. Ayes. Kennedy. Gerdes. Dudley (Alt). Nays. None. Absent. Nurse. Curran. Councilmember Nurse was reported present at 8:05 a.m. In connection with the approval of the August 29 th meeting minutes and the 3 rd Quarter Lease Report, Chair Kennedy asked that the minutes be revised to reflect that report concerning Bay Air Flying Services, Inc., be presented on an as needed basis before the committee. Councilmember Nurse motioned that the minutes be approved as amended. All were in favor of the motion. Ayes. Kennedy. Gerdes. Nurse. Dudley (Alt). Nays. None. Absent. Curran Management Evaluation Discussion Brad Scott, Audit Services Director, provided to the Committee history of the Management Evaluation, reporting that Section 4.05(b) (1) of the City Charter states that City Council, at any time, shall be permitted to conduct a management evaluation by a professional consultant of the administrative activities of the City, or any portion thereof, under the direction of City Council. At least once every two years the City Council shall discuss and make a decision as to whether or not any such audit is needed. The management evaluation and all reports and recommendations shall be directed to the Council. In FY1999 city Council delegated the responsibility of evaluating alternative areas for the study to the Budget, Finance and Taxation Committee so that they may make recommendations to City Council for their consideration and approval. Further, Resolution requires the Budget, Finance and Taxation Committee discuss potential Management Evaluations at their first October meeting each fiscal year. Mr. Scott s involvement in the process is coordination of the RFP.

9 City of St. Petersburg Budget, Finance & Taxation Committee Meeting October 10, 2013 Included in the materials provided to the Committee was a list of management evaluations conducted since 1976 and a list of possible management evaluations. In connection with committee discussion Councilmember Nurse commented briefly regarding past studies and stated he did not feel much information was received from them and stated he would rather invest the monies towards Economic Development and would rather the matter be deferred. The committee discussed the budget for the management evaluation and administration responded that the FY13 budget amount of $50,000 was unspent and could be reappropriated and added to the $50,000 FY14 budget amount. ViceChair Gerdes motioned with the second of councilmember Nurse that the FY13 budget amount of $50,000 be transferred to the FY14 budget amount of $50,000 and that a Management Evaluation not be conducted at this time. In connection with continued committee discussion Chair Kennedy stated the Committee had fulfilled their obligation with the discussion at the meeting and it was agreed by Committee members to defer any action at this time. The motion was withdrawn. The Committee further agreed the next Management Evaluation discussion be scheduled for the first BF&T Committee meeting in October FY2013 Increased Enterprise Fund Subsidies Report Tom Greene, Budget Director, provided to the Committee a report of the FY13 Third Quarter Expenditure Subsidy Variances for nine Enterprise Funds, comparing the FY Estimated subsidies to both the FY12 Actual Subsidies and the FY13 Budget Subsidies. Based on the actual results of the funds through June 30, 2013, it is projected the total subsidies for the funds included in the report will exceed the FY13 Budget by $646,000 and be $131,480 less than the FY12 Actual amount. Mr. Greene noted that both the Mahaffey Theater and Sunken Garden Funds are projected to have subsidies less than the budget amounts; the Airport, Golf Course and Jamestown Funds each have loans from the General Fund which will be repaid from future earnings. Issues discussed regarding the need for increased subsidy to the Golf Course included higher than average rainfall during the year which reduced green fees and an overall downturn in the golf industry. A writeoff of Airport accounts receivable of $112,000 was a significant factor contributing the increase in the Airport Fund subsidy and a changing economy has impacted the shipping industry, reducing Port revenues and necessitating an increase in the subsidy to the Port. Following discussion the committee asked that staff report back to the committee with the following information: 2

10 City of St. Petersburg Budget, Finance & Taxation Committee Meeting October 10, 2013 a. Report from City Administration relative to a review of the Port Model to presented on either a January or February BF&T Committee meeting. b. Report from City administration relative to the actual performance of Big Three Management against the performance criteria included in the RFP for the management of the Mahaffey Theater to be presented at a future BF&T Committee meeting. There being no further business, the meeting was adjourned at 8:58 a.m. 3

11 Attached documents for item FY13 Budget Cleanup (Tom Greene)

12 ST. PETERSBURG CITY COUNCIL Meeting of November 18, 2013 TO: SUBJECT: City Council Chair and City Council Members An Ordinance Enacting YearEnd Appropriation Adjustments FY13 Operating Budget & Capital Improvement Program Budget & Adjustments to the FY14 Budget EXPLANATION / COST FUNDING ASSESSMENT INFORMATION: This agenda item transitions budgets from the year just closed to the new budget year. For FY13, it adjusts budgets that exceeded annual appropriations and commits and assigns funds in the General Operating Fund for specific purposes. It also provides adjustments (supplemental appropriations) to the FY14 budget. Council is asked to approve an ordinance to enact these changes, as required by the Charter. The agenda item is divided into three major parts. Each part may involve several types of transactions including appropriation transfers which have no affect on fund balance or supplemental appropriations, which reduce the fund balance of the specified fund unless there are unanticipated revenues to support the expense overage. This item is subdivided into the sections of the Ordinance giving a detailed description of the provisions within the Ordinance and reasons for each budget modification. Backup for the Ordinance is covered in Parts I, II, and III Part I describes transactions which will clean up and finalize the FY13 budget (Ordinance Sections 15). The final accounting transactions for FY13 are being posted, requiring some adjustments to the FY13 appropriations for both operations and capital projects. Additional appropriations are necessary to authorize expenditures in excess of budgeted amounts, even if related revenues are available to cover these expenses. State law requires that any budgetary adjustments to the prior year budget be made within 60 days of the close of the fiscal year. Part II recommends commitments and assignments of funds remaining in the General Operating Fund at the close of FY13 for a variety of purposes in FY14 and the future. Commitments and assignments are not legal obligations to expend funds setaside in the various categories and require appropriation by City Council in order to do so. These appear in Section 6 of the Ordinance. Part III provides for supplemental appropriations, which reduce the fund balance of the specified fund unless there are unanticipated revenues to support the expense overage, to the FY14 Budget, including reappropriation of unexpended FY13 monies and transfers, Ordinance Sections 79. ATTACHMENTS: Ordinance for Council Action APPROVALS: Administrative: Budget:

13 PRELIMINARY YEAREND APPROPRIATION ADJUSTMENTS FY13 OPERATING & CAPITAL IMPROVEMENT PROGRAM This report presents recommendations for budget adjustments in various funds. Expenditure and revenue estimates are based on financial data through November 12, Budget adjustments are only required for entities that exceed previous appropriations for the entity as a whole. While some appropriations are made at the departmental level, such as the Fire Department, others are made at the administration level. For example, an appropriation would be required for the Leisure & Community Services Administration only if the expenditures exceeded the total appropriation for all departments within the administration. The Budget Ordinance is the guiding document for these requirements. Supplemental appropriations are supported either by unanticipated revenue or by resources of the fund balance of the fund specified. Supplemental appropriations increase the total amount authorized in the fund. Ordinance Section 1 PART I: FY13 APPROPRIATION ADJUSTMENTS GENERAL FUND PRELIMINARY RESULTS The total impact to the General Fund by the adjustments in section 1 is an increase in expense of $651,000. The increased subsidies were identified earlier as part of the year end estimates presented to the Budget, Finance and Taxation committee. After these budget adjustments are made, the General Fund fund balance will be reduced by $256,000. Expenditure and revenue estimates are based on financial data through November 12, 2013 and may require further adjustment when the final year end transactions are posted. GENERAL OPERATING FUND Appropriation Transfers These appropriations cover expenditures which exceeded budget in FY13. Appropriation transfers in the previous year have an impact on the fund balance as the funds had not been expended by year end. From: Budget Department Contingency To: Tropicana Field Subsidy Port Subsidy ($221,000) 151,000 70,000 Appropriation transfers are needed to move the funds budgeted in the General Fund contingency in order to increase the subsidy for Tropicana Field and the Port. An increase in the subsidy is needed due to higher event costs and decreased revenue from dock and wharf charges. 2

14 GENERAL OPERATING FUND Supplemental Appropriations These appropriations cover expenditures which exceeded budget in FY13. In some cases, revenue also exceeded the budget. The net impact of these revenue and expenditure variances will be covered from the fund balance. Sunken Gardens Subsidy (12,000) A reduced subsidy is needed due to increased revenue. Pier Subsidy (81,000) A reduced subsidy is needed due to increased revenue. Coliseum Subsidy 28,000 A supplemental appropriation is needed because of higher than budgeted costs for events based on the requirements of actual events during FY13. Airport Loan 63,000 An advance from the General Fund is needed because of an accounts receivable write off related to the former fixed based operator and higher than budgeted costs for repairs. The Airport is an enterprise fund and will repay the General Fund from future earnings. Golf Course Loan 151,000 An advance from the General Fund is needed due to decreased revenue because of unusually heavy rainfall. The Golf Course is an enterprise fund and will repay the General Fund from future earnings. Jamestown Loan 188,000 An advance from the General Fund is needed because of higher than budgeted costs for facility repairs, an accounts receivable write off, and lower than budgeted rent revenue. Jamestown will repay the General Fund from future earnings. ENTERPRISE & SPECIAL REVENUE OPERATING FUNDS Supplemental Appropriations These appropriations cover expenditures which exceeded budget. In some cases, revenue also exceeded the budget. The net impact of these revenue and expenditure variances will be covered from the fund balance in each individual fund. Mahaffey Theater 700,000 A supplemental appropriation is needed because of higher event costs and advertising. The increased expenses are offset by increased revenue. Pier 56,000 A supplemental appropriation is needed because of higher costs as a result of maintaining control of the facility for the entire year. Sunken Gardens 92,500 A supplemental appropriation is needed because of higher event costs. The increased expenses are offset by increased revenue. Tropicana Field 14,500 A supplemental appropriation is needed due to higher costs for salaries. Arts in Public Places 19,000 A supplemental appropriation is needed to reflect expenses incurred in this fund based on FY13 transactions. Sanitation 913,000 A supplemental appropriation is needed because there were higher than budgeted expenses for demolition and repairs and maintenance of vehicles and due to previously budgeted savings that were inadvertently left in the FY13 budget. Jamestown 62,000 A supplemental appropriation is needed due to higher costs for facility repairs. 3

15 Ordinance Section 2 CAPITAL IMPROVEMENT FUNDS Supplemental Appropriations These appropriations cover CIP project expenditures which exceeded budget. In some cases, revenue also exceeded the budget. The net impact of these revenue and expenditure variances will be covered from the fund balance of each individual fund. Neighborhood & Citywide Infrastructure Neighborhood & Citywide Infrastructure Transportation Impact Airport Ordinance Section 3.37 Neighborhood Traffic Calming Project (10613) Bicycle Pedestrian Facilities FY08 Project (11653) Sidewalks Project (10620) 27, Taxiway D Ramp Project (11670) A supplemental appropriation is needed to fix the project overage. A supplemental appropriation is needed to fix the project overage. A supplemental appropriation is needed to fix the project overage. A supplemental appropriation is needed to expend additional revenue received from the FAA for this project. INTERNAL SERVICE FUNDS Increased Authorizations These additional allocations cover expenditures which exceeded budget. In some cases, revenue also exceeded the budget. The net impact of these revenue and expenditure variances will be covered from the fund balance of each individual fund. Medical Insurance Workers Compensation 185,000 A supplemental appropriation is needed for the Health Insurance Internal Service Fund to account for expenses in excess of the operating budget due to an unexpected number of large medical claims. Funds are available in the Health Insurance Fund. 1,121,000 A supplemental appropriation is needed for the Workers Compensation Internal Service Fund to account for the increase in the actuarial determined shortterm liability during the fiscal year in accordance with full accrual accounting practices. Funds are available in the Workers Compensation Fund. Ordinance Section 4 Ordinance 97H is hereby amended by incorporating into said Ordinance all appropriations and adjustments to the operating and capital improvement budgets pertaining to the fiscal year ending September 30, 2013 made by previous resolution, and all supplemental appropriations and adjustments contained in this Ordinance, which pertain to the Fiscal Year ending September 30, Ordinance Number 97H as amended as provided herein shall constitute the final budget for the Fiscal Year ending September 30,

16 PART II: COMMITMENTS AND ASSIGNMENTS OF FUND BALANCES FOR FY13 YEAR END Ordinance Section 5 Each year City Council has committed a portion of the General Operating Fund balance for specific purposes. Administration recommends the commitment and assignments of the following amounts totaling $1.094 million within the General Operating Fund balance as of September 30, These commitments include amounts requested for reappropriation during FY13. OPERATING REAPPROPRIATIONS $1,068,839 This commitment provides for funds to be rolled over for contracts, grants, or purchase orders issued in 2013 under which purchases could not be completed due to timing or other issues. LAND SALE PROCEEDS $7,500 This commitment was created to provide a funding source for acquiring property. Proceeds from the sale of city properties valued at less than $20,000 are deposited in the General Operating Fund and are to be used for acquiring property according to Resolution adopted by City Council on February 21, QUALIFIED TARGET INDUSTRY (QTI) TAX REFUND PROGRAM $18,000 This commitment was established to provide the city s share over the next five years for the QTI program, which provides funds to local businesses for the purpose of stimulating economic growth and employment. The amount of this commitment does not include 2014 because the FY14 payment for QTI ($7,950) has already been appropriated in the FY14 budget. PART III: FY13 CHANGES TO GENERAL OPERATING FUND, ENTERPRISE FUNDS, SPECIAL REVENUE FUNDS, INTERNAL SERVICE FUNDS, CIP FUND S & TRANSFERS FOR ART IN PUBLIC PLACES Ordinance Section 6 REAPPROPRIATION OF FY13 ENCUMBRANCES Encumbrances are funded with fund balance from each respective fund. All of these amounts were previously appropriated in FY13 and have legal commitments for expenditure that will occur in FY14. These include the unspent portion of existing contracts. Actual encumbrances may be more or less after all financial transactions are posted. General Operating Fund Police 394,999 Fire 42,835 City Development Administration 13,441 Leisure and Community Services Administration 461,164 General Government Administration 80,664 Public Works Administration 75,736 Total General Fund 1,068,839 5

17 All Other Funds Emergency Medical Services 6,849 Local Housing Assistance 167,288 Parking 115,856 Law Enforcement 31,372 CDBG 100,236 Emergency Shelter Grant 49,771 HOME Program 427,860 Neighborhood Stabilization Program 741,833 Building Permit 2,893 Mahaffey Theater 41 Pier 7,862 Coliseum 5,375 Sunken Gardens 17,188 Police Grant 440 Water Resources 1,777,406 Stormwater 17,610 Sanitation 127,362 Sanitation Equipment Replacement 2,914,143 Airport 17,382 Marina 56,188 Golf Course 5,959 Jamestown 6,016 Port 2,106 Fleet 999,097 Equipment Replacement 5,110,873 Municipal Office Buildings 31,854 ICS 160,822 Technology & Infrastructure 20,729 Supply Management 1,855 Health Insurance 24,921 Total Other Funds 12,949,187 Ordinance Section 7 GENERAL FUND IMPACT The total impact to the General Fund by the adjustments in Section 7 is an increase in expense of $3,238,951. The transfers from contingency of $2,054,100 were planned changes and budgeted as part of the FY 2014 budget planning process and will have no effect on fund balance. Of the $1,184,851 in other General Fund supplemental appropriations, there are two grants that have a revenue source totaling $138,858. The net impact to the fund balance is $1,045,993. FY14 APPROPRIATION ADJUSTMENTS GENERAL OPERATING FUND Appropriation Transfers Appropriation transfers from the FY14 contingency have no affect on fund balance. From: Budget Department Contingency To: Police Department Fire Department Pier Subsidy Planning & Economic Development Jamestown Loan (2,054,100) 884, , , ,000 23,600 Appropriation transfers are needed to move the funds budgeted in the General Fund contingency for the Police and Fire salary increases. Funding for the salary increases was budgeted in the FY14 contingency and needs to be moved. Additional transfers are needed to provide funding for security and maintenance at the Pier ($420,000), provide additional funds needed for the Waterfront Master Plan ($200,000), and provide funds for the consultant costs for the Jamestown renovation project ($23,600). After these appropriation transfers are made, the balance in contingency will be $718,070. 6

18 SUPPLEMENTAL APPROPRIATIONS All supplemental appropriations are funded with fund balance from each respective fund or from unanticipated revenues. Some of these amounts (grants) were previously appropriated in FY13 and have legal commitments for expenditures that will occur in FY14. GENERAL OPERATING FUND FY14 Supplemental Appropriation City Council Community Services Police Fire Marketing Finance Planning & Economic Development Real Estate & Property Management 50,000 A supplemental appropriation is needed to roll over the funds budgeted in FY13 for the management study. In FY14, a total of $100,000 will be available for a management study. 134,993 A supplemental appropriation is needed to roll over the remaining funds for the completion of the Historic Roser Park Plan ($13,985), and roll over the remaining funds for the After School and Summer Youth Employment Programs ($121,008). 33,306 A supplemental appropriation is needed to roll over the balance of the unexpended grant funds for the Pedestrian Safety Grant ($33,306). This will not impact the fund balance since there is offsetting grant revenue. 126,552 A supplemental appropriation is needed to renew the MobilEyes software subscription ($21,000) and to roll over unspent grant proceeds for the Department of Homeland Security Assistance to Firefighters grant ($105,552). The grant roll over will not impact the fund balance since there is offsetting grant revenue. 25,000 A supplemental appropriation is needed to roll over the funds budgeted in FY13 for the Arts consultant. 270,000 A supplemental appropriation is required to transfer to the General Capital Improvement Fund. Funding is from proceeds from the sale of the Tampa Bay Research Institute, which will provide funding for the I175 On Ramp/4th St., Two Way and Dome Industrial Park Land Acquisition Projects. 465,000 A supplemental appropriation is needed to roll over the funds budgeted in FY13 for the Urban Land Institute panel ($25,000), the Economic Rehabilitation Project ($390,000), and provide additional funds for the Waterfront Master Plan ($50,000). 80,000 A supplemental appropriation is needed to provide funds for a Property & Asset Management Coordinator position. This position is needed to assure quality, continuity, and succession planning for the department. 7

19 Other Funds FY14 Supplemental Appropriations Emergency Medical Services 2,340 A supplemental appropriation is needed to purchase newer style extrication gloves for sworn department members. Local Housing Assistance 244,765 A supplemental appropriation is needed to roll over unspent grant funds. Law Enforcement Trust 552,748 A supplemental appropriation is needed to roll over unspent forfeiture funds for various police programs. Community Development Block Grant 558,734 A supplemental appropriation is needed to roll over unspent grant funds. Emergency Shelter Grant 5,372 A supplemental appropriation is needed to roll over unspent grant funds. HOME Program 1,769,989 A supplemental appropriation is needed to roll over unspent grant funds. Neighborhood Stabilization Program 2,491,398 A supplemental appropriation is needed to roll over unspent grant funds. Community Housing Trust 74,313 A supplemental appropriation is needed to roll over unspent grant funds. Pier 420,000 A supplemental appropriation is needed due to the cost of retaining the pier building. Since the facility was not turned over to a contractor, ongoing expenses are the city s responsibility. Police Grant Trust 279, A supplemental appropriation is needed to roll over unspent grant funds for the JAG 2011 ($133,317.46) and JAG 2011 ($146,559) grants. Water Resources 108, A supplemental appropriation is needed to roll over unspent grant funds for the Toilet Rebate Grant ($90,388.35) and the Sensible Sprinkling Grant ($17,908.36). Jamestown 23,600 A supplemental appropriation is needed for architectural and engineering costs for the Jamestown renovations. The funds for this are being advanced by the General Fund and will be repaid after bonds are issued for the renovation of the remaining units. Equipment Replacement 555,000 An increase in the authorization level of this internal service fund is needed to roll over funds budgeted, but not expended, in FY13 for the purchase of vehicles and equipment. Municipal Office Buildings Information & Communication Services Technology & Infrastructure 20,000 An increase in the authorization level of this internal service fund is needed to install approximately 38 proximity card readers to replace the swipe card readers at City Hall, the City Hall Annex, and the Municipal Services Center. 85,765 An increase in the authorization level of this internal service fund is needed to roll over funds budgeted, but not expended, in FY13 for development efforts in supplementing vacant developer positions ($9,400); training fees not used due to vacant positions ($29,000); maintenance renewal of extreme infrastructure switches and the Omnicast software ($17,365); and replacement of some of the routers in the city network ($30,000). 1,328,239 An increase in the authorization level of this internal service fund is needed to purchase a server for the television equipment which will be used to digitally store and automatically playback video programs ($69,400), and roll over funds budgeted in FY13 for the Automated Payables project which will be implemented in FY 2014 ($450,000); and change nonpublic safety radios to P25 as part of the radio system conversion by County ($808,839). 8

20 CAPITAL IMPROVEMENT FUNDS FY14 Supplemental Appropriations General Capital Improvement General Capital Improvement Public Safety Capital Improvement Neighborhood & Citywide Infrastructure Neighborhood & Citywide Infrastructure Neighborhood & Citywide Infrastructure Neighborhood & Citywide Infrastructure Neighborhood & Citywide Infrastructure 100,000 Transfer to Municipal Office Buildings 57, Dome Industrial Park Land Acquisition (14105) 8, Police Facility/EOC (12847). 6,990 Dome Industrial Park Land Acquisition (14105) 136,435 Blueways FY12 (13284) 271,777 Neighborhood Transportation Management Program (14149) 8,761 Intersection Modification FY14 (14150) Transfer funds back to the Municipal Office Building now that the City Hall Repairs Project (11673) has been closed. Close out prior year related projects: Dome Industrial Park Property Purchases Project (12780) and Dome Ind Park Redevelopment Project (C133242) and appropriate remaining funds to condense funding into one project. Close out prior year related project: New Police Station Assessments Project (12098) and appropriate remaining funds to condense funding into one project. Close out prior year related project: Dome Industrial Park Pilot Project (CP57021) and appropriate remaining funds to condense funding into one project. Close out prior year program projects: and and appropriate remaining funds to condense funding into one project. Close out prior year program projects: 12106, 12582, and and appropriate remaining funds to condense funding into one project. Close out prior year program projects: and and appropriate remaining funds to condense program funding into one project. 3,503,000 Transfer Transfer to the Public Safety Capital Improvement Fund to fund the Police Facility/EOC Project (12847). These funds are available for transfer from the fund balance resulting from additional revenue over budgeted amounts and project close outs. 9

21 Recreation & Culture Capital Improvement City Facilities Capital Improvement Transportation Impact Capital Improvement Transportation Impact Capital Improvement Transportation Impact Capital Improvement Transportation Impact Capital Improvement Downtown Parking Capital Projects Water Resources Capital Projects Water Resources Capital Projects Water Resources Capital Projects Airport Capital Projects 544,000 Transfer Transfer to the Public Safety Capital Improvement Fund to fund the Police Facility/EOC Project (12847). These funds are available for transfer from the fund balance resulting from additional revenue over budgeted amounts and project close outs. 730,000 Transfer Transfer to the Public Safety Capital Improvement Fund to fund the Police Facility/EOC Project (12847). These funds are available from the fund balance resulting from additional revenue over budgeted 215,060 Downtown Int & Ped Fac FY13 (13765) 2,943 Intersection Modification FY14 (14150) 130,076 Traffic Safety Program FY12 (13288) 379,914 Gateway DRI Mitigation Program FY14 (14167) 10,163 Baywalk Garage Waterproofing (13778) 93,418 Bond interest earnings BAB s Bond ,615 Bond interest earnings Super BAB s Bond ,089 Bond interest earnings FY13 WR Bond ,000 Airport Terminal (13269) amounts and project close outs. Close out prior year program projects: and and appropriate remaining funds to condense all program funding into one project. Close out prior year program project: and appropriate remaining funds to condense all program funding into one project. Close out prior year program projects: 11322, 11655, 12109, and and appropriate remaining funds to condense all program funding to one project to use towards 38th/40th A/N between 1st and 4th Streets. Close out of prior year program projects: 13775, 13294, 12925, and and appropriate remaining funds to condense all program funding into one project. A supplemental appropriation is needed to help fund the project. The work currently needed at the garage is in excess of the FY14 CIP project funding. This will allow more of the required waterproofing to be completed. A supplemental appropriation is needed to spend the interest earned on the bond proceeds. A supplemental appropriation is needed to spend the interest earned on the bond proceeds. A supplemental appropriation is needed to spend the interest earned on the bond proceeds. A supplemental appropriation is needed to expend additional revenue received from the FAA. 10

22 Ordinance Section 8 TRANSFERS TO THE ART IN PUBLIC PLACES FUND Certain capital improvement construction projects within the city are required by ordinance to make transfers to the Art in Public Places Fund. The amount to be transferred is equal to 1% of the project s construction costs up to $2,500,000 and 0.5% for costs between $2,500,000 and $7,500,000 with a maximum transfer of $50,000. The following transfer, totaling $35,220 to the Art in Public Places Fund, is based on FY13 transactions: Recreation & Culture Capital Improvement Fund $18,650 Weeki Wachee Capital Improvement Fund 16,570 Approval of the attached ordinance is requested. 11

23 ORDINANCE NO. 97H AN ORDINANCE ENACTING YEAREND APPROPRIATION ADJUSTMENTS FOR FISCAL YEAR 2013; OPERATING AND CAPITAL IMPROVEMENT PROGRAM AND ADJUSTMENTS TO THE FISCAL YEAR 2014 ; AND PROVIDING AN EFFECTIVE DATE. THE CITY OF ST. PETERSBURG DOES ORDAIN: Section 1: The following appropriation transfers and supplemental appropriations (numbers in parentheses denote reduced appropriations) to the city of St. Petersburg operating budget for the Fiscal Year ending September 30, 2013 are approved from the fund balance of each respective operating fund listed below: General Operating Fund Appropriation Transfers: From: Budget DepartmentContingency (221,000) To: Port Subsidy 70,000 Tropicana Field Subsidy 151,000 Supplemental Appropriations: General Operating Fund General Government Administration 337,000 Mahaffey Theater 700,000 Pier 56,000 Sunken Gardens 92,500 Tropicana Field 14,500 Arts in Public Places 19,000 Sanitation 913,000 Jamestown 62,000 Section 2: The following appropriation adjustments (numbers in parentheses denote reduced appropriations) to the city of St. Petersburg capital improvement program (CIP) budget for the Fiscal Year ending September 30, 2013 are approved from the fund balance of each respective CIP fund listed below: Neighborhood & Citywide Infrastructure Fund Neighborhood Traffic Calming Project.37 Bicycle Pedestrian Facilities FY08 Project Transportation Impact Fees Sidewalks Project Airport Taxiway D Ramp Project 27, Section 3: The following increases to the Internal Service Fund authorizations are approved for the Fiscal Year ending September 30, 2013: Health Insurance 185,000

24 Workers Compensation 1,121,000 Section 4: Ordinance No. 49H is hereby amended by incorporating into said Ordinance all appropriations and adjustments to the operating and capital improvement budgets pertaining to the Fiscal Year ending September 30, 2013 made by previous resolution, and all supplemental appropriations and adjustments contained in this Ordinance which pertain to the Fiscal Year ending September 30, Ordinance No. 49H, as amended as provided herein, shall constitute the final budget for the Fiscal Year ending September 30, Section 5: The following amounts are established as Commitments and Assignments for future appropriation in the General Operating Fund Balance which commitments can be changed by a resolution of City Council: Operating Reappropriations $1,068,839 Land Sale Proceeds 7,500 Qualified Target Industry (QTI) Tax Refund Program 18,000 Section 6: The following amounts encumbered during FY 2013 are reappropriated for the Fiscal Year ending September 30, 2014 from the fund balance of the respective funds: General Operating Fund: Police $394,999 Fire 42,835 City Development Administration 13,441 Leisure and Community Services Administration 461,164 General Government Administration 80,664 Public Works Administration 75,736 Emergency Medical Services 6,849 Local Housing Assistance 167,288 Parking 115,856 Law Enforcement 31,372 Community Development Block Grant 100,236 Emergency Shelter Grant 49,771 HOME Program 427,860 Neighborhood Stabilization Program 741,833 Building Permit Special Revenue 2,893 Mahaffey Theater 41 Pier Operating 7,862 Coliseum Operating 5,375 Sunken Gardens 17,188 Police Grant 440 Water Resources 1,777,406 Stormwater 17,610 Sanitation 127,362 Sanitation Equipment Replacement 2,914,143 Airport Operating 17,382 Marina Operating 56,188 Golf Course Operating 5,959 Jamestown Complex 6,016 Port Operating 2,106 2

25 Fleet Management 999,097 Equipment Replacement 5,110,873 Municipal Office Buildings 31,854 Information & Communication Services 160,822 Technology & Infrastructure 20,729 Supply Management 1,855 Billing & Collections 24,921 Section 7: The following appropriation transfers and supplemental appropriations (numbers in parentheses denote reduced appropriations) to the city of St. Petersburg operating budget for the Fiscal Year ending September 30, 2014 are approved from the fund balance of each respective operating fund listed below: General Operating Fund Appropriation Transfers From: Budget DepartmentContingency (2,054,100) To: Police 884,000 Fire 526,500 Pier Subsidy 420,000 Planning & Economic Development 200,000 Jamestown Loan 23,600 Supplemental Appropriations General Government Administration 320,000 Leisure & Community Services Administration 134,993 Police 33,306 Fire 126,552 City Development Administration 570,000 Emergency Medical Services 2,340 Local Housing Assistance 244,765 Law Enforcement Trust 552,748 Community Development Block Grant 558,734 Emergency Shelter Grant 5,372 HOME Program 1,769,989 Neighborhood Stabilization Program 2,491,398 Community Housing Trust 74,313 Pier 420,000 Police Grant Trust 279, Water Resources 108, Jamestown 23,600 Equipment Replacement 555,000 Municipal Office Buildings 20,000 Information & Communication Services 85,765 Technology & Infrastructure 1,328,239 General Capital Improvement Transfer to Municipal Office Buildings 100,000 Dome Industrial Park Land Acquisition 57, Public Safety Capital Improvement Police Facility/EOC 8, Neighborhood & Citywide Infrastructure Blueways FY12 136,435 Neighborhood Transportation Management 271,777 3

26 Intersection Modifications 8,761 Transfer 3,503,000 Dome Industrial Park Land Acquisition 6,990 Recreation & Culture Transfer 544,000 City FacilitiesTransfer 730,000 Transportation Impact Downtown Intersection & Pedestrian Facilities FY13 215,060 Intersection Modifications FY14 2,943 Traffic Safety FY12 130,076 Gateway DRI Mitigation FY14 379,914 Downtown Parking Baywalk Garage Waterproofing 10,163 Water Resources Capital Projects BABs TBD Project 93,418 Super BABs TBD Project 56,615 FY13WR Bond TBD Project 47,089 Airport Airport Terminal 1,000 Section 8: The transfer from the following fund is approved to the Art in Public Places Fund based on projects meeting the City Code Percent for the Arts criteria: Recreation & Culture Capital Improvement Fund $18,650 Weeki Wachee Capital Improvement Fund 16,570 Section 9: All appropriations contained in this Ordinance regarding the budget for Fiscal Year ending September 30, 2014 may be amended as provided for in Ordinance No. 87H. Section 10: In the event this ordinance is not vetoed by the Mayor in accordance with the City Charter, it shall become effective after the expiration of the fifth business day after adoption unless the Mayor notifies the City Council through written notice filed with the City Clerk that the Mayor will not veto the ordinance, in which case the ordinance shall become effective immediately upon filing such written notice with the City Clerk. In the event this ordinance is vetoed by the Mayor in accordance with the City Charter, it shall not become effective unless and until the City Council overrides the veto in accordance with the City Charter, in which case it shall become effective immediately upon a successful vote to override the veto. APPROVED BY DEPARTMENT: Budget Department APPROVED AS TO FORM AND SUBSTANCE: City Attorney (or designee) 4

27 Attached documents for item 4th Quarter Financial Report (Anne Fritz)

28 Budget and Management Office TO: FROM: Budget, Finance and Taxation Committee Tom Greene, Director, Budget and Management Denise Labrie, Manager, Budget and Management DATE: November 13, 2013 SUBJECT: FY 2013 Fourth Quarter Budgetary Analysis and Fund Balance Report At the November 18th meeting of the Budget, Finance and Taxation Committee, the Budget Department will present the preliminary FY 2013 yearend Appropriation Adjustments for both the Operating and Capital Improvement Budgets and the adjustments to the FY 2014 Operating and Capital Improvement Budgets. The explanation/cost funding assessment information and a draft of Ordinance 97H are included as attachments. Typically, at the end of each fiscal quarter, the Budget Department reviews with the Committee the operating results from the most recently closed quarter. Attached to this memorandum is the quarterly report on selected funds for the period ending September 30, The report compares revenues to expenditures by fund and projects the ending fund balance and its relationship to its fund balance target. Much of the information in this report will be reviewed and discussed during the above referenced discussion of cleanup. Fourth Quarter Operation General Fund Based on the preliminary actual performance for the 4 th Quarter the General Fund received revenue of $ million and had expenditures of $ million resulting in an operating loss of $256,000 in the fund. This operating loss includes $1,068,839 in FY13 encumbrances that will be expended in FY14 and an additional $651,000 in FY13 cleanup appropriations for several of our enterprise funds. Fourth Quarter Operation Enterprise Funds The city s largest Enterprise Funds, Water Resources, Stormwater and Sanitation are performing well and within the acceptable range both on the revenue side and expenditure side. All three of these enterprises are projected to meet their fund balance targets as outlined in our Fiscal Policies. Please feel free to call us, Tom at or Denise at if you have any questions prior to the meeting. Attachments: 1) FY13 yearend Budget Appropriation Adjustments (explanation/cost funding assessment) 2) Draft Ordinance No. 97H 3) Quarterly Report on Selected Funds cc: Mayor Bill Foster Tish Elston, City Administrator City Council Members Eva Andujar, City Clerk

29 QUARTERLY FINANCIAL REPORTS SEPTEMBER 30, 2013 FINANCE DEPARTMENT

30 Quarterly Financial Reports September 30,

31 TO: FROM: Mayor Bill Foster The Honorable Karl Nurse, Chair, and Members of City Council Tish Elston, City Administrator Anne Fritz, Finance Director DATE: November 6, 2013 SUBJECT: Summary of Quarterly Financial Reports for the period ending September 30, 2013 EXECUTIVE SUMMARY Attached please find the quarterly financial statements for September 30, The financial statements represent the City s financial results for the twelve months ended September 30, Investments The Investment Report will show that the current market value of the city managed portfolio is slightly less than the amortized book value of the portfolio due to the slight increase in interest rates over the past quarter, which drove market values to decline. The current amortized book value of the city managed portfolio is $413.2 million and the corresponding market value is $412.4 million with a total unrealized loss of $723,000. Included in the calculation for total unrealized loss is the market value loss remaining relating to the Columbia Strategic Cash holdings of $1.4 million. The remaining amount is the change in market value of the City s investments, which fluctuates daily; the change in market value will not be realized unless the instrument is sold or impaired. When all sources of interest income earnings are combined for the twelve months ended September 30, 2013, the City s earnings were $4.5 million, or an average return of 1.11%. Investment earnings are expected to continue to remain low as the unfavorable rate environment continues with little recovery in returns expected until Debt The Debt Service Reports reflect the current principal and interest maturity schedule by year for the City. A summary of the debt expected future funding sources for both governmental and enterprise debt is included in the analysis. Please note that the analysis only shows the debt instruments outstanding as of the end of the fiscal year 2013 and does not reflect any future interest or principal payments on the recently issued debt that is due to close in November

32 Pensions The Pension Funds Report reflects the activity in the City s Employees Retirement Fund, Fire Pension Fund and Police Pension Fund (the Plans ) for the year ended September 30, This quarter s pension reports are presented in a format which provides detailed financial statements for the year ended September 30, 2013 for each pension plan compared to the summarized total of the pension plans for the year ended September 30, The pension reports also include details of investments held by the Plans and solvency tests utilizing actuarial valuations completed for each of the Plan s. During the current quarter the solvency tests report all three pension funds showing appreciation in the percentage funded as compared to the prior year. All three pension funds had positive returns on the investment portfolios over the past fiscal years representing an excellent year of return for the plans assets. Financials Included is the preliminary draft of the September 30, 2013 financial results. These results do not include any transactions relating to the clean up ordinance that will be presented for consideration by City Council. Further, as the City prepares the final financial statements as of the end of the fiscal year, there may be further adjustments to both revenues and expenditures to present the financial statements in accordance with generally accepted accounting principles (GAAP) for local governments. The preliminary financial results show that general fund revenues are under estimated amounts for FY13, but general fund expenditures are below appropriated amounts, with certain exceptions to be reported by the budget department. Other funds results are also presented in detail and in summary, and are generally in line with budgeted amounts. Tom Greene, Budget Director, will be presenting the results for the quarter in a separate analysis. Please feel free to contact me with any questions relating to the financial statements. 3

33 Investments 4

34 M E M O R A N D U M Finance Department To: From: Bill Foster, Mayor Members of City Council Tish Elston, City Administrator Anne Fritz, Finance Director Date: October 28, 2013 Subject: Quarterly Investment Report September 30, 2013 Attached is the Quarterly Investment Report for the current quarter and also covering the twelve months ended September 30, The Quarterly Investment Report presents fairly the accomplishments of the City s investment portfolio for the twelve months ended September 30, The current amortized book value of the portfolio is $413.2 million and the corresponding market value is $412.4 million with a total unrealized loss of $723,000. Included in the calculation for total unrealized gain is the market value loss remaining relating to the Columbia Strategic Cash holdings of approximately $1.4 million. The remaining amount is the change in market value of the City s investments, which fluctuates daily; the change in market value will not be realized unless the instrument is sold or impaired. When all sources of interest income earnings are combined for the twelve months ended September 30, 2013, the City s investment earnings were $4.5 million, or an average return of 1.11%. Investment earnings are expected to continue to remain low as the unfavorable rate environment continues with little recovery in returns being expected until During the current quarter there were total calls of instruments held for the face amount of $205,000 and $26.5 million of instruments matured. Instruments purchased during the current quarter totaled $500,000. The Parks Preservation Fund (Weeki Wachee) money manager s activity is shown on page 1 of the attached portfolio statement and is not included in the values presented in the paragraphs above. 5

35 CITY OF ST. PETERSBURG ANALYSIS OF INVESTMENT VALUES AT SEPTEMBER 30, 2013 Unrealized Annualized Amortized Market Call True Rate Face Book Market Value Cusip # Maturity Date of Return Amount Value Value Gain/(Loss) Short Term Portfolio Money Market Accounts State Board Pool Fund A NC 0.320% $ 3,059 $ 3,059 $ 3,059 $ Total Money Market Accounts 3,059 3,059 3,059 Debt Service Related Portfolio Total ShortTerm Portfolio $ 3,059 $ 3,059 $ 3,059 $ Certificates of Deposit BB&T 9/30/2014 NC 0.480% 8,000,000 8,000,000 8,000,000 Total Certificates of Deposit 8,000,000 8,000,000 8,000,000 Corporate Bonds 02666QL43 8/11/2015 NC 0.870% 2,000,000 2,003,964 2,009,020 5, CK3 6/15/2018 NC 1.720% 3,000,000 3,505,284 3,490,290 (14,994) AA7 5/16/2018 NC 1.200% 5,000,000 5,966,594 5,787,050 (179,544) Total Corporate Bonds 10,000,000 11,475,842 11,286,360 (189,482) Money Market Accounts AIM Investments NC 0.020% $ 4,747,616 $ 4,747,616 $ 4,747,616 $ Total Money Market Accounts 4,747,616 4,747,616 4,747,616 Taxable Municipals GQ0 12/1/2014 NC 0.980% 2,000,000 2,051,171 2,050,060 (1,111) Total Taxable Municipals 2,000,000 2,051,171 2,050,060 (1,111) Total Debt Service Related Portfolio $ 24,747,616 $ 26,274,630 $ 26,084,036 $ (190,594) Parks Preservation (Weeki Wachee) Portfolio Certificates of Deposit BOA 12/2/2013 NC 0.100% $ 500,000 $ 500,000 $ 500,000 $ Total Certificates of Deposit 500, , ,000 Money Market Accounts Morgan Stanley NC 0.040% 1,346,275 1,346,275 1,346,275 Total Money Market Accounts 1,346,275 1,346,275 1,346,275 Outside Money Managers Alliance Bernstein: Cash & Cash Equivalents 4 4 US STYLE BLEND 7,672,643 9,263,225 1,590,582 SMALL/MID Cap Growth 642,455 1,226, ,386 SMALL/MID Cap Value 929,045 1,223, ,006 Total Alliance Bernstein 9,244,147 11,713,121 2,468,974 Marco Investments Cash & Cash Equivalents 192, ,820 Fixed Income 5,854,817 5,857,614 2,797 Total Marco Investments 6,047,637 6,050,434 2,797 Total Outside Money Managers 15,291,784 17,763,555 2,471,771 Total Parks Preservation (Weeki Wachee) Portfolio $ 1,846,275 $ 17,138,059 $ 19,609,830 $ 2,471,771 Core Portfolio Certificates of Deposit BB&T 10/1/2013 NC 0.180% 7,500,000 7,500,000 7,500,000 BB&T 1/1/2014 NC 0.220% 6,000,000 6,000,000 6,000,000 BB&T 1/31/2014 NC 0.220% 5,000,000 5,000,000 5,000,000 Fifth Third Bank 5/31/2015 NC 0.430% 5,000,000 5,000,000 5,000,000 Fifth Third Bank 1/11/2014 NC 0.800% 5,000,000 5,000,000 5,000,000 Total Certificates of Deposit 28,500,000 28,500,000 28,500,000 Collaterized Mortgage Obligations 3133XR5E6 5/18/2018 CP 4.640% 819, , ,133 65, XDDQ1 10/20/2015 CP 4.950% 1,037,747 1,037,714 1,107,504 69, D50 4/15/2022 CP 0.340% 4,311 4,269 4, UB54 2/25/2023 CP 1.620% 20,593 19,806 19, NNJ0 12/25/2018 CP 3.200% 983, ,421 1,017,371 29, YT51 4/25/2018 CP 4.160% 573, , ,977 30, NM69 11/1/2017 CP 4.930% 383, , ,835 19,030 Total Collaterized Mortgage Obligations 3,822,916 3,829,519 4,045, ,578

36 CITY OF ST. PETERSBURG ANALYSIS OF INVESTMENT VALUES AT SEPTEMBER 30, 2013 Unrealized Annualized Amortized Market Call True Rate Face Book Market Value Cusip # Maturity Date of Return Amount Value Value Gain/(Loss) Externally Managed Funds State Board Fund B NC 0.000% $ 68,686 $ 68,686 $ 77,795 $ 9,109 Columbia Management Strategic Fund NC 0.000% 3,544,899 3,544,899 2,153,751 ` (1,391,148) Total Externally Managed Funds 3,613,584 3,613,584 2,231,546 (1,382,039) Corporate Bonds AW0 5/27/2020 NC 1.870% 5,000,000 5,650,222 5,434,950 (215,272) AR2 8/15/2014 NC 0.930% 5,000,000 5,175,230 5,193,600 18, AB4 9/15/2017 NC 1.700% 5,000,000 5,768,404 5,817,750 49, GAP8 9/15/2014 NC 1.990% 3,000,000 3,086,272 3,128,730 42, BE0 5/15/2018 NC 1.830% 4,500,000 5,172,514 5,188,680 16, QCC0 11/6/2017 NC 1.530% 1,000, , ,880 (7,652) 05565QBN7 10/1/2015 NC 0.690% 2,500,000 2,619,234 2,614,550 (4,684) 14912L3K5 9/1/2017 NC 1.310% 1,500,000 1,751,265 1,730,280 (20,985) 92344SAP5 2/1/2014 NC 0.910% 2,500,000 2,538,614 2,539, GK86 9/15/2014 NC 1.830% 5,000,000 5,134,977 5,210,050 75, AR2 9/15/2017 NC 1.140% 3,700,000 3,791,435 3,620,006 (171,429) AD9 5/15/2018 NC 1.680% 5,000,000 5,838,597 5,820,150 (18,447) 59217GAE9 1/10/2014 NC 1.670% 3,500,000 3,502,761 3,516,030 13, WBH5 7/24/2015 NC 0.740% 2,000,000 1,999,530 2,002,700 3, AA2 9/30/2014 NC 0.920% 5,000,000 5,014,298 5,044,900 30, AN6 12/15/2014 NC 0.880% 2,550,000 2,617,699 2,624,537 6, UAA0 10/2/2015 NC 0.590% 3,000,000 3,149,811 3,140,700 (9,111) Total Corporate Bonds 59,750,000 63,803,395 63,611,493 (191,903) Non Taxable Municipals ER6 9/1/2018 NC 6.080% 1,240,000 1,240,000 1,425, ,430 Total Non Taxable Municipals 1,240,000 1,240,000 1,425, ,430 Taxable Municipals CJ 8/15/2014 NC 5.580% 423, , ,206 33, CJ1 8/15/2015 NC 5.620% 431, , ,723 33, CJ3 8/15/2016 NC 5.650% 269, , ,396 20, CJ4 8/15/2017 NC 5.970% 381, , ,337 31, CJ5 8/15/2018 NC 5.970% 404, , ,811 33, GQ0 12/1/2014 NC 0.970% 8,000,000 8,204,948 8,200,240 (4,708) 34074GDF8 7/1/2016 NC 1.400% 2,000,000 1,992,627 1,990,760 (1,867) VT9 10/1/2013 NC 4.930% 500, , , LW7 4/1/2017 NC 6.210% 3,000,000 3,004,569 3,312, , UV1 9/1/2019 NC 1.750% 955,000 1,102,446 1,050,271 (52,175) 59333AHD6 4/1/2014 NC 4.610% 375, , ,395 6, HN8 1/1/2017 NC 1.770% 2,000,000 2,245,491 2,192,320 (53,171) 64971QGV9 5/1/2020 NC 1.790% 2,500,000 2,715,042 2,586,850 (128,192) 73358TR78 9/15/2015 NC 4.900% 3,000,000 2,975,434 3,189, , EF7 8/15/2016 NC 5.210% 2,000,000 2,019,209 2,241, ,071 Total Taxable Municipals 26,240,000 27,051,978 27,714, ,661 U.S. Instrumentalities Bonds & Notes 3133EA2H0 10/1/ /1/ % 5,000,000 4,997,499 5,000,200 2, KWS5 9/6/2018 9/6/ % 2,225,000 2,259,842 2,215,722 (44,120) R9 6/24/2016 NC 0.690% 8,000,000 7,927,604 7,957,840 30, YY5 10/30/2018 1/30/ % 8,000,000 8,000,000 7,852,000 (148,000) EK8 4/29/2019 4/29/ % 3,500,000 3,500,000 3,527,475 27, A92 5/28/ /28/ % 9,500,000 9,500,000 9,177,190 (322,810) EJ6 5/28/2020 5/28/ % 8,000,000 8,000,000 7,749,760 (250,240) V77 7/30/ /31/ % 3,000,000 2,998,945 2,967,120 (31,825) 3134G32D1 9/20/2016 3/20/ % 13,000,000 13,000,000 12,944,880 (55,120) 3137EACV9 8/27/2014 NC 0.270% 5,000,000 5,031,392 5,040,300 8, GOPJ6 3/25/ /25/ % 8,000,000 8,000,000 8,004,400 4, G0QB2 10/22/ /22/ % 5,000,000 5,003,169 5,001,050 (2,119) 3135GOPB3 9/25/ /25/ % 5,000,000 4,999,669 5,004,050 4, FPJN8 9/28/2017 NC 1.110% 3,500,000 3,680,823 3,667,405 (13,418) 31359MTP8 1/2/2014 NC 0.710% 5,000,000 5,055,974 5,064,400 8, G15K1 12/27/ /27/ % 2,000,000 2,000,000 1,981,840 (18,160) 3136FPBB2 8/25/2015 NC 2.200% 5,000,000 5,000,000 5,174, ,500 Total US Instrumentalities 98,725,000 98,954,916 98,330,132 (624,784) US Treasury TP5 9/15/2015 NC 0.290% 10,000,000 9,991,536 9,985,900 (5,636) PE4 10/31/2015 NC 0.320% 3,500,000 3,566,236 3,564,820 (1,416) LQ1 9/30/2014 NC 1.100% 5,000,000 5,062,156 5,111,900 49, LP3 9/30/2016 NC 0.510% 10,000,000 10,732,797 10,694,500 (38,297) Total U.S. Treasury 28,500,000 29,352,725 29,357,120 4,395 Total Core Portfolio $ 250,391,500 $ 256,346,117 $ 255,215,455 $ (1,130,662)

37 CITY OF ST. PETERSBURG ANALYSIS OF INVESTMENT VALUES AT SEPTEMBER 30, 2013 Unrealized Annualized Amortized Market Call True Rate Face Book Market Value Cusip # Maturity Date of Return Amount Value Value Gain/(Loss) Bond Proceeds Collaterized Mortgage Obligations 31358UB54 2/25/2023 CP 1.620% 8,408 8,086 8, Total Collaterized Mortgage Obligations 8,408 8,086 8, Corporate Bonds 78387GAP8 9/15/2014 NC 1.990% 2,000,000 2,057,433 2,085,820 28, AL4 12/15/2017 NC 1.330% 3,000,000 2,998,293 2,961,240 (37,053) 68389XAN5 10/15/2017 NC 1.240% 3,000,000 2,991,292 2,946,420 (44,872) Total Corporate Bonds 8,000,000 8,047,018 7,993,480 (53,538) Money Market Accounts AIM Investments NC 0.020% $ 11,933,480 $ 11,933,480 $ 11,933,480 $ Morgan Stanley NC 0.040% $ 15,477,424 $ 15,477,424 $ 15,477,424 $ Total Money Market Accounts 27,410,904 27,410,904 27,410,904 U.S. Instrumentalities Bonds & Notes 3134G3NS5 3/21/2014 NC 0.180% 4,500,000 4,502,347 4,505,400 3, G1K40 4/23/ /23/ % 4,000,000 4,000,000 3,947,560 (52,440) Total US Instrumentalities 8,500,000 8,502,347 8,452,960 (49,387) US Treasury TA8 6/30/2014 NC 0.210% 4,000,000 4,001,195 4,004,520 3, QR4 6/30/2016 NC 0.610% 10,000,000 10,235,054 10,255,500 20,446 Total U.S. Treasury 14,000,000 14,236,250 14,260,020 23,770 Total Bond Proceeds Portfolio $ 57,919,312 $ 58,204,605 $ 58,125,525 $ (79,079) Water Cost Stabilization Portfolio Certificates of Deposit Fifth Third Bank 8/26/2013 NC 0.700% 10,000,000 10,000,000 10,000,000 Total Certificates of Deposit 10,000,000 10,000,000 10,000,000 Collaterized Mortgage Obligations 3133XR5E6 5/18/2018 CP 3.550% 134, , ,771 10, NNJ0 12/25/2018 CP 2.440% 111, , ,262 1, YXY3 3/25/2019 CP 4.120% 850, , ,587 42, YXR8 12/25/2019 CP 4.380% 427, , ,632 8, FTP8 6/15/2018 CP 4.480% 1,078,157 1,084,353 1,149,078 64,725 Total Collaterized Mortgage Obligations 2,602,600 2,607,071 2,735, ,259 Corporate Bonds BB3 8/15/2016 NC 2.080% 5,000,000 5,009,509 5,184, , G5C4 5/9/2016 NC 2.660% 5,000,000 5,027,618 5,226, , GJ4 9/14/2017 NC 1.540% 2,000,000 2,306,057 2,315,800 9, GAE9 1/10/2014 NC 1.660% 3,500,000 3,502,755 3,516,030 13,275 Total Corporate Bonds 15,500,000 15,845,938 16,242, ,042 Money Market Accounts AIM Investments NC 0.020% $ 813,071 $ 813,071 $ 813,071 $ Morgan Stanley NC 0.040% 643, , ,714 Total Money Market Accounts 1,456,785 1,456,785 1,456,785 Taxable Municipals CJ3 8/15/2016 NC 5.480% 90,000 91,069 97,467 6, GDG6 7/1/2018 NC 1.970% 5,000,000 5,019,509 4,879,400 (140,109) VT9 10/1/2013 NC 4.960% 500, , , KN1 6/1/2018 NC 1.860% 1,500,000 1,707,503 1,642,875 (64,628) Total Taxable Municipals 7,090,000 7,318,089 7,119,802 (198,287) U.S. Instrumentalities Bonds & Notes 3133XVNU1 12/12/2014 NC 0.450% 4,050,000 4,160,391 4,173,849 13, EK8 4/29/2019 4/29/ % 1,500,000 1,500,000 1,511,775 11, A4VG6 11/17/2015 NC 1.080% 5,000,000 5,378,125 5,454,800 76, A5W8 12/18/2013 NC 0.450% 3,000,000 3,001,822 3,004,500 2, F8X91 2/19/2015 NC 4.340% 5,000,000 5,000,000 5,286, , G1K40 4/23/ /23/ % 4,000,000 4,000,000 3,947,560 (52,440) Total US Instrumentalities 22,550,000 23,040,338 23,378, ,296

38 CITY OF ST. PETERSBURG ANALYSIS OF INVESTMENT VALUES AT SEPTEMBER 30, 2013 Unrealized Annualized Amortized Market Call True Rate Face Book Market Value Cusip # Maturity Date of Return Amount Value Value Gain/(Loss) US Treasury LS7 10/31/2014 NC 0.024% 10,000,000 10,228,263 10,240,200 11,937 Total U.S. Treasury 10,000,000 10,228,263 10,240,200 11,937 Total Water Cost Stabilization Portfolio $ 69,199,385 $ 70,496,484 $ 71,173,732 $ 677,248 Total City Managed (Excludes Outside Managed Parks Preservation) $ 404,107,147 $ 413,171,171 $ 412,448,082 $ (723,088) Total Portfolio (Includes Outside Managed Parks Preservation) (A) $ 428,462,955 $ 430,211,637 $ 1,748,683 Liquidity Disclosure Investments due to mature within 1 year $ 99,798,101 AIM 17,494,167 Morgan Stanley 17,467,413 CashGeneral Depository ,960,573 Total Investments due to mature within 1 year $ 169,720,254 Minimum Required $ 90,000,000 Difference $ 79,720,254 Notes on call date column: NC Noncall CC Continuous Call CP Current Pay (A) Face value does not include externally managed portfolio in the Parks Preservation (Weeki Wachee) Portfolio.

39 CITY OF ST. PETERSBURG, FL HISTORICAL INVESTMENT INFORMATION MOST RECENT FOUR QUARTERS AS SEPTEMBER 30, /30/2013 Qtr.End 6/30/2013 Qtr. End 3/31/2013 Qtr. End 12/31/2012 Qtr. End Book Market Book Market Book Market Book Market Value Value Value Value Value Value Value Value ShortTerm Portfolio: Money Market Accounts 3,059 3,059 20,088 20,088 44,309 44,309 23,887,138 23,887,138 Total ShortTerm Portfolio $ 3,059 $ 3,059 $ 20,088 $ 20,088 $ 44,309 $ 44,309 $ 23,887,138 $ 23,887,138 Debt Service Related Portfolio: Certificates of Deposit 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 Corporate 11,475,842 11,286,360 11,555,420 11,251,380 6,703,186 6,741,400 11,750,094 11,806,990 Money Market Accounts 4,747,616 4,747,616 4,747,376 4,747, , , , ,365 Taxable Municipals 2,051,171 2,050,060 2,062,111 2,059,780 2,072,928 2,079,340 2,083,868 2,086,140 U.S. Instrumentalities Bonds & Notes 12,500,000 12,523,550 12,500,000 12,554,175 Total Debt Service Related Portfolio $ 26,274,629 $ 26,084,036 $ 26,364,907 $ 26,058,536 $ 30,023,479 $ 30,091,655 $ 35,081,327 $ 35,194,670 Bond Proceeds Portfolio: Certificates of Deposit 10,000,000 10,000,000 10,000,000 10,000,000 Mortgage Backed Securities 8,086 8,161 8,732 8,256 9,301 8,402 9,856 9,250 Corporate 8,047,018 7,993,480 8,061,361 7,950,960 2,142,526 2,182,134 2,157,508 2,203,694 Money Market Accounts 27,410,904 27,410,904 27,408,672 27,408,672 31,325,922 31,325,922 7,516,110 7,516,110 U.S. Instrumentalities Bonds & Notes 8,502,347 8,452,960 8,503,582 8,425,230 4,504,803 4,506,705 23,053,879 23,099,570 US Treasury 14,236,250 14,260,020 14,258,191 14,243,760 4,001,997 4,002,800 Core Portfolio: Total Bond Portfolio $ 58,204,605 $ 58,125,525 $ 68,240,538 $ 68,036,878 $ 51,984,549 $ 52,025,963 $ 32,737,353 $ 32,828,624 Certificates of Deposit 28,500,000 28,500,000 34,500,000 34,500,000 34,500,000 34,500,000 25,000,000 25,000,000 Mortgage Backed Securities 3,829,519 4,045,097 4,300,294 4,547,164 4,895,027 5,207,058 5,500,615 5,856,664 Externally Managed Columbia/SBA B 3,613,585 2,231,546 3,625,464 2,233,153 3,882,415 2,443,051 3,996,619 2,465,288 Corporate 63,803,395 63,611,493 69,174,901 68,743,198 68,104,486 68,686,077 63,461,140 64,093,716 Non Taxable Municipals 1,240,000 1,425,430 1,445,000 1,667,563 1,445,000 1,730,957 1,445,000 1,738,052 Taxable Municipals 27,051,978 27,714,639 27,129,578 27,818,062 21,368,912 22,617,278 21,432,791 22,718,213 U.S. Instrumentalities Bonds & Notes 98,954,916 98,330,132 99,024,749 98,179,791 98,193,436 98,566,626 87,341,305 87,733,904 US Treasury 29,352,725 29,357,120 29,436,823 29,375,940 29,520,006 29,608,755 8,698,644 8,774,415 Total Core Portfolio $ 256,346,118 $ 255,215,457 $ 268,636,809 $ 267,064,871 $ 261,909,282 $ 263,359,802 $ 216,876,114 $ 218,380,252 Water Cost Stabilization Portfolio: Certificates of Deposit 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 Mortgage Backed Securities 2,607,071 2,735,330 2,992,670 3,166,118 3,375,447 3,593,482 3,846,297 4,095,135 Corporate 15,845,938 16,242,980 15,871,235 16,212,340 15,896,279 16,456,800 15,921,576 16,449,170 Money Market Accounts 1,456,785 1,456,785 1,456,676 1,456,676 1,456,555 1,456,555 1,456,434 1,456,434 Taxable Municipals 7,318,089 7,119,802 7,331,072 7,115,281 2,322,362 2,329, , ,202 U.S. Instrumentalities Bonds & Notes 23,040,338 23,378,633 23,109,807 23,458,612 24,693,291 25,215,764 28,771,104 29,356,565 US Treasury 10,228,263 10,240,200 15,317,337 15,322,700 15,405,433 15,412,500 15,493,354 15,494,400 Total Water Cost Stabilization Portfolio $ 70,496,484 $ 71,173,730 $ 76,078,797 $ 76,731,727 $ 73,149,367 $ 74,464,429 $ 76,082,376 $ 77,468,906 Parks Preservation (Weeki Wachee) Portfolio: Certificates of Deposit 500, , , ,000 1,950,000 1,950,000 1,950,000 1,950,000 Money Market Accounts $ 1,346,275 $ 1,346,275 $ 1,346,134 $ 1,346,134 $ 1,385,963 $ 1,385,963 $ 1,425,822 $ 1,425,822 1,846,275 1,846,275 1,846,134 1,846,134 3,335,963 3,335,963 3,375,822 3,375,822 Total City Managed Portion $ 413,171,172 $ 412,448,082 $ 441,187,275 $ 439,758,234 $ 420,446,949 $ 423,322,121 $ 388,040,130 $ 391,135,412 Parks Preservation (Weeki Wachee) Portfolio: Outside Money Managers Alliance Bernstein Equities Manager Cash & Cash Equivalents $ 4 $ 4 $ 4 $ 4 $ $ $ 4 $ 4 Domestic Equities 9,244,143 11,713,117 9,241,047 10,776,920 8,477,372 10,399,918 8,477,372 9,304,507 Total Alliance Bernstein 9,244,147 11,713,121 9,241,051 10,776,924 8,477,372 10,399,918 8,477,376 9,304,511 Marco Investments Fixed Income Manager Cash & Cash Equivalents 192, , , ,039 25,911 25, , ,805 Fixed Income 5,854,817 5,857,614 5,887,811 5,891,641 5,917,632 6,112,357 5,757,357 5,976,601 Total Marco Investments 6,047,637 6,050,434 6,007,850 6,011,680 5,943,543 6,138,268 5,903,162 6,122,406 Total Outside Money Managers $ 15,291,784 $ 17,763,555 $ 15,248,901 $ 16,788,604 $ 14,420,915 $ 16,538,186 $ 14,380,538 $ 15,426,917 Total $ 428,462,956 $ 430,211,637 $ 456,436,176 $ 456,546,838 $ 434,867,864 $ 439,860,307 $ 402,420,668 $ 406,562,329

40 CITY OF ST. PETERSBURG Market Adjusted Annualized Citywide Portfolio Earnings Rates excluding Overnight Investments Prior Five Years Market Book Value Value Market Adjusted Merrill Lynch Quarter Rate of Value Rate of Avg Inst'l Money 15 Ending Return (2) Adjustments Return (3) Markets (1) Index 12/31/ % 3.92% 8.38% 1.18% 4.43% 3/31/ % 0.22% 4.40% 0.39% 0.53% 6/30/ % 14.36% 10.87% 0.26% 0.53% 9/30/ % 4.04% 7.37% 0.21% 1.20% 12/31/ % 2.91% 0.10% 0.11% 0.19% 3/31/ % 2.27% 5.19% 0.07% 0.86% 6/30/ % 2.96% 5.79% 0.09% 1.50% 9/30/ % 0.03% 2.65% 0.10% 0.90% 12/31/ % 6.35% 4.08% 0.12% 0.27% 3/31/ % 0.73% 3.18% 0.03% 0.13% 6/30/ % 5.78% 7.79% 0.02% 1.13% 9/30/ % 2.36% 3.91% 0.02% 0.86% 12/31/ % 0.04% 1.42% 0.03% 0.31% 3/31/ % 0.37% 1.63% 0.03% 0.33% 6/30/ % 0.02% 1.34% 0.03% 0.43% 9/30/ % 0.02% 1.45% 0.04% 0.46% 12/31/ % 0.01% 1.32% 0.04% 0.16% 3/31/ % 0.02% 1.20% 0.04% 0.14% 6/30/ % 4.46% 3.35% 0.04% 0.75% 9/30/ % 0.72% 1.91% 0.04% 0.52% Simple Average for the 5 year Period 2.28% 0.24% 2.04% 0.14% 0.68% (1) Comparison to the average of the Institutional Governmental Money Market accounts. (2) Reflects the time weighted rate of return for the current quarter using a book value approach expressed on an annualized basis. (3) Reflects the time weighted rate of return for the current quarter using a market value approach expressed on an annualized basis.

41 CITY OF ST. PETERSBURG Market Adjusted Annualized Citywide Portfolio Earnings Rates excluding Overnight Investments Prior Five Years On September 30, 2013, the City's Investment Portfolio was comprised of the investments shown on the attached analysis of invested values. The total City Portfolio (excluding the Parks Preservation (Weeki Wachee) Portfolio) of investment earnings and rates of return are summarized below. Total Investment Amortized Investment Rate of Portfolio Book Value Earnings Return October 2012 $ 361,894,838 $ 366, % November ,736, , % December ,040, , % Quarterly Average $ 368,890,645 $ 355, % January 2013 $ 426,757,022 $ 412, % February ,076, , % March ,232, , % Quarterly Average $ 423,355,182 $ 391, % April 2013 $ 424,579,973 $ 361, % May ,424, , % March ,187, , % Quarterly Average $ 431,063,904 $ 370, % July 2013 $ 434,487,907 $ 403, % August ,352, , % September ,171, , % Quarterly Average $ 423,670,505 $ 388, % Total twelve months of earnings $ 4,521, % The twelve month average rate of return for the City's investment portfolio was 1.11% and 1.25% as of September 30, 2013 and 2012, respectively, compared to the average of the Institutional Governmental Money Market accounts' 0.03% and 0.04% as of September 30, 2013 and 2012, respectively.

42 CITY OF ST. PETERSBURG QUARTER ACTIVITY 7/1/2013 to 9/30/2013 Description Credit Rating S & P Annualized True Rate of Return Call Date CUSIP Maturity Date Settlement Date Face Amount/ Shares Buy Bank of America Certificate of Deposit 0.100% /2/13 9/3/13 500,000 Total 500,000 Called Fort Pierce Fl Cap Municipal Bond AA 6.080% 9/1/ EQ8 9/1/18 9/1/13 205,000 Total 205,000 Matured BB&T Certificate of Deposit 0.110% /30/13 8/30/13 500,000 BB&T Certificate of Deposit 0.160% /1/13 7/1/13 6,000,000 Fifth Third Bank Certificate of Deposit 0.550% /26/13 8/26/13 10,000,000 Dell, Inc. Corporate A 0.700% 24702RAK7 9/10/13 9/10/13 5,000,000 US Treasury 0.340% JM3 9/30/13 9/30/13 5,000,000 Total 26,500,000 Total Called and Matured 26,705,000

43 Total All CMO's & MBS's, 1.50% Marco Investments, 1.41% State Board Admin Fund A&B, 0.02% Other Money Markets Accounts, 8.16% Amortized Book Value Total Portfolio September 30, 2013 Columbia Management Strategic Cash, 0.83% Alliance Bernstein, 2.16% Non Taxable Municipals, 0.29% Taxable Municipals, 8.50% US Instrumentalities, 30.46% Certificates of Deposit, 10.97% Corporate Bonds, 23.15% US Treasury, 12.56% Market Value Total Portfolio September 30, 2013 Total All CMO's & MBS's, 1.58% State Board Admin Fund A&B, 0.02% Certificates of Deposit, 10.92% Alliance Bernstein, 2.72% Columbia Management Strategic Cash, 0.50% Marco Investments, 1.41% Non Taxable Municipals, 0.33% Taxable Municipals, 8.57% US Instrumentalities, 30.26% Other Money Markets Accounts, 8.13% US Treasury, 12.52% Corporate Bonds, 23.04%

44 Portfolio's Book Value Earnings Rates Prior Five Years September 30, 2013 Institutional Money Markets (1) City Merrill Lynch /08 03/09 06/09 09/09 12/09 3/10 6/10 9/10 12/10 3/11 6/11 9/11 12/11 3/12 6/12 9/12 12/12 3/13 6/13 9/ Portfolio's Market Adjusted Earnings Rates Prior Five Years September 30, 2013 Institutional Money Markets (1) City Merrill Lynch /08 03/09 06/09 09/09 12/09 3/10 6/10 9/10 12/10 3/11 6/11 9/11 12/11 3/12 6/12 9/12 12/12 3/13 6/13 9/13

45 Debt 16

46 M E M O R A N D U M Finance Department To: From: Bill Foster, Mayor Members of City Council Tish Elston, City Administrator Anne Fritz, Finance Director Date: October 28, 2013 Subject: Quarterly Debt Report September 30, 2013 The attached Quarterly Debt Report summarizes information regarding significant general governmental debt and enterprise debt outstanding as of September 30, The General Governmental Debt Service Future Funding Sources graph and supporting schedule as of September 30, 2013 provide a summary of future funding sources available for general governmental debt outstanding as of September 30, The General Fund Debt Service Future Funding Sources chart provides a detailed view of future funding sources from the General Fund as of September 30, The Enterprise Debt Service Future Funding Sources graph and supporting schedule as of September 30, 2013 provide a summary of future funding sources available for enterprise debt outstanding as of September 30, Future funding sources of enterprise debt is subject to change upon new issuances of debt. The Water Resources and Stormwater Future Debt Service Funding Sources charts provide a detailed view of future funding sources from the specific funds as of September 30, Future funding sources of general governmental debt and enterprise are subject to change upon new issuances of debt. The analysis does not include the new Water Resources debt scheduled to close in November

47 City of St. Petersburg General Governmental Debt Service Future Funding Sources As of September 30, Federal Dollars State County TIF County TIF City General Fund Fiscal Year Fiscal Year General Fund TIF City TIF County County State Federal Earnings on Investments Total 14 5,223,235 2,437,933 1,625,289 5,900,000 2,000, ,352 45,200 17,539, ,807,011 2,391,127 1,594,085 5,900,000 2,000, ,025 45,200 17,040, ,626,698 2,346,689 1,564, ,000, , ,842, ,975,673 1,317, ,925, , ,522, ,920,559 1,280, ,928, , ,427, ,819,963 1,213, ,928, , ,255, ,726,370 1,150, ,926, , ,093, ,390 90, ,930, , ,356, ,925, ,926, ,927, ,927, ,925, ,925, ,428, ,428, ,656,944 14,754,704 9,836,469 11,800,000 22,847,606 2,296,878 92,950 74,285,551

48 City of St. Petersburg General Fund Debt Service Future Funding Sources As of September 30, Dollars Fiscal Year

49 City of St. Petersburg Enterprise Debt Service Future Funding Sources As of September 30, ,000,000 22,000,000 21,000,000 Earnings on Investments 20,000,000 BAB's Interest Subsidy* Dollars 19,000,000 Marina Operating Fund 18,000,000 Stormwater Operating Fund 17,000,000 Water Resources Operating Fund 16,000,000 15,000, Fiscal Year Fiscal Year Water Resources Stormwater Marina BAB's Earnings on Operating Fund Operating Fund Operating Fund Interest Subsidy * Investments Total 14 19,000,000 1,055, ,271 1,184, ,175 22,068, ,000,000 1,056, ,881 1,180, ,279 22,076, ,000,000 1,055, ,506 1,176, ,480 22,066, ,000,000 1,056, ,569 1,172, ,010 22,063, ,030,000 1,057, ,569 1,167, ,661 22,064, ,650,000 2,442, ,769 1,161, ,459 22,060, ,200,000 2,443, ,969 1,154, ,357 21,586, ,700,000 2,443, ,369 1,147, ,825 21,122, ,700,000 2,444, ,000 1,140, ,710 21,109, ,300,000 2,442, ,132, ,376 20,018, ,890,000 2,443, ,124, ,972 19,597, ,750,000 2,443, ,116, ,802 19,443, ,750,000 2,443, ,108, ,518 19,437, ,750,000 2,443, ,097, ,138 19,425, ,750,000 2,443, ,086, ,852 19,416, ,200, ,074, ,382 19,403, ,200, ,062, ,217 19,386, ,200, ,049, ,201 19,375, ,200, ,035, ,007 19,364, ,200, ,020, ,680 19,345, ,450, ,005, ,832 19,588, ,450, , ,583 19,571, ,440, , ,990 20,556, ,450, , ,866 18,446, ,444, , ,408 19,329, ,450, , ,044 19,204, ,600, , ,217 11,176, ,090, ,700 6,151, ,060, ,743 5,100, ,200 1, ,904,000 29,716,240 6,046,903 28,065,161 3,827, ,559,988 * The BAB's interest subsidy is shown at 100%. Sequestration reduction not included in the above schedule.

50 City of St. Petersburg Water Resources Future Debt Service Funding Sources As of September 30, ,000,000 20,000,000 Water Resources Operating Fund 15,000,000 BAB's Interest Subsidy Dollars 10,000,000 5,000, Fiscal Year City of St. Petersburg Stormwater Future Debt Service Funding Sources As of September 20, ,000,000 2,500,000 2,000,000 Dollars 1,500,000 Stormwater Operating Fund 1,000, , Fiscal Year

51 Pensions 22

52 M E M O R A N D U M Finance Department To: From: Members of City Council Anne Fritz, Finance Director Date: October 28, 2013 Subject: Pension Funds Report The attached Pension Funds Report reflects the activity in the City s Employees Retirement Fund, Fire Pension Fund and Police Pension Fund (the Plans ) for the year ended September 30, The report provides detailed financial statements for the year ended September 30, 2013 compared to the summarized financial statements for the year ended September 30, 2012, details of investments held by the Plans and solvency tests utilizing the most recent actuarial report for all the Plans. During the fiscal year, the City contributes funding to the Plans based on the annual required contributions calculated by the Plan s actuary in the following payment schedule: 1/12 in October 2012, 1/12 in November 2012, 1/12 in December 2012 and 9/12 in January In order to record the contributions expense evenly over the fiscal year to the City s funds, the Plans record a pension prefunding liability at time of funding and expense the City s funds over the fiscal year. At September 30 the contribution expense for the year has been fully realized. The calculation on the report Current Market Value versus Actuarial Figures for Solvency Tests detail the current year and prior year funding status of the Plans based on actuarial valuations. The current year September 30, 2013 funding ratios utilize the latest actuarial valuation date October 1, 2012 and the comparative September 30, 2011 funding ratios utilize the October 1, 2011 actuarial valuation date. During the reporting period for the year the Plans have experienced an aggregate interest and dividend income earnings of approximately $71.4 million and realized and unrealized investment gains of $49.8 million. 23

53 City of St. Petersburg, Florida Statement of Net Position Pension Plans As of September 30, 2013 and 2012 Assets Employees Retirement System September 30, 2013 Fire Pension Fund September 30, 2012 Police Pension Fund Total Total Cash & Cash Equivalents Demand Deposits $ $ 100 $ 1,855 $ 1,955 $ 21,704 Money Market 6,298,004 4,978,279 4,797,316 16,073,599 32,000,330 Total Cash & Cash Equivalents 6,298,004 4,978,379 4,799,171 16,075,554 32,022,034 Receivables Unsettled Investments Sales 238, , ,971 1,016, ,370 Interest and Dividends 721, , ,998 2,336,983 2,625,629 Accounts Receivable 19, ,210 18,332 Total Receivables 979,145 1,017,581 1,375,969 3,372,695 2,952,331 Investments Held, fair value Government Securities 54,481,867 28,467,936 33,796, ,746,391 78,068,969 Corporate Bonds 34,405,897 32,454,670 46,902, ,762, ,711,289 Common & Preferred Stock 197,584, ,528, ,601, ,715, ,729,173 Alternative Investments 50,713,253 19,971,685 70,684,938 48,345,939 Total Investments 337,185, ,451, ,272, ,909, ,855,370 Liabilities Total Assets 344,462, ,447, ,447, ,357, ,829,735 Payables Accounts 18,161 23,189 45,690 87,040 98,816 Uncashed Checks 1,192 1,192 1,192 Unsettled Investment Purchases 56,474 26,130 82,604 14,596 Pension Prefunding Liability Total Payables 74,635 49,319 46, , ,604 Net Position Total Liabilities 74,635 49,319 46, , ,604 Held in Trust for Pension Benefits $ 344,388,285 $ 217,397,775 $ 349,400,516 $ 911,186,576 $ 807,715,131

54 City of St. Petersburg, Florida Statement of Changes in Net Position Pension Plans For the Twelve Months ended September 30, 2013 and 2012 Additions Employees Retirement System Twelve Months Ended September 30, 2013 Fire Pension Fund Twelve Months Ended September 30, 2012 Police Pension Fund Total Total Percentage Earned / Consumed Contributions Employer $ 13,281,580 $ 9,981,488 $ 11,577,375 $ 34,840,443 $ 32,938, % Employees 1,392, ,857 2,065,953 4,419,960 4,528,650 98% State 1,774,212 1,717,025 3,491,237 3,503, % Total Contributions 14,673,730 12,717,557 15,360,353 42,751,640 40,970, % Investment Income Net Increase in Fair Value of Investments 19,378,843 8,166,939 21,494,582 49,040,364 89,795,688 55% Interest on Investments 25,214,784 17,082,745 17,691,060 59,988,589 24,845, % Dividends on Stock 4,433,961 2,155,332 4,856,758 11,446,051 8,736, % Total Investment Gain 49,027,588 27,405,016 44,042, ,475, ,377,814 98% Less Investment Expense (1,149,731) (532,623) (959,504) (2,641,858) (3,063,529) 86% Net Investment Gain 47,877,857 26,872,393 43,082, ,833, ,314,285 98% Total Additions 62,551,587 39,589,950 58,443, ,584, ,284, % Deductions Benefits 15,942,151 13,050,124 17,393,032 46,385,307 44,672, % DROP Contributions 1,721,924 3,545,490 4,723,926 9,991,340 8,604, % Refund of Contributions 218,061 24, , , ,888 88% Administrative Expenses 86, , , , ,203 76% Total Deductions 17,968,224 16,728,930 22,416,187 57,113,341 54,172, % Change in Net Position 44,583,363 22,861,020 36,027, ,471, ,111,832 97% Net Position Held in Trust for Pension Benefits Beginning of the Period October 1 299,804, ,536, ,373, ,715, ,603,299 End of the Period March 31 $ 344,388,285 $ 217,397,775 $ 349,400,516 $ 911,186,576 $ 807,715,131

55 City of St. Petersburg, Florida Schedule of Investments by Manager Pension Plans As of September 30, 2013 Cost Value Market Value Investment Manager Manager Type Dollars Percent Dollars Percent Employee Retirement System Vanderbilt Fixed Income $ 47,221, % $ 47,171, % Marco Fixed Income 43,098, % 44,556, % Wells Fargo Adv Govt Money Market Funds Money Market 194, % 194, % Boston Large Cap Value 50,655, % 64,159, % Barrow, Hanley, et al Mid Cap Value 5,965, % 8,762, % Systemic Mid Cap Value 7,800, % 8,845, % Wells Capital Mid Cap Growth 13,825, % 18,088, % Sawgrass Asset Management Large Cap Growth 24,514, % 32,398, % Renaissance Invest Mgmt Large Cap Growth 24,174, % 32,821, % Templeton Portfolio Adv Intl Foreign Stocks 15,366, % 18,141, % Renaissance Intl Growth Foreign Stocks 14,192, % 18,084, % Private Advisors (a) Hedge Funds 32,614, % 34,447, % UBS Realty Investors LLC Real Estate 15,449, % 16,715, % Total Employee Retirement System $ 295,073, % $ 344,387, % Fire Pension Fund Richmond Fixed Income $ 62,086, % $ 64,296, % Boston Large Cap Value 42,429, % 53,818, % AmericanEuro/Pac (Mutual) Foreign Stocks 8,115, % 13,246, % Vanguard (Mutual) Small Cap Growth 11,333, % 14,726, % Neuberger Berman Large Cap Growth 38,428, % 48,142, % Frontier Small Cap Value 10,398, % 11,259, % MFS International Value Foreign Stocks 11,211, % 11,928, % Wells Fargo Adv Govt Money Market Funds Money Market 3, % 3, % Total Fire Pension Fund $ 184,006, % $ 217,420, % Police Pension Fund Marco Fixed Income $ 81,158, % $ 82,086, % Boston Large Cap Value 34,343, % 43,414, % Buckhead Large Cap Value 32,367, % 39,556, % Wedgewood Large Cap Growth 14,447, % 16,131, % DePrince Small Cap Value 18,551, % 19,953, % Lord Abbett Small Cap Growth 16,121, % 20,251, % Garcia Hamilton Large Cap Growth 48,455, % 62,315, % Thornburg Foreign Stocks 17,662, % 21,991, % AmericanEuro/Pac (Mutual) Foreign Stocks 9,500, % 23,768, % UBS Realty Investors LLC Real Estate 19,673, % 19,971, % Wells Fargo Adv Govt Money Market Funds Money Market 4, % 4, % Total Police Pension Fund $ 292,286, % $ 349,445, % Total Pension Plans $ 771,367, $ 911,253,643.05

56 City of St. Petersburg, Florida Type of Investment by Plan (at Market Value) Pension Plans As of September 30, 2013 Employee Retirement System Investment Mid Cap Growth 5% Mid Cap Value 5% Hedge Funds 10% Money Market 0% Large Cap Value 19% Real Estate 5% Fixed Income 27% Large Cap Growth 19% Foreign Stocks 10% Money Market 0% Large Cap Value 25% Small Cap Growth 7% Fire Pension Fund Investment Small Cap Value 5% Fixed Income 29% Foreign Stocks 12% Large Cap Growth 22% Money Market 0% Police Pension Fund Investment Small Cap Growth 6% Small Cap Value 6% Real Estate 6% Fixed Income 23% Large Cap Value 24% Foreign Stocks 13% Large Cap Growth 22%

57 City of St. Petersburg, Florida Investments Held by Type at Market Value (in Thousands) Pension Plans As of September 30, 2013 Employee Retirement System $350,000 $300,000 Dollars (in Thousands) $250,000 $200,000 $150,000 $100,000 $50,000 $ FY 2011 Q4 FY 2012 Q1 FY 2012 Q2 FY 2012 Q3 FY 2012 Q4 FY 2013 Q1 FY 2013 Q2 FY 2013 Q3 FY 2013 Q4 Alternative $13,165 $13,165 $13,002 $29,316 $29,988 $30,642 $30,922 $31,406 $51,163 Equity $145,063 $162,783 $184,399 $169,816 $181,187 $185,402 $204,219 $211,564 $201,303 Money Market $4 $3 $5,594 $1,743 $1 $ $5,790 $1,645 $195 Fixed Income $98,777 $98,990 $99,941 $89,340 $88,623 $88,126 $88,381 $86,743 $91,727 Fire Pension Fund $250,000 Dollars (in Throusands) $200,000 $150,000 $100,000 $50,000 $ FY 2011 Q4 FY 2012 Q1 FY 2012 Q2 FY 2012 Q3 FY 2012 Q4 FY 2013 Q1 FY 2013 Q2 FY 2013 Q3 FY 2013 Q4 Alternative $ $ $ $ $ $ $ $ $ Equity $101,345 $111,099 $125,801 $118,202 $125,420 $127,401 $139,446 $143,493 $153,121 Money Market $ $1,113 $4,775 $895 $1 $1 $3,595 $4 $3 Fixed Income $67,062 $67,340 $67,994 $69,238 $69,138 $68,420 $68,539 $66,610 $64,296 Police Pension Fund $350,000 $300,000 Dollars (in Thousands) $250,000 $200,000 $150,000 $100,000 $50,000 $ FY 2011 Q4 FY 2012 Q1 FY 2012 Q2 FY 2012 Q3 FY 2012 Q4 FY 2013 Q1 FY 2013 Q2 FY 2013 Q3 FY 2013 Q4 Alternative $16,784 $17,122 $17,588 $17,943 $18,344 $18,650 $18,907 $19,489 $19,972 Equity $169,175 $186,301 $210,089 $197,826 $210,503 $207,694 $225,596 $230,205 $247,384 Money Market $ $1,641 $4,846 $220 $1 $1 $3,476 $5 $4 Fixed Income $85,435 $84,734 $85,348 $86,340 $84,555 $88,422 $88,601 $85,005 $82,086

58 ERS Fire Police Actuarial Present Value of Benefits (1) $310,899,795 $206,414,590 $345,186,229 Accumulated to Oct 1, 2012 Using: ERS 7.75% Interest Rate Basis Police & Fire 8.0% Interest Rate Basis (FASB 35) City of St. Petersburg Pension Funds Current Market Value versus Actuarial Figures for Solvency Tests Current Market Value at September 30, 2013 and 2012 Total Assets (Current) (2) $344,387,366 $217,420,733 $349,445,544 Percentage Funded Fiscal 2013 (3) % % % Percentage Funded Fiscal 2012 (4) 96.43% 94.26% 90.79% 12 Months Change 14.34% 11.08% 10.44% Actuarial Accrued Liability (5) $369,667,300 $213,978,647 $363,789,632 as of October 1, 2012 Total Assets(Current) (2) $344,387,366 $217,420,733 $349,445,544 Percentage Funded Fiscal 2013 (6) 93.16% % 96.06% Percentage Funded Fiscal 2012 (7) 81.10% 90.92% 86.15% 12 Months Change 12.06% 10.68% 9.91% Notes to the Schedule: (1) The Accumulated contributions of active members PLUS the Actuarial Present Value (APV) of projected benefits payable to current retirees and vested terminations (including refunds due terminated employees) PLUS the City portion of the APV of benefits payable to active participants (this amount is based on benefits earned to date without future credited service or salary increases) as of the latest actuarial report. (2) Total Assets reflects actual market value of holdings as of the current month. (3) Reflects current market value of assets as a percentage of the PV of benefits from the latest actuarial report October 1, (4) Reflects September 30, 2012 market value of assets as a percentage of the PV of benefits from the prior year actuarial report October 1, The actuarial PV of benefits was as follows at October 1, 2011: ERS $293,765,656, Fire $208,420,278 and Police $339,054,523. The market value of assets was as follows at September 30, 2012: ERS $299,798,197, Fire $194,559,304 and Police $313,403,005. (5) The AAL (Actuarial Accrued Liability) includes future salary increases and some other minor differences from the above. This can be called the "past service liability" as of the latest Actuarial report. (6) Reflects current market value of assets as a percentage of the AAL of benefits from the latest actuarial report October 1, (7) Reflects September 30, 2012 market value of assets as a percentage of the AAL of benefits from the prior year actuarial report October 1, The AAL was as follows at October 1, 2011: ERS $355,368,876, Fire $215,577,762 and Police $355,895,625. The market value of assets was as follows at September 30, 2012: ERS $299,798,197, Fire $194,559,304 and Police $313,403,005.

59 Weeki Wachee 30

60 M E M O R A N D U M Finance Department To: From: Members of City Council Anne Fritz, Finance Director Date: October 15, 2013 Subject: Parks Preservation (Weeki Wachee) Fund Report The attached preliminary Parks Preservation (Weeki Wachee) Fund Report reflects the activity in the fund from its inception in 2001 through the month ending September 30, 2013, providing detailed yeartodate activities and identifies revenues, expenditures, and transfers in and out of the fund in addition to fund balance. As approved by City Council, the money managers, Alliance Bernstein and Marco Investments, were fully funded with approximately $14 million of reserve funds. The Equities Manager (Alliance Bernstein) at September 30, 2013 reports a market value gain of 26.7% over amortized book value. The Fixed Income Manager (Marco Investments) at September 30, 2013 reports a market value that approximates the amortized book value. During the reporting period for the year the fund has had interest and dividend income earnings of $190,747 and realized and unrealized investment gains of $2,302,563. Attachment: Preservation (Weeki Wachee) Fund Report 31

61 City of St. Petersburg Parks Preservation (Weeki Wachee) Fund Report Statement of Revenues, Expenditures and Transfers As of September 30, 2013 Twelve Months Total 2012 and ending Since Prior 9/30/2013 Inception REVENUES AND TRANSFERS IN Revenues: Proceeds From Sale of Land $ 14,481,941 14,481,941 Investment Earnings 4,557, ,747 4,748,084 Securities Lending Revenue (Net) 43,132 43,132 Skate Park Sticker Sales 25,039 25,039 Gains/(Losses) on Investments 1,911,100 2,302,563 4,213,662 Transfers In: Unused Funds Returned from Capital Projects 334, ,700 Total Revenues & Transfers In 21,353,248 2,493,310 23,846,558 EXPENDITURES AND TRANSFERS OUT Operating Expenditures: Money Managers Fees 448,818 88, ,469 Transfer Out to Capital Projects: Central Oak Park (Formerly known as Dartmouth Avenue Neighborhood Park) 96,000 96,000 Fossil Skate Park 220, ,000 Gisella Kopsick Palm Arboretum 84,000 84,000 Lake Vista Dog Park 33,000 33,000 Lake Vista Skate Park 307, ,000 North Shore Dog Park 33,000 33,000 Vinoy Basin Boardwalk 120, ,900 Walter Fuller Dog Park 33,000 33,000 Walter Fuller Skate Park 10,000 10,000 North Shore Water Feature 450, ,000 Kenwood Dog Park 167, ,500 Climbing Boulders 45,000 45,000 Vinoy Basin/Municipal Marina Boat Dockage Project 80,000 80,000 Transfers Out To: General Fund Operating Expenditure Reimbursements for 10 Year maintenance of closed projects 303,817 15, ,211 Weeki Wachee Capital Improvements Fund 2,223,050 2,223,050 Total Expenditures and Transfers Out 4,655, ,045 4,759,130 Net Revenues Less Expenditures & Net Transfers 16,698,163 2,389,265 19,087,428 Fund Balance Beginning October 1 16,698,163 Total Fund Balance 16,698,163 19,087,428 19,087,428 Fund Balance Investment Designation 14,481,941 14,481,941 14,481,941 Fund Balance Maintenance Designation 353, , ,348 Fund Balance Undesignated $ 1,862,480 4,267,139 4,267,139

62 Budget V. Actual 33

63 TO: FROM: Mayor Bill Foster The Honorable Karl Nurse, Chair, and Members of City Council Tish Elston, City Administrator Anne Fritz, Finance Director DATE: November 5, 2013 SUBJECT: Summary of Quarterly Financial Reports for the period ending September 30, 2013 Attached please find the quarterly financial statements for September 30, The governmental, enterprise and internal service funds schedule of revenues, expenditures and changes in fund balance budget versus actual for the twelve months ended September 30, 2013 are prepared using the current financial resources measurement focus, are not in accordance with generally accepted accounting principles (GAAP) basis of accounting and are utilized for analysis of operations during the fiscal year. The quarterly financial statements also include detailed information on the General Fund s detail of transfers/advances in and out and detailed information on the General Fund s tax revenues for the twelve months ending September 30, The financial statements represent the City s preliminary draft of the financial results for the twelve months ending September 30, These results do not include any transactions relating to the clean up ordinance that will be presented for consideration by City Council. Further, as the City prepares the final financial statements as of the end of the fiscal year, there may be further adjustments to both revenues and expenditures to present the financial statements in accordance with generally accepted accounting principles (GAAP) for local governments. The City s quarterly financial statements report funds based presentation required for the Comprehensive Annual Financial Report (CAFR). The City s CAFR reporting structure aggregates funds that are shown separately for budgetary basis reporting purposes. Examples are as follows: For financial reporting purposes the governmental fund General Funds are a combination of the 0001 General Fund and other minor general groups of funds. The GAAP financial reporting General Funds or also referred to in this report as the General Group of Funds differs from the budgetary basis General Fund. The other general group of funds included for GAAP financial reporting are 0002 Preservation Reserve, 0003 General Fund Special Project, 0005 Industrial Development, 0008 Economic Stability, 1001 Utility Tax Revenue, 1005 Franchise Tax Revenue, 1007 Excise Tax Revenue, 1042 Arts & Cultural Programs, 1101 Economic Development, 1008 Assessments Revenue and 1901 Arts in Public Places. All enterprise funds reported in the attached financial report are shown aggregate of their related capital projects fund or debt fund as applicable. For example, Water Resources is the aggregate of funds 4001 Water Resources Operating, 4002 Water Resources Debt, 4003 Water Resources Capital Projects and 4005 Water Cost Stabilization. 34