CITY OF ST. AUGUSTINE, FLORIDA

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1 CITY OF ST. AUGUSTINE, FLORIDA City of St. Augustine, Florida Capital Improvement Refunding Revenue Bonds, Series 2013, $20,645,000, Dated: February 15, 2013 City of St. Augustine, Florida Capital Improvement Refunding Revenue Bonds, Series 2011B, $10,440,000, Dated: December 28, 2011 City of St. Augustine, Florida Capital Improvement Revenue Bonds, Series 2011, $16,215,000, Dated: April 5, 2011 City of St. Augustine, Florida Capital Improvement and Refunding Bonds, Series 2004, $22,155,000, Dated: September 15, 2004 Series 2013, 2011B, 2011, 2004 Legally Available Non Ad Valorem Revenues PAGE 62, 72, Revenues: Franchise Fees $ 1,449,609 $ 1,367,810 Public Service Taxes 1,561,116 1,106,722 Communication Service Tax 818,429 1,079,733 Six Cent Local Option Fuel Tax 502, ,832 Occupational Licenses 121, ,265 Building and Sign Permits 249, ,118 Other Permits and Licenses 80,636 94,048 State Revenue Sharing 1,701,383 1,593,365 County Revenue Sharing 28,880 37,915 General Government Service Fees 59,294 55,958 Parking Fees 1,810,910 1,823,464 County Court Fines 67,774 51,254 Violations of Local Ordinance 29,174 40,712 Parking Fines and Forfeitures 185, ,911 Interest Earnings 48,134 25,471 Rental Income 1,259,263 1,201,907 Stormwater Revenues 1,910,213 3,277,779 Municipal Marina Revenues 2,512,569 2,378,331 Other Miscellaneous Revenue 1,132, ,746 All Non Ad Valorem Revenues $ 15,528,458 $ 15,534,341 Not Legally Available to Pay Debt Service on the Bonds 6,058,017 # 6,494,688 Legally Available to Pay Debt Service on the Bonds # $ 9,470,441 # $ 9,039,653 Administrative Transfers $ 2,134,031 $ 2,131,456 Operating Transfers 1,079, ,022 Other Transfers 1,379,387 1,046,311 Total Legally Available to Pay Debt Service on the Bonds $ 14,063,146 # $ 12,968,442

2 Series 2013, 2011B, 2011, 2004 Debt Service Schedule For Non Ad Valorem Revenue Obligations Principal Amount Maximum Annual Description Source of Security Outstanding Final Maturity Debt Service Series ,455, ,102,475 Series ,215, ,881,687 Series 2011B 8,840, ,950 Series ,315, ,321,500 Series 2013, 2011B, 2011 General Fund Revenues and Expenses PAGE 62 REVENUES Taxes Intergovernmental Licenses, Permits and Fees Fines and Forfeitures Administrative Service Charges Investment Income Proceeds from Sale of Land Miscellaneous TOTAL REVENUES 2014 See page 62 EXPENDITURES Current: General Government Public Safety Physical Environment Transportation Culture/ Recreation Capital Outlay Debt Service Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES) Transfers in Transfers out Issuance of Refunding bonds Bonds refunded Premium paid Discount on issuance BEGINNING FUND BALANCE 10,233,812 page 62

3 ENDING FUND BALANCE $ 9,931,414 Reserved Portion $ 9,132,521 page 58 Unreserved Portion $ 798,893

4 Series 2013, 2011B, 2011 Direct Debt PAGE 151 Principal Amount Principal Outstanding after Revenue Bonds Amount Issued January 1, 2014 Total Direct Debt Series 2013, 2011B, 2011 General Employees' Retirement System PAGE Funding Policy, Contributions, Status and Progress Funded Status Information for the Plan (in thousands) Actuarial Actuarial Accrued UAAL as a % Actuarial Market Value Value of Liability (AAL) Unfunded AAL Funded Covered of Covered Valuation Date of Assets Assets Entry Age (UAAL) Ratio Payroll Payroll Actuarial Assumptions and Actuarial Cost Method Fiscal Year Annual Pension City Percentage of Net Pension Ended Cost (APC) Contribution APC Contributed Asset The City's Annual Pension Cost and Net Pension Obligation (the "NPO") to the General System Annual Annual Required City Contribution (ARC) Interest on NPO Adjustment to ARC Annual Pension Cost Contributions Made Decrease in NPO NPO Beginning of Year NPO End of Year Series 2013, 2011B, 2011 Police Officers' Retirement System PAGE Funding Policy, Contributions, Status and Progress Funded Status Information for the Plan (in thousands) Actuarial Actuarial Accrued UAAL as a % Actuarial Market Value Value of Liability (AAL) Unfunded AAL Funded Covered of Covered Valuation Date of Assets Assets Entry Age (UAAL) Ratio Payroll Payroll Actuarial Assumptions and Actuarial Cost Method Fiscal Year Annual Pension City Percentage of Net Pension

5 Ended Cost (APC) Contribution APC Contributed (Asset) The City's Annual Pension Cost and NPO to the Police System Annual Required City Contribution (ARC) Interest on NPO Adjustment to ARC Annual Pension Cost Contributions Made Decrease in NPO NPO Beginning of Year NPO End of Year Annual

6 Series 2013, 2011B, 2011 Firefighters' Retirement System PAGE Funding Policy, Contributions, Status and Progress Funded Status Information for the Plan (in thousands) Actuarial Actuarial Accrued UAAL as a % Actuarial Market Value Value of Liability (AAL) Unfunded AAL Funded Covered of Covered Valuation Date of Assets Assets Entry Age (UAAL) Ratio Payroll Payroll Annual Pension Cost Fiscal Year Annual Pension City State Premium Percentage of Net Pension Ended Cost (APC) Contribution Tax APC Contributed (Asset) Annual Required City Contribution (ARC) Interest on NPO Adjustment to ARC Annual Pension Cost Contributions Made Increase in NPO NPO Beginning of Year NPO End of Year Annual Series 2013, 2011B, 2011 Other Post Employment Benefit Plan PAGE Significant actuarial assumptions and methods used to estimate OPEB liability Valuation Date: Actuarial cost method: Amortization method: Amortization period: Assumed rate of return on investments: September 30, 2014 Assumed healthcare cost trend rates: Fiscal Year Ending Thereafter Percent Increase

7 Annual OPEB Cost and Net OPEB Obligation Annual Required City Contribution (ARC) Interest on Plan Obligation Adjustment to ARC Annual Pension Retiree Cost Contributions Made Increase in Plan Obligation Plan Obligation Beginning of Year Plan Obligation End of Year The City's percentage of annual OPEB cost contributed to the OPEB Plan, and the net OPEB obligation for the fiscal year ended September 30, 2014 Percentage of Fiscal Year Annual City City Retiree Cost Net Obligation Ending Retiree Cost Contributions Contributed (Asset) Series 2004 Issuer's Cost of Essential Services Fiscal Year Ended September 30, 2014 Insert Required Information Series 2004 Issuer's Government Fund Revenues PAGE Computation of the City's Governmental Fund Revenues for the last two Fiscal Years: Taxes Intergovernmental Licenses, Permits and Fees Fines and Forfeitures Administrative Service Charges Investment Income Miscellaneous Total Governmental Fund Revenues Fiscal Year Ended September 30, 2014: Ad Valorem Taxes Sales, Use and Gas Taxes Utility Service Taxes Grants Intergovernmental

8 Franchise Fees Licenses, Permits and Other Fees Fines and Forfeitures Administrative Overhead Charges Investment Income Miscellaneous Total Governmental Fund Revenues

9 Series 2004 Computation of both financial covenants relating to the issuance of additional debt payable solely from Pledgable Non Ad Valorem Revenues Average Pledgable Non Ad Valorem Revenues for Last Two Fiscal Years $ 13,515,794 Previously, I used each Maximum Annual Debt Service on Non Ad Valorem Revenue Debt 3,253,863 individual "max annual Ratio 4.15 debt service". I now have listed the aggregate. Series 2004 Net Debt Statement PAGE City of St. Augustine, Florida Computation of Direct Debt General Non Self Self Certificate of Obligation Supporting Supporting Participation Debt Revenue Bond Revenue Bonds Total Direct Debt St. Johns County, Florida Computation of Overlapping Debt General Non Self Self Certificate of Obligation Supporting Supporting Participation Debt Revenue Bond Revenue Bonds Total Overlapping Debt Total Direct/ Overlapping Debt

11 City of St. Augustine, Florida Computation of Direct and Overlapping Debt Direct and Overlapping General Obligation Debt DEBT RATIOS Per Capita As a Percent of Taxable Assessed Valuation As a Percent of Total Just Valuation Direct and Overlapping General Obligation and Non Self Supporting Revenue Debt and Long Term Notes Payable Per Capita As a Percent of Taxable Assessed Valuation As a Percent of Total Assessed Valuation

CITY OF ST. AUGUSTINE, FLORIDA

CITY OF ST. AUGUSTINE, FLORIDA Water and Sewer Revenue Refunding Bonds, Series 2012, $15,930,000, Dated: December 11, 2012 Water and Sewer Revenue Refunding Bonds, Series 2005, $21,435,000, Dated: July