Town-Wide Underground Utilities Fund (122)


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.


image

The chart below shows total debt service as a percentage of general fund expenditures.


image


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.


image


The chart below shows total outstanding debt per capita for FY18 through FY27.


image


image

Debt Service Fund – 2016A and 2013 Revenue Bonds FY2018


Fund 205 - 2016A and 2013 Revenue Bonds


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.


image

Debt Service Fund – 2016B Worth Avenue Revenue Bond FY2018


Fund 206 - 2016B Worth Avenue Revenue Bond



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


image


Capital Improvement Fund (307)


907


Pay-as-you-go Capital Improvement Fund

FY2018

Pay-as-you-go Capital Improvement Fund

FY2018


image

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.


image

image

image

910

910

Pay‐as‐you‐go Five Year Capital Improvement Plan FY2018 Budget Summary


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


image


Coastal Management Fund (309)


913


Coastal Management Fund

FY2018

Coastal Management Fund

FY2018


image

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.


image

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


image


Worth Avenue Assessment District (311)


917


Worth Avenue Maintenance Fund

FY2018

Worth Avenue Maintenance Fund

FY2018


image

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


image


Accelerated Capital Fund (314)


921


2013 Accelerated Capital Fund

FY2018

2013 Accelerated Capital Fund

FY2018


image

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

TOWN OF PALM BEACH

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

image

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