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CITY OF CLEARWATER STORMWATER UTILITY SYSTEM - REVENUE SUFFICIENCY ANALYSIS AND FINANCIAL FORECAST FY 1998 THROUGH FY 2003 I I I I I I I I I I I I I I I I I I I - 8-/7-99 PCtbll~ /'v1~e+;hr (V\ pM O~cr I City of Clearwater Stormwater Utility System Revenue Sufficiency Analysis and Financial Forecast FY 1998 through FY 2003 Prepared by Burton & Associates, Inc. under subcontract with Post, Buckley, Schuh & Jernigan, Inc. October IJ, 1998 Burton & Associates I I I I I I I I I I I I I I I I I I I - City of Clearwater Stormwater Utility System Revenue Sufficiency Analysis and Financial Forecast FY 1998 through FY 2003 Table of Contents Introduction, System Overview, and Methodology........................................................... 2 Base year Data and Baseline Forecast Assumptions......... ....... ..... ............. ................. ....... 5 The Rate-setting Process.................................................................................................... 6 Current Rates and Rate Revenues...................................................................................... 7 Other Revenues and Sources of Funds..... . ........................... ............................. ................. 9 Major System Costs.... ..... ...... .................. ................................. ............................ ............. 10 Financial Management Plan Scenarios...................... .... .......... ........ ......... ....... ....... ..... ... ... 11 Appendix I - Full Set of Schedules for Adopted Plan......................... Appendix I is inlemally numbered pp. 1-27 Appendix II - Rate Ordinance............................. ......... ..... ........ ........... Appendix II is i111emally numbered pp. 28-29 Appendix I - July 13, 1998 Workshop Presentation slides................. Appendix III is illtemally numbered pp. 30-36 following page 14 following page 15 following page 16 Burton & Associates I I I I I I I I I I I I I I I I I I I City of Clearwater Stormwater Utility RevenlU! SufTu:iency Analysis Page 2 Final Report City of Clearwater Stormwater Utility System Revenue Sufficiency Analysis and Financial Forecast FY 1998 through FY 2003 Introduction This report presents the results of the stormwater utility rate study conducted for the City of Clearwater Storm water Utility System (the System) by Burton & Associates, Inc. as a subconsultant to Post, Buckley, Schuh and Jernigan, Inc. The study was conducted during Fiscal Year 1998 and consisted of a revenue sufficiency analysis for the period FY 1998 through FY 2003 (the "forecast period") to determine the adequacy of current rates to fund the System's projected costs during the forecast period the development of alternative financial management plans for consideration by the City. During the course of the study, the following process was followed: o Burton & Associates developed a preliminary revenue sufficiency analysis and a set of alternative fmancial management plans, documented in a preliminary report to City management in April, 1998. o In April and May, 1998, interactive work sessions were held with representatives of City management, Public Works Administration, Stormwater Utility management, and the Finance Department and Budget Office. During these sessions basic information was verified, forecast assumptions were agreed upon, the alternative fmancial management plans were refmed and narrowed to a relevant range for presentation to the City Commission, and a recommended plan was selected by City management. o Briefmgs on the alternative financial management plans were held for individual City Commissioners in May, 1998. o An ordinance based on City management's recommended financial management plan was prepared by City staff and the appropriate public hearings were scheduled on the City Commission agenda. o A presentation was made to the entire City Commission at a workshop session on July 13, 1998. o A presentation was made at the public hearing upon first reading of the ordinance during the City Commission meeting on July 16, 1998. o The ordinance was adopted upon second and final reading at the City Commission meting on August 6, 1998. Burton & Associates I I I I I I I I I I I I I I I I I I I City of Clearwater Stormwater Utility Revenue Su/TlCiency Analysis Page 3 Final Report The ordinancel increased the monthly stormwater utility fee from $3.00 to $4.00 per equivalent residential unit (ERU) effective October 1, 1998 and also adopted subsequent increases on each succeeding October 1 through October 1,2002, when the rate will be $4.73 per ERU. This rate plan provides sufficient revenue for the funding of a $30 million capital improvements program during the forecast period, with significant debt financing using 3O-year revenue bonds. This report documents the methodology and findings of the revenue sufficiency analysis, reviews the alternative financial management plans considered, and discusses the adopted plan in detail. System Overview The City of Clearwater implemented a stormwater utility fee in 1991 based upon a study conducted by a consulting engineer. The study recommended a plan, subsequently adopted by the City, whereby fees are levied on the basis of equivalent residential units (ERU's). An ERU is defined as the amount of average impervious surface per single-family residential parcel in the City. Ignoring slight differences among single-family parcels, the fee for a single-family residential customer is set at 1 ERU. The number ofERU's for a multi-family or commercial customers is determined by dividing the amount of impervious surface on the parcel by the amount of impervious surface defined to be in 1 ERU. Where drainage facilities that reduce stormwater runoffhave been constructed on a site, the number of billable ERU's for that site are reduced in accordance with the mitigation provided. In FY 1997, the average number ofERU's billed each month was approximately 96,000. The City accounts for its stormwater utility operations in the Stormwater Utility Enterprise Fund. Stormwater fees at the rate of$3 per ERU produced $3.45 million in fees during FY 1997, with another $20,000 generated from miscellaneous sources of income. Operating expenses requiring current resources (excluding depreciation) were $2.54 million and transfers out to other funds were $0.58 million, resulting in a recurring net increase in working capital of approximately $400,000. Historically, the System has funded its major capital requirements with current resources, limited to the amount of net cash flow available in each year. Debt financing has not been used except for five-year lease purchase agreements for vehicles, and the System currently has no significant long-term debt.2 For some time, City management had been concerned that the capital projects expenditures made possible by annual net cash flow under the original rates was insufficient to address significant and worsening flooding and water quality problems attnoutable to inadequacies in the stormwater management infrastructure. In response to that concern, System staff prepared a comprehensive 1 See Appendix n for Ordinance No. 6309-98 amending the Storm water Utility rates. 2 From City of Clearwater Comprehensive Annual Financial Report for Fiscal Year Ended September 30, 1997. Burton & Associates I I I I I I I I I I I I I I I I I I I City of Clearwater Stormwater Utility Revenue Sufficiency Analysts Page 4 Final Report survey of needed capital improvements. The total cost of projects in the survey exceeded $100 million. After an intensive review and prioritization of this master capital improvements program (CIP), and in consideration of the degree of increase in rates that would be considered acceptable by the System's customers, the five-year CIP (FY 1999 through FY 2003) was reduced to $30 million. CIP became the most significant financial factor influencing the outcome ofthe revenue sufficiency analysis. Methodolol!Y The analysis was performed using an interactive computer model that simulates the financial dynamics of a stormwater utility, customized for the specific fmancial policies, objectives, and economic environment of the City of Clearwater. The model uses assumptions regarding such variables as expected customer growth; automatic price index adjustments to rates; the effects of growth and economic inflation on operating and maintenance costs; the timing of any rate increases and bond issues; average earnings rate on invested cash balances in each year; debt issuance parameters such as costs of issuance, term, and interest rate; desired levels of working capital reserves; and desired debt service coverage ratios. A five-year fmancial forecast is developed by applying these assumptions to beginning fund balances, revenues, and expenses; other uses of fund such as transfers and capital expenditures; and other sources offunds such as impact fees. In the course of the analysis, the model tests for the sufficiency of revenue to meet the following tests: · Coveral!e. Net revenues (revenues less expenses) must be sufficient to meet the debt service coverage requirements defmed in the bond covenants (plus any discretionary buffer set by City policy).3 · Total fundinll. Total sources offunds must be adequate to cover total uses offunds. · Reserves. Total sources of funds must be sufficient to maintain required reserves and any working capital reserve established by City policy. If revenues are insufficient to satisfy any of these criteria, the model solves for the increase in rate revenue required to cure the insufficiency offunds. In addition, if after meeting all of the above requirements funds are inadequate to fully fund the City's capital improvements program, the model calculates the amount of debt fmancing needed and solves for the related annual debt service requirements and any resulting rate increase. Through a series of computational iterations, the optimal solution is found and the model balances. 3 Since the City's Storm water Utility has DO revenue bond debt, coverage requirements were estimated. Burton & Associates I I I I I I I I I I I I I I I I I I I City of Clearwater Stormwater Utility Revenue SuJJkiency Analysis Page 5 Final Report To develop a financial management plan, the results of an initial analysis, designated the "baseline", are examined for consistency with the utility's objectives. Alternative analyses ("scenarios") are then developed using variations in assumptions that are within the control of management, such as the timing of capital projects, scheduled rate increases, and the timing and nature of debt financing. From these alternatives the most desirable fmancial management plan is selected, determining the revenue requirements for the forecast period. Base Year Data and Baseline Forecast AssumJJtions Data for the FY 1998 base year is primarily drawn from the City's budget. However, budget data has been updated to the extent possible based on actual experience. The schedule below provides the baseline forecast assumptions used to initialize the model. Assumptions were developed based on the City's specific needs and circumstances, our experience with other utilities, and general economic conditions. All were discussed with staff. $IGNIFICANT FORECAST ASSUMPTIONS ....U&l.. 111II:-"'__ a.~I~ Te.....T1I! ___..-: AlrTOMATIC INCREASE CUSTOMER GRONTH - ",. "I' "'A "'A "'A '00'll SOO'll '.00'll '00'll "'A . 00'll '00'll '00'll . 00... "'A 2.50'1 2.50'1 2.50'1< 2 so... "'A 000... 0.00... 0.00'll 0.00... "'A 25 00'" 'OOO~ 100 00-.. 100 OCN 'OCLO~ 25 00'" 100 00% 100 00'4 100 00'% 100 0,", 10C 00% 100 OO"Mo A.MlIUAL IHCRUaES ......LII!D TO .lacI!LLAN~ UVI!NlRa ......u.&1.. INCIR...I.&U &.~"LIUI TO t>>.R&T1NO DHIA..' 'WtGROWfH RECOG"IZEO IN EXPENSES AN'l.lAl. _H COMPONENT NHJAL ~TION CC>>.IPOfEN'T TOTAL "_leD TO a_ AI:/CYTnft;A.. IV:R.EA.SES .AE~'rE h,~~~iO'" .00... .- 2 so... 000... au. PAY" 'A Y.-...& TD TO ....LaCT ..ur 8T-.t8 AIlD _ .....L'nl .......u.NCa AJIlO 'OR ....ION eOfltn:r.U11OIilI un tNCIlUM ...-c!.NT A4I or 'R.AA ... n INC.... .. ...,ecnYl: NltCblTA. Ofl TUJt.~ PVND8 AVAJLAllLII:: ~ ".NlNca UT&; .......... -.cCCH.wr ..". ..ID NOT ....0 .". ...ED -=we PUICJI ,..188l..-8) "T "'U&NCII:: "lTalllN'lCS ....""" al.lWTY "' OF DCaTUIIN"ICE) e&:8T .I~ ....~ P\.-.c (nAM OP Da"'INIW'I~ CN"IWJDD INT. 'Ie aoNCl aMONG fI\.IC) f't'SAIIII Of' .....1) \.lCllIIIM1IIIf1EM aaCOlMT t'Yt P'ArIQ o-n..lt coeTa or tMl..INtCI ...'~ c:oaT OP ~ l_l..IU.NC:a fill, P'MIa _... Of'.... (V1lAM1 ~""IIIIE'TMTI $.!5O"IJif. 5.50"10 C.!5O"IJif. J.$OIi. J.~ S ~ 5.SO% 5.so... o so... . so... ,.so... . so... 5.!SO-Ai $ ~ 4.~ J.~ 1.50% , so... 5.~ $.~ "",.5D% 3.~ '.5016. '.50"6 5~ 550% Cso-A 3~ 3~ 350% .._'ICANT ..eau.rr~ ... CAPIT... ABOVE REOOREO RE&ERVE& IPERCeIT c:s 0&/01 EXPENSEI 2500" BT selMa: RESERVE F\H)16 SET AT MAJUMl.III F\JTLR: ~ DE8l aERVK::E N/A , '.00... o.eo... 025'" 30 &.00... ..".... IIoi CD.... IfIClIudrI. ~"""8 ,.,.n4#'l .nd .11 ,...,.. ..m...", 'MWdIItf ...<<H ~ .rpe.....'" cc""P' ".alto,. eN QI".'" .,..,.tlftS' ..rpe...... .IGiICN. ""...,. M4 c.opll., out" ,., _1\lJClO fDf ,... ClOtI'N.", ',INn'" ,..'IMh.'.'" .""ClI,.,....~ ~rad....... II' _MCO ,.,,.,.ry,.. IX _lJllllmrvtJt9 ...u.I.~r_MU QUR'DCOVERAGE Pet"f" 120 ....~ DCED DfSCRETl:JNARY SlATER OTA.L COVERAGE TARGET Tr... I' no a..r~m oebt .""Of Fin,nong Plrame1el'l.nd c:o....n.I'I.._ M\mat.o .-nu.nn R.an tw n.....IT\M~...-=- e.a.~.a.L .l.ama:: _ -., ruocle ~1aL. ..,...,.,....,. P'UJ<<) 33.'3. sun ".". J.3."'tIi IJ..sn IJIJ" 33.3'. ~.3'J" IJIJ" ",S". 13.'"" IJIJ" General economic assumDtions. In general, the assumptions are conservative. We assume no growth during the forecast period, assume moderate interest earnings rates, and calculate debt service on new revenue bonds based upon a 6% interest rate, which is slightly higher than the current market rate. Debt financinJ! assumDtions. We have assumed that the City will issue 3o-year revenue bonds to fmanced Burton & Associates I I I I I I I I I I I I I I I I I I I - City of Clearwater Stormwater Utility Revenue Sl@.ciency Analysis Page 6 Final Report portions of the CIP that cannot be funded from current cash flow. Debt service requirements on this debt are assumed to commence immediately upon issue (no capitalized interest) and consist of level total annual payments of principal and interest, assuming that the principal amount includes a debt service reserve fund equal to one year's debt service and issuance costs equal to about 2% of par. Liauiditv assumDtions. We determined through discussions with staff that unrestricted fund balances (working capital reserves) should be maintained at a level equivalent to three months' operations and maintenance expense. This would provide working capital to operate the system if as much as three month's revenue were to be lost through a natural disaster. This working capital reserve also provides resources to mitigate or avoid rate increases resulting from unanticipated increases in system costs (for example, unscheduled replacement of critical components due to an operational failure). Debt service coverQ2e reouirements. Since the Storm water Utility System has no outstanding revenue bond debt, future debt service coverage requirements have been estimated at the 1.15 level required by the City's Water and Sewer System bond covenants, without adding any discretionary buffer. "Debt service coverage" refers to the ratio between Net Revenues (NR) generated through system operations and the required Debt Service Requirement (DSR) on revenue bonds (calculated as NRlDSR, and expressed as a decimal fraction, e. g. 1.25). The debt service coverage requirements will be part of the City's contract with purchasers of its stormwater utility revenue bonds, and will be included in the ordinances adopted by the City Commission when revenue bonds are issued. The ordinance governing a particular bond issue is included in the Official Statement given to prospective purchasers of the bonds; they therefore are construed to purchase the bonds based on their reliance on the City's maintenance of sufficient revenue to meet the coverage tests. We emphasize that debt service coverage will be measured according to defmitions included in the City's contractual agreement with its bondholders. It is an artifact of the measurement process, and its value as an objective economic indicator depends upon the perspective of the user. There may be other measures evaluated by the rating agencies and municipal bond insurance companies that will have importance for purposes of obtaining debt fmancing. The Rate-Setting Process Rates for government-owned stormwater utility utilities are set based upon the requirement of the utility for funds to pay the costs of the system. These costs fall into four major categories of expenditure: · ODerations and maintenance exDenses - the annually recurring cost of labor, supplies, and minor capital Burton & Associates I I I I I I I I I I I I I I I I I I I City of Clearwater Stormwater Utiltty Revenue SrQJiciency Analysis Page 7 Final Report items necessary for the day-to-day operation of the system and its maintenance in good working order . Transfer lXlyments to other funds - annually recurring payments made to other funds for services rendered, as a payment in lieu of taxes that would be required if the utility were investor-owned, or as compensation for the citizens' risk of ownership · Major caoital exoenditures - expenditures that (a) renew, replace or improve the existing facilities of the system or (b) add new facilities that expand the capacity of the system. These costs may be incurred either through current funding in cash or in payment of debt service on loans used to finance the expenditures. In the latter case, the system must also generate sufficient revenue to meet the debt service coverage requirements in its bond covenants (see discussion above) · Reserves - maintenance of reserves funds established by the bond covenants at the required levels, and the establishment and maintenance of sufficient unrestricted and unreserved fund balances to meet working capital requirements and to reasonably provide for unforeseen costs To pay these costs, the utility has three major resources: · Rate revenue - receipts from charges to users for the provision of Stormwater Utility services · MisceZ/.ane()us revenue - receipts from special charges for specific services rendered, other ongoing services such, late payment charges, and interest on investments · Impact fees (system development charges) - fees charged to new customers to offset the cost of their impact on the system. Impact fees are restricted to the payment of capital costs incurred for the funding of facilities that increase the capacity of the system. The City of Clearwater has not established a Stormwater Utility impact fee. In its simplest form, rates for any given forecast year are set as follows: Less: li!ss: Equals: Divided bv: Equals: Total annual cost requirements MisceZ/.ane()us revenue Imood fees used to DaV caDital costs Total revenue requirements from rates Current revenue eenerated from rates Prooortionate (%) increase reauired Current Rates and Rate Revenues Stormwater Utility Fees. Prior to the implementation of the revised rates on October 1, 1998, the System's Stormwater Utility Fee of $3 per ERU produced Burton & Associates I I I I I I I I I I I I I I I I I I I City of Clearwater Stormwater Utility Revenue Sufju:iency Analysis Page 8 Final Report approximately $3.45 million per year, as reflected in the FY 1998 budget. However, a recent court case has indicated that the City may not be able to continue collection of Stormwater Utility Fees from the Pinellas County School Board. After consultation with the City Attorney, as a measure of conservatism revenue from this source was reduced by $43,000 in FY 1998 (reflecting a partial year's uncollectible amount) and by approximately $100,000 in FY 1999. Subsequent year projections assume a reduction commensurate with projected rate increases. The City's comDetitive DOsition. An important goal of any pricing decision is market acceptability. That is, the price of whatever is being sold must be acceptable to potential customers. Where there is open competition to provide a product or service, the necessity for market acceptability is clear. Stormwater utility services are provided in a noncompetitive environment. Nevertheless, a utility's customers are generally aware of rates charged by other systems. An important test of market acceptability, therefore, is to answer the question: Would our average customer pay more or less/or storm water utility services ifresiding in the service area of other comparable utilities? Clearwater's original monthly Stonnwater Utility Fee of $3.00 fell into the lower half of a group of comparable utilities in the local area and across the State. Of the four utilities in the local area, Clearwater fell in the middle. Monthlv Storm water Fees per ERU $8.00 $6.00 $4.00 $3.00 $2.00 G) G) G) G) $0.00 ~ ~ if 1/ ~ ., ~ ~ I .;J ~ q: ~ ~ c1 <f ~ cr ~ ~ c! cJ ~ Burton & Associates I I I I I I I I I I I I I I I I I I I - City of Clearwaw- Stormwawr Utility Revenue SuJTzeiency Analysis Page 9 Final Report Other Revenues and Sources of Funds General. Other operating revenue sources for the System are not significant, totaling $42,000 from late payment charges and a reimbursement of workers' compensation insurance premiums. Interest Income. The System generates significant annual interest income, primarily from construction funds accumulated in the Capital Improvements Fund of the City. FY 1998 interest is estimated at $200,000. Throughout the period. as the $30 million CIP is implemented, this increase to a maximum of about $400,000 in FY 2002, averaging about $300,000 annually. To reiterate, this results from deposits to the Capital Improvements Fund as funds are appropriated for capital projects and then held during the planning, design and construction 0)' OcaeaNeler.Fkrila SlonnVolllerUiliry Enle~e Fund Revenue Account Balance Available for Appropriation "p"mb.,30, 199T (.) 8/8/98 CIP tUO MILLION) UN"UTRlCTI!D CU""~NT ASS~Ta: CASH ON HAND AND IN BANKS - EOUITY IN POOLED CASH /INVEST. 62",000 TOTAL RECEIVABLES, NET "'2,000 DUE FROM OTHER FUNDS 1,894,000 DUE FROM OTHER GOVERNMENTS - INVENTORIES - PREPAID EXPENSES AND OTHER - TOTAL 52,960,000 CU""~NT L1ABILITlU PAYABLII'''OM UN"UTlUCTI!D CUIlIlIINT A&S~TS: ACCOUNTS/CONTRACTS PAYABLE 528,000 ACCRUED PAYROLL "2,000 ACCRUED COMPENSATED ABSENCES 31,000 CURRENT PORTION, NOTES AND OTHER SHORT -TERM DEBT 31,000 TOTAL 5132,000 UN"UT"ICRD WO"K1NG CAPITAL 12,828,000 ADJUSTMIINTa: 1 DEDUCT UNBILLED ACCOUNTS RECEIVABLE (283,000; 2 DEDUCT DUE FROM ctF OBLIGATED FOR PAST PROJECTS (16,000; 3 ADO: V<<>RKING CAPITAL CLASSIFIED AS RESTRICTED, BUT AVAILABLE FOR ctp 1,252,000 .. ADD: ACCRUED COMPENSATED ABSENCES 31 ,000 5 ADO: CURRENT PORTION. SHORT-TERM DEBT 31,000 UN"lST"ICRD WO"K1NG CAPITAL AVAILAILI '0" A"ItO'''IATION U,843,00O (8) Accounl belancesfrom Comp18han8Ve Annual Flnenclel Report, Fllea! Vear 1997. Source: Bur1Dn & Assoc:l.tes C\13DAT A'CLIN'STORM'CLWSTM5WK4 1 0113118 period. Fund Balances at the Be2inninl! of the Period. Fund balances available for appropriation at the beginning of the period are defined as the System's current assets, less Burton & Associates I I. I I I I I I I I I I I I I I I I I City of Clearwater Stormwater Utility Revenue Sufficiency Analysis Page 10 Final Report current liabilities, on September 30, 1997 (beginning of FY 1998), adjusted as shown on the preceding page:4 Malor System Costs DurinJ! the Forecast Period Overations and Maintenance (O&M) ExDenses. O&M expenses represent the annually recurring cost oflabor, materials and supplies, and minor capital items required to operate the system and maintain the level of service demanded. Including the cost of engineering services provided by the General Fund, O&M expenses are expected to total approximately $2.75 million in FY 1998. During the forecast period after FY 1998, it was assumed that in general O&M expenses will grow at an inflation rate of 3% annually. In addition. it was assumed that pay and pay-related benefits would increase by an additional 2.5 % (total of 5.5 %) annually to reflect the City's merit pay system. health insurance costs were estimated to increase by an additional 4% (total of7%) per year, based on the City's past experience. In total, application of these rates of increase to the appropriate expenditure items results in an average annual compound rate increase in total O&M expenses of 4.53 % during the forecast period. Debt Service. There is no debt service on revenue bonds at the beginning of the period. In subsequent years, new debt flllancing is amortized through level payments over thirty years as described in the section above describing the economic assumptions used in the forecast. Assuming the issuance of bonds in every year, annual debt service increases from $215,000 in FY 1999 to $1.825 million in FY 2003. Transfers. Operating transfers to the General Fund are calculated, in accordance with City policy, as 4.5% of total revenue from two years prior. The transfer increases from $155,000 annually at the beginning of the period to $211,000 in FY 2003. Capital Exvenditures. The system's capital improvements program (CIP) for the forecast period, totaling $30 million, is shown on the following page. The Friendly Village of Kapok Project, an infrastructure flood mitigation project, recommended by Alligator Creek Watershed Plan, is by far the most significant project at a total cost of over 4 Notes to adjustments: I Included in cash flow. 2 Obligation not included in restricted cash. 3 Obligations at 9/30/97 subsequently released. 4 Does not affect cash flow. 5 Included in cash flow. Burton & Associates I I I I I I I I I I I I I I I I I I I City of Clearwater Stormwater Utility RevenlU? Sl(/Jiciency Analysis Page 11 Final Report cm'oFClL~WAHR, FWRIDA STOR~'ATER tin.rry SYSTEM CAPITAL IMPROVEMENTS PROGRAM (SCHeDULeD TRA.....as TO CAPITAL IwttOVl!IRNTS PUND) PROJ!CT TOTAL PROJECT NAME 2002 2003 1199 2000 2001 _!.~.~I~.!~I~.~!!..~~~.~~Y..~~~~~~..~!.~P.!?! ._...!~.~...~..._.!.'!.~.~.:~_!5.~~~?~~0 _.!.~;'!~~~.E__~~.~~.~~~_~. Z3 000 815 Brookside Driw $23.000 - - - - =::::::::~:~~:~~::~~~:~(~:~:~:~~~:~~=~..l--'=:==--===::::::~~:~p..:~~~:::-~=:==~:====::=::=:::~:::::=:=:=:=:=~===:==~~=:::::: _.....~I~.~~I~~..~~.~.~~~.~.~!~~......................................~.~.:~!?:~!?...~~:!?!?.Q:!?!?.Q.....E:~!?.'.~!?......~!!!QQ:!?!?.Q....._...::..__..... 215.000 1264 Burma; M:lreland and Summerlin $285.000 - - - - -....i.3.1s.0oo..Sti).m;..t5lpe..Sysie.n;.lm.prol.emeii.jS.......................{950:000.........SS2.S:000.._.-Ssoci:oOi:r-ssM:ooo-.--fsoo:ooo. -......'3'eo:o.oo..Ciike.Bi:iiie.we.ouila.jj.fn;p.rowmeiiiS.-.-....-....-.:-.........-..-.:::............-..S39Ci:OOO..-.......:::.............-......:............ ..........2'00 ;ooo"ste'.;e'ri'S' orl.C.reekiNaie.rshed..........................--..{20iY:ooo............:::.......................;:,.......................:::.-...................:............ -.......,.oi:i;ooo..FiiiiWOOCi.PW.nue.8ilcige........-....-.......----........-::.:.............-...S19ti:OOO.-..S31Cj.:OOO.......-...:::--.-..--,,:............ ~:~:::::~:~:::~~w.~~:=~:=~~=~=::=~~:::::===:...:~=::::::~~::@:::~=::.~:.~:=-.::~~::~:::::::::::~~~=~::::::.~........=:::~::=::::::: .....m..~.~~J.~!!..~~~.~~r.'...3.'?~~............m...........m............................-::....................~~.?~:!?!?Q............::...m......._........::_.....m_.._.._....::............ _..........!~J.~!!..~!:1.~P.~.~.~.~~.':t.~.~.~.~~~..'?!.~~~.':!~!.~................~!.~.'Qg!?..._-:....._...__.. - -----=--- 100,000 Cooper's Point $100.000 - - - - =::::~:;~::~;:~~::~:~=!jt~::~~)!.~~:~~:=--=~-=:::::=-~=::::::::~:~:;~P:.:~P:::~~=~..2~~~~-===:::~=====:~-=~=:::::::::::~:::=::::::: -......2'io:ooo..C'feiiiWiiter'i=i1gh.SCFiool'l5emo $'230','Cioo - ..........S'oo;o.oo..Mapie.Swam.p .Rehabiiiiati.on................................$300.:000........_-:::............-.........:............-..-..:::......................-;:,..--..... :::=:::::~:~~;~~~::~:.:~#~~~::~~~:~t:~e~~!=::::=:~~:~~:!~:?~:;~::._._.:::.............__....~====:=-~':::.......__.:__..:: .......~,!!.~.~,9.~!!..~.~.~.~!:1..~.~~.~.!?~~~~......_......m...................!~~!?:.~.........~~.~Q:~........!~Q!?.'.~......~!!!?!?.Q:!?!?.9.............::............ $30.000,000 ",731.000 ....012.000 $11,717,000 $15,112,000 11,711,000 $10 million and project activity stretching over five years. The project includes land acquisition and a flood attenuation basin required before numerous upstream, basin.wide flooding problems can be resolved. Next in significance with a total cost of $8.5 million over four years is the Pierce Street Downtown Project. This project will enlarge the existing retention facility to resolve flooding for eight individual property owners, improve water quality and enhance downtown aesthetics. Other significant projects include storm pipe improvements system-wide, with a cost over five years of $3.4 million; correction of significant erosion along an open drainage channel which has migrated outside of City easement lines and is threatening to damage private property from Arcturas Pond to Gulf to Bay Blvd. ($1.3 million); and the Stevenson Creek Dredging Project, an environmental restoration project targeting the removal of excess organic debris which has accumulated in the estuary due to significant channel modifications and intense development of the upstream portions of the watershed ($2 million). Financial Management Plan Scenarios In consultation with City management and staff during the interactive sessions and through subsequent discussions with staff, three fmancial management plan scenarios were Burton & Associates I I I I I I I I I I I I I I I I I I I - City of Clearwater Stormwater Utility Revenu.e Sufficiency Analysis Page 12 Final Report Funding a $30 million Capital Improvements Program every 5 years lifter FY 2003 would requIre a perpetual annual lilte Increase of from 11% to 11.5% (depending on the rates IIdopted during the period FY '99 - FY '03). 99 00 01 02 03 Tolal 00% 1.1% 29.5% 129<" 7.3% 586% ~r $4.78 '03 ~r $4.91 '03 99 00 01 02 03 Total 99 11.1% $3.33 00 11.1% .~ 01 11.1% Level ad 02 11.1% infinitum 03 11.1% $5.08 Tota' 693% '03 99 00 01 02 03 Tola! o To $4 In 33.3% "99, 4.3% then 4.3% level 43% 4.3% 57.8% f Level 99 10.4% $3.31 during I forecast 00 10.4% .~ 0- 01 10.4% 02 10.4% 03 10.4% $4.92 Tota' 641% '03 prepared for consideration by the City Commission (see graphic above). The basic assumptions underlying each scenario were those discussed previously. The scenarios differ only in the timing and magnitude of rate increases in each year. All provide sufficient revenue to meet all projected System cost requirements during the forecast period, including the $30 million CIP shown above. For comparative purposes, a "Baseline" scenario (#1) using a "natural" rate plan (one in which rate increases emerge when needed, and only when needed, without intervention by the City). In this scenario, rate increases from year to year are very volatile. In order to demonstrate the effect of the loss of storm water fees from the Pinellas County School Board, an additional "Baseline" (#2) was shown for comparative purposes. This shows that the overall increase in rate revenue during the period increases from 58.6% to 63.7% because of the loss of the income from the school system. Scenarios #3, #4, and #5 represented viable decisions for the City Commission. In #3, the monthly rate per ERU is increased immediately (October 1, 1998) from $3.00 to $4.00. This allows subsequent annual increases during the period to fall to 4.3%, approximately Burton & Associates I I I I I I I I I ,I I I I I I I I I I City of Ckarwater Stormwater Utility Revenue SulJkiency Analysis Page 13 Final Report the level of assumed annual inflation in operations and maintenance costs during the period. Because the early influx of revenue creates more interest earnings, this scenario has the advantage of ending the period with the montly rate per ERU at the lowest level of the three alternatives ($4.73). Scenario #4 provides equal annual increases of 10.4% during the entire period. The immediate effect is to increase the monthly rate per ERU from $3.00 to $3.31; at the end of the forecast period, the rate would be $4.92. Scenario #5 provides equal annual increase of 11.1 %. This annual increase, if continued in perpetuity, would provide sufficient funding to absorb a $30 million CIP every five years, thus anticipating virtual accomplishment of the System's entire $100 million in capital needs over three five-year cycles. At the end of the period, the $5.00 monthly fee per ERU is the highest of the three alternatives. City management recommended Scenario #3 for the following reasons: · The Storm water Fee had not been increased since its inception in 1991. It seemed appropriate, therefore, to provide for an immediate "catch-up" increase to make up for the effects of inflation over the intervening period. · This alternative provides the lowest rate at the end of the forecast period. · An immediate increase of 33% (from $3 to $4) will send strong signals to the credit markets regarding the City's commitment to the five-year plan offmance. · After the first increase, rate increases return to a level approximately equal to inflation, allowing customers to absorb the impact slowly over a number of years. Acting on management's recommendation, the City Commission on August 6, 1998 unanimously adopted an ordinance reflecting the rate increases in Scenario #3. Burton & Associates I I I I I I I I I I I I I I I I I I I City of Clearwater Stormwater Utility Revenue Sufficlenq Analysis Page 14 Final Report A 1>1>endix I Full Set of Schedules for Adopted Financial Management Plan Burton & Associates I I I I I I I I I I I I I I I I I I I c I :It < :E e Ial ~ l- S ~ '"' rI.l lie: Ial - I- .J < - ~ ~ ~ ~ < Ial Ial !- .J < V ~ '"' :E o ~ ... 0 t: l- V rI.l ~ i a ~ ~ m ~ .... m Q ~ e? ~ i i:: ~ ~ 8 ~ E ro ~ i u ~ ~ @ i 8 CJ = ; ~ &&;; ~ t1 ! ~ ~ t1 u ! i III -~ Z :5 o ~ ~ ~ Ii .. ! ~ ~II:' !: i U ..1 . III I ! . I I ;5j i 0 ii' I ~ f"t!,,) ~a D:: A-' I 1 I I 01 , ~ IN!,,) Igw Nd f ~. ~I 118~ IENo III' D:: Ii: A-i i 25 ! i~ 0 'g: ~ I~ ~ frl I~ Nd I~ f I 0 I ~ ! g: frl I i~d .: D:: ~ A- lii I ~ ! ~ ~ ~ Ig 1-' ...:J ~ II) y ~ ~ ... ~, cJ I I I ~' ~. ~'II I 88~":": ~ ::., ::. ::ii : i" I";": , .. I ~ . I ~. ~ ~'II I :!~~."; . N"''''!. 5l .,.: ~"I 0 .. it .. :: I ;: . ~, ~. ~.II ~1~"'f'i.. ;I';~. 1'1 ....... ;i I I ~I 8. ~] I ~'~~'.". 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I I I I I I I I I I I I I I I I I I I City of Clearwater Stormwater Utility Revenue SzifJiciency Analysis Page 15 Final Report Appendix II Ordinance no. 6309-98 Adgpting increases in the Stormwater utility Fee Burton & Associates I I I I I I I I I I I I I I I I I I I ORDINANCE NO. 6309-98 AN ORDINANCE OF THE CITY OF CLEARWATER, FLORIDA, RELATING TO THE SCHEDULE FOR STORMWATER UTILITY RATES; AMENDING APPENDIX A, ARTICLE x:xN PUBLIC WORKS-FEES, RATES AND CHARGES; SECTION (3)(e) STORMWATER MANAGEMENT UTILITY RATES, CLEARWATER CODE OF ORDINANCES; PROVIDING AN EFFECTNE DATE. BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF CLEARWATER. FLORIDA: Section 1. Appendix A, Article XXV, PUBLIC WORKS-FEES, RATES AND CHARGES, Section (3)(e) Stormwater Managemeni Utility Rates, Clearwater Code of Ordinances, is amended as follows: (3) Rates: (e) Stormwater management utility rates. The stormwater management utility rates shall be based upon the revenue requirements for the construction, administration, management, engineering, operation and maintenance of the stormwater management system, and the adopted capital improvement program funding needs of the system. For the purposes of these rates, the terms shall have the meanings set forth in section 32.242 or, if not defined in section 32.242, in sections 32.002 or 1.02. 1. Basic rate. The rate per month for one equivalent residential unit or ERU shall be established as specified beloN: :1t $3.00 per ERU per month. Per ERU 10/1/98 ~ Effective 10/1/99 10/112000 J4.17 $4.35 10/112002 $4.73 10/112001 ~ 2. Residential property fees. The monthly fee for each residential property shall be: Single-family... ...... ....... 1 ERU/dwelling unit Duplex units ................ 1 ERU/dwelling unit Condominium units ....... 1 ERU/dwelling unit Apartments ......... ... ...... 1 ERU/dwelling unit Mobile homes .............. 1 ERU/dwelling unit OrdinaDce 6309-98 20 I I - I' I I I I I I I I I I I I I I I I - 3. Nonresidential property fees. Nonresidential property shall be charged on the basis of the impervious area of the property in accordance with the following formula: Impervious area (sq. ft.) divided by 1,830 sq. fL = Number of ERl1s. A minimum value of 1.0 ERU shall be assigned to each nonresidential property. The impervious area of each nonresidential property shan be as determined by the city engineer. ERU's shall be rounded to the nearest one-tenth of a unit. 4. Undeveloped property. Stormwater management utility fees shall not be levied against undeveloped property pursuant to this article. Section 2. This ordinance shall take effect immediately upon adoption. PASSED ON FIRST READING PASSED ON SECOND AND FiNAl READING AND ADOPTED July 16. 1998 Rita Garvey, Mayor-Commi joner Attest: ~~~I!j<~ Fyn la . Goudeau, City Clerk .. ^-I:_____. .:.,"" no I I I I I I I I I I I I I I I I I I I City of Ckarwater Stormwater Utility Revenue SuJJkiency Analysis Page 16 Final Report A llllendix III Presentation to the Cit:r. Commission at the July 13, 1998 Workshop ~ Burton & Associates _ _ --.::r--_I';' '",- I I I I I I I I I I I I I I I I I I I ~ ~ c w ~ C o U ...c u ~ CU E ~ ~ 8 QJ o '"' 0... t; ~ '" '"' 0 0... >-. t; ;: ~ ~ CU tI'.l ~ .~ c: _ t t.t .~ QJ o~;;s- ... . E ""'C 0... QJ ~ ~ QJ 0 0... tI'.l ~ ..... \I) E:3 ;: J:l ~ \I) ""'C ~ '" ~ 0-1 QJ C C i2 .~ '0" ~'"5 0 =.~ E~ QJ ~ .~ ~ e- ~ "'i ~:c~~~~a- . ...... ~I ~I ~ :' QJ 0-1 ' 0-1 ._ CU ..... ~ ';j E ::J '"' o 0-1 tI'.l ~ ~ '"' c::: QJ 0-1 W cu ~ ::J ~ C ~ 0 ;.:... U 1" - " If c.. 0.0 ~ . ....,j ~ ~ <l) (/) I <l) ~ ~ ~ <l) ~ ~ . . . . . 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