Debt Service Overview. Debt Service Forecast

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1 F. Debt Service Debt Service Overview... F-1 Debt Service Forecast... F-1 Combined Total Debt Requirements by Fiscal Year... F-2 JP Morgan Chase Revenue Notes (2010)... F-3 FFGFC Loan (2011)... F-4 Banc of America Notes Debt Service Fund (2013)... F-5 BB&T Notes (2014)... F-6 Stadium Debt Service (2025)... F-7 Sports Facility Sales Tax Debt (2027)... F-8 Redevelopment Debt Service (2035)... F-9 Water Resources Debt (4002)... F-10 Stormwater Debt Service (4012)... F-11

2 City of St. Petersburg FY15 Fiscal Plan Fiscal Year 2015 F-1 Debt Service Overview Debt Service Overview The debt service funds of the city account for principal and interest payments on debt issues undertaken to finance various capital activities of the city including water & sewer infrastructure improvements, Tropicana Field improvements, Albert Whitted Field Airport improvements, and other major capital projects. The following schedules detail the budgeted activity for each of the debt service funds as well as a summary, by fiscal year, comparing Governmental Debt with Enterprise Fund Debt. Debt issuance is not used to fund all capital projects of the city. The majority of general capital improvement projects, such as roadway improvements are funded with the Penny for Pinellas local option sales surtax one cent sales tax. On March 13, 2007 the voters approved the third round of this 10-year program. The fiscal policies of the city detail a number of requirements with regard to capital expenditures and debt financing. They state that total net General Revenue Debt Service shall not exceed 25% of net revenue available for this purpose. The calculations from FY08 through FY10 were re-stated so that they are consistent with the anti-dilution calculation that is required for the city s debt covenants and for the rating agencies. Debt Service Forecast

3 FY15 Fiscal Plan City of St. Petersburg Debt Service Overview F-2 Fiscal Year 2015 COMBINED TOTAL DEBT REQUIREMENTS (PRINCIPAL AND INTEREST) - BY FISCAL YEAR Year GOVERNMENTAL DEBT Revenue Bonds ESTIMATED AS OF SEPTEMBER 30, 2015 Notes ENTERPRISE DEBT Notes and Revenue bonds Capitalized Lease Total by Fiscal Year ,637, ,976, ,385, , ,000, ,358, ,904, ,357, ,597, ,905, ,596, ,348, ,828, ,900, ,498, ,342, ,718, ,904, ,326, ,342, ,554, ,902, ,166, ,838, ,885, ,899, , ,832, ,209, ,905, ,824, ,781, ,899, ,796, ,958, ,898, ,797, ,259, ,900, ,778, ,093, ,408, ,778, ,601, ,774, ,189, ,761, ,176, ,751, ,166, ,755, ,169, ,736, ,150, ,748, ,163, ,737, ,945, ,724, ,724, ,733, ,733, ,705, ,705, ,711, ,711, ,683, ,683, ,838, ,838, ,827, ,827, ,898, ,898, ,401, ,401, ,413, ,413, ,115, ,115, Total $ 35,520, ,895, ,741, , ,503,129.45

4 City of St. Petersburg FY15 Fiscal Plan Fiscal Year 2015 F-3 Debt Service Overview JP Morgan Chase Revenue Notes (2010) The JP Morgan Chase Revenue Notes Fund was established in December 2011 in resolution and is used to record debt service to refund the city's outstanding non-ad valorem revenue note, series 2008A which was for the Florida International Museum and the Mahaffey Theater. Debt service payments extend to February Downtown Redevelopment District 254, ,727 3,288,224 3,288,224 3,288,068 3,288, % Community Development Block Grant 8,960 47, , , , , % Banc Of America Notes Debt Service Fund 428, % Total 691, ,757 3,401,814 3,401,814 3,401,653 3,401, % Debt & Loan Proceeds Debt Proceeds 21,522, % Total Debt & Loan Proceeds 21,522, % Total 22,213, ,757 3,401,814 3,401,814 3,401,653 3,401, % Debt 495,865 1,228,753 3,401,814 3,401,814 3,401,653 3,401, % Transfers Out General Fund 2, % Banc Of America Notes Debt Service Fund 21,468, % Total Transfers Out 21,470, % Total 21,966,637 1,228,753 3,401,814 3,401,814 3,401,653 3,401, % Increase/(Decrease) in Fund Balance 246,997 (246,996) Beginning Balance 0 246, Adjustments 0 (1) Ending Balance 246,

5 FY15 Fiscal Plan City of St. Petersburg Debt Service Overview F-4 Fiscal Year 2015 FFGFC Loan (2011) The FFGFC Loan Fund was established in Series 1987A, B and C Bonds. Bond debt in this fund has supported improvements for General Government, the Bayfront Center, Pier, and Tropicana Field. In FY96, additional funding was added to pay $ million in notes issued (along with Pro Sports Sales Tax Bonds) which were used to make Tropicana Field baseball ready. In FY97, $6.350 million was added to replace the air-conditioning system at Tropicana Field. In FY98, $2.815 million was added for a city-wide telephone switch, $1.770 million for a new parking meter system, and $8 million of previous FFGFC notes were refinanced. In FY01, the callable portions of the 1996 and 1997 bonds were refinanced using $ million in commission notes, significantly lowering the debt requirements. In April 2007, $7.43 million in notes were issued for the Marina, repaying the $3.775 million balance of a 2006 SSGFC Marina Improvement Loan and adding $3.5 million for the construction of a new marina pier. These notes and the associated debt service are reflected and budgeted in the Marina Operating Fund. In FY 2009, the final payment was made on the original unrefunded portion of the 1996 FFGFC Note. Beginning in FY10, debt service payments are for the 2001 Refunding Notes. Intergovernmental Revenue Shared State Revenue Sharing ,292,143 1,128, % Total Intergovernmental Revenue ,292,143 1,128, % Misc Revenues Interest Earnings % Total Misc Revenues % General Fund 2,636,662 2,624,039 2,622,436 2,622,436 1,066,863 0 (100.00%) Pro Sports Facility 70,120 73,146 72,314 72, ,954 1,570, % Total 2,706,782 2,697,185 2,694,750 2,694,750 1,399,817 1,570,262 (41.73%) Total 2,706,791 2,697,194 2,694,750 2,694,750 2,691,969 2,699, % Debt 2,706,791 2,697,194 2,694,750 2,694,750 2,691,969 2,699, % Total 2,706,791 2,697,194 2,694,750 2,694,750 2,691,969 2,699, % Increase/(Decrease) in Fund Balance Beginning Balance Adjustments Ending Balance

6 City of St. Petersburg FY15 Fiscal Plan Fiscal Year 2015 F-5 Debt Service Overview Banc of America Notes Debt Service Fund (2013) The Banc of America Notes Debt Fund, created in Resolution , to refinance the Sunshine State Governmental Financing Commission Notes, was used to record debt service payments for the Florida International Museum and the Mahaffey Theater through FY12. Currently, the fund records debt services payments for the repayment of Section 108 debt requirements. Misc Revenues Interest Earnings % Total Misc Revenues % General Fund 195, % Downtown Redevelopment District 40, % Community Development Block Grant 221, , , , , ,134 (0.84%) JP Morgan Chase Revenue Notes 21,468, % Total 21,926, , , , , ,134 (0.84%) Total 21,926, , , , , ,134 (0.84%) Debt 21,967, , , , , ,134 (0.84%) Transfers Out JP Morgan Chase Revenue Notes 428, % Total Transfers Out 428, % Total 22,396, , , , , ,134 (0.84%) Increase/(Decrease) in Fund Balance (469,825) Beginning Balance 469,824 (1) Adjustments Ending Balance (1) Notes: The Florida International Museum and Mahaffey Theater debt secured by these notes was paid in FY12. The transfer from the CDBG fund, and the debt payment, is for the repayment of Section 108 debt requirements. This remaining debt will be paid off in The outstanding principal at the end of FY15 will be $1,024,000.

7 FY15 Fiscal Plan City of St. Petersburg Debt Service Overview F-6 Fiscal Year 2015 BB&T Notes (2014) The BB&T Notes Fund was created in December 2010 and is used to record debt service payments for on-going projects at the Duke Energy Center for the Arts, the Pier, and the Salvador Dali Museum. It is scheduled to be paid in Downtown Redevelopment District 40, , , , , , % Total 40, , , , , , % Total 40, , , , , , % Debt 642, , , , , , % Total 642, , , , , , % Increase/(Decrease) in Fund Balance (601,556) Beginning Balance 601, Adjustments Ending Balance

8 City of St. Petersburg FY15 Fiscal Plan Fiscal Year 2015 F-7 Debt Service Overview Stadium Debt Service (2025) The Stadium Debt Service Fund was established in the Series 1984 Bonds. Excise Tax Secured Revenue Bonds ($85 million) were issued in 1987 to construct a multi-purpose domed stadium (Tropicana Field) in St. Petersburg. $114 million of refunding excise tax bonds were issued in October 1993 to refund the remaining outstanding 1984 Excise Tax Secured Revenue Bonds and the 1989B Public Improvement Revenue Bond issue. The 1993 refunding Excise Tax Bonds are secured by a pledge of the city's guaranteed entitlement of Municipal Revenue Sharing, the city's Half-Cent Sales Tax, and Pinellas County Tourist Development Taxes. This debt was restructured in 2003 to yield a net savings to the city of $3.544 million in FY04. Debt Service requirements run through FY16. Intergovernmental Revenue Shared State Revenue Sharing 2,609,011 2,824,198 2,721,000 2,721,000 1,428,857 1,777,300 (34.68%) Tourist Development 5,864,763 5,932,587 5,800,000 5,800,000 6,853,977 6,300, % Total Intergovernmental Revenue 8,473,774 8,756,785 8,521,000 8,521,000 8,282,834 8,077,300 (5.21%) Misc Revenues Interest Earnings 82, , , , , ,000 (38.27%) Total Misc Revenues 82, , , , , ,000 (38.27%) Total 8,556,419 8,889,274 8,683,000 8,683,000 8,422,631 8,177,300 (5.82%) Debt 8,375,569 8,367,408 8,356,092 8,356,092 8,356,143 8,351,550 (0.05%) Transfers Out Water Cost Stabilization 63, ,457 55, , ,797 55, % Total Transfers Out 63, ,457 55, , ,797 55, % Total 8,439,184 8,473,865 8,411,092 8,496,092 8,495,940 8,406,550 (0.05%) Increase/(Decrease) in Fund Balance 117, , , ,908 (73,309) (229,250) Beginning Balance 16,611,494 16,728,729 16,907,871 17,144,138 17,144,138 17,070,829 Adjustments Ending Balance 16,728,729 17,144,138 17,179,779 17,331,046 17,070,829 16,841,579 Notes: In FY08, $8.996 million was transferred into this fund from the Water Cost Stabilization Fund as a reserve for the Excise Tax Debt. This transfer was necessary after the downgrade of the surety bond. The interest on these funds is transferred back into the Water Cost Stabilization Fund for eventual transfer to the Water Resources operations.

9 FY15 Fiscal Plan City of St. Petersburg Debt Service Overview F-8 Fiscal Year 2015 Sports Facility Sales Tax Debt (2027) The Sports Facility Sales Tax Debt Fund was established in 1995 with the Series 1995 Bonds to record principal and interest payments on the $ million Professional Sports Facility Sales Tax Revenue Bonds used for modifications to Tropicana Field. It is supported by State Sales Tax revenues earmarked for sports facilities under Florida Statutes Chapter 166, Section (6)(g) 5.A and Section In 2003, the 1995 bond issue was refinanced using the $ million Professional Sports Facility Sales Tax refinancing revenue bonds. In 2014, the debt was refunded. Debt service requirements extend to October Misc Revenues Interest Earnings % Total Misc Revenues % Pro Sports Facility 1,929,884 1,926,858 1,927,690 1,927,690 1,667, ,742 (77.71%) Total 1,929,884 1,926,858 1,927,690 1,927,690 1,667, ,742 (77.71%) Debt & Loan Proceeds Debt Proceeds ,562,450 16,340, % Total Debt & Loan Proceeds ,562,450 16,340, % Total 1,930,065 1,927,090 1,927,690 19,490,140 18,007, ,742 (77.71%) Debt 1,912,128 1,911,078 1,907,490 19,469,940 19,458, ,495 (84.98%) Total 1,912,128 1,911,078 1,907,490 19,469,940 19,458, ,495 (84.98%) Increase/(Decrease) in Fund Balance 17,937 16,012 20,200 20,200 (1,451,652) 143,247 Beginning Balance 1,489,325 1,507,262 1,523,043 1,523,275 1,523,275 71,623 Adjustments Ending Balance 1,507,262 1,523,275 1,543,243 1,543,475 71, ,870

10 City of St. Petersburg FY15 Fiscal Plan Fiscal Year 2015 F-9 Debt Service Overview Redevelopment Debt Service (2035) These bonds were issued in 1985 as part of a multi-year program to provide infrastructure improvements, including parking facilities, in the Downtown Redevelopment Area in accordance with interlocal agreements between the city, the Community Redevelopment Agency (CRA), and Pinellas County. The 1984 and 1985 issues were refinanced during FY88; a new $9.8 million issue (1989A) was made in March 1989, and a new $22.5 million issue (1989B) occurred in August 1989 for improvements to Tropicana Field. All outstanding issues except Series 1989B were refinanced in The 1989B issue was refunded with issue proceeds from the 1993 Excise Tax Refunding Bond issue dated October Debt service for the new issue (Series 1992) ran through FY12. Downtown Redevelopment District 6,703, % Total 6,703, % Total 6,703, % Debt 6,703, % Total 6,703, % Increase/(Decrease) in Fund Balance Beginning Balance Adjustments Ending Balance Notes: This debt was paid off in The fund summary is presented for historical purposes.

11 FY15 Fiscal Plan City of St. Petersburg Debt Service Overview F-10 Fiscal Year 2015 Water Resources Debt (4002) The Water Resources Debt Fund was created by Resolution to record principal and interest payments on various series of Water Resources Bonds. Outstanding Water Resources debt is in Series 2005 ($825,000), Series 2006 ($50.32 million), 2009A ($ million) and 2009B ( million), 2010A ($28.55 million) and 2010B ($ million), 2013A ($ million), 2013B ($ million), 2013C ( million). Two new debt issues were done in 2014, 2014A ($ million) and 2014B ($43.23 million). Each debt issue has a different maturity date. The series 2005 debt will be paid in FY2015. All other debt requirements are scheduled to be paid between 2018 and Intergovernmental Revenue Federal Grants 1,188,752 1,135,183 1,186,809 1,186,809 1,098,891 1,186, % Total Intergovernmental Revenue 1,188,752 1,135,183 1,186,809 1,186,809 1,098,891 1,186, % Misc Revenues Interest Earnings 148, , , , , ,000 (46.67%) Total Misc Revenues 148, , , , , ,000 (46.67%) Water Resources 17,121,391 18,317,327 20,323,086 20,323,086 20,683,274 23,083, % Total 17,121,391 18,317,327 20,323,086 20,323,086 20,683,274 23,083, % Debt & Loan Proceeds Debt Proceeds 0 46,720, ,067, % Total Debt & Loan Proceeds 0 46,720, ,067, % Total 18,458,735 66,345,176 21,704,895 21,704,895 23,982,571 24,374, % Debt 18,046,847 62,306,638 20,692,938 20,692,938 20,518,278 24,374, % Total 18,046,847 62,306,638 20,692,938 20,692,938 20,518,278 24,374, % Increase/(Decrease) in Fund Balance 411,888 4,038,538 1,011,957 1,011,957 3,464,293 0 Beginning Balance 20,651,248 21,063,136 23,666,439 25,101,674 25,101,674 28,565,967 Adjustments Ending Balance 21,063,136 25,101,674 24,678,396 26,113,631 28,565,967 28,565,967

12 City of St. Petersburg FY15 Fiscal Plan Fiscal Year 2015 F-11 Debt Service Overview Stormwater Debt Service (4012) The Stormwater Debt Service Fund was created to record principal and interest payments for bonds issued in May 1999 (Resolution ). The series 1999 bonds allowed for the acceleration of approximately 20 stormwater projects. Misc Revenues Interest Earnings (100.00%) Total Misc Revenues (100.00%) Stormwater Utility Operating 1,058,532 1,054,213 1,054,080 1,054,080 1,055,813 1,056, % Total 1,058,532 1,054,213 1,054,080 1,054,080 1,055,813 1,056, % Total 1,058,532 1,054,213 1,054,412 1,054,412 1,055,813 1,056, % Debt 1,053,533 1,055,373 1,055,372 1,055,372 1,051,013 1,055, % Total 1,053,533 1,055,373 1,055,372 1,055,372 1,051,013 1,055, % Increase/(Decrease) in Fund Balance 4,999 (1,160) (960) (960) 4,800 1,290 Beginning Balance 603, , , , , ,806 Adjustments Ending Balance 608, , , , , ,096

FUND DESCRIPTIONS GOVERNMENTAL FUNDS

FUND DESCRIPTIONS GOVERNMENTAL FUNDS FUND DESCRIPTIONS The city of St. Petersburg uses funds and account groups to account for its resources as required by the Charter, State Statutes, and the accounting profession. Each of the city funds