HomeMy Public PortalAboutCapital Improvement Plan - Ed Marquez.tifKey Biscayne Village
Capital Improvement Plan
Fiscal Years 2004 through 2008
June 2003
Goals &
CIP Project Desorption Captital Outlay Objectives
Department N Phase Description FY 04 FY 05 FY 06 FY 07 FY 08 Total Reference
BZ&P 1 Crandon Boulevard Streetcape
Public Works
Recreation
2 Bay Park Acquisition and Development
3 Scharenburg Field Acquistion
4 Civic Center Park Construction
5 Community Center Shade Circle Construction
$4 500 000
$4 500 000
$4 000 000 $13 000 000 I A, I C
$3 000 000
$3 000 000 I E
$3 000 000 I E
$250 000 $250 000
$150 000
$150 000 II C
6 North Village Green Way and Village Green $200 000
7 Street Paving
8 Street Lighting of major arteries
$200 000 II C
$1000000 $1000000
A
$2 000 000 II B
9 Street Signs Village -wide 200 000
10 Art in Public Places
11 StreetScapes
Galen Dive
Sunrise Drive
Ocean Dove
12 Sidewalk on Northside of W Mashta
13 Drainage on Harbor Glenridge 8 Woodcrest
14 Sanitary Sewer Installation
1$ Community Center FFBE
16 Village Green Playground Replacement
Equipment Replacement
Shade Canopy
17 Land Acquisitions
Fire 18 New Radio Equipment
19 Apparatus Replacement
Non•Dept 20 Technological Upgrades
$200 000 I D
$160 000 $100 000 $100 000 $100 000 $100 000 $560 000 I D
100 000
100 000
100 000
100 000
100 000
100 000
$300 000 $300 000 $600 000 1 A
$150 000
$150000 I A
$250 000
$250 000 I A
$6 000 000 $6 000 000
$12 000 000 I A
$600 000
$600 000 I A
100 000 300 000
$100 000
$300 000
$400 000 I E
$8 000 000
$8 000 000 I E
$325 000 $30 000 $30 000 $30 000 $415 000 I B
$160 000
$160 000
$320 000
$10,000
$10000
$20 000
$20,000 $60 000
GRAND TOTAL
$12,680,000 $2 005 000 $12 310 000
$6 670 000 $12,670,000 $46 335 000
$46,335,000
Need Assess Values
Capital Improvement Fund Revenues
Beginning Fund Balance
General Fund Transfers
Stormwater Enterprise Fund Transfer
Solid Waste Enterprise Fund Transfer
Special Revenue Fund Transfer (Trans Surtax)
Grants
Special Assessments
Use of Specifically Reserved Funds
Debt Proceeds
Capital Outlay Expenditures
Ending Fund Balance
Available Revenues
$2 052 310 ($6166429)
($6 195 829) ($16 248 629)
($20 783 749)
347 261
4 114 000 1 975 600 2 257 200 2 134 880 5 094 320
$6 513 571 ($4 190 829) ($3 938 629)
($12 680 000) ($2 005 000) ($12 310 000)
($14 113 749) ($15 689 429)
(16 670 000)
($12 670 000)
($6 166,429)
($6 195 829)
($16,246,629)
($20,783,749)
($28,359,429)
General Fund
Adjustments to Base Case
Projected Proposed Proposed Proposed Proposed Proposed
Actual Budget Budget Budget Budget Budget
2003 2004 2005 2006 2007 2008
Revenues Over Expenditures & Transfers - Base
Revenue Adjustments
Millage Increase
Fees Generate by Community Center (100% of Cost)
Expenditure Adjustments:
Longevity Payments to Village Employees 60,000
New Debt Service to fund Capital Improvement Plan
p P (372,469) (566,717) (797,710) (1,016,186)
Community Center Operating Cost (escalates at 3% per yr) (1,031,267) (1,062,205) (1,094,071) (1,126,893)
Additional Public Works Maintenance Worker (28,000) (28,840) (29,705) (30,596)
Virginia Key Playing Field (100,000) (100,000) (100,000) (100,000) (100,000)
$773,792 $341,846 $787,255 $642,162 $171,872 $411,469
$1,031,267 $1,062,205 $1,094,071 $1,126,893
Repairs and Maintenance Items
Park and Bus Shelters (50,000) (50,000)
Village Hall (50,000) (50,000)
Fire Station (50,000) (50,000)
Bridge Maintenance (10,000) (10,000) (10,000) (10,000) (10,000)
Deep Wells (300,000)
Sidewalks (10,000) (10,000) (10,000) (10,000) (10,000)
Traffic Calming Circles (150,000) (150,000)
New Vehicle Purchases:
Fire Department (150,000) (150,000) (150,000) (150,000)
Public Works (30,000)
Available for Appropriation $773,792 $141,846 ($433,214) ($373,394) ($1,025,543) ($895,313)
Transfers to Capital Improvement Fund (773,792)
Tranfers to Reserved Fund Balance for
Hurricane Emergency (400,000) (400,000) (400,000) (400,000) (367,000)
Working Capital (820,600) (820,600) (820,600) (820,600) (820,600)
Ending Balance to be Zero 0 (1,078,754) (1,653,814) (1,593,994) (2,246,143) (2,082,913)
Selected General Fund Reserves
Proposed Proposed Proposed Proposed Proposed
Budget Budget Budget Budget Budget
2004 2005 2006 2007 2008
Hurricane Reserve (Full funding 5Yrs)
Beginning Balance $2,135,000 $2,535,000 $2,935,000 $3,335,000 $3,735,000
Increases 400,000 400,000 400,000 400,000 367,000
Decreases
Ending Balance $2,535,000 $2,935,000 $3,335,000 $3,735,000 $4,102,000
Target 25% of GF Operating Expenditrues $3,455,129 $3,600,647 $3,752,724 $3,911,670 $4,102,864
Working Capital (Full Funding 5Yrs)
Beginning Balance $0 $820,600 $1,641,200 $2,461,800 $3,282,400
Increases 820,600 820,600 820,600 820,600 820,600
Decreases
Ending Balance $820,600 $1,641,200 $2,461,800 $3,282,400 $4,103,000
Target 25% of GF Operating Expenditrues $3,455,129 $3,600,647 $3,752,724 $3,911,670 $4,102,864
Law Enforcement
Beginning Balance
Increases
Transfer to Capital Project Fund
Ending Balance
Recreation Center Equipment
Beginning Balance
Increases
Transfer to Capital Project Fund
Ending Balance
$462,540 $462,540 $462,540 $462,540 $462,540
$462,540 $462,540 $462,540 $462,540 $462,540
$147,261
147,261
$0 $0 $0 $0
$0 $0 $0 $0 $0
Playing Fields
Beginning Balance $200,000 $0 $0 $0 $0
Increases
Transfer to Capital Project Fund 200,000
Ending Balance $0 $0 $0 $0 $0
Base Case
Five Year Budget Summary
Revenues & Transfers:
Revenues
Transfers In -Fund Balance
Total Revenues & Transfers
Expenditures & Transfers:
Administration and Legal
Village Council
Administration
Village Clerk
Village Attorney
Building, Zoning, Planning
Police and Fire
Police
Fire Rescue
Public Works
Recreation
Total Operating Expenditures
Debt Service
Capital Outlay Transfer
Total Expenditures
Revenues Over Expend. & Transfers
Projected
Actual
2003
Proposed
Budget
2004
Proposed
Budget
2005
Proposed
Budget
2006
Proposed
Budget
2007
Proposed
Budget
2008
$16,549,739 $17,308,508 $17,675,583 $18,139,504 $18,303,710 $18,486,748
$0 $0 $0 $0 $0 $0
$16,549,739 $17,308,508 $17,675,583 $18,139,504 $18,303,710 $18,486,748
$1,622,889
$1,237,345
$7,843,438
$953,665
$672,507
$12,329,844
$2,497,714
$948,389
$15,775,947
$319,397
$1,029,639
$340,712
$333,000
$1,319,635
$3,852,082
$4,544,981
$1,086,623
$994,446
$13,820,515
$3,146,147
$0
$16,966,662
$327,332 $335,463
$1,066,441 $1,104,698
$352,506 $364,758
$341,325 $349,858
$1,381,464 $1,446,276
$4,028,965
$4,750,630
$1,123,328
$1,030,597
$14,402,587
$2,485,741
$0
$16,888,328
$4,214,295
$4,965,967
$1,161,371
$1,068,211
$15,010,897
$2,486,445
$0
$17,497,342
$343,794
$1,144,471
$377,489
$358,605
$1,514,217
$352,389
$1,201,695
$396,364
$367,570
$1,589,927
$4,408,485 $4,628,909
$5,191,460 $5,451,033
$1,200,806 $1,260,846
$1,107,353 $1,162,721
$15,646,680 $16,411,454
$2,485,158 $2,486,762
$0 $0
$18,131,838 $18,898,216
$773,792
$341,846
$787,255 $642,162
$171,872 $411,469
Debt Estimates
Proposed Proposed Proposed Proposed Proposed
Budget Budget Budget Budget Budget
2004 2005 2006 2007 2008
Estimated Property Assessment $3,560,000,000 $3,666,800,000 $3,788,804,000 $3,902,468,120 $4,019,542,164
1% Debt Limitation Beg or End FY Oustanding? $35,600,000 $36,668,000 $37,888,040 $39,024,681 $40,195,422
Ourstanding Debt from Current Issues (30,924,422) (29,745,450) (28,401,786) (27,112,898) (22,495,146)
Incremental New Debt Possible 4,675,578 6,922,550 9,486,254 11,911,783 17,700,276
Hypothetical Generic Debt Issues and Impacts:
Series 2004 4,675,000 (4,675,000) (4,675,000) (4,675,000) (4,675,000)
578 2,247,550 4,811,254 7,236,783 13,025,276
Series 2005 2,245,000 (2,245,000) (2,245,000) (2,245,000)
2,550 2,566,254 4,991,783 10,780,276
Series 2006 2,565,000 (2,565,000) (2,565,000)
1,254 2,426,783 8,215,276
Series 2007
2,426,000 (2,426,000)
783 5,789,276
Series 2008 5,789,000
Debt Service for Hypothetical Generic Debt:
at Interest Rates of
20 Year level Debt Service would be
Cummulative Net Debt Service
Project Funds from Debt (88% after 2% COI and 10% DSR)
5.0%
(372,469)
(372,469)
4,114,000
6.0%
(194,248)
(566,717)
1,975,600
6.5%
(230,993)
(797,710)
2,257,200
6.5%
(218,476)
(1,016,186)
2,134,880
276
6.5%
(521,333)
(1,537,519)
5,094,320
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