Ordinance 22-2016 Budget ORDINANCE NO. 22-2016
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, 2015,
PROVIDING AN EFFECTIVE DATE.
WHEREAS, on September 28, 2015, the Town of Palm Beach to adopted final budgets
for the fiscal year commencing October 1, 2015; and
WHEREAS,on August 16,2016,the Town Council of the Town of Palm Beach approved
Resolution No. 140-2016, authorizing the issuance of Public Improvement Revenue and
Refunding Bonds for the Purpose of Refunding the Town's Public Improvement Revenue and
Refunding Bonds, Series 2010A (Capital Improvement Program) and Public Improvement
Revenue Bonds, Series 2010B (Worth Avenue Commercial District Project), due to the recent
record low market interest rates; and
WHEREAS, Resolution No. 140-2016 requires that the Town appropriate in its budget,
by amendment if necessary, non-ad valorem revenues in amounts sufficient to pay the principal
of,redemption premium, if any, and interest on the Bonds, as same become due; and
WHEREAS, the Town Council of the Town of Palm Beach, Florida, deems it necessary
and appropriate to amend said budgets to provide the necessary funds in the Debt Service Fund
for the sale of the refunding bonds, the escrow deposits, the gain on the sale and associated costs
of issuance due to the refinancing of the Public Improvement Revenue and Refunding Bonds,
Series 2010A and 2010B; and
WHEREAS, the Town Council of the Town of Palm Beach, 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,
2016; 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 hereby ratified and confirmed.
Section 2. The Debt Service Fund budgets for the fiscal year commencing October 1,
2015, are hereby amended and adopted pursuant to the attached Exhibit "A" and Exhibit
"B", attached hereto and made a part of this ordinance.
Section 4. 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 10th day of October, 2016 and second reading on the
8`''of November, 2016.
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pG Coniglio, Mayor Michael . Pucillo, o Council President
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D. 4 Richard M. Kleid, Council President Pro Tern
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Bobbie Lindsay, Town •uracil Memb.
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A TES Danielle H. Moore, Town Council Member
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usan A. Owens,MMC, Town Clerk Margaret A. Zei sir an, Town Council Member
Exhibit A
Town of Palm Beach,Florida
2010A/2016 and 2013 Debt Service Fund Revenues and Expenditures(205)
Budget Amendment
October 1,2015 through September 30,2016
Emergency
Adopted Ordinance Ordinance Amended
Budget No.01-2016 No.22-2016 Budget
FY2016 Amendment Amendment FY2016
Revenues
Investment Earnings 1,000 - - 1,000
Transfer from General Fund 6,265,462 - - 6,265,462
Transfer from Recreation Enterprise Fund 204,100 - - 204,100
Transfer from Coastal Protection Fund 731,163 - - 731,163
Use of Fund Balance 14,000 622,861 - 636,861
Total Revenues 7,215,725 622,861 - 7,838,586
Other Financing Sources
Revenue Bond Issued - - 39,320,000 39,320,000
Revenue Bond Premium - - 7,639,129 7,639,129
Total Other Financing Sources - - 46,959,129 46,959,129
Expenditures
Debt Service Interest 5,155,725 622,861 - 5,778,586
Debt Service Principal 2,045,000 - - 2,045,000
Bond Closing Costs 15,000 - 327,378 342,378
Total Expenditures 7,215,725 622,861 327,378 8,165,964
Other Financing Uses
Deposit to Escrow - - 46,631,751 46,631,751
Total Other Financing Uses - - 46,631,751 46,631,751
Revenues Overl(Under)Expenditures - - - -
Beginning Fund Equity 1,566,675 1,552,675 - 929,814
Ending Fund Equity 1,552,675 929,814 - 929,814
Exhibit B
Town of Palm Beach,Florida
2010B/2016 Debt Service Fund Revenues and Expenditures(206)
Budget Amendment
October 1,2015 through September 30,2016
Adopted Ordinance Amended
Budget No.22-2016 Budget
FY2016 Amendment FY2016
Revenues
Special Assessment Revenue 777,000 - 777,000
Investment Earnings 500 - 500
Total Revenues 777,500 - 777,500
Other Financing Sources -
Revenue Bond Issued - 10,255,000 10,255,000
Revenue Bond Premium - 1,217,937 1,217,937
Total Other Financing Sources - 11,472,937 11,472,937
Expenditures -
Debt Service Interest 481,000 - 481,000
Debt Service Principal 295,000 - 295,000
Bond Closing Costs 1,500 97,058 98,558
Total Expenditures 777,500 97,058 874,558
Other Financing Uses -
Deposit to Escrow - 11,375,879 11,375,879
Total Other Financing Uses - 11,375,879 11,375,879
Revenues Overl(Under)Expenditures - - -
Beginning Fund Equity 47,966 - 47,966
Ending Fund Equity 47,966 - 47,966