Pasco County Fiscal Year 2016 Proposed Fiscal Plan. Debt Service

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Eugenia Collins
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Mission Statement Proposed Fiscal Plan This section displays the annual cost of payments on debt issued to the Board of County Commissioners (BCC) under various funds.

1 Mission Statement Proposed Fiscal Plan This section displays the annual cost of payments on debt issued to the Board of County Commissioners (BCC) under various funds. uses Municipal Revenue Bonds as a financing tool for large Capital and Infrastructure projects. These bonds are held by private organizations or individuals and are secured by specific revenue streams such as HalfCent Sales Tax or business activities (Utility operations). General Obligation Bonds are secured by the full faith and credit of the BCC. In Florida, these bonds are secured by a voter referendum. does not currently have any General Obligation Bond issuances. ary Cost Summary Interfund Transfers Other NonOperating Total Actual Actual Adopted 70,403,193 35,339,184 30,743,979 33,257,357 7,317,615 3,669,514 8,026,140 (334,905) (304,896) (236,349) (678,234) 77,385,903 35,034,288 34,177,144 40,605,263 Gas Tax Refund Interest and Sinking Series 2002 Fund 4,128,125 Tommytown Fund 1,073,297 1,078,097 1,078,477 1,082,177 Guaranteed Entitlement Interest and Sinking Series 2003 Fund 9,261,100 1,144,199 Half Cent Sales Tax Series 2003 Fund 2,992,080 1,125,635 Guaranteed Entitlement Interest & Sinking Series 2013 Fund 10,060, , , ,344 Half Cent Sales Tax Series 2013 Fund 38,493,594 1,455,705 2,692,588 2,650,450 Guaranteed Entitlement 2014 Loan Fund 15,536,898 4,619,289 8,996,890 Penny for Pasco Public Safety Bond Fund 959,750 1,918,650 Pasco Water & Sewer Fund 9,323,899 11,815,669 17,204,918 18,345,130 Solid Waste System Fund 2,053,345 2,574,617 6,910,528 6,908,622 Total Revenue 77,385,903 35,034,288 34,177,144 40,605,

2 Proposed Fiscal Plan Utilities Services & Solid Waste Management These debt service payments are for the issuance of several capital improvement bonds issued by both the Pasco Water and Sewer Fund and the Solid Waste Fund. The expenses herein are also located in the Utilities Services section of the budget document due to the nature of enterprise funds. Enterprise funds show full costs of running the business within a singular fund while governmental funds show debt service in a different area. This is the reasoning behind why the debt service costs are shown in two separate areas. Highlights The expenses below show the debt payments for principal and interest. They do not show the actual expenses associated with spending down the bond funds. Those expenses are located in various Capital improvement funds throughout the Capital Improvement Plan. ary Cost Summary Actual 11,712,149 14,695,182 24,351,795 25,931,986 Other NonOperating (334,905) (304,896) (236,349) (678,234) Total 11,377,244 14,390,286 24,115,446 25,253,752 Pasco Water & Sewer Fund 9,323,899 11,815,669 17,204,918 18,345,130 Solid Waste System Fund 2,053,345 2,574,617 6,910,528 6,908,622 Total Funding 11,377,244 14,390,286 24,115,446 25,253,

3 Proposed Fiscal Plan 1/2 Cent Sales Tax Series 2013 The expenses shown below are the payments associated with the refunding of a prior bond, HalfCent Sales Tax Revenue Bonds, Series 2003A. The original bond was refunded in order to benefit the citizens of by lowering debt service costs by leveraging lower interest rates. This refunding effort resulted in a lower outstanding debt in the amount of $33,785,000 for the Half Cent Sales Tax Refunding and Improvement Revenue Bond, Series 2013A. Highlights Projects were completed with the prior bond issue and as this is a refunding of the previous bond; no additional Capital Projects will be funded. ary Cost Summary Actual 38,493,594 1,455,705 2,692,588 2,650,450 Total 38,493,594 1,455,705 2,692,588 2,650,450 Half Cent Sales Tax Series 2013 Fund 38,493,594 1,455,705 2,692,588 2,650,450 Total Funding 38,493,594 1,455,705 2,692,588 2,650,

4 Proposed Fiscal Plan for B236 PFP Public Safety Bond These debt service payments are for the potential issuance of a bond secured by the Public Safety Portion of the Penny for Pasco revenues. This bond will be used to purchase a new radio system. This fund is in accordance with Chapter 102, County Code of Ordinances. The prior year budget was an estimate of the debt service payments needed once the bond is issued. The FY2016 budget continues this trend in preparation for the bond. Highlights This is proposed for FY2016 and has not been implemented as of the printing date of this budget book. ary Cost Summary Actual 959,750 1,918,650 Total 959,750 1,918,650 Penny for Pasco Public Safety Bond Fund 959,750 1,918,650 Total Funding 959,750 1,918,

5 Proposed Fiscal Plan 2006 Section 108 Note The expenses shown below are the payments associated with the principal and interest for a $13,000,000 loan for the revitalization of the Tommytown area. The General Fund secured this loan with $1,140,000 that will be transferred back to the General Fund upon completion of this note (FY2026). The $13,000,000 Section 108 Housing and Urban Development (HUD) Note was borrowed to provide funds for the Tommytown Neighborhood Revitalization Project. The County has pledged future Community Development Block Grant (CDBG) grants and other nonad valorem funds as security for the Guaranteed Loan Funds in the HUD contract. Highlights Due to savings on the initial project, additional projects have been completed in the Gulf Highlands and Lacoochee Neighborhoods. ary Cost Summary Actual 1,073,297 1,078,097 1,078,477 1,082,177 Total 1,073,297 1,078,097 1,078,477 1,082,177 Tommytown Fund 1,073,297 1,078,097 1,078,477 1,082,177 Total Funding 1,073,297 1,078,097 1,078,477 1,082,

6 Proposed Fiscal Plan Guaranteed Entitlement Interest & Sinking Series 2013 Fund The expenses shown below are the payments associated with the refunding of a prior bond, Guaranteed Entitlement, Series The original bond was refunded in order to benefit the citizens of by lowering debt service costs by leveraging lower interest rates. This bond series has been refunding several times in order to leverage better market conditions and realize a savings for the tax payers of. Guaranteed Entitlement Bond, Series 2013A ($9,985,000) partially refunded Guaranteed Entitlement, Series The other portion of this twopart refunding effort is shown on the page for the Guaranteed Entitlement Bank Loan Highlights The original bond has been utilized for several capital projects. A list of these projects can be seen under the "2003 Guaranteed Entitlement" page. ary Cost Summary Actual 10,060, , , ,344 Total 10,060, , , ,344 Guaranteed Entitlement Interest & Sinking Series 2013 Fund 10,060, , , ,344 Total Funding 10,060, , , ,

7 Proposed Fiscal Plan 2003 Guaranteed Entitlement Interest & Sinking The $32,250,000 Guaranteed Entitlement Refunding Revenue Bonds, Series 2003, were issued to refund the County's Guaranteed Entitlement Refunding Revenue Bonds, Series 1989, and Guaranteed Entitlement Refunding Revenue Bonds, Series The length of the bonds was extended by 15 years to cover the additional capital proceeds. The guaranteed first and second entitlements of State Revenue Sharing Funds were pledged to support this issue. In addition to refunding the prior bonds, proceeds for capital in the amount of $12,221, was raised to fund the following projects: 1. Repay loan for new voting machines. 2. Repay loan for the Tax Collector's building on U.S Purchase land for future park expansion and the Land O' Lakes Community Center Expansion. 4. Purchase a facility for the Health Department and the Community Development Division. 5. To cover the majority of costs associated with the Geiger Pond Stormwater Drainage Project. Highlights This debt issuance has been refunded and the new debt service payments can be found on the pages for "Guaranteed Entitlement Series 2013" and "Guaranteed Entitlement Bank Loan 2014." ary Cost Summary Actual 1,943,485 1,144,199 Interfund Transfers 7,317,615 Total 9,261,100 1,144,199 Guaranteed Entitlement Interest and Sinking Series 2003 Fund 9,261,100 1,144,199 Total Funding 9,261,100 1,144,

8 Proposed Fiscal Plan 2002 Local Option Gas Tax Refunding Revenue These debt service payments are for the payments associated with the refunding of a prior bond, the County's Gas Tax Refunding Revenue Bonds, Series 1992, which matured in years 2002 to The total amount of this issuance was $19,435,000. The cost of the debt service was paid from the proceeds of the Six Cent Local Option Gas Tax. Highlights This debt was paid off in FY2013. ary Cost Summary Actual 4,128,125 Total 4,128,125 Gas Tax Refund Interest and Sinking Series 2002 Fund 4,128,125 Total Funding 4,128,

9 Proposed Fiscal Plan 2003 HalfCent Sales Tax Revenue Bonds The expenses shown below are the payments associated with the issuance of a $47,870,000 Half Cent Sales Tax Revenue Bonds, Series This debt was issued to provide funds for several projects listed below. The County pledged a portion of the halfcent it receives from the State sales tax to support the issue. This debt was issued to provide funds for several projects listed below: 1. Future expansion of two Sheriff's Office facilities. 2. The New Port Richey Judicial Center 3. Parks 4. Libraries 5. Animal Services 6. Data Processing 7. Various Fire Stations Highlights This debt has been refunded and the continuing debt service payments can be seen on the page "HalfCent Sales Tax, Series 2013." ary Cost Summary Actual 2,992,080 1,125,635 Total 2,992,080 1,125,635 Half Cent Sales Tax Series 2003 Fund 2,992,080 1,125,635 Total Funding 2,992,080 1,125,

10 Proposed Fiscal Plan Guaranteed Entitlement Bank Loan 14 The expenses shown below are the payments associated with the refunding of a prior bond, Guaranteed Entitlement Series The original bond was refunded in order to benefit the citizens of by lowering debt service costs by leveraging lower interest rates. This debt in the amount of $15,310,000 is the second part of a refunding effort for the prior bond issue. Because of interest rates at the time, the County opted to pursue a longterm bank loan rather than a municipal bond for the Guaranteed Entitlement Bond, Series 2013B. Highlights Projects were completed with the prior bond issue and as this is a refunding of the previous bond; no additional Capital Projects will be funded. ary Cost Summary Actual 15,536, , ,750 Interfund Transfers 3,669,514 8,026,140 Total 15,536,898 4,619,289 8,996,890 Guaranteed Entitlement 2014 Loan Fund 15,536,898 4,619,289 8,996,890 Total Funding 15,536,898 4,619,289 8,996,

Source: Pinellas County, Florida Bonded Debt Report for the Fiscal Year ended 9/30/11 by Clerk of the Circuit Court I-2

Source: Pinellas County, Florida Bonded Debt Report for the Fiscal Year ended 9/30/11 by Clerk of the Circuit Court I-2 DEBT SERVICE Debt Service Costs include the annual payments of interest, principal and other fees on long term bond indebtedness. This section includes the budgeted debt service for obligations which provide