Ordinance 06-2014 Budget ORDINANCE NO. 6-2014
AN ORDINANCE OF THE TOWN COUNCIL OF THE TOWN OF
PALM BEACH, PALM BEACH COUNTY, FLORIDA, PROVIDING
FOR AN AMENDMENT TO THE TOWN'S BUDGETS ADOPTED
FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2013,
PROVIDING AN EFFECTIVE DATE.
WHEREAS, it was necessary for the Town of Palm Beach to adopt budgets for the fiscal
year commencing October 1, 2013; and
WHEREAS, the Town Council of the Town of Palm Beach, Florida, deems it necessary
and appropriate to amend said budgets to provide appropriations adequate for the authorization
of expenditures necessary for conducting Town operations for the fiscal year ending September
30, 2014; and
WHEREAS, the budget amendment is necessary to record the bond proceeds and fund
the capital expenditure costs associated with the proceeds from the 2013 Bond issue; and
WHEREAS, the budget amendment is necessary to fund the FY2014 debt service
payments associated with the 2013 Bonds; and
WHEREAS, the Town Council must take action to put in place an ordinance to amend
the budget.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF PALM BEACH,PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1. The foregoing recitals are herby ratified and confirmed.
Ordinance No. 6-2014 Pace 1 of 2
Section 2. The Town of Palm Beach Budgets for the fiscal year commencing October 1,
2013, is hereby amended and adopted pursuant to the attached Exhibits "A - D", attached
hereto and made a part of this ordinance.
Section 3. Effective Date. This ordinance shall take effect immediately upon
passage and approval as provided by law.
PASSED AND ADOPTED in a regular, adjourned session of the Town Council of the Town of
Palm Beach on first reading this 14th day of January 2014, and for second and final reading on
this 11th day of February 2014.
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Ef'ai L. Conig'io, Mayor 4 Robert N. Wildrick, Town Council President 1
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William . ►pi amond, Council President Pro Tern
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Richard M. Kleid, Town Council Member
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ATTEST: chael Puci Jo Tow Co ncil Membe _ ,1
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411.san A. Owe MMC, Town Clerk PenelopeTownsend, own Council Member
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Ordinance No. 6-2014 Paae 2 of 2
Exhibit A
Town of Palm Beach, Florida
2013 Bond Proceeds Construction Fund Revenues and Expenses (314)
Budget Amendment
October 1, 2013 through September 30, 2014
Adopted Ordinance Amended
Budget No. 6-2014 Budget
FY2014 Amendment FY2014
Revenues
Investment Earnings - 90,000 90,000
Bond Proceeds - 58,494,720 58,494,720
Total Revenues - 58,584,720 58,584,720
Expenses
Bond Closing Costs - 346,900 346,900
Capital Projects - 18,738,000 18,738,000
Transfer to Recreation Enterprise Fund - 1,250,000 1,250,000
Transfer to Coastal Protection Fund - 11,900,000 11,900,000
Total Expenses - 32,234,900 32,234,900
Revenues Over/(Under) Expenditures - 26,349,820 26,349,820
Beginning Net Assets - -
Ending Net Assets - 26,349,820
Exhibit B
Town of Palm Beach, Florida
Comprehensive Coastal Management Project Fund (309)
Budget Amendment
October 1,2013 through September 30, 2014
Adopted Ordinance Amended
Budget No.6-2014 Budget
FY2014 Amendment FY2014
Revenues
Investment Earnings 30,000 30,000
Transfer from Equipment Replacement Fund 2,858,913 2,858,913
Transfer from Risk Fund 2,000,000 2,000,000
Bond Proceeds 11,960,000 11,960,000
Grants/Local Revenue 200,000 200,000
Transfer from General Fund 4,200,000 - 4,200,000
Total Revenues 21,248,913 - 21,248,913
Expenditures
Current Year Projects 22,136,000 22,136,000
Transfer to Debt Service Fund - 295,100 295,100
Total Expenditures 22,136,000 295,100 22,431,100
Revenues Over/(Under) Expenditures (887,087) (1,182,187)
Beginning Fund Balance 14,246,806 14,246,806
Ending Fund Balance 13,359,719 13,064,619
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Exhibit C
Town of Palm Beach, Florida
Recreation Enterprise Fund Revenues and Expenses
Budget Amendment
October 1, 2013 through September 30, 2014
Adopted Ordinance Amended
Budget No. 6-2014 Budget
FY2014 Amendment FY2014
Revenues
Charges for Services 4,981,300 4,981,300
Investment Earnings 3,100 3,100
Transfer from Bond Proceeds Fund - 1,250,000 1,250,000
Total Revenues 4,984,400 1,250,000 6,234,400
Expenses
Salary and Wages 1,297,373 1,297,373
Employee Benefits 542,314 542,314
Contractual 1,379,400 1,379,400
Commodities 246,900 246,900
Capital Equipment 80,200 80,200
Capital Expenses - -
Depreciation 597,900 597,900
Transfer to General Fund 885,000 885,000
Transfer to Debt Service Fund 126,300 31,000 157,300
Contingency 249,220 249,220
Total Expenses 5,404,607 31,000 5,435,607
Revenues Over/(Under) Expenditures (420,207) 1,219,000 798,793
Beginning Net Assets 3,154,816 3,154,816
Ending Net Assets 2,734,609 3,953,609
Page 1
Exhibit D
Town of Palm Beach, Florida
Debt Service Fund Revenues and Expenditures (205)
Budget Amendment
October 1, 2013 through September 30, 2014
Adopted Ordinance Amended
Budget No. 6-2014 Budget
FY2014 Amendment FY2014
Revenues
Investment Earnings 500 500
Transfer from General Fund 6,100,000 6,100,000
Transfer from Recreation Enterprise Fund 126,300 31,000 157,300
Transfer from Coastal Protection Fund - 295,100 295,100
Total Revenues 6,226,800 326,100 6,552,900
Expenditures
Debt Service Principal 2,581,000 - 2,581,000
Debt Service Interest 3,640,000 3,640,000
Bond Costs 10,000 5,000 15,000
Total Expenditures 6,231,000 5,000 6,236,000
Revenues Over/(Under) Expenditures (4,200) 316,900
Beginning Fund Equity 261,510 261,510
Ending Fund Equity 257,310 578,410
Page 1
Master Budget/Schedule -Accelerated Phase 2 -214
Prepared By: WKF
Date: 10/18/2013
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D-4 Pump Station Improvements-Construction
275,000 $ 2,500,000 $ 2,775,000 $ 2,775,000
D-10 Pump Station Improvements-Construction $ 264,000 $ 2,400,000 $ 2,664,000 $ 2,664,000
Pump Stations A-39,A-41,A-42,&A-43 Emergency Generators/AC $ 71,500 $ 650,000 $ 721,500 $ 721,500
North Flagler Drive Force Main
Providencia Park to Currie Park(Subaqueous Connection) $ 245,630 $ 2,233,000 $ 2,478,630 $ 2,478,630
Sanitary Sewer Force Main Lining-Royal Palm Way to Royal Poinciana Way $ 125,000 $ 2,415,000 $ 2,540,000 $ 2,540,000
Barton Avenue to Bradley Park Force Main Lining
A-6 Pump Station to South Ocean Boulevard Force Main Lining
E-3,Garden Road to Cherry Lane/E-2 Force Main Lining $ 94,780 $ 861,638 $ 956,418 $ 956,418
Accelerated Capital Improvement Program Phasing Plan $ 27,500 $ - $ 27,500 $ 9,167 $ 9,167 $ 9,167
Accelerated Capital Improvement Program Administration $ 625,000 $ - $ 625,000 $ 208,333 $ 208,333 $ 208,333
General Drainage Improvements(Pre-Paving Program) $ 750,000 $ 4,000,000 $ 4,750,000 $ 1,583,333 $ 1,583,333 $ 1,583,333
General Curb/Gutter/Sidewalk ADA Improvements(Pre-Paving Program) $ 300,000 $ 1,500,000 $ 1,800,000 $ 600,000 $ 600,000 $ 600,000
Sanitary Sewer Upgrades $ 500,000 $ 2,000,000 $ 2,500,000 $ 833,333 $ 833,333 $ 833,333
Stormwater Pump Station Rehabilitation $ 400,000 $ 1,650,000 $ 2,050,000 $ 683,333 $ 683,333 $ 683,333
D-2 to D-9 Drainage Basin Interconnect $ 250,000 $ 1,000,000 $ 1,250,000 $ 250,000 $ 1,000,000
D-6 to D-7 Drainage Basin Interconnect $ 125,000 $ 500,000 $ 625,000
$ 125,000 $ 500,000
400 Block Worth Avenue Drainage Upgrades $ 125,000 $ 500,000 $ 625,000 $ 125,000 $ 500,000
Mast Arm Replacements/Upgrades $ 472,500 $ 1,890,000 $ 2,362,500 $ 236,250 $ 2,126,250 $ 236,250
Lake Trail/Flagler Memorial Bridge/Bradley Park Improvements $ 250,000 $ 1,000,000 $ 1,250,000 $ 250,000 $ 1,000,000
North Fire Station-Emergency Generator Replacement $ 40,000 $ 175,000 $ 215,000 $ 215,000
Memorial Fountain Replacement $ 275,000 $ 1,100,000 $ 1,375,000 $ 275,000 $ 1,100,000
Royal Poinciana Way Median Sidewalks $ 80,000 $ 320,000 $ 400,000 $ 80,000 $ 320,000
Ocean Outfall Abandonments $ 475,000 $ 1,910,000 $ 2,385,000
$ 475,000 $ 1,910,000
Landfill Improvements $ 85,000 $ 350,000 $ 435,000 $ 217,500 $ 217,500
South/Central Fire Stations-Louver Doors $ 50,000 $ 225,000 $ 275,000 $ 275,000
Street Lighting Improvements $ 350,000 $ 1,400,000 $ 1,750,000 $ 350,000 $ 1,400,000
Street Lighting Upgrades-South Ocean Blvd.,Sloan's Curve to Lake Avenue $ 500,000 $ 2,000,000 $ 2,500,000 $ 500,000 $ 2,000,000
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