FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE - FINAL REPORTCit of Clearwater
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FY 2012 Stormwater Revenue Sufficiency
Analysis Update
Final Re ort
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May 18, 2012
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BURTON & ASSOCIATES
May 18, 2012
Mr. Keith Bush
Controller
City of Clearwater
100 S. Myrtle Avenue, #220
Clearwater, FL 33756
Re: FY 2012 Stormwater Revenue Sufficiency Analysis Update — Final Report
Dear Mr. Bush:
Burton & Associates is pleased to present this Final Report of the FY 2012 Stormwater
Revenue Sufficiency Analysis Update that we have performed for the City's Stormwater
Enterprise Fund.
We sincerely appreciate the fine assistance provided by you and all of the members of
City staff who participated in the analysis.
If you have any questions, please do not hesitate to call me at (904) 247-0787.
Sincerely,
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Andrew J. Burnham
Senior Vice President
Enclosure
BURTON & ASSOCIATES
200 Business Park Circle, Suite 101 • St. Augustine, Florida 32095 • Phone (904) 247-0787 • Fax (904) 241-7708
E-mail: aburnham@burtonanctassociates.com
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
TABLE OF CONTENTS
TABLE OF CONTENTS
SECTION1. INTRODUCTION ........................................................................................................... 1
l.l BACKGROUND ................................................................................................................................... l
1.2 OBJECTIVE AND SCOPE ..................................................................................................................... 2
SECTION 2. REVENUE SUFFICIENCY ANALYSIS ....................................................................... 3
2.1 DESCRIPTION .................................................................................................................................... 3
2.2 ASSUMPTIONS ...................................................................................................................................4
2.2.1 Growth ....................................................................................................................................4
2.2.2 Interest Earnings on Invested Funds ...................................................................................... 4
2.2.3 Interest Earnings on Capitul Projects ConstYUCtion Fund ..................................................... 4
2.2.4 Cost Escalation ....................................................................................................................... 4
2.2.5 Additional Operations & Mainienance Expenses ................................................................... S
2.2.6 Impact of New Regulatory Requirements ............................................................................... 5
2.2. 7 Payment In Lieu of Taxes ....................................................................................................... S
2.2.8 Capital Projects Funding ....................................................................................................... 6
2.2.9 Borrowing Assumptions .......................................................................................................... 6
2.2.10 Interim Financing ................................................................................................................... 6
2.2.11 Short-Term Debt/Lease-Purchase Capital Expenditures ...................................................... 7
2.2.12 Debt Service and Coveruge ..................................................................................................... 7
2.2.13 Minimum Working Capital Balance in Unrestricted Reserves ............................................... 7
2.3 RESULTS ........................................................................................................................................... 7
SECTION 3. CONCLUSiONS & RECOMMENDATIONS .............................................................. 9
3.1 CONCLUSIONS ...................................................................................................................................9
3.2 RECOMMENDATIONS .........................................................................................................................9
APPENDIX A— SUPPORTING SCHEDULES ...................................................................................... 10
BURTON & ASSOCIATES City of Clearwater
Utility & Governmental Economics � Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
INTRODUCTION
SECTION 1. INTRODUCTION
Burton & Associates has conducted a Revenue Sufficiency Analysis Update (RSA) for
the City of Clearwater Stormwater Utility System (Utility). The following sections of
this report describe in detail the assumptions, procedures, results, and the conclusions and
recommendations of the RSA.
1.1 BACKGROUND
Burton & Associates last conducted a Revenue Sufficiency Analysis Update in FY 2010
to determine if the approved plan of annual stormwater rate adjustments extending
through FY 2013 would provide sufficient revenue to fulfill the Utility's projected
operating and capital requirements during that time period. That plan of approved annual
rate adjustments consisted of a 6.00% increase in FY 2009, FY 2010, and FY 201 l, with
a 4.25% increase in FY 2012 and FY 2013. Upon completion of that revenue sufficiency
analysis, it was determined that the approved plan of annual rate adjustments would
generate sufficient revenue to satisfy the Utility's operating and capital requirements,
without the need to issue additional debt through FY 2020. Moreover, beyond FY 2013,
it was recommended that the City consider adopting 2.50% annual increases to maintain
the levels of revenue necessary to continue funding the Utility's projected operating and
capital cost requirements.
Since completion of the last revenue sufficiency analysis, City staff has continued to
implement operational and capital cost cutting measures intended to ensure continued
satisfactory financial performance with the specific goal of avoiding additional borrowing
requirements to preserve debt capacity for capital costs that inay be required for
compliance with future regulatory requirements, such as any additional numeric nutrient
criteria standards.
As such, City staff has again retained Burton & Associates to perform a revenue
sufficiency analysis to measure the adequacy of the Utility's rates to meet the Utility's
financial requirements without the issuance of additional borrowing for capital funding in
BURTON & ASSOCIATES 1 City of Clearwater
Utility & Governmental Economics Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
INTRODUCTION
order to preserve debt capacity for future costs of compliance with potential additional
regulatory requirements.
1.2 OBJECTIVE AND SCOPE
The objectives of the RSA were (1) to evaluate the sufficiency of the Utility's current
rates and approved FY 2013 rate increase to satisfy the near-term requirements and
objectives of the Utility, (2) to identify a multi-year plan of increases that would provide
sufficient revenues to fund all of Utility's requirements over the entire 5-year (FY 2013 —
FY 2017) planning period and 10-year (FY 2013 — FY 2022) projection period without
the need for additional borrowing, and (3) to conduct a market survey that compares the
Utility's current stormwater user fee to those charged by other neighboring communities
in the surrounding geographic area.
BURTON & ASSOCIATES 2 City of Clearwater
Utility & Governmental Economics Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
REVENUE SUFFICIENCY ANALYSIS
SECTION 2. REVENUE SUFFICIENCY ANALYSIS
Burton & Associates performed a Revenue Sufficiency Analysis (RSA) for the City's
Stormwater Enterprise Fund that identifies the level of annual revenue (and stormwater
user fee adjustments) required over a near-term planning period (FY 2013 — FY 2017)
and long-term projection period (FY 2013 — FY 2022) to meet all of the Utility's
operating and capital requirements. The following sub-sections present a description of
the procedures, assumptions, and results of the RSA, while the final section of this report
presents the conclusions and recommendations of the analysis.
2.1 DESCRIPTION
The RSA was performed using both historical and projected information. The Utility's
Statement of Net Assets and Restricted Asset Statement, as of September 30, 2011, as
provided by City staff, were used to establish the beginning FY 2012 balances for each of
the various funds of the Utility. It is important to note that funds reserved or encumbered
for specific capital projects were included in the beginning fund balances available for
capital projects in FY 2012 and the associated capital project costs were included in the
capital improvement plan in FY 2012.
The revenue utilized in the RSA consists of 1) stormwater user fee revenues, 2) interest
income (including funds dedicated for capital improvement projects), and 3) all other
categories of revenue. Future stormwater user fee revenues were based upon estimated
FY 2012 results (which reflect FY 2011 actual revenues adjusted for assumed growth and
the FY 2012 rate adjustment of 4.25%), adjusted annually to reflect the additional
revenue generated from assumed stormwater user fee increases and assumed customer
growth. All other categories of revenue were based upon the FY 2012 Budget, excluding
interest income (which was calculated annually based upon projected average fund
balances and assumed interest rates).
The FY 2012 revenue requirements are based upon the FY 2012 Budget and include all
operating and maintenance expenses, debt service requirements, inter-fund transfers, and
BURTON & ASSOCIATES 3 City of Clearwater
Utility & Governmental Economics Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
REVENUE SUFFICIENCY ANALYSIS
minor capital outlay requirements. After FY 2012, expenditures were projected based
upon assumed cost escalation factors for individual expense categories and were assumed
to be executed at 100% of projected amounts. The multi-year capital improvement
program utilized in the RSA was provided by City staff and is presented in project-level
detail by year in Appendix A.
2.2 ASSUMPTIONS
We communicated with City staff regarding the following assumptions, base data, and
parameters utilized in the RSA:
2.2.1 Growth
There was no customer growth assumed in any year of the RSA.
2.2.2 Interest Earnings on Invested Funds
Interest earnings on invested funds, or interest income, was calculated annually based
upon projected average fund balances and assumed annual interest rates of 1.50% in FY
2012, 1.75% in FY 2013 and 2014, 2.00% in FY 2015, 2.25% in FY 2016, and 2.50% in
FY 2017 and each year thereafter.
2.2.3 Interest Earnings on Capital Projects Construction Fund
Interest earnings on funds dedicated for capital improvement projects were calculated
based upon 3-year construction periods and assumed annual interest rates (same as those
assumed for calculating interest earnings on invested funds). It was assumed in the RSA
that these funds will be spent down at a rate of 35% in each of the first two years of
construction and 30% in the third year of construction.
2.2.4 Cost Escalation
Annual cost escalation factors for the various types of operating and maintenance
expenses were discussed with and approved by City staff and applied in each year of the
projection period beginning in FY 2013. The specific escalation factors assumed for the
all other various categories of expenses are presented on Schedule 1 of Appendix A.
BURTON & ASSOCIATES 4 City of Clearwater
Utility & Governmental Economics Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
REVENUE SUFFICIENCY ANALYSIS
2.2.5 Additional Operations & Maintenance Expenses
The RSA reflects the addition of certain operating and maintenance expenses not
included in the FY 2012 Budget. Beginning in FY 2013, the RSA includes the salaries
and benefits for a new Stormwater Coordinator, a Stormwater Assistant Director; as well
as the operating and maintenance expense associated with increases to fleet charges for
the replacement of vehicles, and additional disposal fees.
2.2.6 Impact of New Regulatory Requirements
The State of Florida has initiated a rulemaking process that is intended to establish
quantitative nutrient water quality standards for the purpose of protecting state waters
from the adverse effects of nutrient over-enrichment. Depending upon the final outcome
of the rulemaking process, the Utility could be required to incur significant costs to
comply with the new standards, including capital costs totaling $85 million over a 5-year
period that is presently anticipated to begin in FY 2018 (upon expiration of existing
permits). In addition, City staff estimates these capital costs will result in an additional
$500,000 of operating and maintenance expenses beginning in FY 2020, $750,000 in FY
2021, and further increasing to an ongoing annual cost of $1,000,000 in FY 2022.
Due to the high level of uncertainty surrounding this proposed rulemaking in terms of the
magnitude and timing of the potential costs of compliance, it was determined that the
financial management plan presented in this report should not reflect the identified
potential costs of compliance. However, to the extent that this or some other regulatory
requirement is enacted, the City will update its financial management plan accordingly to
account for any additional costs of compliance as part of the annual revenue sufficiency
analysis process for the Utility.
2.2.7 Payment In Lieu of Taxes
Starting in FY 2013, the Payment In Lieu of Taxes transfer was calculated based upon
6.0% of prior year's total operating revenue.
BURTON & ASSOCIATES 5 City of Clearwater
Utility & Governmental Economics Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
REVENUE SUFFICIENCY ANALYSIS
2.2.8 Capital Projects Funding
The capital improvement program, through FY 2018, was provided by the City.
Beginning in FY 2019, future capital project requirements were projected based upon the
average annual capital spending for the preceding 5-years. It is important to note that
beginning in FY 2019, a 3.0°/o annual compounding cost escalation factor has been
applied to each capital project to account for inflation in the future cost of construction.
All capital project costs prior to FY 2019 have been provided by City staff in future-year
dollars except for Stormwater Maintenance R&R, which was provided in current day
dollars and subsequently escalated by 3% annually in the RSA. In total, the cost of the
capital improvement program (including cost inflation) from FY 2012 — FY 2022 is
approximately $82 million. A detailed list of the specific projects and costs by year can
be seen on Schedule 3 of Appendix A.
2.2.9 Borrowing Assumptions
To the eXtent new debt was required in any year of the projection period, it was assumed
to carry the following terms:
Long-Term Debt:
➢ Term: 30 Years
➢ Interest Rate: 5.50% in each year of the projection period
➢ Cost of Issuance: 2.50% of Par
➢ Debt Service Reserve: Egual to 1 year of annual debt service expense
➢ Payment Schedule: Interest-only in first year of issuance
Interim Financing:
➢ Term: 20 Years
➢ Interest Rate: 1.50% in FY 2012, 1.75% in FY 2013 and 2014, 2.00% in FY
2015, 225% in FY 2016, and 2.50% in FY 2017 and each year thereafter.
2.2.10 Interim Financing
The RSA assumed that, to the extent necessary, revenue bonds would be issued in FY
2013 and every other year thereafter. Therefore, in years when revenue bonds were not
BURTON & ASSOCIATES 6 City of Clearwater
Utility & Governmental Economics Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
REVENUE SUFFICIENCY ANALYSIS
issued, interim financing was utilized to the extent necessary. All interim financing
issues were assumed at the beginning of the fiscal year and were refinanced in the
subsequent year as part of the long-term borrowing issuance. Until reiinanced, the only
carrying cost incurred for interim financing was assumed to be interest-only payments.
2.2.11 Short-Term Debt / Lease-Purchase Capital Expenditures
The RSA includes $300,000 of shorter-lived asset replacements in FY 2017 and FY 2018
that will be financed via the City's short-term lease-purchase program. Specifically,
these assets were assumed to be financed over a 5-year term at an annual cost of
borrowing equal to 1.50% in FY 2012, 1.75% in FY 2013 and 2014, 2.00% in FY 2015,
2.25% in FY 2016, and 2.50% in FY 2017 and each year thereafter. A cost of issuance
equal to 1% of the par amount has been assumed for each short-term financing.
2.2.12 Debt Service and Coverage
The Utility must maintain the following debt service coverage ratios per the Utility's
outstanding bond covenants:
➢ Rate Covenant — Net income (gross revenues minus operating expenses) must
be at least 1.15 times annual debt service
➢ Parity Test — Net income must be at least 1.20 times maximum annual debt
service payment (only in years when revenue bonds are issued)
2.2.13 Minimum Working Capital Balance in Unrestricted Reserves
The RSA reflected a minimum annual working capital balance in unrestricted reserves
equal to 3-months of operating and maintenance expenses.
2.3 RESULTS
As previously stated, the primary objectives of the RSA were (1) to evaluate the
sufficiency of the Utility's current rates and approved FY 2013 rate increase to satisfy the
near-term requirements and objectives of the Utility, and (2) to identify a multi-year plan
of increases that would provide sufficient revenues to fund all of Utility's requirements
BURTON & ASSOCIATES 7 City of Clearwater
Utility & Governmental Economics Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
REVENUE SUFFICIENCY ANALYSIS
over the entire 5-year (FY 2013 — FY 2017) planning period and 10-year (FY 2013 — FY
2022) projection period without the need for additional borrowing.
Upon completing the RSA, it was determined that if the City implemented the approved
stormwater rate increase of 4.25% in FY 2013 as scheduled, future annual rate increases
of 2.50% (as identified in the prior revenue sufficiency analysis) would be required to
provide adequate revenues for operating expenditures and capital funding that will allow
the Utility to maintain adequate reserves, debt service coverage, and avoid the issuance of
additional debt during the entire projection period.
However, it was also determined that the FY 2013 increase of 4.25% could be reduced as
part of a new multi-year plan of annual inflationary-like rate increases of 2.75% that
would also satisfy the same financial requirements and objectives of the Utility. Both
plans of rate adjustments would preserve debt capacity for future unplanned capital
improvement requirements, such as those that may be required to comply with new
regulatory requirements, including the aforementioned potential numeric nutrient criteria
standards. However, in consideration of the economic conditions it is the
recommendation of City staff and Burton & Associates that the City proceed with the
2.75% annual rate adjustment plan beginning in FY 2013.
As such, the schedules included in Appendix A of this report present the comprehensive
financial management plan reflecting the recommended plan of annual rate adjustments
of 2.75% beginning in FY 2013 and continuing throughout the remainder of the
projection period. The final schedule of Appendix A(Schedule 12) presents the results
of a comparative survey of other single-family residential stormwater user fees in the
Utility's surrounding geographic area. This survey reflects monthly stormwater costs
based upon the user fees in effect for each community in FY 2012.
BURTON & ASSOCIATES g City of Clearwater
Utility & Governmental Economics Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
CONCLUSIONS & RECOMMENDATIONS
SECTION 3. CONCLUSIONS & RECOMMENDATIONS
This section of the report presents the conclusions and recommendations of the RSA.
3.1 CONCLUSIONS
We have reached the following conclusions regarding the results of the RSA:
• Based upon the assumptions and data described herein, implementation of the
approved stormwater rate increase of 4.25% in FY 2013 and subsequent annual 2.50%
adjustments through the remainder of the projection period should generate sufficient
revenue to fully fund the operating and capital requirements of the Utility without the
issuance of additional debt based upon current regulatory requirements.
• However, based upon the assumptions and data described herein, an annua12.75%
ra�e adjustment plan beginning in FY 2013 continuing through the remainder of the
projection period should also generate sufficient revenue to fully fund the operating and
capital requirements of the Utility without the issuance of additional debt based upon
current regulatory requirements.
3.2 RECOMMENDATIONS
• The City should adopt annual stormwater rate adjustments of 2.75% beginning in
FY 2013 through FY 2017. These rate adjustments will preserve debt capacity to address
the cost of compliance with future additional regulatory requirements, such as those that
may result from the current numeric nutrient criteria rulemaking process.
• The City should continue to annually evaluate the adequacy of its revenues and
plan of stormwater rate increases. Doing so will allow for the incorporation of updated
revenue and expense information and changes in economic conditions and regulatory
requirements so that any necessary adjustments can be made. This will allow the Utility
to meet its financial requirements during the projection period and minimize impacts to
customers from future events occurring differently than currently projected.
BURTON & ASSOCIATES 9 City of Clearwater
Utility & Governmental Economics Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
APPENDIX A
Appendix A — Supporting Schedules
Schedule 1 contains the assumptions of the RSA
Schedule 2 identifies the end of FY 20ll fund balances that serve as the FY 2012
beginning balances of the analysis
Schedule 3 provides a listing of the multi-year capital improvement program that was
utilized in the RSA
Schedule 4 presents a detailed list of all projected cash inflows from FY 2012 to FY 2022
Schedule 5 presents a detailed list of all projected cash outflows from FY 2012 to FY
2022
Schedule 6 contains the FAMS-XL c0 Control Panel that presents a summary of the
financial management plan, including annual rate increases, debt service coverage ratios,
total CIP spending levels, customer impacts, and fund balances
Schedule 7 presents the projected annual net income, debt service coverage, and cash
flow results
Schedule 8 shows the projected funding sources for the capital improvement program
Schedule 9 contains the calculation of projected annual long-term borrowing
Schedule 10 contains the calculation of projected annual interim financing
Schedule 11 presents a fund-level cash flow reconciliation, providing the beginning
balance in each year, the amount utilized for project funding ar payment of debt service,
interest calculations, and the end of year fund balance
Schedule 12 presents the results of the FY 2012 Residential Stormwater User Fee Survey
conducted for the Utility's surrounding geographic area
BURTON & ASSOCIATES 10 City of Clearwater
Utility & Governmental Economics Final Report
Schedule 1- Assumptions
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
APPENDIX A
Assumptians schedule i
Description:
Internal Service Charges
Annual Inflation Component
Paylncreases
Add For Health Insurance
Ciry Pension Contribution -% Of Pay
% Of Yr Increase Is Effec#ive
Interest Earning Rates,
Revenue Aeeount
Bond Funds (New Issues�
Rate of Expend. From Cap Funds,
Stormwaker - CI P And Bond Funds
Payment In Lieu Of Taxes (PILOT)
Other Assumptions:
Debtlssuance:
Dbt Svc Reserve Surety
Db# Svc Reserve Fund
Capitalized Int. To Bond Sinkin� Fund
Underwriters DiscounC
Other Costs Of Issuance,
Cost Of Bond Insurance,
Term Oflssuance
Annual Interest Rate
Debt Service
Working Capital Above Required Reserves
Required Coverages,
Parity Test
Rate Covenant
FY 2012 FY 2073 FY 2074 FY 2015 FY 2476 FY 2077 FY 2078 - FY 2022
10lIRS ��� Update 70 URS lJpdate 70 URS Llpdate 70 VRS Update 70 VRS llpdate 7011R5 lJpdate 10 UR3 lJpdate
3.Od % As bud eked 3 00% 4 00% 3 00 % No Ghan e 3 00! No Chan e 3 00 % No Chan e NIA 3 00 % NIA 3.Q0 %
3.001 Asbud eted 3,00% NoChan e 3,00! NoChan e 3,00% NoChan e 3,00% NoChan e NIA 3,00% NIA 3.00%
2.04 % As bud eted 2,40 % 4,50 % 2,40 % 2,50 % 2.00 % 2,50 % 2,40 % No Chan e NCA 2,40 % NIA 2.00 %
0.00 % As bud eted 0,00 % No Chan e 0,00 % No Chan e 0,00 f No Ghan e 0,60 % No Chan e NCA 0,00 % NIA 0.601
25.00 % As bud eted 36,00 % 30,00 % 36,00 % 2b,60 % 30.00% 21,90 % 30,00 % 2Q70% NIA 19,90 % NIA 19.30 %
100 60% As bud eted � OO.Od % Nm Chan e � 00.06 % No Ghan e 100.00 % No Chan e 100 Od % No Chan e NIA 100 Od % NIA 100 00 %
3.5Q % 1 SQ % 4 00 % 1 75 % 425 % 175 % 4.00 % 2 00 % 4 d0 % 225 % NCA 2 50 % NIA 3.60 %
3.50% 1.50% 4,00% 1,75% 4,25% 1,75% 4,00% 2,00% 4,60% 2,25% NIA 2,50% NIA 3.60%
36AQ% 35.00% 38,00% 35,00% 38,00% 35A6% 38,00% 35,00% 38,00% 35,00% NIA 35,00✓ NIA 35.D0%
5.50 % As bud eted 5,50 % 6,00 % 5,50 % 6,00 % 5.50 % 6,00 % 5.50 % 6,00 % NIA 6,001 NIA 6.00 %
p a e INTERNAL SERVICE CHARGE CODES SU6JECT
T03.Of INFLATION RATE FOR FY 2013 THRU FY
NIA No Change 2022
1 YearOf DebtSvc No Change 540160 540200 540300 540460
1 Year Of Interest Zero Capitalization 540500 540600 540700 540800
Combine Into One Item No Change 540960 541000 b41160 541200
Costs Of Issuance At 2,S %
541400 541500 b41600 541700
541800 542000 542700 542800
30 Years No Change 542900 547900
% Wrepped 15,5 % Levelize 5,5 % Wrepped and Levelized
Levelized No Change
25 % Of 08M Expense No Change
1, 2Q No Ghar�ge
1,�5 1,5
(1) SW 10 URS ere assumptions from the FY' 2010 Stormwa[er Revenue SufficiencyAnakysis Update es prepared by Button and Associates
BURTON & ASSOCIATES 11 City of Clearwater
Utility & Governmental Economics Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
Schedule 2- Beginning Balances APPENDIX A
Beginning Balances as of �epterriber 3D, 20�1 schedule �
FU N Q BALAM � ES 9,I30f 2411
Reven�e F�nd � 19,5Q9,7�a
Restricted Reser�res $ 2,4.56,1�a
Ti�T,�L �Q1U5(lLIC7ATE[} FU�I[k BALAN�E $ 21,�65,85i?
REVENUE FUNC} CiET,AIL
Current Unre�trieted L�sse#�
C�sh and Investrnents $ r7,.596,588
Accrued Interest Receivable � 8�,�39
Accounts and Contracts Receivable (net of Allo4+�ance for Uncoll.} � 2,U7�,(l7�
Other Receivables � -
Interfund Receivables $ -
due Frorn C�ther Governrnental Entities $ -
Inventories $ -
Prep�id Expenses �nd []ther.�ssets $ l.5,672
Tcrtal C:urrent Unr�stricted Ass�ts $ 19�,767,873
Less: Aecounts and �ontracts Payable $ �71,DU7}
Less:AecruedPa�rroll $ (3.5,3�7}
Less: Acerued Interest Payable $ -
Less: Que to c�ther Funds $ -
Less: Due to �ther Governrnental Entities $ -
L255: D2pOSlt� � -
Less: Une�rned Revenue and Liens $ -
Less: Current Patian af LT Liabilities - C:ornpens�ted .4bsene:es � -
Less: Current Potian of LT Liabilities -�7PEB � -
Less: �Current Potion of LT Liabilities - Revenue Bonds $ (96,25�J
Less: Current Fotian af LT Liabilities - Notes $ (5.5,.5a9}
Less: Current Potian of LT Liabilities - Claims Pay�ble � -
�otal Unre�xricted iA��rrking C:apixal $ 1�,5U9,T1{�
Less: Inventaries � -
Net Unrestricxed W�rrking Capital Av�ileble $ �9,5i1�,71D
RES�RIC'�E� RE5ER1fE FU�I� C�E�AIL
Restricted Reserve #ssets
G4 Bond C�ebt Senrice Fund 236 � 553,929
G4 Bond aebt Servi�:e Requirernents Fund 244 � 2,46U,�U7
G2 Band Qebt Service Fund 276 $ 9DU,213
0.5 Bond Qebt Service Fund 277 $ 316,793
�ertel N�ncurrent Re�tricted Reseroe #s�ets � 4,236,1�2
Less: Accr�uedlnterestPayable � �72�L,252j
Less: Current �ortion af LT Liabilities - R�venue Bonds � � i3O�58,7.50�)
Net Restricted Reserve Balance $ 2,45fr,1A4
Restricted ReseroesAu�ilable f�r CIP
�
BURTON & ASSOCIATES 12 City of Clearwater
Utility & Governmental Economics Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
Schedule 3- Capital Improvement Plan APPENDIX A
Capitad Im�rovemeo�t Prograrn Schedule 3
Project �escription FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2057 FY 2018 FY 2019 FY 2020 FY 2021 FY 2�22
315 92275 Dowr�town StrtScp Phs I I $ 130,361
315 94510 A/C Replacement $ 8,094 - - - - - - - - - -
315 94519 Flooring of Facilities $ 11,100 - - - - - - - - - -
315 96124 Storm Pipe Syst Irrvpr�rnnts $ 3,515,888 4,433,660 1,574,570 1,942,670 1,500,000 1,500,000 1,SQO,OQQ
315 96125 Town Pond $ 289,508 - - - - - - - - - -
315 96129 Stevensons Crk Est Rest $ 992,233
315 96137 FDEP Cornpliar�ce $ 230,151 - - - - - - - - - -
315 96158 Transfer Yard Upgrade $ 5,552
315 96164 Allens Crk I mprv Pjs $ 227,215 - - - - - - - - - -
315 96168 Storrnwater System Expansion $ 757,956 500,000 600,000 60�,000 600,000 60D,000 600,000 - - - -
315 96168 Stormwater System Expansion $
315 96169 Stevenson Creek $ 2,916,645 350,ODD 980,0�0 2,300,000 1,250,000 1,250,DDD 1,250,OD� - - - -
315 96169 Stevei�son Creek $
315 96170 Coastal Basias Improv Projs $ 5,415,459 1,000,000 1,OOQ,000 1,000,000 1,000,000 1,000,000 1,OOQ,000 - - - -
�15 96170 Coastal Basir�s Improv Projs $ - - - - - - - - - - -
315 96173 Alligator Creek Watershed Projs $ 977,944 1,250,000 750,000 1,000,000 1,250,000 1,250,000 1,250,000
315 96173 Alligator Creek Watershed Projs $ - - - - - - - - - - -
315 96174 Tropic Hil ls $
315 96176 Allen's Crk Wtrshd Mgrnnt Plan $ 200,000 - - - - - - - - - -
315 96177 Jeffords St Outfall $ 200,000 - - - - - - - - - -
315 96178 Smallwood Circle $ 125,000 -
315 96179 Tropic Hills PI15 III $ 1,250,000 - - - - - - - - - -
315 96180 Storrnwater Maint St Swping Facility $ 375,511
315 96516 Citywide Aerial Photography $ 3,750 1,OOQ 1,000
Unspecified Stor�nwater �t� $ 6,087,143 6,483,457 6,518,991 6,797,856
315-961xx NNC Requirei�rents - Scenario $
315 961xx Stormwater Maintenance R&R �2J $ 200,000 206,000 212,180 218,545 225,102 231,855 238,810 245,975 253,354 260,955
Tvtal CIP 6udget $ 17,633,368 7,733,660 5,111,570 7,054,850 5,818,545 5,82fi,102 5,831,855 6,325,954 6,729,431 fi,772,345 7,058,811
Annual CIP Execution Percentage 100A% 100.0% 100.0% 100.0% 100.01 100.0% 100.0% 100.0% 100.0% 100A% 100.0%
Final CIP Funding Le�el $ 17,633,368 7,733,660 5,111,570 7,054,850 5,818,545 5,826,102 5,831,855 6,325,959 6,729,431 6,772,345 7,058,811
(1} Unspecified Future Stormwater Projects are calculated as a 5-yr rolling average of all 6udgeted Stormwater CIP eKpenditures
{2} Per City Staff, Stormwater Maintenance R&R is escalated 6y a compound annual inflation factor of 3%heginning in FY 2�14
{3} All project wsts include inflation and are shown in future year dollars
BURTON & ASSOCIATES 13 City of Clearwater
Utility & Governmental Economics Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
Schedule 4- Projection of Cash Inflows APPENDIX A
Project9o�n of Cash Inflows Schedule 4
FY 2012 FY 2013 FY 2U14 FY 2015 FY 2616 FY 2017 FY 2U18 FY 2019 FY 202U FY 2021 FY 2022
Stormwater Revenues
Proieetion Assumiations
Growth N/R 0.00% 0,00% �.00% 0.00% 0.00% 0.00% 0.00% �.�0% 0,00% 0.00%
Annual Stormwater Rate Increase Assumed N/A 2.75% 2,751 2.75% 2.75% 2.75% 2.75% 2.75% 2.751 2,75% 2.751
Stormwater Rate Revee�ue 5u6ject to Growth & Rate Increases $15,539,QU0 15,966,323 16,405,396 1fi,856,545 17,320,160 17,796,462 16,285,864 18,76B,663 19,365,351 19,836,249 20,381,745
Other Operating Revenue
Other StormvJater Operating Revenue
Contribution - �evelopers
Contribution - �ther Gov't Llnits
Late Payment Fee
Prosped Lake Retainage Assessment
Sale Comp For Loss FixAssts
Scrap Sales
Misc, - Capital L26or
Misc, - Parking Qper Fund Transfer
Misc, - Other General Revenue
Misc, - Workers Comp Reimb�rse
Total Operating Revenue
InterestEarnings Revenue
Interest Earned on Invested Funds
Capitalized Interest Feom New Borrovving
Less: ProjecteciAnnual Interim Financing Interest Payments
TatallnterestEarnimgs Revenue
Tatal Revenue
BURTON & ASSOCIATES
Utility & Governmental Economics
$ 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000
$
$ - - - - - - - - - - -
$ 50,000 50,�00 50,000 50,000 SO,dO� 50,000 SO,d00 50,000 50,000 S�,OOd Sd,�00
$
$ - - - - - - - - - - -
$ 6,000 6,000 6,000 6,000 5,0�� 6,000 6,00� 6,000 6,000 6,000 5,00�
$ 4,000 4,000 4,000 4,000 4,��0 4,000 4,00� 4,00� 4,000 4,000 4,�00
$ 69,910 69,910 69,910 69,910 69,910 69,910 69,910 69,910 69,910 69,910 69,910
$
$ 1,500 1,500 1,500 1,SYJ0 1,500 1,500 1,500 1,500 1,50� 1,500 1,50�
$ 164,410 $ 164,410 $ 164,410 $ 164,410 $ 164,A10 $ 164,410 $ 1f4,410 $ 164,410 $ 164,410 $ 164,414 $ 154,410
$ 327,710 250,351 194,0�8 220,205 238,381 276,568 29$,799 324,745 347,786 364,532 396,735
$ - - - - - - - - - - -
$
$ 327,710 250,351 194,088 220,265 238,361 276,568 248,799 324,745 347,76fi 3fi4,532 396,735
$16,031,120 16,381,083 16,763,845 17,241,1�U 17,722,891 18,237,380 16,744,d13 14,Z7i,81$ 19,$17,54B 20,370,14a 20,442,840
14 City of Clearwater
Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
Schedule 5- Projection of Cash Outflows APPENDIX A
Projection of Cash Outflows Schedule 5
FY 2012 FY 2013 fY 2014 FY 2015 FY 2016 FY 2417 fY 2018 FY 2019 FY 2020 FY 2021 FY 2022
O&M, Transfers Ouf, Caoital Outlay, & Ue6t Service Expenditures
O&M E7CPEN5E5
61365 En�-StormWVater Mana�emenk
510100 Full Time Salaries & Wages
510200 Part Time Salaries & Wages
510460 SpecialPay
51050�0 Overtime
510560 Vacation Leave
510706 Sick Leave
512306 FuneralTime
5i0806 OtherPaid Leave
5125aQ Jury Holiday
5127a6 HolidayTime
52�160 Life Ins $2566 Empl & Pens
520260 1°./a Life Insurance-Employee
5203Q0 Samp Life Insurance
52046Q Major Medical Ins-Emp
520600 Social5ecuriry-Employee
520760 Emp Pension Plan
520960 Workers Compensation
52i00�6 Disa6iliry Insurance
5211a6 Unemploymenk Compensation
52200a CWA Life Insurance
5297C}6 Net Pension AssetAdj
,4dditional OPEB Accrual
53�16Q Professional5ervices
530360 Other Contractual Serv
5a2260 Elec-Util Charges
542309 Gas,Waker & Sanitakion Ukl
542500 Postage
5a31(}0 Advertising
543460 Printing & Binding
54410�0 Equipt Renkal
546160 Ofc Equip Svc & Repair
5462(}6 Other Equip &vc & Repair
547106 Uniforms-Employee
547200 TravelExpense-Emp
5a73a6 Mileage Reim6ursement
547A66 Meals-Employee
5480a6 OYher Services Or Charges
54B766 Relocakion Expense
550160 Office Supplies
5504a0 Operating Supplies & Matls
55710�0 Mem6erships/Su6s%Lic Emp
55726Q Officl Recognition-Emp
557300 Training & Ref Employee
54�166 Garage Services
5402(}6 Doc Repro & Print Sho�p Svc
540300 Telephone Service Varia6le
54060�6 Telephone Svc Fixed
540760 Postal Service
54090�6 Risk Mgmt Service
5�11QaQ Info Techn❑logy Charge
541660 Bldg & Maint-Varia6le
54200�0 Employee Benefits-Fixed
BURTON & ASSOCIATES
Utility & Governmental Economics
$
$
S
$
$
$
$
S
$
$
$
$
$
$
S
$
$
$
$
S
$
S
S
$
$
$
$
$
$
$
$
611,380
11,706
770
50
1,886
1,286
n,soo-
�1,s�o-
132.6a6
4,416
570
sao-
15,899
83,66Q
343,866
7,166
88a
12,500
780
5,506
10l?
10Q
256
54a
4,6Q0
416
aa
160
726
4,646
2,466
11Q
5,006
1a,28a
1.28a
1,410
2,186
62,530
1,450
638,892
12,227
805
52
1,936
1,318
71,soo
12,164
191,668
4,Sd2
587
185
17,a67
85,490
35�1,114
7,375
906
12,875
803
5,665
103
103
258
556
4,738
422
62
103
742
4.779
2,534
113
6,180
10-,691
1,331
1,466
2,267
65,a31
1,508
654,864
12,532
625
53
1,994
1,358
71,500
12,529
167,645
4,679
605
191
18,375
86,Q55
364,737
7,596
934
13,261
828
5,835
106
106
265
573
4,866
435
BS
106
764
4.923
2, 616
117
6,365
12,osz
671,236
12, 845
B45
55
2, 054
1,399
n,soo-
12,905
147, 001
4, 819
623
197
1 B, 849
9q695
375,686
7.824
962
13,659
852
6, 010
109
109
273
596
5,027
448
87
109
787
5.070
2,688
12Q
6,556
11, 342
664,661
13,102
662
56
2,115
1,A41
n,soo-
13,292
141,725
4,963
642
2a3
z�,00-z
93,417
366,956
8,059
990
i4,069
B78
6,190
113
113
281
eo-s
5,i77
461
90
113
616
5,222
2,769
124
6,753
11,683
1,371 1,412 1,455
1,516 1,SS6 1,6a2
2,335 2,405 2,477
66,962 fi6,992 71,061
1,553 1,600 1,648
15
698,354
13,364
866
58
2,179
1,484
n,soo-
13,691
138,972
5,112
661
209
21, 945
9e,�zo-
396,SS8
6,306
1,02a
14,491
904
6,376
116
116
296
6z�
5,333
475
93
116
835
5,379
2,852
128
6,956
12,Q33
1,498
1,650
2,552
73,193
1,697
712,321
13,632
697
66
2, 245
1,528
n,soo-
14,102
141,752
5,266
681
215
25,059
�9,so6
41 �, 515
B, 549
1, 051
1d,926
931
6,567
119
119
299
eas
5,493
a96
96
119
866
5, 546
2,937
131
7,164
12,394
1, 543
1, 70G
2,628
75,389
iaas
726,567
13,904
915
fil
2, 312
1,574
n,soo-
14,525
144,587
5,42d
701
221
27,093
1oz,osa
422,631
8,806
1,082
i5,373
959
6, 764
123
123
367
664
5,657
Sa4
98
123
686
5, 707
3,025
135
7,379
12.755
1,S9a
1�751
2,707
77,651
1,BQ1
741,099
14,182
933
63
2,382
1,621
n,sao-
14,961
147.479
5,586
722
228
29,364
1os,laz
435,515
9.�76
1,115
15.835
588
6,967
127
127
317
684
5,827
519
161
127
912
5,878
3,116
139
7,5a1
13.149
755,921
14,466
952
65
2.453
1.570
n,soo-
15,469
156.428
5.754
744
235
32,a22
sos.z96
418.581
9.342
1,148
16,31(}
1,018
7,176
130
136
326
705
6.002
535
164
136
939
6.054
3,216
144
7.829
13,543
1,637 1.686
1,Sa3 1,858
z,�sa z,s�z
79,980 82.380
1,855 1.910
771.039
14,755
971
67
2.527
1.72d
�1,soo-
15,872
153,437
5.927
766
242
34.855
111.545
462,638
9.622
1,183
16,799
1,C}48
7,392
134
134
336
72fi
6,182
551
la6
134
968
6,236
3,366
1a8
8,063
13.95Q
1,737
1.913
2,958
84.851
City of Clearwater
Final Report
1.966
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
Schedule 5- Projection of Cash Outflows APPENDIX A
Projection af Gash Outflows {Continued] Schedule 5
fY 2612 FY 2013 FY 2014 FY 2a15 fY 2016 FY 2017 FY 2018 fY 2614 FY 2424 FY 2021 FY 2022
O&M, Transfers Out, Caoital Outlap, & Ue6Y Service Expenditures.
02090 Pu6 ServStorme�aater Util
S1a166 Full Time Salaries & Wages
510200 PartTime 9alaries & Wages
S10�A60 SpecialPay
510�566 dvertime
516666 Vacation Leave
510760 Sick Leave
51160a Flsa Overtime
510�866 OtherPaid Leave
512200 Injury Time
5123d6 FuneralTime
512566 lury Holiday
5127QQ HolidayTime
52010�0 Life Ins $2500 Empl & Pens
52020�0 1% Life Insurance-Employee
520300 Samp Life Insurance
52QAOQ Major Medical Ins-Emp
5266a0 Social5ecurity-Employee
526706 Emp Pension Plan
526960 Workers Compensation
5210Q0 �isability Insurance
5211�d Unemploymeni Compensation
522066 CWA Life Insurance
529760 Net Pension Asset Adj
Additional OPEB Accrual
53C}366 Other Contractual Seru
53Q466 Lok Moaving
542300 Gas,Water & Sanitation Utl
54250�0 Postage
5427a0 Interfd Svc Chg-OtherFund
542866 Interfd Other Serv Chgs
542960 Interfd Admin Service Chg
54320Q Other Promotion Activity
543366 Freight
543400 Printing & Binding
5435d6 �ump Fee
543806 Fines and Pentalties
54410Q Equipt Rental
545166 Insurance
545200 Other Equip Suc & Repair
5458d6 R& R Inground Facil
546906 R & R Infrastructure
54710Q Uniforms-Employee
54720�0 Travel Expense-Emp
5473C}� Mileage Reim6ursemenk
547466 MealsEmployee
548660 Other Services Or Charges
SSQIQQ Office Supplies
55040�� Operating 9upplies & Matls
5525C}0 $750-SOQO Mach & Equip
557160 Mem6erships/Su6sfLic Emp
557260 Officl Recognition-Emp
5573QQ Training & Ref Employee
BURTON & ASSOCIATES
Utility & Governmental Economics
$ 1.368,450
$ -
� -
$ 18,910
$ -
$
$ -
$
$ -
$
$ -
$
$ 10
$
$ 150
$ 230y630
$ 25,730
$ 315,560
$ 98,950
$ 520
$
$ 3,110
$
$ 33,865
$ 95,360
$ 900
$ 9,3�0
$ 120
$ 7,600
$ d65,620
$ 548,210
$ 160
$
$ 700
$ 186,660
$ -
$ 22,060
$ 56,470
$ 3,200
$
$ -
$ 11,760
$ 2,B1?0
$ 300
$ 660
$ 660
$ 3,500
$ 2a0,O1?0
$ 1A,600
$ 2,150
$ 370
$ 5,860
1,43a,030 1.d65,781 1,562,A25 1,532,A74 1,563,12A 1.59A,386 i,626.274 1,658,799 1,691,975 1,725.815
19, 761
10
155
23a,630
26,502
d29,609
161,919
536
3,203
36,396
98,159
927
9,579
124
7,828
418, 819
564,656
103
721
185,400
22,660
51,984
3,296
12, 651
2,884
309
618
624
3,605
zo-�,000
15,638
2, 215
381
5,a36
20,255
11
159
z�o,o-�o
27.297
375,2A0
1d4,976
552
3,299
39,140
161,104
955
9,866
127
S,Q63
A31,383
561,596
106
743
190,962
23,3A0
53,544
3,395
12,413
2,971
318
637
8A9
3,713
zsz,sso
i5,A89
2.281
393
6,217
16
20,761 21,17�7 21.60� 22,032
11
164
230,030
28,116
329,a31
168,125
568
3,398
40,150
164,137
983
10,162
131
8,305
441,325
599,644
109
765
196,691
2A,OA0
55,150
3,497
12,785
3,660
328
656
874
3,825
218,545
15,954
2,349
404
6,403
11
169
230,03d
28,959
317,222
111,369
585
�,so-o-
44,735
107,261
1,013
10,467
135
8,554
457,654
617,�15
113
788
202,592
24,761
56,8d4
3,662
13,168
3,151
338
675
9a6
3,939
225.102
16,A32
2,420
416
6,595
sz
174
236,03d
29,828
311,062
114,71�
6a3
s,eo-s
46,744
116,479
1.a43
1a,781
139
6,81�
A71,3B4
535.526
116
B11
268,669
25.504
58.569
3,710
13,564
3,246
348
696
927
n,o-s�
231.855
16,925
2.492
A29
6.793
sz
179
230yB30
3l?,723
317,283
118,151
fi21
3,714
53,376
113,793
1,o-�s
11,105
143
9,075
d85,526
654,591
119
836
214,929
26,269
66,264
3,821
13,970
3, 343
358
716
955
4,179
238,810
17,433
2,567
442
6,997
22.473
sz
184
230.d30
31,645
323,628
121.696
640
3,825
57,711
117.2�7
s.sn�
11,438
148
9.347
566.691
674,229
123
861
221.377
z�,o-s7
62.672
3,936
14,390
3,4fW
369
738
984
4.365
245,975
17,956
2.644
455
7.267
22,922 23.381 23.Ba8
13 13 13
190 196 262
230,a30 230,03a 236;a36
32,594 33,572 34,579
330,101 336,703 343,A37
12 5, 347 12 9,107 13 2.9 61
659 678 fi99
3,940 4,058 4,18a
62,420 68,216 74,245
120,723 124,345 128;675
1,140 1.174 1.216
11.781 12,13A 12.498
152 157� 161
9,627 9,916 10,214
515,694 53{],547 546,463
694,456 715,29� 736,748
127 13a 134
887 913 941
228,619 234,859 241.9Q5
27,869 28,705 29,566
63,934 65,852 67.827
4,OSA 4,175 4,301
1A,821 15,256 15,724
3,547 3,653 3,763
380 391 d63
760 783 806
1,613 1,044 1,675
4,434 4,567 A.7Q4
253,354 260,955 268,783
iS,A95 19,050 19,621
2.724 2.805 2.889
469 d83 497
7,423 7,646 7.875
City of Clearwater
Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
Schedule 5- Projection of Cash Outflows APPENDIX A
Projection of Cas�h Outflows [Co�tinuedj Schedule 5
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2618 FY 2614 FY 2020 FY 2021 FY 2Q22
O&M, Transfers Out, Canital Outlay, & 6eht Service Expenditures
5�10160 Garage Services
54020�0 �oc Rep�ro & Print Shop Svc
SA6360 Telephone Service Varia6le
5405d0 Radio Svc-Fixed
540600 Telephone Svc Fixed
5409a� Risk Mgmt Service
541000 Info Technology Charge
541100 Bldg & Maint �ept Svc Fx
541500 Garage Varia6le
541600 81dg & Maint-Varia6le
541860 Administrative Charge
5420d0 Employee BenefitsFixed
NNC 5cenario
Additional Operating:
Stormwater Coordinator for 02a9�
Salary
Pension
Other Payroll Benefits
Uniforms, Training, Mem6erships
Intemal Svc chgs for Equipment & Vehicle
Stormevater Assistant Die for 62a9�
Salary
�eferred C❑mp
Soc Securiry
Other Payroll Benefiks
Uniforms, Training, Memberships
Intemal Svc chgs for Equipment & Vehicle
Incrto Fleet Chgs for Replacment Vehicles
Additional �isposal Fees
Total O&M Expenses Projecied Fram Budget
$ 890,826
$
$ 1,286
$ 16,32d
$ 1,020
$ 8,67a
$ 164,61a
$ 920
$ 16,046
$ 41Q
$ 335,660
$ 5,37Q
$
$
$
$
$
�
S
$
$
�
$
$
�
�
$ 6,447,795
926,453
i,331
16,733
1,(}61
8,393
166,794
957
16,460
A26
349,024
5,585
45,822
13,747
fi,239
z,o-o-o
3,Qa0
954,246
1,371
1�,o-ss
1,093
8,645
112,658
986
16,712
439
359,495
5,752
4fi,9fi8
12,i}24
6,395
2,050
3,Q9a
982.874 1.012.360 1,642,731
1,412 1,455 i,496
11,386 11.728 12,660
1.125 1,159 i,194
8,9a4 9,171 9,4A6
115,420 i18,683 122,449
1,015 1,046 1,a77
11,633 11.364 11,765
452 466 48�
376,280 381,388 392,830
5,925 6,103 6,286
48.142
16,543
5,555
z,izz
3,183
66,110 69,813 71,558
5,645 5,171 5,3aa
4,824 4,945 5,058
5,511 5,751 5,895
3,a60 3,696 3,183
3,660 3,Q96 3.183
25a,660 29,566 265,225
70,6C}0 72,1a0 74.263
7,318,521 7,421,725 7,538,641
49,105 5�,Q87
1d,i65 9,967
6,686 6,820
2,185 2,251
3,D8 3,377
72,989 74,449
5,406 5,515
5,176 5,27�3
6,013 6,133
3.278 3,377
3.278 3,377
273.182 281,377
7,628,664 7,SD2,296
1,074,613 l,1a6,233
1,543 1,596
12,442 12,816
1,230 1,267
9,736 10,d21
126,123 129,966
1,169 1,142
12,d56 12,418
49A SQ9
464.614 416,753
fi,474 5,669
sl,asa sz,11Q
16,167 16,376
5,955 7,Q95
2,319 2,388
3,478 3,582
75,938 77,457
5,625 5,737
5,378 5,486
6,255 5,381
3,478� 3,582
3,478 3,582
289,819 298,513
8,005,951 8,211,462
1.139.420�
1.637
13,206
1.305
16.322
133.803
1,177
12.791
524
429,255
6.869
1,173,693
1,686
13,596
1, 344
10,632
137,617
1, 212
13,17A
540
442,133
7, 075
53,152 54,215
il},577 10,789
7,237 7,382
2,460� 2,534
3.696 3,8�0
79,066 BO,S66
5,852 5,969
5,596 5,708
6.569 6,639
3,696 3,800
3.69a 3,6�0
367,468 315,693
8,422,966 8,641,47�
1,208,811
1,737
14,064
1,364
10,951
141,952
1,248
13,57�
556
455,397
7,267
55,30�
i1,665
7,529
2�510
3,914
62,19B
6,Q88
5,822
6,772
3,914
3,914
326,193
6,866,4P76
�f Budgeted O&M Pro]ectedto 6e Executed lda! 166% 166! 16a! 100% 166% 106% 100% 100% 1661 i66%
ojected O&M Cosi to be Funded $ fi,447,795 7,318,521 7,421,725 7,538,641 7.628,664 7,8Q2,29B 8,��5,951 8,211,462 8,422.9Q6 8,6a1,470 6,8fi6,6�
�jected O&M Reduction from Budget $ - - - - - - - - - - -
Transfers Out
01365 En�-Storm+,vater Mana¢ement
590200 Interfund Transfer $ 783,050 942,205 967,844 994,188 1,021,257 1,049,0�71 1,097,649 1,109,013 1,137.184 1,168,1B6 1,2QqL}40
Total Transfers Out $ 783,�5D 942,265 967,844 994,188 1,�21,257 1,FJ49,f771 1,677,649 1,iF}7,�13 1,137,184 1,168,186 1,20�,D40
Canital Outlay
a209� Pu6 Ser-Stormavater Util
562260 St, Walk, �m-Const City Emp $ - - - - - - - - - - -
5640o-0 >$5,606 Machinery & Equip $ - - - - - - - - - - -
565800 Cost Matl & Services $ 430 443 45fi 47Q 484 49B 513 529 545 561 57B
591060 Contri6 To Garage Fund $
Total Capital Outlay $ 43� $ 443 $ 456 $ 47Q $ A84 $ 496 $ 513 $ 529 $ 545 $ 561 $ 576
BURTON & ASSOCIATES 17 City of Clearwater
Utility & Governmental Economics Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
Schedule 5- Projection of Cash Outflows APPENDIX A
Projection of Cash Jutflows {Continued} Schedule 5
FY 2012 FY 2013 FY 2014 FY 2015 FY Z016 FY ZOli FY 2018 FY 2019 FY 20Z0 FY 2021 FY Zd22
O&M. Transfers Out. Canital Outlau. & 6eht Service Exnenditures
Bond{de6t Service Expenses
Existing Senior Lien De6t Service
Cumulative NewSenior Lien De6tforAdditional Borrowings
Short Term De6t Service
02690 Pu6 ServStormvaater Ukil
571300 Principa6Leased Equipt
572300 Interest-Leased Equipt
Aquadeck Ss�ver Cleaner Lease I�;�
Cumulative New ShortTerm De6t Service ��''
Total Bond/Ue6t Service Expenses
$ 2,569,785 2,521,413 2,674,006 2,674,950 2,680,628 2,682.375 2,679,178 2,689,463 2,693,538 2,fi66,372 2,683,091
� _ _ _ _ _ _ _ _ _ _ _
$ 92.636 92,630 92,636 33,660 - - - - - - -
$ 12.390 12,390 12,396 4,2a0 - - - - - - -
$ - - - 62,290 62.290 - - - - - -
$ - - - - - 86,127 172,254 172,254 172,254 172,254 86,127
$ 2,674,205 2,625,833 2,778,426 2,774,44� 2,742,918 2,768,5Q2 2,SS1,432 2.,S6i,717 2,8E5,792 2,856,626 2,7fi9,218
of Budgeted O&M Proje�ted to 6e Executed 1DD% i�0°� 1D�% 1�6% 1��% 1�D% 16F?% ld�% lOD% 1Q0°J 1��%
tal O&M, Transfers Out, Capital Outlay, &[)e6t Servire Costs $ 9,9Q5,480 1�,667,6�1 Y1,168,451 11,307,739 11,393,323 11,620,369 11,935,545 12,i8Q,720 12,426,427 12,666,842 12,835,9:
�jected O&M Reduckion from Budget $ - - - - - - - - - - -
�l} - Principal and In#erest in FY 2�12- FV 201A forthe Rquadeck Sewer Geaner Lease is included in 5313�6 Principal - Leased Equipt, and 5723601nterest- Leased Equipt
Q2}-ItisassumedinFAMSthat$360,��6willbesp�entonunspeeifiedfutureL�Pprojectsin�V2017andFYlB,consistentwithlastratestudy. EachL�Pprojectwi116efinancedoverafiveyearperiodatanannualcostofborrowingrangingfromlS%to2S%
BURTON & ASSOCIATES 18 City of Clearwater
Utility & Governmental Economics Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
Schedule 6- FAMS-XL O Control Panel APPENDIX A
FAMS - Cont�-ol Panel Schedule 6
i
SAVE CALC I FY 20I2 �Y 2013 FY 2014 FY 2d15 FY 2016 FY 2017 FY 2D18 FY ZU19 FY 2020 FY 20Z1 FY 2022 Curnulp#ive ChanQe
C�verride � 2.75% 2.759''n 2.75°/� 2J5% 2.75°l0 2J5% 2.754c 2.75°/r 2.75% 2.J5°la FY 2d17 FY 2U22
• a. . . _ . __ .. . 1 V 1 .. . . .�. . .._ : _ _... : ......, . .. ......,. . . . _ . ..
Last Ala� 4.259fl 4.25% 2.50% 2.5d% 2.5095 2.90% 2.509b 2.5d9b 2.50`35 0.4096 0.009� 15.11% 3{�.149�
:w • � a Ps�vi3r 109°/Q
Last Rlan 3.27 3.33 3.4I 3.50 3.5b 3.64 3.71 3.79 3.88 OMV FY13 � 10fl°.�,
O�MF FY13 ► ],(]fl°.+�u
CIP Exscution 40 ■ 1U(7°!4 100°fa 1UU°fo 100% 140% 10Q% 1U0°/4 10(}% 100%0 10U% 10D%
Operating Reserve 95 ■ 25% 259c 25% 25°la 2595 2595 25fv 254c 259b 254a 259b
$I3.04 � . � i PILCiT 6.0°1a
f.GSlFI[�� $13.04 13.59 13.93 34.2$ 14.b4 I5.01 15.39 Y5.77 16.15 �6,16 16.1G FirstBond 2012
]nterirn Financing Y N Y N Y N Y Rl Y RJ Y s��e�enue N
Revsnue Bvnd N Y N Y N Y N Y N Y N NNC? N
Short-T+�rm Financin IV N N N N fV N N N N IV cneck s
�apital Spending ■ Current Plan Last Plan Long-T�rrr1 B9rr4wing ■ C4rrgnt Plan last Rlan Interim Financing ■ Lurrent Plan Lasz Plan
2D 60 �}4
�5 - 4S �
+�... Y7
�1Q C� = 20
E O Q
C � ' . 1 . I � .' � . 1 I '. .' � � . � x� .
>--
, � _� , ��: i. .' . ' . : ' f Jr" - . � • . .: ". 1 �.:
Operating Fund �Current Plan Last Plan �Target Re►renue Vs. Expenses �Cash In �Cash Out
2d 32
15 24 �
w V
"c la C 16
0 0
� 5 � $
Q -..
Q
11 I2 13 14 15 15 17 18 19 20 21 22 �+ + �
NOTE "Last Plsn" numbers fn green reflectthe results of the F4' 20105iormvdater Reuenue SufficfencyAnalysfs Update
BURTON & ASSOCIATES 19 City of Clearwater
Utility & Governmental Economics Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
Schedule 7- Pro Forma APPENDIX A
Forecast of �let Reves�ues and �ebt Service Coverage Schedule 7
FY 2012 FY 2013 FY 2a14 FY 2015 FY 2016 FY 2017 FY 2018 FY 2U19 fY Z020 FY 20Z1 FY 2022
Revenues & Fispenses
Revenue Su6lectto Rate Increases
Stormvdater Rate Revenue $ 15.53B,U0� 15,539,f1G� 15.966,323 I6��,405,396� 16,356,545 Il7,32�,1Om 17,796.4a2 15,285,564 18,7&3.663 I9,3f35.35L Y9,936.249
Additional Rate Revenue From ParLial Py Rate Increase $ - - - - - - - - - - -
Additional Revenue From Grov�rth S - - - - - - - - - - -
Wtd. Average Proposed Rate Increase �.OP% 2J5% 2.35% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75`k 2.75% 2.75�
Rate Revenue from Rate Increase S - 427,323 439;P74 451,148 463,555 476,3�3 434,401 5�2,86� Si6,fi&B 53G,397 545,447
PriceElastieityAdjustment $ - - - - - - - - - - -
Total Rate Revenue Suhjectto Grouvth & Ratelnerease $ 15,539,000 15;9&6,323 16,4�5,396 15,35fi,545 fl7,320,P00 i7,796,A63 18,235.8�4 E8,783,&&3 39,365,351 Y9,&3fi,249 2�,381,745
PIuS:OtherOperatingRevenue $ 1&1,410 1N1,41� 567,41� 164,410 iNY,41Q 164,410 1&4,4ta 164,41� 1H1.410 164,4fl0 164,410
TotalOperetingReuenue $ 15,703,CP0 i6,136,733 16,569,3P6 i7,020,955 17,434,51G i7,460,813 Y8,450,214 18,453,U73 19,459.7fi1 2qDOD,659 2q545,P55
Less: Personal5ervices $ �2.959,315} (3.379,9ll} (3.36A,956] �3,366,170j (3,401,33d] �3,443,143} (3,521.172' [3,592.S40j (3,&65.�09j (3,740,836' (3,516,419}
Le55 O&M Expense5 $ (3q&8,48�} (3.938,61�} �4.�56,768J {4,175,471] (4,227,334J (4,354,T55] (4,484.779� (4,619,323f (4,757,902f [4,960,639� (5,047.658}
Equals:Net4peratinglncome $ 9,255,6P5 3,812,212 9,14&,�32 9,482,314 4,855,946 i�,158,515 iD,444,263 Z0,741,6Z1 1E,6�6,855 11,359,P89 1P,66P,�78
Plus: Non-O�perating Ineomej(F�rpensej
Non-OperatingRevenue $ - - - - - - - - - - -
Interest Earned On Fund Balances $ 323,74� 256,351 444,�33 22�,2P5 238,361 276,558 298,749 324.745 347,786 369,532 345.735
CapitaGzed Interest From NetM Borrowing $ - - - - - - - - - - -
Less:ProjectedAnnuallnterimFinancinglnterestPayments $ - - - - - - - - - - -
CapitallmprovementFund'3Z5 S - - - - - - - - - - -
Total N�n Operakinglnc�me S 327,71� 256,35Y i44,688 220,2P5 238,381 276,Sfi8 298,799 324,745 347,796 364,532 398,735
Netlncome $ 9.583,325 9.�62,562 9.342,ll� 9,302,519 la,U94,227 f6,435.663 E6,743.P62 lY,OG6.356 TZ,394.642 21,728,722 12,676.8f3
Less: Capital �unding Sources $ - - - - - - - - - - -
Less:Transfersln $ - - - - - - - - - - -
Netlnc�meAvaila6leFor�ebt5ervice $ 4,583,325 9,062,562 9,342,170 4,1U2,514 14,094,227 10,435,083 10,T43,062 11,066,356 11,394,642 11,728,721 12,UT6,&13
Senior Lien 6ebt Service [overage
Exisiing5eniorLien�eht $ 2,Sfi9,785 2,521,413 2.674,�U6 2,674,950� 2,fi3q628 2,682,375 2,679.178 2,639,463 2,693.535 2,666,372 2,&83,�91
Cumulative Nevd Senlor Lfen �e6t forAddliional eorrowfngs $ - - - - - - - - - - -
TotalSeniorLien�ebtService $ 2,559,785 2,521,413 2,674,�66 2,674,45U 2,680,628 2,682,375 2,679,i79 2,689,463 2,693,538 2,686,372 2,683,�91
SeniorLien�ebt5erviceCoverage:Testb P.15 Req'd 3.73 354 3.44 3.83 3.77 3.89 4.�1 4.iY 4.23 4.37 4.5�
P�arityTest F3P Req'd 3.55 3.&5 3.45 3.55 3.fi9 3.°W1 3.97 4.�9 4.21 4.34 4.46
Netlncomekvaila6leFOr�e6tService $ 9,583,325 9,�&2,562 4,342,ll� 4,702,519 10,d94,227 EQ435,682 Iq743;662 i4,�fi6,356 11,34A.fi41 11,728,721 12,075,8i3
PIus:Transfersln $ - - - - - - - - - - -
LeSS:Transfers Out $ (783,D5�} (9A2,205} (467,8A�!] {994,163J (1,U21,2571 (1,�9,671} R7.,D77,644� {1,iU7,�13� (1,137,184j �Y,166,18&j (1,20�,040}
Less: Total Senior Lien �e6t Service
Existing5eniorLienDe6t $ (2.564,785} (2.521,413} �2,674,�06] (2,674,456] (2,68q62&] (2,682,375} (2,6i9,F73� {2,589,463E �,2,593,538F (2,6&6.372E (2,663.�91}
Cumulative New Senior Lien �e6tforAdditional Borrowings $ - - - - - - - - - - -
Less:ShortTerm�e6t5ervice $ (10A,420) (164,42�} (104,42�J (99,490) (62,29G] [86,127} (172,254� {ll2,254} {ll2,254� {ll2,254f {36,Y27}
Less Capital Outlay $ {43�} (443} (456] [470J [484J �448) (5i3� �.529f �.545� [.561f �578}
NetCashFlow $ 6,125,6�10 5,494,082 5,595,444 5,933,42(1 6,329,568 6,6i7,011 6,813,4(r8 7,057,096 7,34i,121 7,TOi,348 8,106,978
Unrestricted Reserve Fund - Beginning nfYearBalance $ 19,568,71� 3,��1,982 5.762,404 5,246,278 5,124,9�b8 5,635,571 6,426,790 7,4D3,3B3 8,179.537 8,&11,226 9,77a,229
Plus Cash Flow Surplu5 $ 6,Z25,640 5,494,082 5,595,444 5,933,�20� 6,329,55& 6�,617,011 fi,313,468 7,�97,ti96 7,391,121. 7,7�1,348 8,106,978
Less: Reserve Fund Balance used for Cash Flow S - - - - - - - - - - -
Less: Projects �esignated to 6e Paid vdith Cash S - - - - - - - - - - -
Less:Projects Paid with Reserve FundsiNon Specified Funding} $ IIZ633,368} �7,733,66�} j5,i1i,570] R7,�54,BSOJ �S,Si8,545] i5,826,162} �5,63Il.855f �6,325,954k (6,724,43t� (6,772,345� (3,P58,81Il}
UnrestrietedReserveFUnd-EndofVearBalance $ S,O�i,982 5,7fr2,4Q4 fi,24fi,278 5,124,848 5,635,87Y fi,426,73�� 3,4f18,393 S,ll9,537 8,841.22fr 9,770',229 AO,SiB,39fi
Minimum WorkingCapital Resenre Target: 3.60 Mos O&M $ 1.,611,944 1,S29,fi30 1,355,431 1,394,fi60 1,907,i56 1,95�,574 2,dU1,48B 2,�52,8&6 2,1a5,727 2,460,3fr7 2,21&,SI9
Ezcess,�j6eficieneyJ�fWOrkingCapitalFO7arget $ 6,39q�33 3,932,774 4.396,847 3,24q1d8 3,728,7�5 4,476,2�6 5,466,90�:5 8,126.&31 6,735,506 7,&Q9,8&1 S,B�1,87&
BURTON & ASSOCIATES 20 City of Clearwater
Utility & Governmental Economics Final Report
Schedule 8- Capital Projects Funding Sources
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
APPENDIX A
Capital Project Funding Summary Schedule 8
FINAL CAPITAL PROJECTS FUIUdING 50URCE5 FY 2Q12 FY 2Q13 FY 2614 FY 2E}15 FY 2616 FY 2617 FY 2�18 FY 3�19 FY 202f} FY 2EY21 FY 2�22
a4 BOND CONSTRUCTION FUND 357 $ - - - - - - - - - - -
99 BOND CONSTkUCTION FUND 375 $ - - - - - - - - - - -
42 BOMD CC3NSTRUCTION FUN� 377 $ - - - - - - - - - - -
�APITA�L IMPROVEMENT FUND 315 $ - - - - - - - - - - -
REVENUE FUND $17,633,368 7,733,6617 5,111,57Q 7,C�54,85Q 5,818,545 5,826,1C72 5,831,855 6,325,95�1 6,729,431 6,772,345 7,C758,811
DEBT PROCEEDS $ - - - - - - - - - - -
TOTAL PROJECTS PAID $17,633,368 7,733,E6E} 5,111,57� 7,m5�,85� 5,818,545 5,826,1d2 5,831,855 6,325,954 6,729,431 6,i72,345 7,658,811
TOTAL CIP INPUT $17,633,368 7,733,E6� 5,111,576 7,Q54,856 5,818,545 5,82fi,162 5,831,855 6,325,954 E,729,431 6,i72,345 7,fD58,811
VARIANCE $ - - - - - - - - - - -
BURTON & ASSOCIATES 21 City of Clearwater
Utility & Governmental Economics Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
Schedule 9- Projection of Long-Term Borrowing APPENDIX A
Long-Term Borrowing Projections Schedule 9
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY ZUZO FY Z[121 FY 2022
Term {Yearsj 3a 30 30 30 30 30 3i} 30 3t} 30 30
Interest Rate S.Sa% 5.50% S.Sa% S.Sa% 5.5a% 5.50% S.Sa% 5.50% S.SOh 5.5(?f 5.56%
Snurces of Funds
Par Amount
Interesk During Conskruction
Total Sources of Funds
$
$
$
Uses of Funds
Proceeds $ -
Cost of Issuance 2.St}% of Par $ -
Unden,vriter`s Discount $�0.0�0 per $1,aa0 $ -
Bond Insurance a times total De6t Service $ -
Capi#alized Interest a Years Interest $ -
De6t Service Surety 0.00% of �e6t Service $ -
De6t Service Resenie 1 Years of De6t Service $ -
Other Costs $ -
Tokal Uses $ -
1 Year Interest $ - - - - - - - - - - -
Annual Deht Service $ - - - - - - - - - - -
Total De6t Service $ - - - - - - - - - - -
Cumulati�e New Annual De6t Service $ - - - - - - - - - - -
BURTON & ASSOCIATES 22 City of Clearwater
Utility & Governmental Economics Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
Schedule 10 - Projection of Interim Financing APPENDIX A
�nterim Financing Projections Schedule la
FY 2D12 FY 2D13 FY 2Q14 FY 2015 FY ZD15 FY 2017 FY 2D18 FY 2019 FY 2D20 FY 2021 FY 2D22
Term {Years} 2a 20 2a 20 20 20 2a 2t} 20 20 20
Interest Rate 1.5696 1.75% 1.75% z.aa� 2.25% 2.56% 2.Sa% 2.Sa% 2.50% 2.50% 2.50%
Sources of Funds
Par Amount
Interest During Construction
Total Sources of Funds
�
$
$
Uses of Funds
Proceeds $
Cost of Issuance t}.60% of Par $
Unden,vri#er`s Discoun# $O.aO per $1,Oa0 $
Bond Insurance 0 times total De6t Service $
Capitalized Interest 6 Years Interest $
De6t Service Surety t}.60% of De6t Service $
De6t Service Reserve 0 Years of De6t Service $
Other Costs $
Total Uses $
1 Year Interest $ - - - - - - - - - - -
Annual De6t Service $ - - - - - - - - - - -
Total De6t Service $ - - - - - - - - - - -
Cumulative fUew Annual 6eht Service $ - - - - - - - - - - -
NOTE; Annual interim financing proceeds are refinanced as part of re�enue 6onds issued in the folloaving fiscal year.
BURTON & ASSOCIATES 23 City of Clearwater
Utility & Governmental Economics Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
Schedule 11 - Funding Summary by Fund APPENDIX A
Funding 5urnrnary by Fund Schedule 11
FY 2{112 FY 2t113 FY 2414 FY 2415 FY 2016 FY 2017 FY 2018 FY 2�19 FY 2�124 FY 2421 FY 2t122
REVENUE FUNQ
BAL4[JCEATBEGINNING�FFISCALYEAR $ I9,569,7P6 B,DCri,982 S,i62,404 6,24€,278 5,124,848 5,635,871 6,426,780 7,468,393 8,179,537 8,841,226 9,776,229
AQaITIOtVALANhJUkLREVENUES $ 6,I25,6�6 5,494,632 5,595,444 5,933,426 6,329,568 f�,617,61h 6,513,463 7,043,Q98 7,391,12u 7,701,348 S,iC?6,975
LESS: CASH-FUN�ELr CkPITAL PROJEGTS $ - - - - - - - - - - -
LE55: PAYME6UT OF �EBT SERVICE $ - - - - - - - - - - -
SUBTOTRL $ 25,635,35L? 43,496,�64 II,357,848 ]t2,179,693 Z1,454,416 12,252,532 13,24a,248 Z4,.Sf}5,49f? 45,57Co,65i �6,.542,574 57,877,2f}7
LE55: RESTRICTE� FUN05 $ �l,fii1,9A9} [1,829,fi36} (i,855,431j Q1,884,6fia} (1,967,1fiG} (3,950,574} (2,Qf1�,488} (2,652,866} [2,1�5,727} (2,160,363j {2,2i6,519J
TOTALAMOUNTAVAILABLEFORPROJECTS $ 24,D23,4�3. 1i,666,434 9,562,417 t0,295,f}38 9,547,256 1m,3D2,3C�3 11,238,766 12,#52,625 13,�64,93Y i.4,38�2,2Q7 I5,666,637
AMOUFUT PAIQ FOR PR�JECTS $ (T7,633,368} (7,733,fi60} (S,AIl1,576} (7,654,3Sf}} (5,8Y3,545} (5,826.,Y�62} (5,83T,855} (6,325,954j (6,729,43H} (6,7i2,34,5} {7,658,8f�S}
SUBTdTAL $ 6,396,633 3,932,77� �,39d,647 3,2�Cr,I88 3,728,i�5 �,�76,26fi 5,4Co6,965 6,S26,fi7i 6,735,SaQ 7,6Ct9,861 3,6[7t,376
kD� BACK:RESTRICTED FUN�S $ i,6I1,944 1,829,636 I,85:5,431 i,334,666 1,9f}7,i66 5,956,574 2,66I,438 2,652,866 2,165,727 2,i66,367 2,2�fi,5i9
PLUS:INTEREST EARNINGS $ 206,338 12�,�33 1�5,�76 113,7IlIl 121,@5& 15�6,783 172,9�0 194,&Y9 212,36� 232,6�3 257,358
LESS: INTERESTALLQCATED TQ CASH FLQLN $ (2a6,338} (120,�38} [105,076J (axa,71Y} (82I,058} �150,783} i172,940} �194,849} E2l2,766} (232,643J (257,358}
BAL4NCEATEN�OFFISCALYEAR $ 8,001,982 5,762,�64 6,246,278 5,124,848 5,635,871 6,426,78� 7,4�8,393 8,i79,537 8,&31,226 9,7i0,229 1d,818,396
RESTRILTEO RESER11E5
BALANCEATBEGINNING �F FISCALYEAR $ 2,456,140 2,265,175 2,265,115 2,265,115 2,2&S,115 2,265,1i5 2,265,1i5 2,265,Il15 2,265,115 2,26S,i15 2,265,115
A�QITIONALFUhJaS: $ - - - - - - - - - - -
❑EBTSERVICERESEEiVE�NNELNDEBT�'' $ {191,025} - - - - - - - - - -
OTHERAODlTIOiWALFUN�S $ - - - - - - - - - - -
SUE3Tf7TAL $ 2,265,1i5 2,265,1i5 2,265,115 2,265,1i5 2,265,4]5 2,265,115 2,265,115 2,265,115 2,265,115 2,265,215 2,26S,1i5
PLUS:INTEREST EARNINGS $ 35,404 39,�4m 39,646 45,362 56,965 Sfi,628 Sfi,628 56,628 56,628� 56,628 56,628
LE55: IPtiTERESTALLOC.4TEQ T� CASH FLOW $ {35,G69} {34,611G} (39,6�a} [45,3r?2} (SfJ,9fn5} (56,623} (56,623} (56,623] (.56,623} (56,628} {56,623}
BALANCEl�T ENd 0€ FISCIILYEAR $ 2,265,I15 2,265,115 2,265,115 2,265,115 2,265,IL5 2,265,115 2,265,115 2,265,115 2,2fi5,P15 2,265,115 2,265,13.5
{ 1 J-$191, Di 5 rep res entr kh e a d I u strnent to- the d ebk servi � e re�s erve d u e to th e Ser i es 2612 Ref u n d i ng Bon d s
BURTON & ASSOCIATES 24 City of Clearwater
Utility & Governmental Economics Final Report
FY 2012 STORMWATER REVENUE SUFFICIENCY ANALYSIS UPDATE
Schedule 12 - Residential Stormwater User Fee Survey APPENDIX A
Comparative Stormwater Fee Survey 5chedule 12
FY 2012 Comparative Stormwater Fee Survey
Port Richey
Tampa
New Port Richey
Oldsmar
Fort Myers
Safety Harbor
North Port
Tarpon Springs
St. Petersburg
Dunedin
Clearwater
Palmetto
$- $2.00
Palmetto Clearwater
StormwaterFee $14.12 $13.04
$4.00 $6.00
Dunedin St.Petersburg Tarpon
Springs
$8.80 $6.84 $5.65
$8.00 $10.00
North Port Safety Harbor Fort Myers
$5.31 $5.00 $4.80
� I
$12.00 $14.00 $16.00
Oldsmar New Port Tampa Port Richey
Richey
$4.00 $3.36 $3.00 $3.00
. �
BURTON & ASSOCIATES 25 City of Clearwater
Utility & Governmental Economics Final Report