HomeMy WebLinkAboutItem 07 First Reading of Ordinance for FY 2020 Budget Amendment 40-Arr
ocoe
florida
AGENDA ITEM COVER SHEET
Meeting Date: April 20, 2021
Item # 7
Reviewed By:
Contact Name: Rebecca Roberts Department Director: Re c s
Contact Number: 1520 City Manager:
Subject: FY2020 Budget Amendment
Background Summary:
The City Commission adopted an annual operating budget for the City on September 23, 2020. Subsequent to
the adoption of the budget staff identified the need for additional appropriations in the General Fund, the Storm
Water Fund, Water Fund and the Wastewater fund. These appropriations are being presented at this time in lieu
of delaying completion of capital projects (City Hall, downtown streetscapes and utility work, Clarke Road design
and construction) until funded in next year's budget. There are also Water/Wastewater appropriations
recommended related to emergency line repair costs.
The total General Fund budget adopted at that time was $52,988,188.
• Street Operations requires an additional $1,633,296 appropriation to cover the planned costs to complete
the Oakland Avenue Phase II —Taylor to Bluford downtown project.
• General Government requires an additional $4,975,000 appropriation for:
o An interfund loan of $4,250,000 to the Stormwater Fund to cover a portion of the costs of
constructing the Master Stormwater Pond. The loan allows the City to fund this planned project
internally. The inter-fund loan will be repaid at the prevailing rate of interest over 10 years.
o $725,000 for downtown property acquisitions.
• Police Operations requires $56,000 for the replacement of a K-9 unit recently damaged in an automobile
accident. All or a portion of the expenditure will be reimbursed by insurance proceeds. Should the
insurance company determine the vehicle is repairable, funds will be used for repair only.
The Transportation (Road) Impact Fee fund adopted a budget of$2,503,287. The fund requires an appropriation
of $4,634,480 for the design and construction of the Clarke Road widening project as described by the third
amendment to the Development Agreement of the Arden Park PUD
The Stormwater Fund adopted a budget of $4,493,123. The Stormwater Fund requires an additional
appropriation of$2,900,000 to cover the remaining costs of the Master Stormwater Pond not covered by the inter-
fund loan.
The Water/Wastewater fund adopted a budget of$14,902,173. The Water/Wastwater fund requires an additional
appropriation of $1,358,000 to cover the costs of planned projects which have moved forward ahead of schedule
and to reimburse the R&R fund for unforeseen expenditures related to the force main rupture at Clarke Rd. and
the failure of a clarifying rod.
Adopting this budget amendment will not affect millage rates nor utility fees charged to customers.
Issue:
Should the City Commission approve additional appropriations for the General Fund of $11,298,776, the
Stormwater Fund of $2,900,000, the Transportation Impact Fee fund of $4,634,480 and $1,358,000 for
the Water/Wastewater Fund. The loan between the General Fund will be repaid at the prevailing rate of
interest over 10 years.
Recommendations:
Staff recommends the City Commission approve additional appropriations for the General Fund of
$11,298,776, the Stormwater Fund of $2,900,000, the Transportation Impact Fee fund of $4,634,480
and $1,358,000 for the Water/Wastewater Fund.
Attachments:
Detailed budget adjust schedule
Loan Amortization Schedule
Financial Impact:
This amendment to the budget will have a ($2,214,296) impact to the General Fund balance, a
($2,900,000) impact on the Stormwater Fund (fund) balance, a ($4,634,480) impact on the
Transportation (Road) Impact Fee fund, and a ($1,358,000) impact to the Water/Wastewater Fund
balance. The loan between the General Fund and the Stormwater Fund does not have an immediate
impact on those fund balances.
All of these allocations were anticipated by staff and sufficient funds are available to move these
projects forward at this time.
Type of Item: (please mark with an x)
Public Hearing For Clerk's Dept Use:
Ordinance First Reading Consent Agenda
Ordinance Second Reading Public Hearing
Resolution Regular Agenda
X Commission Approval
Discussion&Direction
Original Document/Contract Attached for Execution by City Clerk
Original Document/Contract Held by Department for Execution
Reviewed by City Attorney N/A
Reviewed by Finance Dept. won o��p N/A
Review ed by ( ) N/A
2
Schedule of Budget Amendments
Budget Year2020/2021
Stormwater Fund
Downtwon Master Plan Implementation (2,900,000)
(2,900,000)
General Fund
Downtwon Master Plan Implementation (6,608,296)
Repair/Replace K9 Vehicle (56,000)
(6,664,296)
Transportation Impact Fee Fund
Clark Road Widening Project (4,634,480)
(4,634,480)
Water/Wastewater Fund
Downtwon Master Plan Implementation (385,000)
Utility Service area improvements/replacements/annexations (473,000)
Reimburse R&R Fund (500,000)
(1,358,000)
Loan Amortization Schedule
Inter-Fund Loan from the General Fund to the Stormwater Fund
Loan amount $ 4,250,000.00
Annual interest rate 1.90%
Loan period in years 10
Start date of loan 9/1/2021
Monthly payment $ 428,709.82
Number of payments 10
Total interest $ 37,098.25
Total cost of loan $ 4,287,098.25
Payment Beginning Ending
No. Date Balance Payment Principal Interest Balance
1 10/1/2021 $ 4,250,000.00 $ 428,709.82 $ 421,980.66 $ 6,729.17 $ 3,828,019.34
2 11/1/2021 $ 3,828,019.34 $ 428,709.82 $ 422,648.79 $ 6,061.03 $ 3,405,370.55
3 12/1/2021 $ 3,405,370.55 $ 428,709.82 $ 423,317.99 $ 5,391.84 $ 2,982,052.56
4 1/1/2022 $ 2,982,052.56 $ 428,709.82 $ 423,988.24 $ 4,721.58 $ 2,558,064.32
5 2/1/2022 $ 2,558,064.32 $ 428,709.82 $ 424,659.56 $ 4,050.27 $ 2,133,404.76
6 3/1/2022 $ 2,133,404.76 $ 428,709.82 $ 425,331.93 $ 3,377.89 $ 1,708,072.83
7 4/1/2022 $ 1,708,072.83 $ 428,709.82 $ 426,005.38 $ 2,704.45 $ 1,282,067.45
8 5/1/2022 $ 1,282,067.45 $ 428,709.82 $ 426,679.88 $ 2,029.94 $ 855,387.57
9 6/1/2022 $ 855,387.57 $ 428,709.82 $ 427,355.46 $ 1,354.36 $ 428,032.11
10 7/1/2022 $ 428,032.11 $ 428,709.82 $ 428,032.11 $ 677.72 $ 0.00
ORDINANCE NO. 2021-
AN ORDINANCE OF THE CITY OF OCOEE, ORANGE COUNTY, FLORIDA,
RELATING TO THE CITY BUDGET; AMENDING THE CITY BUDGET ADOPTED
BY ORDINANCE 2020-23 FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2020
AND ENDING SEPTEMBER 30, 2021 BY PROVIDING FOR INCREASE OF
APPROPRIATIONS; PROVIDING FOR SEVERABILITY; PROVIDING AN
EFFECTIVE DATE.
SECTION 1. Authority. The City Commission of the City of Ocoee has the authority to
adopt this Ordinance pursuant to Article VIII of the Constitution of the State of Florida, Chapter
166 Florida Statutes, and Section C-38 of Article VI of the Charter of the City of Ocoee.
SECTION 2. Intent and Purposes. The City of Ocoee budget for the Fiscal Year
beginning October 1, 2020, and ending September 30, 2021, as adopted by Ordinance 2020-23 is
hereby amended as follows:
Increase of appropriations totaling $6,664,296 in the General Fund, increase of
$2,900,000 in the Stormwater Fund, and increase of $4,634,480 in the Transportation
(Road) Impact Fee fund, and an increase of$1,358,000 in the Water/Wastewater Fund as
shown in detail, attached hereto and incorporated herein by reference are hereby
confirmed, adopted and approved in all respects by the City Commission of the City of
Ocoee.
SECTION 3. Appropriations. There are expressly appropriated out of anticipated
revenues and monies necessary to meet the supplemental appropriations stipulated by and in said
amended final budget.
SECTION 4. Severability. If any section, subsection, sentence, clause, phrase or portion
of this Ordinance is for any reason held invalid or unconstitutional by any court of competent
jurisdiction, such portion shall be deemed a separate, distinct and independent provision and such
holding shall not affect the validity of the remaining portion hereto.
SECTION 5. Effective Date. This Ordinance shall become effective ten (10) days after
its passage and adoption.
ATTEST: APPROVED:
CITY OF OCOEE,FLORIDA
Melanie Sibbitt, City Clerk Rusty Johnson, Mayor
(SEAL) Advertised
Read First Time
Read Second Time and Adopted
FOR USE AND RELIANCE ONLY BY THE
CITY OF OCOEE,APPROVED AS TO FORM APPROVED BY THE OCOEE CITY
AND LEGALITY,THIS DAY OF COMMISSION AT A MEETING HELD
,2021. ON , 2021
UNDER AGENDA ITEM NO.
SHUFFIELD LOWMAN&WILSON,P.A.
By:
City Attorney