Revenue and Expense Summary
FY2015 Actual | FY2016 Actual | FY2017 Budget | FY2017 Projected | FY2018 Budget | % Change | |
Revenues |
Special Assessment Revenue - - - - 5,080,000 100.00% Commercial Paper - - - 12,750,000 4,180,000 100.00%
Transfer from Equipment
Replacement - - - 12,750,000 - 0.00% Transfer from General Fund - 2,530,250 - - - 0.00%
Transfer from CIP Fund (307) | - - | 760,200 | 760,200 | 130,000 | -82.90% |
Interest on Investments | - - | 6,000 | 5,000 | 6,000 | 0.00% |
TOTALS | - 2,530,250 | 766,200 | 26,265,200 | 9,396,000 | 1126.31% |
Expenses Transfer to Equipment Replacement Fund Carry Over Projects | - - - - | - - | 12,750,000 - | - 8,895,000 | 0.00% 100.00% |
Projects | - 693,339 | 1,065,852 | 4,726,590 | 9,260,000 | 768.79% |
TOTALS | - 693,339 | 1,065,852 | 17,476,590 | 18,155,000 | 1603.33% |
Total Revenues Over/(Under) Expenses | - 1,836,911 | (299,652) | 8,788,610 | (8,759,000) | |
Beginning Fund Equity | - - | 1,836,911 | 1,836,911 | 10,625,521 | |
ENDING NET ASSETS | - 1,836,911 | 1,537,259 | 10,625,521 | 1,866,521 |
Revenues
Special Assessment Revenue:
Non Ad Valorem revenue collected for the Town-wide Undergrounding project via the Palm Beach County Tax Collector.
Commercial Paper:
Commercial Paper approved by Town Council on June 13, 2017 (Ord No 18-2017).
Transfer from Equipment Replacement Fund:
Advance from Equipment Replacement Fund approved by Town Council on June 13, 2017 (Ord No 18- 2017). This advance was necessary in order to award construction contracts prior to finalizing Commercial Paper financing.
Transfer from the General Fund (001):
Town’s prepayment of assessment for 37 parcels for “seed funds” to begin to finance the Town-wide Underground Utility Project, approved by Town Council on June 14, 2016 (Ord No 09-2016).
Transfer from the CIP (Pay As You Go) Fund (307):
Transfer to cover costs for burying lines through City of Lake Worth, hiring project coordinator and augmenting the program to reduce assessments.
Interest on Investments:
Interest revenue is based upon the financial market conditions and funds available for investment.
Expenses
Transfer to Equipment Replacement Fund
Repayment of advance made on June 13, 2017.
Carry Over Projects:
Projected unexpended project balances, authorized in prior years.
Projects:
Town-wide Underground Utility Project construction costs.
Full Time Equivalent Employees | FY2014 FY2015 FY2016 FY2017 FY2018 |
Underground Utilities Project Manager | - - - 1.000 1.000 |
Communications Specialist | - - - - 0.250 |
- - - 1.000 1.250 |
Town‐Wide Underground Utilities Project Master Plan Estimated Opinion of Cost
2017 | Phase Cost | Total Cost for each phase |
Phase 1 North | $ 4,920,000 | |
Phase 1 South | $ 7,030,000 | $ 11,950,000 |
2018 | ||
Phase 2 North | $ 4,260,000 | |
Phase 2 South | $ 5,000,000 | $ 9,260,000 |
2019 | ||
Phase 3 North | $ 4,130,000 | |
Phase 3 South | $ 6,810,000 | $ 10,940,000 |
2020 | ||
Phase 4 North | $ 5,150,000 | |
Phase 4 South | $ 5,270,000 | $ 10,420,000 |
2021 | ||
Phase 5 North | $ 6,650,000 | |
Phase 5 South | $ 7,620,000 | $ 14,270,000 |
2022 | ||
Phase 6 North | $ 5,430,000 | |
Phase 6 South | $ 11,560,000 | $ 16,990,000 |
2023 | ||
Phase 7 North | $ 5,770,000 | |
Phase 7 South | $ 6,030,000 | $ 11,800,000 |
2024 | ||
Phase 8 | $ 12,370,000 | $ 12,370,000 |
Total Project Cost | $ 98,000,000 |
General Obligation Bonds
General Obligation Bonds offer maximum security to investors through the pledge of the municipality’s full faith and credit, which for the Town of Palm Beach requires voter approval. At this time, no General Obligation Bonds are outstanding.
The voters approved a referendum on March 15, 2016 for the issuance of $90,000,000 in General Obligation Bonds for the Underground Utility Project. The Town will be issuing the General Obligation bonds in the future.
Revenue Bonds
In 2010 the Town issued 2010A Public Improvement Revenue and Refunding Bonds in the principal amount of $57,035,000, and 2010B Worth Avenue Commercial District Project bonds in the principal amount of $14,770,000.
The 2010A bonds refunded the 2003B bonds ($5,310,000), the 2008 Revenue Note ($10,000,000), and a 2009 Line of Credit ($600,000) which was issued for the Worth Avenue Project. The balance of the proceeds were to fund a portion of the Town’s Accelerated Capital Improvement Program totaling $41,232,000 and $1,740,844 was used to reimburse the Town for the Town’s portion of the Par 3 Golf Course Project.
The 2010B bonds were used to fund the Worth Avenue Commercial District streetscape project. The Town imposed a capital special assessment against real property in the Worth Avenue Commercial District to pay the costs of the Worth Avenue Projects. The assessments will be payable over a thirty year period. The assessments will be security for the 2010B bonds.
On January 1, 2012, the Town used excess funds remaining after completion of the Worth Avenue Project to redeem $1,485,000 of the 2010B Bonds.
On August 25, 2016, the Town issued bonds to refund the 2010A & 2010B bonds. This transaction produced gross savings of $8,900,539 over 23 years. The net present value savings is $6,895,965 or 13.35%. This savings reduced debt service for FY18 by $284,356.
In 2013, the Town issued Public Improvement Revenue Bonds in a par amount of
$55,590,000. The proceeds of the bond will be used for the second phase of the Town’s Accelerated Capital Improvement Program ($44,997,957) groin rehabilitation and seawall replacement ($11,900,000) and the Town’s portion of the Par 3 Clubhouse project ($1,250,000).
All of these bonds are revenue obligations of the Town payable solely from and secured solely by the pledged revenues. Pledged revenues shall consist primarily of Non-Ad Valorem Revenues budgeted and appropriated annually by the Town for the purpose of paying debt service on the Bonds. The Town covenants that in each fiscal year while any bonds are outstanding, the total non-self-supporting debt service in any fiscal year of the Town will not exceed 50% of Non-Ad Valorem Revenues of the Town.
The Town has covenanted and agreed that it will not incur any indebtedness payable from or supported by a pledge of the Non-Ad Valorem Revenues unless the Town can show that following the incurrence of such additional indebtedness, (1) the total amount of Non-Ad Valorem Revenues (based upon the most recent Fiscal Year) will be greater than twice the
then maximum debt service and (2) the total amount of Non-Ad Valorem Revenues in each Fiscal Year in which Bonds are outstanding will be greater than 2.00 times the non self supporting debt in each such fiscal year.
As part of the preparation for the 2016 Refunding Revenue Bond, the Town’s issuer’s and Revenue Bond ratings were reviewed by both Moody’s and Standard & Poor’s. The Town’s conservative financial policies and strong management of its financial resources were recognized, and it resulted in Moody’s Investors Service issuing a rating of Aa1 for the 2013 Revenue bonds and an Aaa issuer’s rating. Standard and Poor’s issued a Revenue bond rating of AA+ and a AAA issuer’s rating. The ratings for both the Bond and issuer credit are the highest ratings these two rating services issue and represent the highest quality investment grade debt.
For perspective regarding the future debt obligations, a 10 year summary of debt service, outstanding debt, and debt per capita is provided below.
Debt Service Payments
Principal payments are due on January 1, and interest payments are due on January 1 and July 1 of each year. The annual debt service requirements for the outstanding revenue bonds through 2028 are shown below:
Fiscal Year | 2016A Revenue Bond ACIP-I | 2016A Revenue Bond - Par 3 | 2016B Revenue Bond Worth Ave | 2013 Revenue Bond ACIP - II | 2013 Par 3 Revenue Bond | 2013 Coastal Revenue Bond | Total |
2018 | 3,211,894 | 123,450 | 708,212 | 2,770,438 | 74,813 | 736,038 | 7,624,844 |
2019 | 3,215,494 | 120,650 | 708,762 | 2,774,313 | 78,688 | 735,038 | 7,632,944 |
2020 | 3,210,919 | 122,375 | 708,600 | 2,771,063 | 77,438 | 733,538 | 7,623,931 |
2021 | 3,173,544 | 118,625 | 722,912 | 2,770,688 | 76,188 | 731,538 | 7,593,494 |
2022 | 3,169,044 | 119,750 | 722,112 | 2,772,938 | 74,938 | 733,913 | 7,592,694 |
2023 | 3,171,294 | 115,750 | 721,012 | 2,772,688 | 78,563 | 735,538 | 7,594,844 |
2024 | 3,170,044 | 116,625 | 724,537 | 2,774,813 | 77,063 | 731,538 | 7,594,619 |
2025 | 3,179,919 | 112,375 | 722,687 | 2,774,188 | 75,563 | 731,913 | 7,596,644 |
2026 | 3,175,794 | 113,000 | 720,537 | 2,770,813 | 78,938 | 731,538 | 7,590,619 |
2027 | 3,172,794 | 113,375 | 713,888 | 2,774,438 | 77,188 | 735,288 | 7,586,969 |
2028 | 3,171,522 | 113,500 | 717,262 | 2,774,813 | 75,438 | 733,163 | 7,585,698 |
Legal Debt Margin
The Town of Palm Beach has a 5% debt limit as a percent of assessed valuation per Section
7.01 of the Town Charter. The following is a computation of the Town of Palm Beach Legal Debt Margin:
Preliminary Assessed Valuation | $16,872,756,504 |
Legal Debt Margin: Debt Limitation - 5% of assessed value | $ 843,637,825 |
Debt Summary | |
Outstanding debt as of September 30, 2017: | |
General Fund Pledge Obligations: Non-Ad Valorem Revenue Bonds | $113,700,000 |
Total Gross Debt (13.48% of capacity) | $113,700,000 |
Debt Ratios | Per Capita | |
Population | 8,041 | |
Taxable Value | $16,872,756,504 | $2,098,341 |
Total Gross Debt | $114,080,000 | $14,140 |
The chart below shows the ratio of total debt outstanding as a percent of taxable value.
The chart below shows total debt service as a percentage of general fund expenditures.
Town of Palm Beach Principal Debt Outstanding FY2018 - FY2027
Fiscal Year Ending | 2016A Revenue Bond | 2016B Revenue Bond | 2013 Revenue Bond | Total Debt Outstanding | Debt Per Capita (8,041 Population) |
2018 | 46,445,000 | 10,905,000 | 51,735,000 | 111,150,000 | 13,823 |
2019 | 45,190,000 | 10,858,000 | 50,640,000 | 108,480,000 | 13,491 |
2020 | 43,880,000 | 10,255,000 | 49,495,000 | 105,695,000 | 13,145 |
2021 | 42,545,000 | 9,900,000 | 48,295,000 | 102,775,000 | 12,781 |
2022 | 41,145,000 | 9,535,000 | 47,030,000 | 99,705,000 | 12,400 |
2023 | 39,675,000 | 9,160,000 | 45,695,000 | 76,485,000 | 11,999 |
2024 | 38,130,000 | 8,770,000 | 44,295,000 | 93,105,000 | 11,579 |
2025 | 36,500,000 | 8,370,000 | 42,825,000 | 89,555,000 | 11,137 |
2026 | 34,790,000 | 7,960,000 | 41,280,000 | 85,830,000 | 10,674 |
2027 | 32,995,000 | 7,540,000 | 39,650,000 | 81,915,000 | 10,187 |
The chart below shows the total principal debt outstanding for FY18 through FY27.
The chart below shows total outstanding debt per capita for FY18 through FY27.
Debt Service Fund – 2016A and 2013 Revenue Bonds FY2018
Revenue and Expense Summary
FY2015
FY2016
FY2017
FY2017
FY2017
FY2018 %
Actual | Actual | Budget | Adjusted | Projected | Budget | Change | |
Revenues | |||||||
Interest Earnings | 100 | - | 999 | 999 | 999 | - | -100.00% |
Transfer from 206 - Worth Avenue Refunding Bond and premium | - | - 46,959,128 | 109,825 | 109,825 | 109,825 | - | -100.00% |
Transfer from General Fund | 6,100,000 | 6,265,462 | 6,088,728 | 6,088,728 | 6,088,728 | 5,982,331 | -1.75% |
Transfer from Recreation Fund | 202,200 | 204,100 | 185,967 | 185,967 | 185,967 | 198,263 | 6.61% |
Transfer from Coastal Fund | 734,613 | 731,163 | 731,413 | 731,413 | 731,413 | 736,038 | 0.63% |
TOTALS | 7,036,913 | 54,159,853 | 7,116,932 | 7,116,932 | 7,116,932 | 6,916,632 | -2.81% |
Expenses | |||||||
Debt Service Interest | 5,235,425 | 5,161,272 | 4,861,109 | 4,861,109 | 4,861,109 | 4,676,633 | -3.79% |
Debt Service Principal | 1,975,000 | 2,045,000 | 2,145,000 | 2,145,000 | 2,145,000 | 2,240,000 | 4.43% |
Other Expenses | 4,190 | 933,773 | 15,000 | 15,000 | 5,000 | 15,000 | 0.00% |
TOTALS | 7,214,615 | 8,140,045 | 7,021,109 | 7,021,109 | 7,011,109 | 6,931,633 | -1.27% |
Total Revenues Over/(Under) Expenses | (177,702) | 46,019,808 | 95,823 | 95,823 | 105,823 | (15,001) | |
Transfer to Bond Escrow Agent | (46,631,751) | ||||||
Beginning Fund Equity | 1,745,086 | 1,567,384 | 955,441 | 955,441 | 955,441 | 1,061,264 | |
ENDING NET ASSETS | 1,567,384 | 955,441 | 1,051,264 | 1,051,264 | 1,061,264 | 1,046,263 |
REVENUES
Interest Earnings:
Represents interest earned on reserves of fund.
Transfer from Worth Avenue Revenue Bond Fund:
Refund cost of prorated interest due at closing.
Transfer from General Fund:
Debt service on 2016A/2013 Bond Issues.
Transfer from Recreation Fund:
Debt service on 2016A/2013 Bond Issues.
Transfer from Coastal Fund:
Debt service on 2013 Bond Issue.
EXPENDITURES
Debt Service Interest/Principal:
Represents the amount of interest/principal due on the 2016A and 2013 Revenue Bonds.
Other Bond Expenses:
Represents amounts due for bond expenses.
Debt Service Fund – 2016B Worth Avenue Revenue Bond FY2018
Revenue and Expense Summary
FY2015 Actual | FY2016 Actual | FY2017 Budget | FY2017 Projected | FY2018 Budget | % Change | |
Revenues |
Interest Earnings - - - - - 0.00% Non Ad Valorem Assessment
Revenue 777,716 778,384 728,113 740,945 710,000 -2.49%
Transfer from Debt Service (205) 109,825
Refunding Bond and premium - 11,472,936 - - - 0.00%
TOTALS | 777,716 | 12,361,145 | 728,113 | 740,945 | 710,000 | -2.49% |
Expenses | ||||||
Debt Service Interest | 487,032 | 480,678 | 316,788 | 316,788 | 398,213 | 25.70% |
Debt Service Principal | 285,000 | 295,000 | 300,000 | 300,000 | 310,000 | 3.33% |
Other Expenses | 460 | 93,486 | 1,500 | 1,528 | 1,787 | 0.00% |
Transfer to Debt Service (205) | - | - | 109,825 | 109,825 | - | 100.00% |
TOTALS | 772,492 | 869,164 | 728,113 | 728,141 | 710,000 | -2.49% |
Total Revenues Over/(Under) Expenses | 5,224 | 11,491,981 | - | 12,805 | - | |
Transfer to Bond Escrow Agent | (11,485,704) | |||||
Beginning Fund Equity | 82,557 | 87,781 | 94,058 | 94,058 | 106,862 | |
ENDING NET ASSETS | 87,781 | 94,058 | 94,058 | 106,862 | 106,862 |
REVENUES
Interest Earnings:
Represents interest earned on reserves of fund.
Non Ad Valorem Assessment Revenue
Assessments for debt service.
EXPENDITURES
Debt Service Interest:
Represents the amount of interest due on the 2016B Revenue Bond.
Debt Service Principal:
Represents the amount of principal due on the 2016B Revenue Bond.
Other Bond Expenses:
Represents amounts due for bond expenses.
Transfer to Debt Service (205):
Refund cost of prorated interest due at closing in FY16, which will reduce interest expense in FY17.
Town of Palm Beach
Capital Improvement Fund (307)
907
Pay-as-you-go Capital Improvement Fund
FY2018
Pay-as-you-go Capital Improvement Fund
FY2018
Pay-as-you-go Capital Improvement Fund (307)
Revenue and Expense Summary
FY2015 Actual | FY2016 Actual | FY2017 Budget | FY2017 Projected | FY2018 Budget | % Change | |
Revenues | ||||||
Transfer from General Fund | ||||||
(001) | 1,000,000 | 1,030,000 | 2,290,200 | 2,290,200 | 2,420,000 | 5.67% |
Transfer from Town Facilities | ||||||
Fund (310) | 225,000 | 323,173 | - - - 0.00% | |||
Restricted - One Cent Sur Tax | - | - | - 375,000 500,000 100.00% | |||
Interest on Investments | 54,005 | 51,026 | 66,600 | 36,000 | 66,403 | -0.30% |
Interlocal Agreement | 9,370 | 8,399 | 800,000 | 932,000 | 800,000 | 0.00% |
TOTALS | 1,288,375 | 1,412,598 | 3,156,800 | 3,633,200 | 3,786,403 | 19.94% |
Expenses Projects | 1,268,729 | 1,596,395 | 7,115,111 | 1,335,000 | 3,156,403 | -55.64% |
Carry Over Reserves | 1,391,671 | 100.00% | ||||
Restricted - One Cent Sur Tax | - - - 375,000 500,000 | 100.00% | ||||
Contingency Transfer to Underground Utility | - - 348,600 - 315,640 | -9.45% | ||||
Fund (122) | - - 760,200 760,200 130,000 | -82.90% | ||||
TOTALS | 1,268,729 | 1,596,395 | 8,223,911 | 2,470,200 | 5,493,714 | -33.20% |
Total Revenues Over/(Under) | ||||||
Expenses | 19,646 | (183,797) | (5,067,111) | 1,163,000 | (1,707,311) | |
Beginning Fund Equity | 5,670,416 | 5,690,062 | 5,506,265 | 5,506,265 | 6,669,265 | |
ENDING NET ASSETS | 5,690,062 | 5,506,265 | 439,154 | 6,669,265 | 4,961,954 | |
Revenues
Transfer from General Fund (001):
Annual pay-as-you-go funding transferred from the General Fund to the Capital Fund.
Transfer from Town Facilities Fund (310):
Transfer from the Town Facilities Fund for projects relating to Town Facilities.
Restricted - One Cent Surtax:
Voter approved surtax restricted for infrastructure projects.
Interest on Investments:
The interest revenue is based upon the financial market conditions and funds available for investment.
Interlocal Agreement:
Revenue from residents for Single Family Expulsor Station Assessments and the City of WPB for water projects.
Expenses
Projects:
A detailed schedule of projects can be found in this section.
Carry Over Projects:
Projected unexpended project balances, authorized in prior years.
Restricted - One Cent Surtax:
Voter approved surtax restricted for infrastructure projects.
Contingency:
10% of current year projects per Town policy.
Transfer to Underground Utility Fund (122):
Transfer to cover costs such as: burying lines through City of Lake Worth, hiring project coordinator, and augmenting the program to reduce assessments.
910
910
EXPENDITURES Description | FY2017 Est. Carry Over | FY2018 Estimated | FY2019 Estimated | FY2020 Estimated | FY2021 Estimated | FY2022 Estimated | FY2018‐2022 Total |
Pavement Management | $ 2,511,841 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 5,000,000 |
Drainage System | $ 179,252 | $ 155,000 | $ 1,280,000 | $ 1,415,000 | $ 1,300,000 | $ ‐ | $ 4,150,000 |
Sanitary Sewage System | $ 1,404,562 | $ 140,000 | $ 1,650,000 | $ 1,335,000 | $ 1,195,000 | $ 223,000 | $ 4,543,000 |
Town Buildings | $ 575,082 | $ 670,000 | $ 615,500 | $ 725,000 | $ 910,000 | $ 930,000 | $ 3,850,500 |
Solid Waste / Vegetation Disposal | $ ‐ | $ 25,000 | $ 27,500 | $ 30,000 | $ 33,000 | $ ‐ | $ 115,500 |
Coastal Structures / Lake Worth Lagoon | $ 271,497 | $ 366,403 | $ 180,000 | $ 200,000 | $ 220,000 | $ 245,000 | $ 1,211,403 |
Transfer to Town Wide Undergrounding ‐ Position | $ 19,720 | $ 130,000 | $ 130,000 | $ 130,000 | $ 130,000 | $ 130,000 | $ 650,000 |
Water Main Improvements | $ ‐ | $ 800,000 | $ 800,000 | $ 800,000 | $ 800,000 | $ 800,000 | $ 4,000,000 |
Capital Improvement Program Expenditures | $ 4,961,954 | $ 3,286,403 | $ 5,683,000 | $ 5,635,000 | $ 5,588,000 | $ 3,328,000 | $ 23,520,403 |
REVENUES Source | FY2017 Est. Carry Over | FY2018 Estimated | FY2019 Estimated | FY2020 Estimated | FY2021 Estimated | FY2022 Estimated | Total |
General Fund Transfer | $ ‐ | $ 2,420,000 | $ 2,662,000 | $ 2,928,200 | $ 3,221,020 | $ 3,543,122 | $ 14,774,342 |
Interest | $ ‐ | $ 66,403 | $ 67,000 | $ 67,000 | $ 67,000 | $ 67,000 | $ 334,403 |
Reserve Transfer | $ 4,961,954 | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ 4,961,954 | |
WPB Water Main Improvements | $ ‐ | $ 800,000 | $ 800,000 | $ 800,000 | $ 800,000 | $ 800,000 | $ 4,000,000 |
Capital Improvement Program Revenues | $ 4,961,954 | $ 3,286,403 | $ 3,529,000 | $ 3,795,200 | $ 4,088,020 | $ 4,410,122 | $ 24,070,699 |
NET ANNUAL COST (Surplus / (Deficit)) | FY2017 Est. Carry Over | FY2018 Estimated | FY2019 Estimated | FY2020 Estimated | FY2021 Estimated | FY2022 Estimated | Total |
Sub‐Total ‐ Net Cost | $ ‐ | $ ‐ | $ (2,154,000) | $ (1,839,800) | $ (1,499,980) | $ 1,082,122 | $ 550,296 |
Pay‐as‐you‐go Five Year Capital Improvement Plan FY2018 Budget
EXPENDITURES Item # Description Location | FY2017 Est. Carry Over | FY2018 Estimated | FY2019 Estimated | FY2020 Estimated | FY2021 Estimated | FY2022 Estimated | FY2018‐2022 Total | |
Pavement Management | $ 2,511,841 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 5,000,000 | |
1 | Town‐Wide Following Undergrounding Phases | $ ‐ | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 5,000,000 |
Drainage System | $ 179,252 | $ 155,000 | $ 1,280,000 | $ 1,415,000 | $ 1,300,000 | $ ‐ | $ 4,150,000 | |
1 | D‐16 Jungle Road | $ ‐ | $ 80,000 | $ 550,000 | $ ‐ | $ ‐ | $ ‐ | $ 630,000 |
2 | D‐18 El Brillo Way | $ ‐ | $ 75,000 | $ 545,000 | $ ‐ | $ ‐ | $ ‐ | $ 620,000 |
3 | D‐17 Clarendon Avenue | $ ‐ | $ ‐ | $ 50,000 | $ 340,000 | $ ‐ | $ ‐ | $ 390,000 |
4 | D‐2 Palmo Way | $ ‐ | $ ‐ | $ 30,000 | $ 225,000 | $ ‐ | $ ‐ | $ 255,000 |
5 | D‐8 Country Club Road | $ ‐ | $ ‐ | $ 105,000 | $ 750,000 | $ ‐ | $ ‐ | $ 855,000 |
6 | D‐12 Everglade Avenue | $ ‐ | $ ‐ | $ ‐ | $ 100,000 | $ 730,000 | $ ‐ | $ 830,000 |
7 | D‐3 Tangier Avenue | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ 290,000 | $ ‐ | $ 290,000 |
8 | D‐6 Royal Palm Way | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ 140,000 | $ ‐ | $ 140,000 |
9 | D‐7 Australian Avenue | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ 140,000 | $ ‐ | $ 140,000 |
Sanitary Sewage System | $ 1,404,562 | $ 140,000 | $ 1,650,000 | $ 1,335,000 | $ 1,195,000 | $ 223,000 | $ 4,543,000 | |
1 | E‐1 Mediterranean Road | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ 50,000 | $ 50,000 |
2 | E‐2 Mockingbird Trail | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ 50,000 | $ 50,000 |
3 | G‐9 Flag Pole Beach | $ ‐ | $ 40,000 | $ 275,000 | $ ‐ | $ ‐ | $ ‐ | $ 315,000 |
4 | E‐3 Garden Road (trail) | $ ‐ | $ 45,000 | $ 325,000 | $ ‐ | $ ‐ | $ ‐ | $ 370,000 |
5 | A‐4 The Breakers | $ ‐ | $ 55,000 | $ 395,000 | $ ‐ | $ ‐ | $ ‐ | $ 450,000 |
6 | A‐5 Royal Poinciana Way (S of S‐2) | $ ‐ | $ ‐ | $ 510,000 | $ ‐ | $ ‐ | $ ‐ | $ 510,000 |
7 | A‐6 Royal Palm Way/Intracoastal | $ ‐ | $ ‐ | $ 115,000 | $ 820,000 | $ ‐ | $ ‐ | $ 935,000 |
8 | E‐6 Tangier Avenue | $ ‐ | $ ‐ | $ 30,000 | $ 225,000 | $ ‐ | $ ‐ | $ 255,000 |
9 | E‐5 Country Club Drive | $ ‐ | $ ‐ | $ ‐ | $ 165,000 | $ ‐ | $ 20,000 | $ 185,000 |
10 | A‐7 Island Road/S County Road | $ ‐ | $ ‐ | $ ‐ | $ 40,000 | $ 270,000 | $ ‐ | $ 310,000 |
11 | A‐41 Palm Beach Par 3 Golf Course | $ ‐ | $ ‐ | $ ‐ | $ 25,000 | $ 185,000 | $ ‐ | $ 210,000 |
12 | A‐42 Bellaria Condominium | $ ‐ | $ ‐ | $ ‐ | $ 30,000 | $ 200,000 | $ 48,000 | $ 278,000 |
13 | A‐43 Atriums of Palm Beach | $ ‐ | $ ‐ | $ ‐ | $ 30,000 | $ 210,000 | $ ‐ | $ 240,000 |
14 | A‐39 Phipps Park | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ 175,000 | $ ‐ | $ 175,000 |
15 | S‐2 Royal Poinciana Way (N of A‐5) | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ 155,000 | $ 55,000 | $ 210,000 |
Town Buildings | $ 575,082 | $ 670,000 | $ 615,500 | $ 725,000 | $ 910,000 | $ 930,000 | $ 3,850,500 | |
1 | Facilities Assessment | $ 200,000 | $ 200,000 | |||||
2 | Public Works Facilty ‐A/C Chiller | $ ‐ | $ 50,000 | $ ‐ | $ ‐ | $ ‐ | $ 80,000 | $ 130,000 |
3 | Police Facility ‐ ADA Bathrooms, Locker rooms | $ ‐ | $ ‐ | $ 110,500 | $ 325,000 | $ 285,000 | $ ‐ | $ 720,500 |
4 | Bradley Park / Royal Poinciana Way Median | $ ‐ | $ ‐ | $ 40,000 | $ ‐ | $ ‐ | $ ‐ | $ 40,000 |
5 | Lakeside Park / Royal Palm Way Median | $ ‐ | $ ‐ | $ 200,000 | $ ‐ | $ ‐ | $ ‐ | $ 200,000 |
6 | Phipps Ocean Park Lifeguard Building ‐Restoration | $ ‐ | $ 200,000 | $ ‐ | $ ‐ | $ ‐ | $ 200,000 | |
7 | Central Fire Station ‐ Bay Apron, Flat Roofs | $ ‐ | $ ‐ | $ 20,000 | $ ‐ | $ 45,000 | $ ‐ | $ 65,000 |
8 | North Fire Station ‐ Interior Renovation, Roofs | $ ‐ | $ 200,000 | $ ‐ | $ 50,000 | $ 440,000 | $ 445,000 | $ 1,135,000 |
9 | South Fire Station ‐ ADA Bathrooms, Locker rooms | $ ‐ | $ 20,000 | $ 180,000 | $ ‐ | $ ‐ | $ 405,000 | $ 605,000 |
10 | Old Purchasing ‐ Structural Repairs | $ ‐ | $ ‐ | $ 65,000 | $ ‐ | $ ‐ | $ ‐ | $ 65,000 |
11 | Public Works ADA Bathrooms, Locker rooms | $ ‐ | $ ‐ | $ 350,000 | $ 140,000 | $ ‐ | $ 490,000 | |
Solid Waste / Vegetation Disposal | $ 25,000 | $ 27,500 | $ 30,000 | $ 33,000 | $ ‐ | $ 115,500 | ||
1 | Skees / Okeech Roadways/Reduction | $ ‐ | $ 25,000 | $ 27,500 | $ 30,000 | $ 33,000 | $ ‐ | $ 115,500 |
Coastal Structures / Lake Worth Lagoon | $ 271,497 | $ 366,403 | $ 180,000 | $ 200,000 | $ 220,000 | $ 245,000 | $ 1,211,403 | |
1 | Bulkheads | $ ‐ | $ 110,000 | $ 125,000 | $ 140,000 | $ 155,000 | $ 170,000 | $ 700,000 |
2 | Seawalls Lakeside, Bradley | $ ‐ | $ 256,403 | $ 55,000 | $ 60,000 | $ 65,000 | $ 75,000 | $ 511,403 |
Transfer to Town Wide Undergrounding ‐ Position | $ 19,720 | $ 130,000 | $ 130,000 | $ 130,000 | $ 130,000 | $ 130,000 | $ 650,000 | |
Water Main Improvements | $ ‐ | $ 800,000 | $ 800,000 | $ 800,000 | $ 800,000 | $ 800,000 | $ 4,000,000 | |
Capital Improvement Program Expenditures | $ 4,961,954 | $ 3,286,403 | $ 5,683,000 | $ 5,635,000 | $ 5,588,000 | $ 3,328,000 | $ 23,520,403 | |
Year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | Total | ||
REVENUES Source | FY2017 Est. Carry Over | FY2018 Estimated | FY2019 Estimated | FY2020 Estimated | FY2021 Estimated | FY2022 Estimated | FY2018‐2022 Total |
General Fund Transfer | $ ‐ | $ 2,420,000 | $ 2,662,000 | $ 2,928,200 | $ 3,221,020 | $ 3,543,122 | $ 14,774,342 |
Interest | $ ‐ | $ 66,403 | $ 67,000 | $ 67,000 | $ 67,000 | $ 67,000 | $ 334,403 |
Reserve Transfer | $ 4,961,954 | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ 4,961,954 | |
WPB Water Main Improvements | $ ‐ | $ 800,000 | $ 800,000 | $ 800,000 | $ 800,000 | $ 800,000 | $ 4,000,000 |
Capital Improvement Program Revenues | $ 4,961,954 | $ 3,286,403 | $ 3,529,000 | $ 3,795,200 | $ 4,088,020 | $ 4,410,122 | $ 24,070,699 |
NET COST (Surplus / (Deficit)) | FY2017 Est. Carry Over | FY2018 Estimated | FY2019 Estimated | FY2020 Estimated | FY2021 Estimated | FY2022 Estimated | FY2018‐2022 Total |
Sub‐Total ‐ Net Cost | $ ‐ | $ ‐ | $ (2,154,000) | $ (1,839,800) | $ (1,499,980) | $ 1,082,122 | $ 550,296 |
Legend Source ‐ Mock Roos:
Engineering, Permitting and Admin DURING DESIGN (15%) Construction, Engineering and Admin DURING CONSTRUCTION (10%) EVERYTHING
Town of Palm Beach
Coastal Management Fund (309)
913
Coastal Management Fund
FY2018
Coastal Management Fund
FY2018
Coastal Management Fund (309)
Revenue and Expense Summary | ||||||
FY2015 | FY2016 | FY2017 | FY2017 | FY2018 | % | |
Actual | Actual | Budget | Projected | Budget | Change | |
Revenues Transfer from General | ||||||
Fund (001) | 11,377,000 | 8,015,220 | 7,265,000 | 7,265,000 | 7,482,950 | 3.00% |
Interest on Investments | 329,203 | 157,317 | 81,038 | 22,500 | 270,000 | 233.18% |
Grants/Local Revenue | 325,413 | 2,541,573 | - | 42,000 | - | 0.00% |
TOTALS | 12,031,616 | 10,714,110 | 7,346,038 | 7,329,500 | 7,752,950 | 5.54% |
Expenses Projects | 25,241,942 | 20,244,384 | 2,407,000 | 358,196 | 2,171,000 | -9.80% |
Carry Over Projects | - | - | - | - | 15,242,298 | 100.00% |
Transfer to Debt Service | 734,613 731,163 731,413 | 731,413 | 736,038 | 0.63% | ||
Salaries and Wages | - - 142,278 | 141,176 | 169,540 | 19.16% | ||
Employee Benefits | - - 64,124 | 65,312 | 65,123 | 1.56% | ||
Contractual | - - 9,500 | 14,112 | 17,600 | 85.26% | ||
Commodities | - - 2,400 | 2,400 | 6,063 | 152.63% | ||
TOTALS | 25,976,555 20,975,547 3,356,715 | 1,312,609 | 18,407,662 | 448.38% | ||
Total Revenues | ||||||
Over/(Under) Expenses | (13,944,939) (10,261,437) 3,989,323 | 6,016,891 | (10,654,712) | |||
Beginning Fund Equity | 38,017,024 24,072,085 13,810,648 | 13,810,648 | 19,827,539 | |||
ENDING NET ASSETS | 24,072,085 13,810,648 17,799,971 | 19,827,539 | 9,172,827 | |||
Revenues
Transfer from General Fund (001):
This line item represents money transferred from the General Fund for the Coastal Program.
Interest on Investments:
The interest revenue is based upon the financial market conditions and funds available for investments.
Grants/Local Revenue:
FDEP/Federal Government reimbursement for beach projects and Environmental Impact Statement (EIS) activities.
Expenses
Projects:
Budget update for 10 year Coastal Management Plan.
Carry Over Projects:
Projected unexpended project balances, authorized in prior years. Includes unexpended 2013 Bond funds in the amount of $5,485,474 earmarked for coastal projects.
Transfer to Debt Service:
Principal and Interest repayment on 2013 Debt Issue.
Salaries and Wages/Employee Benefits/Contractual/Commodities:
These line items represent coastal operating expenses accounted for in the General Fund in prior years.
Full Time Equivalent Employees FY2014 FY2015 FY2016 FY2017 FY2018 Coastal Projects Coordinator - 1.000 1.000 1.000 1.000
Engineering Tech Support Spec - - - 0.500 0.500
Communications Specialist 0.250
- 1.000 1.000 1.500 1.750
915
Town of Palm Beach 10‐Year Coastal Management Program | ||||||||||||
EXPENDITURES | ||||||||||||
Item # | Project Name | FY 2017 Approved | FY 2018 Proposed | FY 2019 Estimated | FY 2020 Estimated | FY 2021 Estimated | FY 2022 Estimated | FY 2023 Estimated | FY 2024 Estimated | FY 2025 Estimated | FY 2026 Estimated | FY 2027 Estimated |
1 | APPLY AND UPDATE ISLANDWIDE SEDIMENT TRANSPORT ANALYSIS | $ 21,000 | $ 22,000 | $ 22,000 | $ 23,000 | $ 24,000 | $ 24,000 | $ 25,000 | $ 26,000 | $ 27,000 | $ 28,000 | $ 29,000 |
2 | ANNUAL SEDIMENT REPORT (BMA REQUIRED) | $ 47,000 | $ 48,000 | $ 50,000 | $ 51,000 | $ 53,000 | $ 54,000 | $ 56,000 | $ 58,000 | $ 59,000 | $ 60,000 | $ 63,000 |
3 | SEAWALL/LLOD FUNCTION/NON‐STRUCTURAL INVENTORY ASSESSMENT & ANALYSIS | $ ‐ | $ ‐ | $ 116,000 | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ 143,000 | $ ‐ |
4 | SEAWALL/LLOD REHABILITATION/REPLACEMENT | $ ‐ | $ ‐ | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 |
5 | GROIN ASSESSMENT | $ ‐ | $ ‐ | $ 70,000 | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ 86,000 | $ ‐ |
6 | GROIN REHABILITATION | $ ‐ | $ ‐ | $ 500,000 | $ 500,000 | $ 500,000 | $ 500,000 | $ 500,000 | $ 500,000 | $ 500,000 | $ 500,000 | $ 500,000 |
7 | FLOODING AND SLR ASSESSMENT | $ 50,000 | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ |
8 | COMMUNICATIONS | $ 25,000 | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ |
9 | DUNE VEGETATION MAINTENANCE | $ 10,000 | $ 10,000 | $ 10,000 | $ 10,000 | $ 10,000 | $ 10,000 | $ 10,000 | $ 10,000 | $ 10,000 | $ 13,000 | $ 13,000 |
10 | REGIONAL SAND NEEDS/SAND SEARCH | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ 725,000 | $ 725,000 | $ ‐ | $ ‐ | $ ‐ | $ ‐ |
11 | GENERAL COASTAL ENGINEERING | $ 52,000 | $ 54,000 | $ 55,000 | $ 57,000 | $ 58,000 | $ 60,000 | $ 62,000 | $ 64,000 | $ 66,000 | $ 69,000 | $ 70,000 |
12 | PHYSICAL MONITORING (NON‐PROJECT AREAS) | $ 75,000 | $ 77,000 | $ 79,000 | $ 82,000 | $ 84,000 | $ 86,000 | $ 89,000 | $ 92,000 | $ 94,000 | $ 97,000 | $ 100,000 |
13 | BMA SEA TURTLE NESTING MONITORING | $ 200,000 | $ 220,000 | $ 220,000 | $ 220,000 | $ 220,000 | $ 220,000 | $ 242,000 | $ 242,000 | $ 242,000 | $ 242,000 | $ 242,000 |
14 | BMA BIOLOGICAL MONITORING | $ 206,000 | $ 213,000 | $ 219,000 | $ 226,000 | $ 232,000 | $ 239,000 | $ 246,000 | $ 254,000 | $ 261,000 | $ 269,000 | $ 277,000 |
15 | COASTAL MANAGEMENT PROGRAM OPERATING EXPENSES | $ 218,302 | $ 258,326 | $ 263,493 | $ 268,762 | $ 274,138 | $ 279,620 | $ 285,213 | $ 290,917 | $ 296,735 | $ 302,670 | $ 232,000 |
16 | ANNUAL DEBT SERVICE PAYMENT | $ 731,413 | $ 736,038 | $ 735,038 | $ 733,038 | $ 733,538 | $ 733,913 | $ 735,538 | $ 731,538 | $ 731,913 | $ 731,538 | $ 731,538 |
17 | SAND TRANSFER OPERATING | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ |
18 | MAINTENANCE DREDGING, SAND PLACEMENT EXTENSION (EIS) | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ 1,000,000 | $ ‐ | $ ‐ | $ ‐ | $ ‐ |
19 | LWI IMP PHYSICAL MONITORING | $ 20,000 | $ 21,000 | $ 21,000 | $ 22,000 | $ 23,000 | $ 23,000 | $ 24,000 | $ 25,000 | $ 25,000 | $ 26,000 | $ 27,000 |
20 | BEACH TILLING (REACHES 1 AND 2) | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 6,500 | $ 6,500 |
21 | ESCARPMENT REMOVAL (REACHES 1 AND 2) | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 6,500 | $ 6,500 |
22 | N. OCEAN BLVD. SEAWALL REPLACEMENT | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ |
23 | SAND FOREPASSING | $ ‐ | $ 600,000 | $ ‐ | $ 620,000 | $ ‐ | $ 660,000 | $ ‐ | $ 700,000 | $ ‐ | $ 742,000 | $ ‐ |
24 | MID‐TOWN BEACH RENOURISHMENT CONSTRUCTION | $ ‐ | $ ‐ | $ 3,483,640 | $ ‐ | $ 17,850,000 | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ |
25 | MID‐TOWN BEACH RENOURISHMENT PERMITTING | $ ‐ | $ ‐ | $ 100,000 | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ |
26 | OBTAIN FEDERAL COST‐SHARE FOR MID‐TOWN | $ ‐ | $ 500,000 | $ 500,000 | $ 500,000 | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ |
27 | MID‐TOWN PHYSICAL MONITORING | $ 40,000 | $ 41,000 | $ 42,000 | $ 43,000 | $ 45,000 | $ 46,000 | $ 47,000 | $ 49,000 | $ 50,000 | $ 51,500 | $ 53,000 |
28 | MID‐TOWN MITIGATION ‐ CORAL NURSERY/TRANSPLANTATION | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | $ ‐ | $ ‐ | $ ‐ | $ ‐ |
29 | MID‐TOWN MITIGATION ‐ ARTIFICIAL REEF CONSTRUCTION | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ |
30 | BEACH TILLING (MID‐TOWN) | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 6,500 | $ 6,500 |
31 | ESCARPMENT REMOVAL (MID‐TOWN) | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 6,500 | $ 6,500 |
32 | PHIPPS OCEAN PARK/REACH 7 BEACH NOURISHMENT CONSTRUCTION | $ ‐ | $ ‐ | $ 1,926,079 | $ ‐ | $ 2,300,000 | $ ‐ | $ ‐ | $ 21,800,000 | $ ‐ | $ ‐ | $ ‐ |
33 | PHIPPS PHYSICAL MONITORING | $ 29,000 | $ 30,000 | $ 31,000 | $ 32,000 | $ 33,000 | $ 34,000 | $ 35,000 | $ 36,000 | $ 37,000 | $ 38,000 | $ 39,000 |
34 | BEACH TILLING (REACH 7) | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 6,500 | $ 6,500 |
35 | ESCARPMENT REMOVAL (REACH 7) | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 6,500 | $ 6,500 |
36 | REACH 8 EIS | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ |
37 | SOUTH END PALM BEACH RESTORATION PERMITTING | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ |
38 | SOUTH END PALM BEACH RESTORATION (INITIAL CONSTRUCTION) | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ |
39 | REACH 8 DUNE RESTORATION | $ 1,300,000 | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ |
40 | REACH 8 CONSTRUCTION ACCESS EASEMENT AND SITE RESTORATION | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ 80,000 | $ ‐ | $ ‐ | $ 80,000 | $ ‐ | $ ‐ | $ ‐ |
41 | REACH 8 DUNE/BEACH CONSTRUCT CONCURRENTLY WITH MID‐TOWN OR PHIPPS | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ 2,500,000 | $ ‐ | $ ‐ | $ 2,750,000 | $ ‐ | $ ‐ | $ ‐ |
42 | REACH 8 BIOLOGICAL MONITORING | $ 52,000 | $ 54,000 | $ 55,000 | $ 57,000 | $ 58,000 | $ 60,000 | $ 62,000 | $ 64,000 | $ 66,000 | $ 68,000 | $ 70,000 |
43 | REACH 8 PHYSICAL MONITORING | $ 29,000 | $ 30,000 | $ 31,000 | $ 32,000 | $ 33,000 | $ 34,000 | $ 35,000 | $ 36,000 | $ 37,000 | $ 38,000 | $ 39,000 |
44 | REACH 8 PROJECT ENGINEERING REPORT | $ 11,000 | $ 11,000 | $ 11,000 | $ 12,000 | $ 12,000 | $ 12,000 | $ 13,000 | $ 13,000 | $ 14,000 | $ 14,000 | $ 15,000 |
45 | BEACH TILLING (REACH 8) | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 6,500 | $ 6,500 |
46 | ESCARPMENT REMOVAL (REACH 8) | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 6,500 | $ 6,500 |
Total | $ 3,356,715 | $ 3,165,364 | $ 9,780,250 | $ 4,728,800 | $ 26,362,676 | $ 5,040,533 | $ 5,431,751 | $ 28,861,455 | $ 3,556,648 | $ 4,570,708 | $ 3,552,538 | |
REVENUES | ||||||||||||
Item # | Source | |||||||||||
48 | General Fund Transfer | $ 7,265,000 | $ 7,482,950 | $ 7,707,439 | $ 7,938,662 | $ 8,176,822 | $ 8,422,126 | $ 8,674,790 | $ 8,935,034 | $ 9,203,085 | $ 9,479,177 | $ 9,763,552 |
49 | County | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ 3,244,800 | $ ‐ | $ ‐ | $ ‐ |
50 | State | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ 3,645,500 | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | |
51 | Federal | $ ‐ | $ ‐ | $ 4,733,504 | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | $ ‐ | |
52 | Interest | $ 81,038 | $ 270,000 | $ 229,320 | $ 301,571 | $ 389,357 | $ 35,581 | $ 121,011 | $ 205,113 | $ (206,801) | $ (70,809) | $ 50,133 |
Total | $ 7,346,038 | $ 7,752,950 | $ 12,670,263 | $ 8,240,233 | $ 12,211,679 | $ 8,457,707 | $ 8,795,801 | $ 12,384,947 | $ 8,996,284 | $ 9,408,368 | $ 9,813,685 | |
NET ANNUAL COST | ||||||||||||
Item # | Surplus/ (Deficit) | Surplus/ (Deficit) | Surplus/ (Deficit) | Surplus/ (Deficit) | Surplus/ (Deficit) | Surplus/ (Deficit) | Surplus/ (Deficit) | Surplus/ (Deficit) | Surplus/ (Deficit) | Surplus/ (Deficit) | Surplus/ (Deficit) | |
53 | Surplus/Deficit | $ 3,989,323 | $ 4,587,586 | $ 2,890,013 | $ 3,511,433 | $ (14,150,997) | $ 3,417,174 | $ 3,364,050 | $ (16,476,508) | $ 5,439,636 | $ 4,837,660 | $ 6,261,147 |
FUND BALANCE | ||||||||||||
Fund Balance 10/1 | $ ‐ | $ 19,827,539 | $ 9,172,827 | $ 12,062,840 | $ 15,574,273 | $ 1,423,276 | $ 4,840,450 | $ 8,204,500 | $ (8,272,008) | $ (2,832,372) | $ 2,005,288 | |
Prior Year Encumbrances and Reserves | $ (15,242,298) | |||||||||||
Fund Balance 9/30 | $ ‐ | $ 9,172,827 | $ 12,062,840 | $ 15,574,273 | $ 1,423,276 | $ 4,840,450 | $ 8,204,500 | $ (8,272,008) | $ (2,832,372) | $ 2,005,288 | $ 8,266,435 | |
916
916
Town of Palm Beach
Worth Avenue Assessment District (311)
917
Worth Avenue Maintenance Fund
FY2018
Worth Avenue Maintenance Fund
FY2018
Worth Avenue Maintenance Fund (311)
Revenue and Expense Summary
FY2015 Actual | FY2016 Actual | FY2017 Budget | FY2017 Projected | FY2018 Budget | % Change | |
Revenues Special Assessment Revenue | 229,988 | 238,544 | 247,342 | 229,000 | 258,638 | 4.57% |
Interest on Investments | 376 | 972 | 700 | 350 | 700 | 0.00% |
Donations/Miscellaneous | 10,000 | 10,000 | 5,000 | 5,000 | 5,000 | 0.00% |
TOTALS | 240,364 | 249,516 | 253,042 | 234,350 | 264,338 | 4.46% |
Expenses Maintenance Costs | 204,257 | 220,277 | 253,042 | 255,000 | 328,638 | 29.87% |
TOTALS | 204,257 | 220,277 | 253,042 | 255,000 | 328,638 | 29.87% |
Total Revenues Over/(Under) Expenses | 36,107 | 29,239 | - | (20,650) | (64,300) | |
Beginning Fund Equity | 310,533 | 346,640 | 375,879 | 375,879 | 355,229 | |
ENDING NET ASSETS | 346,640 | 375,879 | 375,879 | 355,229 | 290,929 |
Revenues
Special Assessment Revenue:
Non Ad Valorem Revenue collected from property owners for Worth Avenue special assessments.
Interest on Investments:
The interest revenue is based upon the financial market conditions and funds available for investment.
Donations/Miscellaneous:
Represents donations received for Worth Avenue maintenance.
Expenses
Maintenance Costs:
Annual maintenance costs for Worth Avenue. Includes budget for a Living Wall Renovation Project, funded with reserves.
919
Town of Palm Beach
Accelerated Capital Fund (314)
921
2013 Accelerated Capital Fund
FY2018
2013 Accelerated Capital Fund
FY2018
2013 Accelerated Capital Fund (314)
Revenue and Expense Summary | ||||||
FY2015 | FY2016 | FY2017 | FY2017 | FY2018 | % | |
Actual | Actual | Budget | Projected | Budget | Change | |
Revenues Interest on Investments | 198,257 | 157,854 | 50,000 | 90,000 | 50,000 | 0.00% |
Transfer from ACIP Phase I | 3,486,049 | - | - | - | - | 0.00% |
Donations/Grants | 359,000 | 1,563,500 | - | - | - | 0.00% |
TOTALS | 4,043,306 | 1,721,354 | 50,000 | 90,000 | 50,000 | 0.00% |
Expenses | ||||||
Projects | 12,274,445 | 16,326,772 | 8,659,281 | 4,157,902 | 8,495,000 | -1.90% |
Carry Over Projects Transfers to Other Funds | - 148,012 | - - | - - | - - | 6,648,605 - | 100.00% 0.00% |
TOTALS | 12,422,457 | 16,326,772 | 8,659,281 | 4,157,902 | 15,143,605 | 74.88% |
Total Revenues Over/(Under) | ||||||
Expenses | (8,379,151) | (14,605,418) | (8,609,281) | (4,067,902) | (15,093,605) | |
Beginning Fund Equity | 43,347,076 | 34,967,925 | 20,362,507 | 20,362,507 | 16,294,605 | |
ENDING NET ASSETS | 34,967,925 | 20,362,507 | 11,753,226 | 16,294,605 | 1,201,000 | |
Revenues
Interest on Investments:
Interest revenue is based upon the financial market conditions and funds available for investment.
Donations/Grants:
Contributions and grants received for the Town Hall Historic Square District Project.
Expenses
Projects:
A detailed schedule of projects follows on the next page.
Carry Over Projects:
Projected unexpended project balances, authorized in prior years.
Transfers to Other Funds:
Transfer of bond proceeds to Coastal and Recreation Funds.
924
924
2013 Accelerated Capital Fund
2013 Bond Fund - ACIP 2 | Estimate | 2017 | 2018 | 2019 | Total | |
1 | Australian Avenue Sanitary Sewer Modifications | $126,100.00 | $126,100.00 | $126,100.00 | ||
2 | Drainage Improvements (Onondaga + Ibis) | $630,000.00 | $630,000.00 | $630,000.00 | ||
4 | Bradley Place and Sunrise Mast Arms | $1,916,700.00 | $ 290,000 | $290,000.00 | ||
6 | Ocean Outfall Abandonments | $630,000.00 | $630,000.00 | $630,000.00 | ||
7 | Landfill/Facility Improvements | $411,000.00 | $326,000.00 | $326,000.00 | ||
8 | Clarke Ave & Cocoanut Row Mast Arms | $ 217,375.00 | $ 300,000 | $300,000.00 | ||
9 | Pendleton & Cocoanut Row Mast Arms | $ 177,876.00 | $ 275,000 | $275,000.00 | ||
10 | Seabreeze Ave & Cocoanut Row Mast Arms | $ 334,321.00 | $ 500,000 | $500,000.00 | ||
11 | Street Lighting Upgrades - South Sloans Curve | $ 2,500,000.00 | $2,900,000.00 | $2,900,000.00 | ||
12 | D-14 Design | $ 610,000.00 | $610,000.00 | $4,455,000.00 | $5,065,000.00 | |
MidTown Bathrooms | $300,000.00 | $300,000.00 | ||||
13 | ACIP Administration | $ 600,000.00 | $250,000.00 | $250,000.00 | $100,000.00 | $600,000.00 |
$0.00 | ||||||
15 | Auditors Expense | $ 25,000.00 | $20,195.00 | $20,195.00 | ||
Total | $2,266,295.00 | $8,495,000.00 | $1,201,000.00 | $11,962,295.00 |
Information for Town Council Meeting on: July 11, 2017
To: Mayor and Town Council
Via: Thomas G. Bradford, Town Manager From: Beth Zickar, Director of Recreation
Re: Fiscal Year 2018 Recreation Enterprise Fund (403) Budget Message Date: June 20, 2017
The Recreation Enterprise Fund (REF) comprises all municipal recreation activities and facilities in the Town, including the Par 3 Golf Course, Seaview Park and Phipps Ocean Park Tennis Centers, the Recreation Center, and the Town Docks. The preparation of the budget was guided by the department mission of providing outstanding recreation programs, facilities and services which enrich and enhance the lives of its Palm Beach residents and visitors.
The 2018 spending plan is 3.5% higher than the FY2017 adopted budget, while revenue estimates are projected to increase by 6.7%. Continuous cost control measures will be incorporated into the operational efficiencies of each division, throughout the fiscal year, to ensure fiscally responsible decisions are made in an attempt to minimize expenses and improve upon established cost recovery goals.
Revenue
Tennis revenue projections are slightly higher for FY18. The restructuring of the tennis instruction contract and the assumption by the Town of the Pro Shop merchandise operation resulted in an increase in revenue. Fiscal year 2017 is expected to see a growth in revenue of approximately 22% for tennis instruction, while pro shop sales net revenue is anticipated to show a growth of over 180%. Growth in revenue from these sources are expected to continue to show modest increases for fiscal year 2018.
Restructuring of the 12 Play Pass is anticipated to increase the tennis revenue stream. Currently, the 12 Play Pass is comprised of buy 10 daily pays and receive two free. Staff is recommending the pass structure change to buy 12 daily plays, receive 1 free. This proposed modification could result in an increase in revenue for daily play passes, producing increases of 20% for each 12 Play Pass sold. Creative programming opportunities will also be explored in an effort to continue to grow participation.
Recreation Center revenue projections reflect the assumption of the current center remaining operational during the fiscal year. A change in this direction will result in a modification of the revenue estimations for fiscal year 2018. The revenue focus for the Recreation Center will remain on the
implementation of new programs, revitalization of existing programs and the development of marketing strategies to raise awareness of program offerings. Projections for fiscal year 2018 anticipate a 2.6% increase in revenue.
Town Dock revenues are expected to increase in fiscal year 2018. Staff is recommending a fee increase for annual, seasonal and transient dockage rates of 5%. It is expected these increases would result in revenue growth of approximately 4.5%. The overall increases should not affect our place in the market, and should not hinder our pursuit of achieving our cost recovery goals. Forecasts for fiscal year 2018 anticipate that the Town Docks will achieve a cost recovery of over 390%, exceeding the established goal of 350%.
Golf Course revenue projections are expected to increase during FY18. The Golf Instructor contract was restructured in fiscal year 2017. This resulted in an increase in revenue of 9% from fiscal year 2016. It is anticipated that this revenue stream will continue to show positive growth. Recommendations for fee changes for fiscal year 2018 include: the creation of a non-resident riding cart fee, which is $2.50 over the resident rate, increases to the non-resident (regular) rate for single, double and junior annual passes and an adjustment to the rental fee of pull carts to $7.00, regardless of season or 18 /9 hole play. It is anticipated that these fee adjustments would generate over $30,000 in additional revenue.
Improvements being made at the Clubhouse, which include the installation of improved weather screening, are expected to heighten patronage at the on- site restaurant. This increase in restaurant patrons will positively impact revenue paid to the Town through the Food and Beverage Agreement. Additional creative revenue generating programs are currently being investigated for implementation during fiscal year 2018, this includes the launch of a new website, which would include an on-line store and the ability for residents to book tee times 30 days in advance.
Expenditures
Increases in expenditures comes from increasing commodity prices, personnel costs and the desire to consistently improve operations and infrastructure. The staff take a thoughtful approach to all expenditures to ensure that these decisions are made in a fiscally responsible manner. The operating plan for fiscal year 2018 represents an overall increase of 3.5% from the fiscal year 2017 budget.
The Administration Section proposed budget for fiscal year 2018 exhibits an increase in expenses due to the rise in personnel costs. This can be attributed to increases in salaries and wages and employee benefits. In addition, the cost for software maintenance is reflected in the Recreation/Administration budget for the first time this year. Previous years this cost had been absorbed within the budget of Information Technology. The Tennis Programs and Facilities expense budget will see a minimal budgetary increase of .4%. The retirement of a long time tennis employee during fiscal year 2017, caused a rise in our expenditures, within compensated absences, during this current period. Staff is confident service demands, at the tennis facilities can be met, within the proposed budgetary parameters. The Recreation Center budget is projected to remain static for fiscal year 2018. Expenditures are being proposed utilizing the assumption of a 12 month operation for the current facility. The forward movement of the proposed new Recreation Center would result in a modification of this budget to reflect the reduction in operating costs. Budgeted funds within the Special Recreation
Contracts account are directly related to the revenues credited to the youth and adult program fees. Increases to registration in programs will result in increased expenditures and conversely a decrease in registrations result in a reduction in expenditures. This is due to the structure of instructor program agreements, in which payment is based upon a percentage of revenue generated. Expenses in the Marina budget show a decrease in operating expenses. This is due to a reduction in anticipated expenses in Other Contracted Services from fiscal year 2017. During the budget development process for fiscal year 2017, it had been anticipated that alternate arrangements would need to be made for security services. Staff was able to positively resolve issues with the current firm, facilitating the continuation of the existing agreement. The estimation for electric service was budgeted at a level that was higher than necessary in fiscal year 2017. This account has been corrected, assisting in the reduction of the overall budget for fiscal year 2018. The Par 3 expenditure growth can be attributed to an increase in compensated absences due to an anticipated retirement of an employee in fiscal year 2018. Additional expenses for next year include the increase in bank service charges due to the growth in sales, additional cost associated with the purchase of merchandise for resale, utility cost increases and additional building and course maintenance costs.
The transfer of REF revenues to the General Fund is budgeted at $585,000, a decrease of $100,000 from FY17. The reduction in this transfer from previous years, is due to the use of those funds to accrue more monies in the Dock Replacement Reserve to fund the rebuilding of the docks anticipated to occur in the next several years.
It is through the capital improvement program and the equipment replacement program that the department is able to maintain and improve the physical assets of each section. The impact and expense related to capital projects and equipment needs is significant and warrants considerable discussion and prioritization to ensure projects are completed in an expedient manner. The proposed projects and equipment replacement for fiscal year 2018 include the following with funding sources:
Project | Location | Estimated Cost | Funding Source |
Level Golf Course Tees | Par 3 | $50,000 | Maintenance & Improvement Fund Golf Course |
Replace Driving Range Synthetic Turf | Par 3 | $12,000 | Maintenance & Improvement Fund Golf Course |
Replace Four (4) Air Condensers at Club House | Par 3 | $28,000 | Maintenance & Improvement Fund Clubhouse |
Sealcoat and Restripe Parking Lot at Clubhouse | Par 3 | $8,000 | Maintenance & Improvement Fund Clubhouse |
Upgrade Wifi at Town Docks | Marina | $40,000 | REF |
Equipment | Location | Estimated Cost | Funding Source |
Six (6) Walk Behind Greens Mowers | Par 3 | $60,000 | Equipment Depreciation Credit |
Tennis Court Roller | Phipps & Seaview Tennis Center | $9,000 | Equipment Depreciation Credit |
Tennis Service Maintenance Cart | Seaview Tennis Center | $15,000 | Equipment Depreciation Credit |
Position Reclassification
The Senior Golf Associate at the Par 3 Golf Course is currently filled by an employee which is scheduled to retire on March 30, 2018. The responsibilities of this position include serving as the Starter for golfers preparing to utilize the course. This anticipated vacancy opened the discussion to review the current and future needs of the facility and if a reclassification of this position would address staffing inadequacies. The Palm Beach Par 3 Golf Course hosted approximately 37,000 rounds of golf in 2016, with 2017 expected to meet or exceed these numbers. The popularity of the course and the restaurant has placed a strain on the Clubhouse and the amenities contained in and around the facility. A reclassification of the Senior Golf Associate to a Maintenance Worker would assist in addressing the inefficiencies which currently exist. Maintenance and janitorial tasks are currently being handled by part-time contractual employees, which must be scheduled on an as available basis. The addition of a full-time employee to handle general maintenance duties such as: janitorial functions, minor maintenance and repairs for the golf course buildings and limited grounds maintenance would assist in addressing the current staffing deficiencies. The salary range of the Maintenance Worker position is higher than the Senior Golf Associate, however, salary savings would be realized for several years, since the incumbent in the position will be at the top of the range at the time of retirement.
The duties of the Senior Golf Associate will be fulfilled through the use of part-time no benefits Golf Course Associates and the use of contractual staffing services.
Conclusion
It is strongly believed that the spending controls taken during the current fiscal year and the direction of the proposed budget for next fiscal year will continue to build a strong foundation for the Recreation Department, ensuring the achievement of reaching the cost recovery goals for each of the sections within the department.
Annual Lease (December 1 - November 30) | |||||
Slip Size | FY-2017 Approved | Slip Size | FY-2018 Proposed | ||
Per Foot | Total | Per Foot | Total | ||
50 | $ 1.05 | $ 19,162.50 | 50 | $ 1.10 | $ 20,120.63 |
60 | $ 1.05 | $ 22,995.00 | 60 | $ 1.10 | $ 24,144.75 |
80 | $ 1.11 | $ 32,412.00 | 80 | $ 1.17 | $ 34,032.60 |
100 | $ 1.15 | $ 41,975.00 | 100 | $ 1.21 | $ 44,073.75 |
110 | $ 1.15 | $ 46,172.50 | 110 | $ 1.21 | $ 48,481.13 |
120 | $ 1.19 | $ 52,122.00 | 120 | $ 1.25 | $ 54,728.10 |
single phase | |||||
120 | $ 1.26 | $ 55,188.00 | 120 | $ 1.32 | $ 57,947.40 |
three phase | |||||
130 | $ 1.19 | $ 56,465.50 | 130 | $ 1.25 | $ 59,288.78 |
single phase | |||||
130 | $ 1.26 | $ 59,787.00 | 130 | $ 1.32 | $ 62,776.35 |
three phase | |||||
150 | $ 1.30 | $ 71,175.00 | 150 | $ 1.37 | $ 74,733.75 |
160 | $ 1.30 | $ 75,920.00 | 160 | $ 1.37 | $ 79,716.00 |
172 | $ 1.32 | $ 82,869.60 | 172 | $ 1.39 | $ 87,013.08 |
262 | $ 1.33 | $ 127,187.90 | 262 | $ 1.40 | $ 133,547.30 |
Seasonal Lease (November 1 - April 30) | |||||
Slip Size | FY-2017 Approved | Slip Size | FY-2018 Proposed | ||
Per Foot | Total | Per Foot | Total | ||
50 | $ 1.71 | $15,390.00 | 50 | $ 1.80 | $ 16,159.50 |
60 | $ 1.71 | $18,468.00 | 60 | $ 1.80 | $ 19,391.40 |
80 | $ 1.82 | $26,208.00 | 80 | $ 1.91 | $ 27,518.40 |
100 | $ 1.88 | $33,840.00 | 100 | $ 1.97 | $ 35,532.00 |
110 | $ 1.88 | $37,224.00 | 110 | $ 1.97 | $ 39,085.20 |
120 | $ 1.95 | $42,120.00 | 120 | $ 2.05 | $ 44,226.00 |
single phase | |||||
120 | $ 2.06 | $44,496.00 | 120 | $ 2.16 | $ 46,720.80 |
three phase | |||||
130 | $ 1.95 | $45,630.00 | 130 | $ 2.05 | $ 47,911.50 |
single phase | |||||
130 | $ 2.06 | $48,204.00 | 130 | $ 2.16 | $ 50,614.20 |
three phase | |||||
150 | $ 2.11 | $56,970.00 | 150 | $ 2.22 | $ 59,818.50 |
160 | $ 2.11 | $60,768.00 | 160 | $ 2.22 | $ 63,806.40 |
172 | $ 2.15 | $66,564.00 | 172 | $ 2.26 | $ 69,892.20 |
262 | $ 2.17 | $102,337.20 | 262 | $ 2.28 | $ 107,454.06 |
Recreation Department - FY 2018 Proposed Fee Schedule Exhibit I - Town Docks
Rates include "per foot" and "total fee"
Transient Winter Daily (November 1 - May 14) | |||||
Slip Size | FY-2017 Approved | Slip Size | FY-2018 Proposed | ||
Per Foot | Total | Per Foot | Total | ||
50 | $ 3.14 | $ 157.00 | 50 | $ 3.30 | $ 164.85 |
60 | $ 3.14 | $ 188.40 | 60 | $ 3.30 | $ 197.82 |
80 | $ 3.16 | $ 252.80 | 80 | $ 3.32 | $ 265.44 |
100 | $ 3.29 | $ 329.00 | 100 | $ 3.45 | $ 345.45 |
110 | $ 3.29 | $ 361.90 | 110 | $ 3.45 | $ 380.00 |
120 | $ 3.50 | $ 420.00 | 120 | $ 3.68 | $ 441.00 |
single phase | |||||
120 | $ 3.50 | $ 420.00 | 120 | $ 3.68 | $ 441.00 |
three phase | |||||
130 | $ 3.50 | $ 455.00 | 130 | $ 3.68 | $ 477.75 |
single phase | |||||
130 | $ 3.50 | $ 455.00 | 130 | $ 3.68 | $ 477.75 |
three phase | |||||
150 | $ 3.58 | $ 537.00 | 150 | $ 3.76 | $ 563.85 |
160 | $ 3.58 | $ 572.80 | 160 | $ 3.76 | $ 601.44 |
172 | $ 3.64 | $ 626.08 | 172 | $ 3.82 | $ 657.38 |
262 | $ 3.66 | $ 958.92 | 262 | $ 3.84 | $ 1,006.87 |
Transient Winter Monthly (November 1 - May 14) | |||||
Slip Size | FY-2017 Approved | Slip Size | FY-2018 Proposed | ||
Per Foot | Total | Per Foot | Total | ||
50 | $ 2.16 | $ 3,240.00 | 50 | $ 2.27 | $ 3,402.00 |
60 | $ 2.16 | $ 3,888.00 | 60 | $ 2.27 | $ 4,082.40 |
80 | $ 2.21 | $ 5,304.00 | 80 | $ 2.32 | $ 5,569.20 |
100 | $ 2.29 | $ 6,870.00 | 100 | $ 2.40 | $ 7,213.50 |
110 | $ 2.29 | $ 7,557.00 | 110 | $ 2.40 | $ 7,934.85 |
120 | $ 2.38 | $ 8,568.00 | 120 | $ 2.50 | $ 8,996.40 |
single phase | |||||
120 | $ 2.38 | $ 8,568.00 | 120 | $ 2.50 | $ 8,996.40 |
three phase | |||||
130 | $ 2.38 | $ 9,282.00 | 130 | $ 2.50 | $ 9,746.10 |
single phase | |||||
130 | $ 2.38 | $ 9,282.00 | 130 | $ 2.50 | $ 9,746.10 |
three phase | |||||
150 | $ 2.45 | $ 11,025.00 | 150 | $ 2.57 | $ 11,576.25 |
160 | $ 2.45 | $ 11,760.00 | 160 | $ 2.57 | $ 12,348.00 |
172 | $ 2.50 | $ 12,900.00 | 172 | $ 2.63 | $ 13,545.00 |
262 | $ 2.52 | $ 19,807.20 | 262 | $ 2.65 | $ 20,797.56 |
Transient Summer Daily (May 15 - October 31) | |||||
Slip Size | FY-2017 Approved | Slip Size | FY-2018 Proposed | ||
Per Foot | Total | Per Foot | Total | ||
50 | $ 1.66 | $ 83.00 | 50 | $ 1.74 | $ 87.15 |
60 | $ 1.66 | $ 99.60 | 60 | $ 1.74 | $ 104.58 |
80 | $ 1.80 | $ 144.00 | 80 | $ 1.89 | $ 151.20 |
100 | $ 1.87 | $ 187.00 | 100 | $ 1.96 | $ 196.35 |
110 | $ 1.87 | $ 205.70 | 110 | $ 1.96 | $ 215.99 |
120 | $ 1.98 | $ 237.60 | 120 | $ 2.08 | $ 249.48 |
single phase | |||||
120 | $ 1.98 | $ 237.60 | 120 | $ 2.08 | $ 249.48 |
three phase | |||||
130 | $ 1.98 | $ 257.40 | 130 | $ 2.08 | $ 270.27 |
single phase | |||||
130 | $ 1.98 | $ 257.40 | 130 | $ 2.08 | $ 270.27 |
three phase | |||||
150 | $ 2.04 | $ 306.00 | 150 | $ 2.14 | $ 321.30 |
160 | $ 2.04 | $ 326.40 | 160 | $ 2.14 | $ 342.72 |
172 | $ 2.05 | $ 352.60 | 172 | $ 2.15 | $ 370.23 |
262 | $ 2.06 | $ 539.72 | 262 | $ 2.16 | $ 566.71 |
Transient Summer Monthly (May 15 - October 31) | |||||
Slip Size | FY-2017 Approved | Slip Size | FY-2018 Proposed | ||
Per Foot | Total | Per Foot | Total | ||
50 | $ 1.38 | $ 2,070.00 | 50 | $ 1.45 | $ 2,173.50 |
60 | $ 1.38 | $ 2,484.00 | 60 | $ 1.45 | $ 2,608.20 |
80 | $ 1.40 | $ 3,360.00 | 80 | $ 1.47 | $ 3,528.00 |
100 | $ 1.47 | $ 4,410.00 | 100 | $ 1.54 | $ 4,630.50 |
110 | $ 1.47 | $ 4,851.00 | 110 | $ 1.54 | $ 5,093.55 |
120 | $ 1.55 | $ 5,580.00 | 120 | $ 1.63 | $ 5,859.00 |
single phase | |||||
120 | $ 1.55 | $ 5,580.00 | 120 | $ 1.63 | $ 5,859.00 |
three phase | |||||
130 | $ 1.55 | $ 6,045.00 | 130 | $ 1.63 | $ 6,347.25 |
single phase | |||||
130 | $ 1.55 | $ 6,045.00 | 130 | $ 1.63 | $ 6,347.25 |
three phase | |||||
150 | $ 1.59 | $ 7,155.00 | 150 | $ 1.67 | $ 7,512.75 |
160 | $ 1.59 | $ 7,632.00 | 160 | $ 1.67 | $ 8,013.60 |
172 | $ 1.60 | $ 8,256.00 | 172 | $ 1.68 | $ 8,668.80 |
262 | $ 1.62 | $ 12,733.20 | 262 | $ 1.70 | $ 13,369.86 |
Group (Flotilla) Rate & Marinalife Members, Summer Only | |||||
Slip Size | FY-2017 Approved | FY-2018 Proposed | |||
N/A | 10% Off Prevailing | 10% Off Prevailing | |||
Waiting List Deposit | |||||
FY-2017 Approved | FY-2018 Proposed | ||||
N/A | $100.00 | $100.00 | |||
Exhibit II - Golf Course
Fee Classification | FY-17 Approved | FY-18 Proposed | FY-17 Approved | FY-18 Proposed | FY-17 Approved | FY-18 Proposed |
Winter Season (mid-December to mid-April) | Regular Rate | Regular Rate | Res Guest/ Hotel Partner | Res Guest/ Hotel Partner | Resident | Resident |
Green Fee | $46.00 | $46.00 | $40.00 | $40.00 | $37.00 | $37.00 |
Green Fee (after 2:30 p.m. or 9 holes) | $30.00 | $30.00 | $28.00 | $28.00 | $27.00 | $27.00 |
Junior Green Fee | $26.00 | $26.00 | $23.00 | $23.00 | $22.00 | $22.00 |
Junior Green Fee (after 2:30 p.m. or 9 holes) | $17.00 | $17.00 | $17.00 | $17.00 | $17.00 | $17.00 |
12 Play Pass | $460.00 | $460.00 | $400.00 | $400.00 | $370.00 | $370.00 |
Maint & Improvement Fee - Daily Play | $4.00 | $4.00 | $4.00 | $4.00 | $3.00 | $3.00 |
Maint & Improvement Fee - 12 Play Pass | $48.00 | $48.00 | $48.00 | $48.00 | $36.00 | $36.00 |
Fee Classification | FY-17 Approved | FY-18 Proposed | FY-17 Approved | FY-18 Proposed | FY-17 Approved | FY-18 Proposed |
Shoulder Season (November 1 to mid-December and mid- April to mid-May) | Regular Rate | Regular Rate | Res Guest/ Hotel Partner | Res Guest/ Hotel Partner | Resident | Resident |
Green Fee | $37.00 | $37.00 | $34.00 | $34.00 | $32.00 | $32.00 |
Green Fee (after Noon) | $34.00 | $34.00 | $32.00 | $32.00 | $30.00 | $30.00 |
Green Fee (after 2:30 p.m. or 9 holes) | $24.00 | $24.00 | $19.00 | $19.00 | $17.00 | $17.00 |
Junior Green Fee | $22.00 | $22.00 | $20.00 | $20.00 | $18.00 | $18.00 |
Junior Green Fee (after 2:30 p.m. or 9 holes) | $12.00 | $12.00 | $12.00 | $12.00 | $12.00 | $12.00 |
12 Play Pass | $370.00 | $370.00 | $340.00 | $340.00 | $320.00 | $320.00 |
Maint & Improvement Fee - Daily Play | $4.00 | $4.00 | $4.00 | $4.00 | $3.00 | $3.00 |
Maint & Improvement Fee - 12 Play Pass | $48.00 | $48.00 | $48.00 | $48.00 | $36.00 | $36.00 |
Fee Classification | FY-17 Approved | FY-18 Proposed | FY-17 Approved | FY-18 Proposed | FY-17 Approved | FY-18 Proposed |
Summer Season (mid-May to October 31) | Regular Rate | Regular Rate | Res Guest/ Hotel Partner | Res Guest/ Hotel Partner | Resident | Resident |
Green Fee | $22.00 | $22.00 | $20.00 | $20.00 | $19.00 | $19.00 |
Green Fee (after Noon) | $19.00 | $19.00 | $17.00 | $17.00 | $16.00 | $16.00 |