H LltSB 0 ·COUNTY...!he Environmental Protection Commission, !he Civil Service Board, !he Planning Commission, !he Legislaiive Delegation, and Law Library Board. The budgets of ihese

H LltSB 0 . .

·COUNTY

ANNUAL BUDGET FORFY95

VOLUME IV: FINANCIAL DETAIL

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GOVERNMENT FINANCE OFFICERS ASSOCIATION

Distinguished Budget Presentation

Award PRESENTED TO

Hillsborough County,

Florida

F~r the Fiscal Year Beginning

October 1, 1993

President Executive Director

The Government Finance Officers Association of the United States and Canada (GFOA) presented an award for Distinguished Budget Presentation to Hillsborough County for its annual budget for the fiscal year beginning October 1, 1993. In order to receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan and as a communications device.

,,,,,,, The award is valid for a period of one year only. We believe our current budget continues to conform to program requirements, and we are submitting it to GFOA to determine its eligibility for another award.

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HILLSBOROUGH COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS

ED TURANCHIK DISTRICT I

JAN PLATT COUNTYWIDE

JIM NORMAN DISTRICT2

VICE CHAffiMAN

SANDRA HELEN WILSON

DISTRICT3

PHYLLIS BUSANSKY COUNTYWIDE

FREDERICK B. KARL - .· .·. COUNTY ADMINISTRATOR

CONSTITUTIONALLY ELECTED COUNTY OFF1CIALS

Richard Ake, Clerk of tbe Circuit Court Ron Alderman, Property Appraiser

Cal Henderson, Sheriff Pam Iorio, Supervisor of Elections

Melvin B. Smith, Tax Collector

LYDIA MILLER DISTRICT4

JOE CHILLURA COUNTYWIDE

CHAffiMAN

A DESCRIPTION OF HILLSBOROUGH COUNTY GOVERNMENT

Hillsborough County is geographically located midway along the west coast of Florida. The County's boundaries embrace 1,048 square miles of land and 24 miles of inland water for a total of 1.072 square miles. The unincorporated area encompasses 931 square miles or '67 percent of !he total area. The municipalities of Tampa (!he county seat), Temple Terrace and Plant City account for !he remaining 141 square miles. According to !he Hillsborough County City-County Planning Commission's 1993 estimates, !he county's total population was 855,100 of which 533,400 live in !he unincorporated areas.

Seven-Member Commission Elected to Govern County

Hillsborough County, a political subdivision of !he State of Florida, is guided by an elected sevenmember Board of County Commissioners. Through partisan elections, !hree are elected to represent !he entire county as a district and four are elected to represent single-member districts. Under a Chaner Ordinance effective May 1985, !he Board is restricted to performing !he legislative functions of government by developing policy for !he management of Hillsborough County. The County Administrator, a professional appointed by !he Board, and his staff are responsible for !he implementation of !hose policies.

Commissioners Serve on Other Boards

The Board of County Commissioners also serve as !he Environmental Protection Commission. Individual Board members serve on various oiher boards, aulhorities, and commissions, such as !he Hillsborough Area Rapid Transit Aulhority, Tampa Bay Regional Planning Council, West Coast Regional Water Supply Aulhority, Aviation Aulhority, Expressway Aulhority, Sports Aulhority, Board of Criminal Justice, Arts Council, Drug Abuse Coordinating Council, Metropolitan Planning Organization, Council of Governments and !he Committee of 100 of !he Greater Tampa Chamber of Commerce.

Constitutional Officers

In addition to !he members of !he Board, citizens also elect five Constitutional Officers: Tax Collector. Property Appraiser, Clerk of !he Circuit Court, Sheriff, and Supervisor of Elections. The Board funds all or, in some cases, a portion of !he operating budgets of ihese Constitutional Officers. The Constitutional Officers, wiih !he exception of !he Supervisor of Elections, maintain separate accounting systems and budgets.

Other Government Agencies

Based on !he degree of budgetary aulhority, taxing aulhority, !he ability to obligate funds to fmance any deficits and !he ability to fund any significant operational subsidies, several oiher governmental entities also have !heir budgets reviewed and approved by !he Board of County Commissioners: !he Environmental Protection Commission, !he Civil Service Board, !he Planning Commission, !he Legislaiive Delegation, and Law Library Board. The budgets of ihese offices and !he Constitutional Officers are included in this document.

Role of the County Administrator

The County Administrator is an appointed official who is responsible for carrying out all decisions, policies, ordinances and motions of !he Board.

The departments under !he County Administrator are .responsible for providing road construction and maintenance, solid waste disposal. parks and recreation? emergency services and water and wastewater treatment for residents of unincorporated Hillsborough County. The departments also are responsible for providing social services and public assistance to residents countywide.

These departments are grouped into four offices: Support Services, Community Services, Financial Services, and Municipal Services.

BOARD OF COUNTY COMMISSIONERS I I

County County ---Altorney Administrator Data Management Legislative Uaison Community Affairs

Management Services

I j

Community Financial Municipal Support Services Services Services Services

· Aging SeiVices · Budget Deportment · Animal Services · Administrative SUpport

· Children's Services ·Commerce Deportment · Building Deportment · Cable Communications

· Community Action · Debt Management · Emergency Medical · Cnizens Assistance & & Plamng N;Jeocv Services Information

· Insurance & Claims · Community Heanh Management · Fire Deportment · Engineering &

& HLmOn Services Construction Services · Purchasing & Contracts . Housing & Community

· Cooperative Extension · Real Estate

Development · FacUHies Management

· Emplo.,ment & Training · Medical Examiner · Fleet Management

·Head Start · Parks & Recreation · Human Resouces &

· library Services · PerrnH SeNices Center Equal Opportunity

· Museum of Science · Planning & Development & Industry Management

· Social Services . Public safety

· Public UtHHies

· Racd & Street

· SOlid Waste

Table of Contents

Budget Adoption Process Requirements ........................................................................................ I Procedures for Amending the Budget ............................................................................................ 3 Fiscal Polices and Guidelines ........................................................................................................ 4 Estimation of the County's Ending Fund Balance for FY 95 .......................................................... 7 Reserves and Refunds .................................................................................................................... I 0 Allotments by Legislative Acts ...................................................................................................... 14 FY 95 Funds Subfunds .................................................................................................................. l9 Debt Service Budget ...................................................................................................................... 29 Debt Service Summary - County Debt ........................................................................................... 30 Debt Service Summary - Including West Coast Water Authority ................................................... 31 Debt Issued and Outstanding ........................................................................................•................ 32 Anticipated Debt Issuance- FY 95 ..................................................•............................................. 32 Fixed vs. Variable Interest Rate Debt ............................................................................................ 34 Debt Capacity ................................................................................................................................ 36 Refinancing of Debt ...................................................................................................................... 41 Conclusions ...... : .......................................................................................................................... .4! Debt Issued and Outstanding by Type ............................................................................................ 41 Summary of County Debt by Type ......................................................•..•......•................................ 45 Debt Statement As of September 30, 1994 ..................................................................................... 46 Debt Outstanding and Projected Issuance ...............•...................................................................... 47 Contingent Liabilities ... , ............•..•••......................................................•.•.•......... : ......................... 48 Bond Ratings and Credit Enhancement ...............................................•. : ......•................................ 50 Debt Related Ratios ....................................................................................................................... 51 Credit Ratings of Outstanding Debt... ............................................................................................ 52 Summary of Outstanding Debt- County WCRWSA ...................................................................... 54 Summary of Debt Service Requirements ....................................................................................... 58 Summary of Outstanding Debt ...................................................................................................... 60

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Hillsborough County Florida

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Budget Adoption Process Requirements

An annual budget, including all such funds as required by law, shall be prepared, approved and adopted for each fiscal year. The budget shall control the levy of taxes and expenditure of money for all County purposes during the ensuing fiscal year. The budget process shall be conducted in accordance with Chapters 125, 129, 200, and 218 of the Florida Statutes, as amended.

SPECIFIC REQUIREMENTS

By July I, the Property Appraiser must certiJY the (initial) taxable value of property within each taxing district.

The County Administrator must present a balanced budget to the Board of County Commissioners (BOCC) by July 15.

Within 35 days of either July I, or the date the Property Appraiser certifies the taxable value of property, whichever is later, the BOCC must set

proposed millage rates. At that time, a date, time and place is set for a first public hearing on the proposed budget and millage rates.

Within 65 to 80 days of July I, or the date the Property Appraiser certifies the taxable value, the BOCC must hold a public hearing, after 5:00 p.m., ·to hear public testimony and to adopt a tentative budget and tentative millage rates. The first substantive issues discussed must be the percentage increase in the proposed millage rate over the rolledback rate and the specific purposes for which the ad valorem tax revenues are being increased. (Information on rolled-back millages may be found on page 28 of the Annual Budget for FY 95: Executive Summary and a definition may be found in the glossary on page 5 I.) Prior to the conclusion of the hearing, the BOCC shall amend the tentative budget as it deems necessary, adopt the amended tentative budget, recompute its proposed millage rates and publicly announce the percent, if any, by which the recomputed proposed millage exceeds the rolled-back rate. That percentage shall be characterized as the percentage increase in property taxes tentatively adopted by the BOCC (regardless of whether millage rates have changed). A date, time and place for a second public hearing is set at this

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hearing. As with the first public hearing, the second public hearing must be held after 5:00 p.m.

Within fifteen days after the first public hearing, the County must publish two adjacent budget ads in a newspaper of general circulation in the County. One advertisement notifies County residents of the BOCC's intent to finally adopt millage rates and a budget, identifying any increase in property taxes. The second advertisement summarizes the tentative budget, showing for each budget and for the total of all budgets, the proposed millage rates, balances, reserves, and major revenues and expenditures classifications. Specific size, placement, and wording requirements apply, as set forth in Chapter 200.065(3) of the Florida Statutes.

Within two to five days after the advertisements are published, a second public hearing is held to hear public testimony and to adopt a final budget and final millage rates. If, for any reason, the adoption of the final budget is delayed beyond the start of the next fiscal year, the BOCC can expend moneys as outlined in Chapter 200.065(2)(g) of the Florida Statutes, as amended.

Copies of completed resolutions adopting the final millages are forwarded to the Property Appraiser and the Florida Department of Revenue by the Clerk to the BOCC within approximately 100 days of certification of value of the tax rolls by the Property Appraiser.

Not later than 30 days following adoption of an ordinance or resolution establishing a property tax levy, the BOCC shall certiJY compliance with the provisions of Chapter 200 of the Florida Statutes, as amended. In addition to a statement of compliance, the certification package includes a copy of the adopted millage resolution or ordinance, a copy of the budget advertisements including proof of publication, and a copy of the Certification of Taxable Value form.

Copies of the budget shall be filed with the Clerk of the BOCC as public records.

Upon final adoption of the budget, the budget shall regulate the expenditures of the County and the

budget shall not be amended, except as provided for in Chapter 129.06, Florida Statutes.

Pursuant to Chapter 129.07, Florida Statutes, it is unlawful for the BOCC to expend or contract for expenditures in any fiscal year in excess of the

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amount budgeted in each fund. Every appropriation shall lapse at the close of the fiscal year. Unexpended funds for uncompleted projects and encumbrances for capital outlay (equipment) at the close of the fiscal year may be reappropriated in the succeeding fiscal year.

Procedures for Amending the Budget

Following the formal adoption of the budget by the Board of County Commissioners in September for the fiscal year beginning October 1, changes or "amendments" may be made in the adopted budget. Any such changes must adhere to strict amendment procedures. A budget amendment or "BA" is processed to increase or decrease an existing budget. A budget amendment must contain tbe following information:

• The words "Budget Amendment" • Where funds are coming from (with line item

detail) • Where funds are going (with line item detail) • Why it is needed (justification) • The amount of dollars required

The process for amending the budget is similar to · that for agenda items to be approved by the Board of. County Commissioners.

A "Request for Budget Amendment Resolution" agenda form is prepared by a department or agency requiring an adjustment to their existing budget. The completed form, including the estimated impact on the next fiscal year, is forwarded to the Assistant County Administrator or Senior Assistant County Administrator in charge of the department, or to the agency head, as appropriate, for initial approval.

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Upon approval, it is forwarded to the Budget Department.

The Budget Department reviews the request for accuracy and makes corrections or returns the request to the originating office for corrections. Correctly completed budget amendments are signed and forwarded for review and sign-off by the County Attorney's Office, and a second review and sign-off by the Assistant County Administrator, Senior Assistant County Administrator, or agency ·head. Approval by the Purchasing and Contracts Department is also necessary if an agenda item associated with a budget amendment involves a contract.

All budget amendments are reviewed and signed by the Assistant County Administrator for Financial Services prior to being placed on the agenda for review and approval by the Board of County Commissioners.

Upon approval by the Board of County Commissioners, a budget resolution is prepared by the Clerk to the Board, signed by the Chairman of the Board, and forwarded to the Clerk's Office for incorporation into the County's financial recordkeeping system.

Fiscal Policies and Guidelines

The Hillsborough County Office of Financial Services has explicit responsibility for all financial planning for the Board of County Commissioners (BOCC) including operating, capital and debt service budgets; and the allocation of resources to facilitate accomplishing BOCC goals. The Office is also responsible for developing long-range financial planning strategies. These functions are performed by the Budget Department and the Debt Management and Planning Department.

To effectively execute these responsibilities and to maintain sound financial management practices, it is important to have fiscal policies and related procedures that complement the statutory requirements and ·professional standards which establish local governments' financial management framework. To this end, the Budget Department is involved in the on-going effort to research, document and publish fiscal policies and guidelines.

There are two key Florida Statutes that regulate local government budget development and implementation, Chapters 129 and 200. Chapter 129 entitled "County Annnal Budget," establishes a system for controlling finances of county boards of commissioners throughout the State. Chapter 200, "Determination of Millage," defines the duty of the .county commissioners in setting the rate of taxation. These statutory provisions set the framework for the budgetary process. In addition, Generally Accepted··· Accounting Principles (GAAP) for state and local governments as set forth by the Governinental Accounting Standards Board (GASB), provide professional standards that guide public financial management and reporting.

POLICIES AND GUIDELINES

The following policy statements gnide the annnal budget development and monitoring functions of the County. They correspond closely to explicit provisions found in the statutes and complement professional standards established by GASB.

I. The Budget will be balanced by subfund, that is, . the estimated revenues including balances brought forward will ·equal the total of the

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appropriations and reserves. {Chapter 129.01 (b), Florida Statutes}

2. Fund revenue and ex-penditure totals may be increased or decreased by formal action of the BOCC: a) following appropriate public notice and public hearing, b) in the event new revenue is received from an unanticipated source, or c) in the County's enterprise funds. {Chapter 129.06(2)(d & e), Florida Statutes}

3. Budget changes may be made through the budget amendment process. {Chapter 129.06 (2)(a), Florida Statutes}

4. Reserves for contingencies may be established for each fund during the annual budget development process, and when established, will be in compliance with Florida Statutes requiring that reserves for contingencies not exceed ten percent of the total budget {Chapter 129.01 (2)(c)1, Florida Statutes}

5. Drawdowns on a Reserve for Contingencies will be limited to only those requests that:

• Conld not be reasonably anticipated, • Without funding would result in material

financial penalty or detriment to the County, • Are the result of new State or federal

mandates, and/or • Would not be part of the competitive funding

prowun. {BOCC Policy 3.02.05.00}

6. A reserve for reappropriation will be provided in each fund as necessary to provide for the payment of expenses which have been incurred in the year(s) prior to the fiscal year for which the budget is being prepared. {Chapter 129.0 I (2)( d), Florida Statutes}

7. Budgeted reimbursements are considered anticipated receipts and as such will be budgeted at 95% of the estimated fiscal year total. {Chapter 129.01 (2)(b}, Florida Statutes}

8. Interfund transfers are fixed when the budget is adopted. {Chapter 129.06 (3)(b), Florida Statutes}

telecommunications and cable television equipment. photocopiers and off-road equipment, must be submilled during the budget review process for approval by the Executive Team and County Administrator. {County Administrato~ memorandum 3-17-92}

10. At no time shall the number of permanent full time employees on the payroll of a department under the County Administrator exceed the total number of funded positions authorized by the BOCC. Any requests for additional personnel must be submilled in writing to the Budget Department for initial review and preparation of a fiscal impact statement. {County Administrator memorandum 9-29-89}

11. All Capital Improvement Program (CIP)-related items to include agenda items and budget amendments must be routed through the Budget Department for review and recommendation prior to submitting to the BOCC, the Clerk's

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Office and Capital Projects Review Commillee. All other additions, deletions or modifications to a BOCC approved CIP project will require wrillen notification to the Budget Department simultaneous with the action. {County Administrator memorandum 1-1-91}

12. It is the policy of the BOCC to limit the use of prior year-end unrestricted fund balances for

· operating purposes · (Personal Services and Operating Expenses) to 6 percent of the total fund resources. The excess fund balance will be established as an emergency ("rainy day") reserve. This reserve will not exceed I 0 percent of the total fund resources. The use of this emergency reserve can only be appropriated by ordinance and shall only be used in the event of a calamity such as disaster recovery or unanticipated liability and may only be used to offset operating expenditure where a major revenue shortfall occurs. {BOCC Policy 03.02.04.00}


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Estimation of the County's Ending Fund Balance for FY 94 Its Financial Position on September 30, 1995

In reviewing Hillsborough County's adopted budget for FY 94, the reader will notice that County practice is to appropriate all beginning fund balances and all revenues and other sources. As a result, it appears that it is the County's intent to end the fiscal year with no remaining funds. That is not the case.

The County's estimation of its fiscal position on September 30, 1994 can be looked at in two ways; on a budgetary basis and on a projected yearend basis.

First, a budgetary basis, State law requires a balanced budget, so a significant portion of the adopted budget is place in reserves. Since these reserves cannot be expended but must first be appropriated by amendment of the adopted budget, the reserves can be viewed as an assumption of ending fund balance. In fact, sufficient reserves are included to ensure adequate funds are available at the beginuing of the next fiscal year to meet payments. A listing of reserves is found in this document.

A second basis for looking at ending fund balance for FY 94 is to project how much of funds appropriated in the adopted budget will actually be spent, based on past experience and. current trends. The remaiuing (unspent) funds will create an ending fund balance. Similarly, by projecting excess revenues, an additional component of ending fund balance can be established. Excess revenues for local governments in Florida may result from a statutory requirement that governments appropriate 95% of revenues. While a 95% factor may be

.,.. reasonable for ad valorem collections, where adjustments to the tax roll and discounts for early payment result in collections of about 95%, it tends to understate collections from other revenues.

Finally, a third factor in estimating ending fund balance is to review the budgeted reserves and project what portion of reserves will not be appropriated through budget amendments during the fiscal year. A multi-year project of fund balances for three major operating funds is included in an annual five year Pro Forma budget document. In addition, the Hillsborough County Budget Department prepares a report, the Summary of Monthly

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Financial Activity that updates estimates of yearend financial position for those operating funds. The following table presents a fund-by-fund examination of ending fund balance calculated as follows:

The first column reflects the budgeted beginuing fund balance for FY 95. The second column reflects 100% of budgeted revenues and other sources in FY 95. (No 95% factor is applied.) The third oolurrm reflects expenditures and other uses, exclnding reserves. The final column, which reflects a somewhat conservative projection of fund balance as of September 30, 1995, is colurrm one plus colurrm two, less column three. This estimate of ending fund balance for FY 95 excludes any savings that will occur if expenditures fall short of budget. In funds where significant amounts of capital expenditures occur, expenditures may fall short of budget, resulting in a higher ending fund balance than shown.

FY95 ESTIMATED ENDING FUND BALANCE, BY FUND

BEGINNING REVENUES/ EXPEND./ ENDING DESCRIPTION FUND BAL. SOURCES I USES2 FUNDBAL.J

General Fund Genernl Revenue (Countywide) Fund $24,449,509 $263,717,203 $263,203,511 $24,963,201 Genernl Revenue (Special Use) Fund 8,781.634 129,101,654· 130,441,442 7,441,846

Subtotal 33,231,143 392,818,857 393,644,953 32,405,047 Special Revenue Funds General Pu1p0se M.S.T.U. Fund 13,250,000 114,698,387 115,531,341 12,417,046 M.S.T.U. (Special Use) Fund 25,063,371 35,300,802 42,339,788 18,024,385 Local Trnnsportation Gas Tax Trust Fund 76,269 4,791,800 4,868,069 0 Local Housing Assistance Program Fund 220,000 951,031 925,031 246,000 Sales Tax Revenue Fund 5,208,048 54,102,396 55,866,194 3,444,250 Intergovernmental Grants (Series I) Fund 783,184 31,299,729 26,836,381 5,246,532 Intergovernmental Grants (Series 2) Fund 0 39,653,977 39,132,724 521,253 County Trnnsportation Trust Fund 48,637,965 55,049,013 99,441,788 4,245,190 Special Librnry Tax District Fund 3,809,710 15,775,366 17,773,146 1,811,930 County Gas Tax Fund 285,716 3,734,757 3,833,736 186,737

Subtotal 97,334,263 355,357,258 406,548, 198 46,143,323 Debt Service Funds MOSI Capital Improvement Revenue Bonds 1,965,859 1,352,888 1,248,848 2,069,899 FLGFC Pooled Commercial Paper 0 135,032 0 135,032 Courthouse Annex Tower Sinking Fund 2,950,000 637,000 494,522 3,092,478 G. 0. Bonds, 1993 Parks and Recreation 27,500 759,747 724,801 62,446 County Center Acquisition Revenue Bonds 5,358,440 3,998,200 4,161,440 5,195,200 ELAPP Limited Ad Valorem Tax Bonds 1,050,000 6,576,895 4,048,061 3,578,834 Road Improvement Bonds, 1985 Sinking Fund 1,425,000 2,967,286 3,144,899 1,247,387 Road Improvement Bonds, 1985 Amortization Fund 3,216,667 467,083 0 3,683,750 Road Improvement Bonds, 1985 Reserve Fund 1,686,925 0 0 1,686,925 Criminal Justice Facility Revenue Bonds 14,536,396 11,690,029 12,509,379 13,717,046 Public Improvement 1988 Revenue Bonds 0 0 0 0 G. 0. Bonds, 1977 Parks Facilities 106,000 851,868 850,923 106,945 G. 0. Bonds, 1977 Jail Facilities 50,000 583,835 582,270 51,565

Subtotal 32,372,787 30,019,863 27,765,143 34,627,507 Capital Projects Funds Criminal Justice Facility Construction 9,046,485 350,000 7,749,719 1,646,766 MOSI Omuiphase Expansion Project Construction 12,893,659 204,500 11,525,356 1,572,803 FLGFC Pooled Commercial Paper Projects 454,488 49,475,951 49,930,439 0 G. 0. Bonds, 1993 Parks and Recreation 8,159,842 375,000 6,261,432 2,273,410 County Center Acquisition Project 1,664,223 0 277,825 1,386,398 Capital Outlay Reserve (Countywide Projects) 2,375,724 6,082,900 3,982,310 4,476,314 Capital Outlay (M.S.T.U. Area Projects) 3,060,474 186,000 2,869,894 376,580 Environmentally Sensitive Lands Projects 40,643,324 535,000 39,746,100 1,432,224

Subtotal 78,298,219 57,209,351 122,343,075 13,164,495

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FY95 ESTIMATED ENDING FUND BALANCE, BY FUND

BEGINNING REVENUES/ EXPEND./ ENDING DESCRIPTION FUND BAL. SOURCES 1 USES2 FUNDBAL.3

Enterprise Funds Solid Waste/Resource Recovery Revenue Bonds 74,774,949 89,849,677 91,589,899 73,034,727 Utility System Revenue Bonds 176,489,221 244.194,734 304,970,298 115,713,657

Subtotal 251,264,170 334,044,411 396,560,197 188,748,384

Internal Service Fund County Selflnsured Fund 18,160,000 41,233,396 36,809,379 22,584,017

Subtotal 18,160,000 41,233,39.6 36,809,379 22,584,017 Trust and Agency Funds Oak Utility Company Trust (BOCC Receiver) 0 107,814 107,814 0

jState Health Care Trust (Indigent Sales Tax) 53,269,675 53,400,000 43,223,831 63,445,844

I Subtotal 53,269,675 53,507,814 43,331,645 63,445,844

Total $563,930,257 $1,264,190,950 $1,427,002,590 $401,118,617

1. fucludes all revenues and other sources except fund balance. Does not net out 5% of anticipated revenue in unrestricted funds . . 2. Includes all expenditures and other uses except for reserves.

3. Equals: begiruring fund balance plus revenues and other sources, less expenditures and other uses.

· ·- Note: Drawdowns in the County Transportation Trust Fund (a Special Revenue fund) and in the Capital Projects funds and

Enterprise funds reflect anticipated construction of capital projects.

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Reserves and Refunds

Tbe.following table presents a four-year comparison of reselVes and refunds. Unlike most four -year schedules in the various documents that comprise the FY 95 Annual Budget. this table presents adopted budgets for each year. No actuals are presented. Under governmental accounting, reselVes are not e>.-pended. Instead, when funds are needed, the budget is amended to reduce the budget for a particular rese!Ve and appropriate more funds in the e>.-penditure category where they are needed. That means there are never actual expenditures of reserves.

Rese!Ves are lump sum dollars set aside in a budget for unanticipated needs. These moneys are not distributed or allocated to operating budgets because specific requirements are not known at the time of budget adoption, or because bond documents require their establishment.

Florida Statutes Chapter l29.01(2)(c) and (d) provides for the following rese!Ves:

I. A reserve for contingencies may be provided in a sum not to exceed ten percent of the total of the budget..

2. A rese!Ve for cash balance to be carried forward may be provided for the purpose of paying expenses from October I of the ensuing fiscal year until the time when the revenues for that year are expected to be available.

3. An appropriation for "outstanding indebtedness" shall be made to provide for the payment of expenses which have been incurred in and charged against the budget for the current year, but which are expected to be upaid at the beginning of the ensuing year for which the budget is being prepared.

General contingency rese!Ves may be allocated to fund any lawful need as long as funding source guidelines are met. Specific use rese!Ves are restricted to an individual purpose or program wilhin the funding source. Once it has been determined that the specific need has been satisfied or is not longer necessary, the balance in these types of rese!Ves may be reprogrammed into a general

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contingency account with the approval of the Board of County Commissioners through the budget amendment process. The rese!Ve for cash balance carryforward, however, may not be reprogrammed during the year.

Refunds are also included in !his component of the budget, and may be expended. However, refunds constitute a small proportion of the budget. They may include, for example, the refund of revenues collected in a prior fiscal year for which accounting records have been closed.

The organization of these reserves and refunds is by fund, so that it generally is clear what the funding sources is for each rese!Ve. Many of these reserves are funded from restricted revenues such as the State Indigent Health Care sales tax or proceeds from bond issues or other special financing. In fact, of ending fund balance calculated as follows:

The establishment of the County Self Insurance Fund and implementing the County group health plan as a self insured operation led to a large increase in reselVes over the FY 93 adopted budget which only included worker's compensation in its self insurance program. Another major increase in reselVes is the planned bnild up of reSCIVes in the Indigent Health Care Trust to carry on the programs after the expiration of the sales tax surcharge.

For more information on the funding sources, please refer to the Budget Summary by Fund section of the Annual Budget for FY 95 Volume ll Operations and Funding Guide. For more information on any of these reserves or refunds, please contact the Budget Department at (813) 272-5890.

RESERVES AND REFUNDS COMPARISON BY FUND

FY 92 FY 93 FY 94 FY 95 DESCRIPTION ADOPTED ADOPTED ADOPTED ADOPTED

· General Revenue Fund Ad Valorem Supported

General Contingency $2,490,000 $2,418,503 $2,529,385 $1,883,568 Salary Adjustment 0 148,573 0 450,000 Accounting System 750,000 700,000 300,000 100,000 Accident Claims 500,000 500,000 0 0 Prior Year Reappropriation 3,302,102 4,641,101 4,500,000 5,500,000 Prior Year Reappropriation (Sheriff) 225,000 400,000 500,000 500,000 Future Dumping Fees 200,000 0 0 0 Pending Litigation - Sheriff 1,100,000 1,100,000 0 0 Supervisor of Elections Contingency 10,000 10,000 10,000 10,000 Catastrophic Emergency ("Rainy Day") 1,000,000 1,500,000 0 0 Unrealized Fund Balance 3,000,000 3,000,000 3,000,000 3,000,000 Refund Prior Year Revenue 50,000 50,000 50,000 50,000 GASB 16 0 0 0 500,000 Charter Review Board 0 0 0 100,000 Audit Costs 0 0 0 250,000 MOSI Land Expansion 0 0 0 275,139

Ad Valorem Supported Subtotal $12,627,102 $14,468,177 $10,889,385 $12,618,707 Special Revenues

Coons Special Restricted Funds $1,527,292 $3,260,641 $3,068,769 $3,044,519 Emergency 9ll Funds Contingency 28,863 105,909 1II,645 90,381 Boat Registration Fee Fund 209,783 199,737 222,722 183,372

I Wagnon Will Museum5 Fund 90,013 90,632 99,550 102,235 MisceUaneous Special Restricted Funds 67,071 147,910 1,496,679 1,920,260

I Law Library Book Sales and Other Services II3,250 104,500 120,774 165,602 Refund Prior Year Revenue 58,500 43,000 63,520 51,050 EPC Special Restricted Funds 26,015 84,663 ll4,055 96,826

I Mediation Trust Funds 151,600 274,838 1,85!,662 1,621,845 Alcohol & Drug Abuse Funds 124,499 163,351 293,120 99,100 Criminal Justice - Law Enforcement 1,721,919 1,439,698 1,009,188 742,688

I Special Revenues Subtotal $4,ll8,805 $5,914,879 $8,451,684 $8,ll7,878 Total General Fund $16,745,907 $20,383,056 $19,341,069 $20,736,585

Municipal Services Taxing Unit Fund-. 'f Ad Valorem Supported

General Contingency $1,036,946 $1,021,000 $1,100,000 $1,885,271 Salary Adjustment 0 23,071 0 0

I Accident Claims 750,000 750,000 0 0 Prior Year Reappropriations 2,500,000 4,892,904 3,500,000 4,000,000 Fund Balance Carried Forward 2,500,000 2,500,000 1,000,000 0

I Catastrophic Emergency ("Rainy Day") 0 1,000,000 0 0 Pending Litigation Sheriff 100,000 !00,000 0 0

'"' Unrealized Fund Balance 0 0 2,000,000 2,000,000 ..

Refund Prior Year Revenue 25,000 25,000 25,000 25,000

T Ad Valorem Supported Subtotal $6,9II,946 $10,3ll,975 $7,625,000 . $7;910,271

MSTU Continued 'Special Revenues I Impact Fees Contingency $3,040,862 $8,593,325 $8,082,236 $7,199,503

11



Phosphate Mine Reclamation Contingency 5,318,736 6,066,609 8,292,093 6,632,869 Consolidated Street Light Contingency 475,455 1,067,153 1,211,272 279,084 Building Dept. Regulatory Contingency 149,838 373,878 473,970 713,729 CATV Franchise Admin Contingency 858,555 581,497 1,393,014 1,601,545 Stonnwater Management Contingency 4,325 231,630 239,561 717,668 Miscellaneous Special Restricted Funds 562,893 172,370 199,067 597,296 Refund Prior Year Revenue 27,000 93,000 30,000 30,000

Special Revenue Subtotal $10,437,664 $17,179,462 $19,921,213 $17,771,694 Total MSTU $17,349,610 $27,491,437 $27,546,213 $25,681,965

Local Housing Assistance Program Fund General Contingency $0 $0 $57,288 $0 Mortgage Guarantee Reserve 0 0 182,712 316,786

$0 $0 $240,000 $316,786 Sales Tax Revenue Fund

Tourist Development Tax General Contingency $50,000 $1,339,436 $838,288 $737,978 Refund of Prior Year Revenue 0 0 1,000 0

-Cash Balance Carry Forward 161,677 162,000 0 330,000 $211,677 $1,501,436 $839,288 $1,067,978

Intergovernmental Grants (Series 1) Fund General Contingency $427,850 $525,000 $525,000 $196,242 Grant General Contingencies 185,926 242,843 493,405 418,535 HUD Sec 8 Housing Assist 3,159,162 4,292,396 4,330,099 4,350,834

$3,772,938 $5,060,239 $5,348,504 $4,965,611 Intergovernmental Grants (Series 2) Fun<;!

Medicai~ Waiver Reimbursement Program $0 $0 $0 $63,750 Miscellaneous Grant Contingencies 0 0 0 500,000 Pollutant Storage Sys. Compliance 0 0 12,206 0

$0 $0 $12,206 $563,750 County Transportation Trust Fund

General Contingency $1,426 $20,500 $965,533 $792,626 Prior Year Reappropriation 0 610,336 800,000 400,000 Road Network Impact Fees 0 3,379,486 1,370,513 1,204,362 Borrow Pit Permit Road Resurface Assess 14,428 15,078 15,855 0 Wetland Mitigation 150,000 97,485 67,952 0

$165,854 $4,122,885 $3,219,853 $2,396,988 Special Library Tax District

General Contingency $333,454 $803,327 $3,424,773 $470,370 Future Art Acquisition 1,350 8,086 2,764 4,836 Prior Year Reappropriation 125,000 125,000 844,610 252,143 Fund Balance Carried Forward 250,000 0 0 0 Unrealized Fund Balance 0 0 0 169,272 Refund Prior Year Revenue 5,000 5,000 0 0

$714,804 $941,413 $4,272,147 $896,621 Debt Service Fonds

General Contingencies $0 $0 $3,992,074 $6,120,973 Fund Balance Carried Forward 0 0 5,919,477 6,449,563 Debt Service Payments 14,798,881 17,278,078 20,852,796 21,389,554 Arbitrage Liability 0 1,839,210 70,446 70,446

$14,798,881 $19,117,288 $30,834,793 $34,030,536

12



Parks Bond Funds (G.O.) General.Contingencies $10,562 $10,368 $12,770 $64,559 Fund Balance Carried Forward 55,925 56.000 56,000 0

$66.487 $66,368 $68,770 $64,559 Jail Bonds Funds (G.O.)

General Contingencies $5,035 $6,778 $7,499 $22,516 Fund Balance Carried Forward 9,840 9,840 9,840 0

$14,875 $16,618 $17,339 $22,516 Capital Projects Funds

General - Criminal Justice Bond Funds $2,870,142 $1,622,291 $1,343,040 $1,646,766 General - MOSI Omniphase E>:pansion 0 688,578 1,627,177 1,572,803 General -Environmentally Sensitive Lands 0 0 1,434,013 3,949,728 General Contingencies 0 939,495 0 0

:,,; Future Capital Projects Contingency 39,055 0 5,972,819 9,018,519 $2,909,197 $3,250,364 $10,377,049 $16,187,816

Solid Waste/Resource Recovery Redemption Long-Term Debt $4,259,025 $4,117,532 $4,592,532 $0 General - Surplus Reserve Account 16,668,883 15,458,576 10,745,313 0

Renewal and Replacement 5,659,755 6,320,630 7,952,129 '

9,448,525 . Before Bonds Funds 5,020,500 5,009,473 5,230,646 0

Landfill Closures 6,323,080 7,132,850 8,740,843 11,734,660 Landfill Closures Cleanup 0 250,000 0 0 Debt Service Accounts 19,890,145 22,514,942 18,760,710 12,580,689

Fund Balance Carried Forward 3,444,532 6,734,700 20,500 4,493,000 Operating and Rate Sta.bilization Reserves 7,342,181 11,039,100 9,733,659 36,049,248

$68,608,101 $78,577,803 $65,776,332 $74,306,122 Public Utility System

General - Operating Contingency $603,841 $5,090,180 $3,350,048 $7,161,383 Debt Service Contingency 45,000 0 44,999 40,500 Arbitrage Liability 0 1,214,756 1,301,130 1,415,886 Renewal and Replacement Contingency 5,492,140 7,786,930 10,390,189 12,488,702

I Capital Projects Contingency 1,436,232 1,392,777 1,355,206 110,110

Fund Balance Carried Forward 9,647,236 8,864,060 14,552,359 16,818,781

I Capacity Fees and Rate Stabilization Reserve 33,836,272 31,754,888 41,140,536 33,879,954 Debt Service Reserves 10,604,853 43,554,482 43,554,482 42,823,004

i Miscellaneous Reserves 125,000 0 0 0

'"j Refund Prior Year Revenue 95,710 85,000 85,000 1,000,000 $61,886,284 $99,743,073 $115,773,949 $115,738,320

County Self Insurance Fund

l General Contingency $1,292,308 $1,467,603 $6,027,197 $1,628,417 Employee Group Health 0 0 4,799,311 4,174,217 Long-term Incurred Claims 2,450,000 9,500,000 9,625,000 9,235,000

I Claims Settlement 0 0 4,000,000 6,500,000 Catastrophic Emergency ("Rainy Day") 0 0 3,000,000 3,135,000

.,,_-,

Fund Balance Carried Forward 500,000 0 0 0 .. -·

•. ,Trust & Agency Fund $4,242,308 $10,967,603 $27,451,508 $24,672,634

State Ind. Health Care TR FD $2,135,000 $18,856,977 $54,145,195 $60,583,167

T TOTAL $193,621,923 $290,096,560 $365,264,215 $382,231,954

13

Allotments by Legislative Acts

The following pages present a four-year comparison of a portion of the budget known as • Allotments by Legislative Acts." It . represents a variety of expenditures that arc not explicitly associated with a specific department or agency. As the title suggests, many of theSe e"penditures are required in accordance with Florida Statutes or County Ordinance.

The organization of these e"penditures is by fund, so that it is clear what the funding source is for each e"penditure. Many of these expenditures are funded from restricted revenues such as the Tourist Development Tax. For more information on the funding sources, please refer to the budget by fund information presented in the Annual Budget for FY 95: Operations and Funding Guide.

14

In that document, Allotments by Legislative Acts is summarized as Part I, Part 2, and Part 4. Part I reflects budgeted information for all funds except the Tourist Development Tax and Debt Service funds, which are included in Part 2 and Part 4, respectively. The table presents Part I and Part 2, by fund. Part 4, Debt Service, is discussed in detail later n this document.

All funds budgeted within the Allotments component of the budget are controlled by the Hillsborough County Budget Department, which authorizes expenditures. For more information on any of these expenditures, please contact the Budget Department at (813) 272-5890.

ALLOTMENTS BY LEGISLATIVE ACTS

FY 92 FY 93 FY94 FY95 DESCRIPTION ACTUAL ACTUAL ADOPTED ADOPTED

GENERAL FUND (Countywide) Payroll Service s.J5,239 $33,391 $150,000 $15,000 Telephone Services 2,395 (15,753) 11,000 25,000 Equipment Pool 66,938 0 2,185,246 2,459,300 Outside Legal! Attorneys 361,835 344,22~ 185,000 250,000 Automation Program 0 113,164 30,000 60,000 Defense Contractor Tax Refund Program 0 0 0 100,000 Financial Audit Services 131,869 110,712 250,000 300,000 Performance Audits & Management 0 0 0 250,000 Other Communicationsffransportation 1,773 715 1,000 0 Liability & Auto Insurance 267,420 343,236 0 0 Veterans Council 1,314 524 3,475 3,000 Other Claim Payments 13,578 6,513 1,000 1,000 Bad Debt/Returned Check Write-off 32,466 5,703 500 500 Legal Advertising 49,105 31,127 75,000 75,000 Non Ad Valorem Assessments 1,381 1,164 13,000 13,000 Tuition Reimbursement 0 0 20,000 20,000 Health Insurance Subsidy-Retirees 4,050 1,080 7,000 7,500 Micellaneous Expense 22,849 81,514 8,000 26,795 Memberships and Dues 85,911 78,695 85,000 90,000 DACCO 0 0 0 340,700 Foreign Trade Zone . 10,000 10,000 10,000 10,000 Economic Development 199,933 375,000 400,000 400,000 National Estuary Program 48,667 48,667 50,000 51,500 Tampa Bay Reg Plan Council 296,340 292,024 304,275 334,556 Management Consultant 3,229 75,000 20,000 20,000 Federal Lobbyist 0 50,030 75,000 80,000 Dumping Fees Paid By BOCC for FOOT 36,375 24,924 60,000 60,000 Doc Stamps/Recording Fees 2,522 1,650 3,000 3,000 Bond Finance Expenses 164,905 112,538 119,000 105,500 HT A Hartsaver Passes 6,403 4,275 7,500 7,500 FL Division of Forestry 11,470 11,470 11,500 11,500 FL National Guard 12,000 12,000 12,000 12,000 Redevelopment Area Tax 1,960,655 2,078,631 2,308,769 1,874,000 HIC School Board Racing Comm. Funds 446,500 446,500 446,500 446,500

$4,287,122 $4,678,722 $6,852,765 $7,452,851 GENERAL FUND (Restricted) Veterinary Services $16 $0 $50 $100 Bad Debt Write-off 263,719 0 0 0 Legal Advertising 0 0 100 500 Courts Aquittal Costs 0 0 0 180,000 Marine Law Enforcement 112,383 114,630 135,361 140,775

$376.118 $114,630 $135,511 $321,375

15


FY 92 FY 93 FY94 FY95 DESCRIPTION ACTUAL ACTUAL ADOPTED ADOPTED

GEN PURPOSE M.S.T.U. FUND (Unrestricted) Newmauma Homes 0 2,806 0 0 Hazardous Waste Collection/Disposal 6,140 0 0 0 Joshua Tree 8,155 2,825 0 0 Equipment Pool 13,890 0 1,941,000 2.200,000

$28,185 $5,631 $1,941,000 $2,200,000

GEN PURPOSE M.S. T. U. FUND (Restricted) Impact Fee Distr. - Schools Site Acq $956,382 $500,000 $0 $0 Impact Fee Admin/Collection Cost 622 1,195 0 0 Bay Marine Adv Council 0 0 0 80,800 Cities Admin/Collection Cost 0 0 17,000 2,000

$957,004 $501,195 $17,000 $82,800

LOCAL TRANSPORTATION GAS TAX TRUST Cities Portions- Tampa . $1,559,909 $1,499,710 $1,491,684 $1,589,735 Cities Portions -Temple Terrace 91,565 90,590 90,105 96,486 Cities Portions - Plant City 126,493 126,825 126,147 136,482

$1,777,967 $1,717,125 $1,707,936 $1,822,703

TOURIST DEVELOPMENT TAX SUBFUND (1 %) Sports Authority 77 Bonds $1,493,962 $1,476,145 $1,479,737 $1,487,075 Sports Authority 90 Bonds 35,457 0 0 0 Sports Authority 93 Bonds 0 117,920 235,840 117,909

$1,529,419 $1,594,065 $1,715,577 $1,604,984

lliTERGOVERNMENTALGRANTSFUND Personal Services $0 $140,972 $0 $0 Operating Expenses $0 $200,124 $0 $0

$0 $341,0% $0 $0

COUNTY TRANSPORTATION TRUST FUND Bad Debt Write-off 25,000 0 0 0 Alternative Transportation Program 0 30,000 0 0 HIC Transit Authority "Hartline" 200,000 450,000 250,000 250,000 Hartline Impact Fee Contribution 0 0 658,286 658,286

$225,000 $480,000 $908,286 $908,286

SPECIAL LlliRARY TAX DISTRICT FUND Bad Debt Write-off 91,441 0 0 0

$91,441 $0 $0 $0

ELAPP TAX FUND RedevelO!'ment Area Tax $61,965 $0 $0 $0

16


FY 92 FY 93 FY94 FY95 I DESCRIPTION ACTUAL ACTUAL ADOPTED ADOPTED

FLGFC POOLED COMMERCIAL PAPER FUND Yankee Sorin~ Trainin~ Facility Proiect $0 $0 $0 $17,342,838

COUNTY SELF INSURANCE FUND Workers Compensation Insurance

WC Wage Loss Benefits $2,091,582 $1,971,039 $2,150,000 $2,270,000 WC Claim Paymts. No Work Loss 590,812 348,443 300,000 0 WC Claim Paymts. Work Loss 2,463,798 5,652,110 2,850,000 2,000,000 Miscellaneous Expenses 472 48 0 832,354

General Liability Insurance Insurance Purchases 0 0 275,000 400,000 Claim Payments 0 0 1,250,000 1,126,800 Miscellaneous Expenses 0 0 0 100,000

Employee Group Insurance Administrative Expenses 0 0 351,339 184,135 Insurance Purchases 0 0 1,528,440 1,322,498 Claim Payments 0 0 19,584,390 24,700,000

$5,146,664 $7,971,640 $28,289,169 $32,935,787

TRUST & AGENCY FUNDS Health Departruent Public Health Unit $900,000 so $0 $0

TOURIST DEVELOPMENT TAX SUBFUND (3%) TP AIIllLLS Convention/Visitors Assoc. $2,380,000 $2,400,000 $2,650,000 $2,730,000 Tampa Convention Center 1,070,000 1,070,000 1,100,000 1,154,800 Plant City Baseball Complex 400,000 400,000 400,000 400,000 Hillsborough County Fair 0 0 20,000 0 Florida State Fair 40,000 40,000 0 0 MOSI Exhibit 0 30,000 60,000 60,000 Tampa Pelforming Arts Center 450,000 425,000 350,000 467,100 Mrican American Art Museum 25,000 25,000 20,000 20,000 Chamber of Commerce 200,000 200,000 200,000 210,000 Hall of Fame Bowl Association 0 90,000 90,000 90,000 Stadium Jumping Inc. (Horse Shows) 0 50,000 40,000 40,000 Florida Classic 263,480 90,000 90,000 90,000 Arts Council 100,000 100,000 25,000 25,000

$4,928,480 $4,920,000 $5,045,000 $5,286,900 TOTAL $20,309,365 $22,324,104 $46,612,244 $69,958,524

17


18

FY 95 Funds and Subfunds

The following section provides a more microscopic view of the budget structure. In the Annual Budget for FY 95 Volume D: Operations and Funding Guide. detail is provided on the County's fund structure by fund type, and by the funds within each fund type. Within these funds, however, the County has a structure of "subfunds" that allow further definition of how funds may be used. These subfunds allow County staff to separate, for example, the transportation impact fees collected in each of ten geographic zones, so they may be used exclusively within those zones for the benefit of those who paid the fees. Another use of the subfund structure is to differentiate a federal grant for FY 94 from the same federal grant for FY 95. By preventing the commingling of different grant years, staff can address differences in what types of expenditures a grant agency authorizes from one year to the next. Various County ordinances also specify eligible uses.

The budget is balanced within each of the subfunds presented, since each subfund has unique sources and uses. Interest is earned, fund balances are estimated, and reserves are established, as needed.

The following pages group subfunds under the various funds. Most abbreviations and acronyms have been eliminated, but no attempt has been made to define the uses of the various subfunds due to the large quantity.

The two columns of numbers that precede fund titles and subfund titles are primarily presented for the benefit of County staff, who may use the table to identify subfunds in automated accounting reports and budget

reports. The first two digits shown under the fund column title reflect the fund type. For example, "0 1" reflects the general fund and "I 0" reflects special revenue funds.

The last three digits under the fund column reflect the fund number. These funds represent the level of detail presented in Volume D. Fund number are unique. That is, the same fund number is not used in more than one fund type.

The three digits shown under the subfund column title reflect the subfund number. They are not unique

19

in all cases, so the identifier for a subfund should include the three digit fund number. Where there is not more than one subfund within a fund, the subfund number is 000.

Comparing budget documents with the Comprehensive Annual Financial Report

When comparing the fund structure shown within County budget documents with that presented in the County's Comprehensive Annual Financial Report (CAFR), a reader should be aware of certain aggregations that are used in the CAFR. Fund 001 and fund 002 are combined in the CAFR in reporting the General Fund. That means that one subfund of countywide, unrestricted dollars is combined with 38 subfunds that reflect various restrictions.

A second combination is fund 003 and 004. The combination of these two funds (representing a total of 30 subfunds) is reported as the M.S.T.U. (Municipal Services Taxing Unit) Fund.

FY 95 FUNDS AND SUBFUNDS

FUND SUBFUND FUND/SUB FUND TITLE

01-001 GENERAL REVENUE FUND {COUNTYWIDE)

01-002

10-003

000 General Revenue Fund

601 702 703 705 710 713 714 715 716 717 718 720 721 722 723 724 725

. 726 727 728 729 730 901 903 905 907 909 911 915 969 971 980 981 983 984 986 992 993

000

GENERAL REVENUE FUND {RESTRICTED USE) {38 SUBFUNDS) Public Art Program Countywide Fund Criminal Justice Educationffraining Fund Criminal Justice Training Trust Fund County Boat Registration Fee Fund County Fine & Forfeiture Fund Drug Abuse Alternate Source Fund 800 Mhz Intergovernmental Radio Communications System Fund Florida Contraband Forfeiture Fund Local Government Criminal Justice Trust Fund Service Fees Legal Aid Program Fund Drug Abuse Treatment Fund Court Improvement Fund Additional Filing Fees Provide Court Facility Mediation-Arbitration Trust Fund County Civil Mediation Trust Fund Family Mediation Trust Fund Civil Traffic Infraction Hearing Officer Trust Fund General Master {Dissolution Marriage) Trust Fund Court Technology Trust Fund Probate Gnardianship & Trust Trust Fund Special Master Animal Control Fee Fund Mediation Administrative Fee Fund Public Transportation Commission Trust Fund Law Libnny Board Sales & Other Current Services Local Air Pollution Control Tag Fee Trust Fund Indigent Health Care Services Fund Pollution Recovery Fund State Revenue Sharing Fund 911 Emergency Telephone System Cecile Wagnon Will Fund ITCTYTPA Animal Control Spay/Neuter Incremental Payment Program Museum of Science & Industry Revenue Fund Local Funds Aquatic Plant Control Fund Local Funds Mosquito Control State I Mosquito Control Fund State 1 Aquatic Plant Control Fund Fleet Management Vehicle/Equipment Services Fund Data Management Services Fund

GENERAL PURPOSE M.S. T. U. FUND General Purpose M.S.T.U. Fund

20


FUND SUB FUND FUND/SUB FUND TITLE

10-004 GENERAL PURPOSE M.S.T.U. FUND (RESTRICTED FUND) (29 SUBFUNDS)

602 Public Art Program MSTU Fund 620 Park Site Improvement Program Assessment NW Zone 621 Park Site Improvement Program Assessment NE Zone 622 Park Site Improvement Program Assessment Central Zone 623 Park Site Improvement Program Assessment South Zone 625 Recreational Facility Copperfield I Residential Contribution 626 School Site Dedication Program NW Improvement Assessment Trust Fund 627 School Site Dedication Program NE Improvement Assessment Trust Fund 628 School Site Dedication Program Central Improvement Assessment Trust Fund 629 School Site Dedication Program South Improvement Assessment Trust Fund 630. Fire Service Improvement Assessment Program NW Zone Trust Fund 631 Fire Service Improvement Assessment Program NE Zone Trust Fund 632 Fire Service Improvement Assessment Program Central Zone Trust Fund 633 Fire Service Improvement Assessment Program South Zone Trust Fund 635 Consolidated Street Lighting/Special Purpose District Fund 636 Countywide School Site Impact Fees Fund 891 Environmental Restoration Fund 896 Emergency Medical Services Operations. & Maintenance Project Fund 900 Building Department Operating Fund

. 902 CATV Franchise Admiuistration/Monitoring Fund 908 Land Excavation Operations/Inspection Fund 916 Mine Reclamation Program Agrico 39 Land 919 Land Reclamation Enforcement 922 Tax District on Severance Phosphate Rock 923 Nonman Land Reclamation Program/Sydney Mine Fund 924 Stormwater Management Non-Ad Valorem Assessment Fund 925 Stormwater Management MSTU Supported Operating Fund 987 Peyton Plaza Rent/Operation Fund 988 Sun City Utility Operating Fund

10-007 LOCAL TRANSPORTATION GAS TAX TRUST FUND ·""'<"-:-'

000 Local Transportation Gas Tax Trust Fund

10-008 LOCAL HOUSING ASSISTANCE PROGRAM FUND 000 Local Housing Assistance Program Fund

10-010 SALES TAX REVENUE FUND (3 SUBFUNDS) 001 Half Cent Sales Tax Revenue Fund 002 3% Tourist Development Tax Trust Fund 003 Additional 1% Tourist Development Tax Trust Fund Ord. 90-03

10-011 INTERGOVERNMENTAL GRANTS (SERIES 1) FUND (21 SUBFUNI>S) 000 Local Funds for Grant Match 078 Contributions/Donations CSBG Supplemental Emergency Assistance 103 HC Tri-Party Needs Assessment Data Management 125 Coordinated Transportation/Share-A-Van Program

21

FUND SUB FUND

140 226 280 281 284 326 503 505 506 507 508 512 515 524 652 960 961

10-012 000 001

. 007 Oil 013 014 015 016 017 018 019 020 021 022 023 024 025 027 028 029 030 031 032 037 038 039 041 042 044


FUND/SUB FUND TITLE

UMT AIFHW A/FOOT MPO Transportation Plan Fiduciary Funds Coordinated Transportation Intake FY 92 Local Government Petroleum Site Management GC2!5 DER Local Government Petroleum Site Cleanup GC215 DER Pollutant Stage System Compliance GC223 DER Coordinated Transportation Intake FY 93 HHS/HRS Home Investment partnership Program 93 HUD HUD Section 8 Housing Assistance Certificate Program Adntinistnition HUD Section 8 Housing Assistance Voucher Program Administration HUD Section 8 Housing Assistance Certificate Program Costs HUD Section 8 Housing Assistance Voucher Program Costs Rental Rehabilitation Grant 9th Year HUD HUD Community Development Block Grant HUD Fair Housing Assistance Program ITP A Title IIC Youth Training Program FY 94 DOL SWIM/SWFWMD Delaney Creek Watershed Rehabilitation SWIM/SWFWMD Brushy Creek Watershed Rehabilitation

INTERGOVERNMENTAL GRANTS (SERIES 2) FUND (65 SUB FUNDS) Local Funds for Grant Match Community Service Block Grant FY 94 HHS Tempor;uy Emergency Food Distnlmtion FY 95 USDAIHR Child Daycare Licensing Facility FY 95 HRS Emergency Communication Services Homeless Program FY 95 HHS/DCA Low Income Home Emergency Assistance Program FY 95 HRS Senior Adult Daycare Center Program IIIB CY94 HHS County Supplement SADC Program Ilffi CY 94 SCNAP Congregate Meals Grant CI HHS CY 94 County Supplement SCNAP Congregate Meals CY 94 SCNAP Home Delivery Meals Grant C2 HHS CY 94 County Supplement SCNAP Home Delivery Meals CY 94 CCDA HID Nutrition Meals Grant HHS FY 95 Homemaker Local Service Program FY 95 DOEA County Supplement Homemaker LSP FY 95 Community Care for the Elderly FY 95 DOEA County Supplement C.C.E. Program FY 95 Tampa-County ITP A Working Seniors FY 95 Nutrition Initiative Screen III CY 94 DOEA Alzheimer Initiative Respite FY 95 DOEA Alzheimer Initiative Daycare FY 95 DOEA County Supplement Alzheimer Daycare FY 95 Child Support Enforcement Hearing Officer FY 95 HRS ITP A Title IIA Adult Training FY 95 DOL ITP A Title IIA Sununer Youth Training FY 95 DOL ITP A Title IIC Youth Training FY 95 DOL ITP A Title III ECO Dislocated Workers Adj. FY 95

County Supplement ITP A Training Programs FY 95 Anti Drug Abuse Program FY 94 USDJ/DCA

22

FUND SUB FUND

045 047 050 052 054 055 056 058 059 062 065 066 067. 068 069 070 071 072 073 076 077

. 078 079 080 081 088 092 099 101 102 103 104 105 107 108 llO

10-mJ 000 930 931 932 933 934 935 936 937 938


FUND/SUB FUND TITLE

IDV Emergency Relief Formula Grant Program FY 95 Children's Advocacy Center Program FY 94 Multi State/Federal Highway Planning Grants Refugee Entrant Employment Services FY 95 HHSIHRS IDV Emergency Relief Supplemental Program FY 95 HHS BIP Courtney Campbell Boatramp Project Fund Homeless Recovery Case Management FY 95 HHSIHRS Emergency Shelter Grant Program X FY 95 HUD Medicaid Waiver Reimbursement Program HHS/DOEA FY 95 Citizen Action Center Information/Referral Service FY 95 HHS Community Services Block Grant FY 95 HHS County Supplement C.S.B.G. Program FY 95 Headstart Program Grant FY 95 HHS Child Care Food Program FY 95 USDA/FL EDU Coordinated Transportation Intake FY 95 HHSIHRS Retired Senior Volunteer Program FY 95 Action County Supplement Retired Senior Volunteer Program FY 95 Summer Food Service Children CY 95 USDAIFL ED Child Daycare Licensing Facility FY% HRS Senior Adult Daycare Center Program IIIB CY 95 HHS County Supplement SADC Program IIIB CY 95 SCNAP Congregate Meals Grant Cl HHS CY 95 County Supplement SCNAP Congregate Meals CY 95 SCNAP Home Delivery Meals Grant C-2 HHS CY 95 County Supplement SCNAP Home Delivery Meals CY 95 Nutrition Initiative Screen III CY 95 HHS Emergency Management Assistance Program FY 95 FEMA/DCA IT County/EPA Clean Air Program A04023 FY 95 CSBG Supplemental Grant Drug Treatment FY 95 HHS Anti Drug Abuse Program FY 95 USDJ/DCA Temporary Emergency Food Distribution FY 96 USDA/HR. Emergency Communication Services Homeless Program FY 96 HHS/DCA IDV Emergency ReliefForumla Grant Program FY % Pollutant Storage System Compliance GC281 DEF Emergency Management Planning Operation FY 95 EMPS/DCA Air Pollution Control Title V FY 95 EPAIDER

COUNTY TRANSPORTATION TRUST FUND (39 SUBFUNDS) County Transportation Trust Fund Road Network Improvement Program Impact Assessement Zone 1 Road Network Improvement Program Impact Assessement Zone 2 Road Network Improvement Program Impact Assessement Zone3 Road Network Improvement Program Impact Assessement Zone4 Road Network Improvement Program Impact Assessement Zone 5 Road Network Improvement Program Impact Assessement Zone 6 Road Network Improvement Program Impact Assessement Zone 7 Road Network Improvement Program Impact Assessement Zone 8 Road Network Improvement Program Impact Assessement Zone 9

23

FUND SUB FUND

939 940 942 943 944 946 947 948 950 951 952 953 954 955 956 957 958 959 970 971 972

' 973 974 975 976 977 978 979 989

10-014 000 603

10-022 000

20-012

001 002

20-020

001 002 003


FUND/SUB FUND TITLE

Road Network Improvement Program Impact Assessement Zone I 0 Ninth-Cent Gas Tax Trust Fund Transportation Demand Management Coordinator Program FDOT · TDM Congestion Mitigation/Air Quality FDOT Local Option 4-Cent Gas Tax Trust Fund Local Option 6-Cent Gas Tax Fund 2-Cent Gas Tax Term Note 1985 Construction Account Capital Improvement Program-Project Management Costs Thoroughfare Plan ROW Impact Assessment Zone I Thoroughfare Plan ROW Impact Assessment Zone 2 Thoroughfare Plan ROW Impact Assessment Zone 3 Thoroughfare Plan ROW Impact Assessment Zone 4 Thoroughfare Plan ROW Impact Assessment Zone 5 Thoroughfare Plan ROW Impact Assessment Zone 6 Thoroughfare Plan ROW Impact Assessment Zone 7 Thoroughfare Plan ROW Impact Assessment Zone 8 Thoroughfare Plan ROW Impact Assessment Zone 9 Thoroughfare Plan ROW Impact Assessment Zone 10 Road Network Impact Fee (Zone I) Fund Road Network Impact Fee (Zone 2) Fund Road Network Impact Fee (Zone 3) Fund Road Network Impact Fee (Zone 4) Fund Road Network Impact Fee (Zone 5) Fund Road Network Impact Fee (Zone 6) Fund Road Network Impact Fee (Zone 7) Fund Road Network Impact Fee (Zone 8) Fund Road Network Impact Fee (Zone 9) Fund Road Network Impact Fee (Zone 10) Fund Constitutional Gas Tax-County Secondary Road Program

SPECIAL LffiRARY TAX DISTRiCT FUND (2 SUBFUNDS) Special Library Tax District Fund Public Art Program Library District Fund

COUNTY GAS TAX FUND County Gas Tax Fund

MOSI CAPITAL IMPROVEMENT NON-AD VALOREM REVENUE BONDS DEBT SERVICE FUND (2 SUBFUNDS) MOSI Capital Improvement 1991 Revenue Bonds Sinking Fund MOSI Capital Improvement 1991 Revenue Bonds Reserve Fund

TAX-EXEMPT FLORIDA LOCAL GOVERNMENT FINANCING COMMISSION POOLED COMMERCIAL PAPER DEBT SERVICE FUND (5 SUBFUNDS) Yankee Spring Taining Sports Facility Project Account Southeast Bank Property Acquisition Project Account 800 MHz Public Safety Radio Communications System Account

24


FUND SUB FUND FUND/SUB FUND TITLE 004 Transportation Program Advanced Project Account

005 ELAPP Ex-pansion Commercial Paper Project Account ·

20-023 COURTHOUSE ANNEX TOWER SINKING FUND 000 Courthouse Annex Tower Sinking Fund

20-024 GENERAL OBLIGATION BONDS 93 P&R SINKING FUND 000 General Obligation Bonds 93 P & R Sinking Fund

20-026 COUNTY CENTER ACQUISmON REVENUE BONDS DEBT SERVICE FUND (2 SUBFUNDS)

001 County Center Non-Ad Valorem Revenue Bonds Sinking Fund 002. County Center Non-Ad Valorem Revenue Bonds Reserve Fund

20-029 ELAPP LIMITED AD VALOREM TAX BONDS DEBT SERVICE FUND 000 Limited Ad Valorem Tax Bonds Sinking Fund

20-033 ROAD IMPROVEMENT REFUNDING BONDS 1985 SINKING FUND 000 Road Improvement Refunding Bonds 1985 Sinking Fund

20-034 ROAD IMPROVEMENT REFUNDiNG BONDS 1985 AMORTIZATION FUND

000 Road Improvement Refunding Bonds 1985 Amortization Fund

20-035 ROAD IMPROVEMENT REFUNDING BONDS 1985 RESERVE FUND 000 Road Improvement Refunding Bonds 1985 Reserve Fund

20-036 CRIMINAL JUSTICE FACILITY REVENUE BONDS DEBT SERVICE FUND (4 SUBFUNDS)

000 Criminal Justice Facility Revenue Bonds Sinking Fund 001 Criminal Justice Facility Revenue Bonds Reserve Account 002 Gulf Breeze Pooled Financial Loan Program Debt Service 003 Criminal Justice Facility CIP Project Bonds Arbitrage Reb

25-028 TRUSTEE PARKS GENERAL OBLIGATION BONDS SINKING FUND 000 Trustee Parks General Obligation Bonds Sinking Fund

25-029 TRUSTEE JAIL GENERAL OBLIGATION BONDS SINKING FUND 000 Trustee Jail General Obligation Bonds Sinking Fund

30-009 CRIMINAL JUSTICE FACILITY REVENUE BONDS CONSTRUCTION FUND

000 Criminal Justice Facility Revenue Bonds Construction Fund

30-012 MOSI HOMOPHONES EXPANSION PROJECT CONSTRUCTION FUND 001 MOSI Capital Improvement Non -Ad Valorem Revenue Bonds Construction Fund

25


FUND SUB FUND FUND/SUB FUND TITLE

30-020 TAX-EXEMPT FLORIDA LOCAL GOVERNMENT FINANCING COMMISSION POOLED COMERCIAL PAPER CONSTRUCTION FUND (5 SUBFUNDS)

001 Yankee Spring Training Sports Facility Project Account 002 Southeast Bank Property Acquisition Project Account 003 800 Mhz Public Safety Radio Conuuunications System Account 004 Transportation Program Advanced Project Account 005 ELAPP Expansion Commercial Paper Project Account

30-024 GENERAL OBLIGATION BONDS 93 PARKS & RECREATION PROJECT FUND

000 General Obligation Bonds 93 Parks & Recreation Project Fund

30-026 COUNTY CENTER ACQUISmON PROJECT FUND 001 County Center Non-Ad Valorem Revenue Bonds Construction Fund

30-027 CAPITAL OUTLAY RESERVE - GENERAL FUND (2 SUBFUNDS) 000 Countywide Capital Projects Fund 001 Special Library District Capital Outlay Project Fund

30-028 CAPITAL OUTLAY (MSTU AREA) PROJECT FUND . 000 Capital Outlay (MSTU Area) Project Fund

30-029 ENVIRONMENTALLY SENSITIVE LANDS TAX/BOND FUND (5 SUBFUNDS)

000 Environmentally Sensitive Lands Tax/Bond Fund 001 ELAPP Management/Protection/Restoration 004 ELAPP Joint Acquisition/Preservation Fund 005 Limited Ad Valorem Tax Bonds (1992) Project Fund 006 Limited Ad Valorem Tax Bonds (1994) Project Fund

40-032 SOLID W ASTEIRESOURCE RECOVERY REFUNDING REVENUE BOND FUND (12 SUBFUNDS)

000 SW /RR System Operating/Maintenance Fund 002 SW/RR System Revenue Fund 004 SW /RR System Renewal/Replacement Fund 005 SW/RR System Capital Improvement Fund Oll Recycling Task Force (COG) Account 017 SW/RR System (Financial Assurance) Northwest Closed Landfill Fund 019 SW/RR System (Financial Assurance/GASB) Landfill Closure Fund 024 SW /RR System Closed Landfill Maintenance Fund 027 SW /RR System Debt Service Fund 028 SW/RR System Debt Service Reserve Fund 029 SW/RR System General Purpose Fund 041 Taylor ROad Landfill Superfund Site Fund

26

FUND SUB FUND 40-040

001

002 003 004 005 006 007 010 011 012 017 020 022 023 027 028 029 030 032 033

. 036 037 046 047 650 657 669

50-067 001 002 003 004

60-083 000

60-084 000


FUND/SUB FUND TITLE UTILITY SYSTEM REVENUE BONDS FUND (27 SUBFUNDS) Utility System Operating & Maintenance Account

Utility System Revenue Bonds Debt Service Account Utility System General Revenue Account Utility System Revenue Bonds 85 ReseJVe Account Utility System Capacity Fees General Operating Account Utility System Outside Source Capital Expenditure Account Utility System Renewal & Replacement Account Utility System General Revenue Capital Expenditure Account Utility System Revenue Bonds 1985 Dedicated Water Capacity Fees Utility System Revenue Bonds 1985 Dedicated Wastewater Capacity Fees Water/Wastewater Facility CIP Project Bonds 87 ReseJVe S-ACC Water/Wastewater Facility CIP Project Bonds 87-I Arbitrage Rebate Utility Project Bonds 88 Construction Account Water/Wastewater Facility CIP Project Bonds 87-11 Arbitrage Rebate Utility System CMCL Paper 1991 Availability Revenue Account Utility System CMCL Paper 1991 Payment Account Utility System CMCL Paper 1991 Note Proceeds Utility System CMCL Paper 1991 Letter-Qf~t Utility System Revenue Bonds 88 ReseJVe Account Utility System Refunding Bonds 93 ReseJVe Account Arbitrage Restricted 87 Rate Stabilization Fund Arbitrage Restricted 88 Rate Stabilization Fund Revenue Account Rate Stabilization Fund Regional Water Supply System Account EPA 201 South Facility Ruskin/Wimauma Wastewater Collection EPA Cl20588210 SD Northwest Regional Sludge Facility FDOT Joint Project Water/Wastewater Facility Relocation 675 RIW

COUNTY SELF INSURANCE FUND (4 SUBFUNDS) Insurance Program Administration Fund Workers Compensation Insurance Fund Catastrophic Disaster Insurance Fund Employee Group Health Insurance Fund

OAK UTILITY COMPANY TRUST FUND (BOCC RECEIVER) Oak Utility Company Trust Fund (BOCC Receiver)

STATE HEALTH CARE SURTAX TRUST FUND State Health Care Surtax Trust Fund

27


28

DEBT SERVICE BUDGET

This section of the County's budget document provides information concerning the amounts budgeted in FY 95 for debt service payments (principal and interest), payments to sinking funds, reserves and debt administration costs on outstanding borrowings of the County. The County is legally obligated to appropriate the payment of debt service and related costs from revenue sources which have been pledged to such repayment.

29

In addition, outstanding debt obligations are described in some detail relative to type, amount, maturity, interest rates and the use of the proceeds of the borrowing. The capacity of the County to issue additional debt and other background information is also included to provide a comprehensive picture of the County's debt structure.

DEBT SERVICE BUDGET SUMMARY

DEBT REQUIREMENTS FOR COUNTY DEBT ONLY ($ IN MILLIONS)

FY93 FY94 FY95 FY92 Actual Actual Adopted Adopted

DEBT SERVICE BUDGET Principal Payments (A)(B) Interest Payments (A)(B)

Subtotal Principal & Interest Capital Leases

TOTAL COUNTY DEBT SERVICE (Principal and Interest Only)

Debt Administration Expenses (C) Capitalized Interest (D) Principal Portion of Refunded Bonds (E) Redemption of Short Term Loans Interfund Short Term Loans

TOTAL DEBT SERVICE FUND (As shown in Bud~:et Summary)

TOTAL COUNTY DEBT ISSUED (F) (As of Fiscal Year End)

TOTAL COUNTY DEBT OUTSTANDING (F)

COUNTY DEBT OUTSTANDING BY TYPE:

General Obligation Debt Self-Supporting Debt (G) Non Self-Supporting Debt (H)

$28.774 52.677

$81.452 0.019

$81.470

2.321 0.000 0.000

16.000 0.479

$100.270

$937.371

$872.291

$50.920 $605.991 $215.381

$17.398 54.815

$72.213

0.025 $72.238

0.401 1.225

307.424 33.000 0.230

$414.518

$989.880

$940.449

$57.185 $632.064 $251.200

$30.244 52.429

$82.673 0.029

$82.701

0.715 2.605 0.000 0.000 0.000

$86.021

$964.545

$908.051

$53.085 $604.563 $250.402

(A) ·These amounts differ from debt service payments shown in later schedules which do not include principal and interest on capital leases.

(B) This schedule does not include the Series 1994 ELAPP Bonds, which closed on October 12, 1994. The par amount of these bonds is $17,990,000 and debt service for FY 95 is as follows: $860,000 principal and $775,861 interest (C) Includes fees paid for trustees, paying agent and registrar services, rernarketing and Letter of Credit fees and arbitrage rebate liabilities.

(D) Interest paid with funds set aside from bond proceeds. (E) The principal amount of outstanding bonds refinanced with the proceeds of refunding bonds. (F) Prospective debt is discussed later in this document but is not included in totals shown in this schedule. The amount shown in FY 95 as issued reflects debt issued as of September 30, 1994 and the amount shown as outstanding represents debt issued as of that date minus principal payments made in FY 95. If the 94 ELAPP Bonds are included, the amounts issued and outstanding are $982.535 million and $893.756, respectively.

-

(G) FY 93 amount includes serial bonds of the Series 1984 Solid Waste Bonds which were defeased using reserves of the Solid Waste System. Also included in FY 93 is the Series 1992 Cypress Bridge Bond Anticipation Note.

Anticipation Note. (H) The FY 92 figure does not include the Series 1992 Cypress Bridge Bond Anticipation Note.

30

$31.425 48.273

$79.698

0.010 $79.707

0.533 0.400 0.000 0.000 0.066

$80.706

$964.545

$876.626

$50.320 $582.999 $243.307

DEBT SERVICE BUDGET SUMMARY

DEBT REQUIREMENTS INCLUDING WEST COAST REGIONAL WATER SUPPLY AUTHORITY (WCRWSA) DEBT ISSUED ON BEHALF OF THE COUNTY

FY92 FY93 FY94 FY95 ($ IN MILLIONS) Actual Actual Adopted Adojlted DEBT SERVICE BUDGET

COUNTY DEBT SERVICE Principal Payments $28.774 $17.398 $30.244 $31.425 Interest Payments 52.677 . 54.815 52.429 48.273

Subtotal $81.452 $72.213 $82.673 $79.698 Principal & Interest Capital Leases 0.019 O.Q25 0.029 0.010

TOTAL COUNTY DEBT SERVICE (A)(B) $81.470 . $72.238 $82.701 $79.707

WCRWSA DEBT SERVICE Principal Payments $2.250 $3.056 $2.193 $2.163 Interest Payments 2.601 3.728 4.587 4.616

TOTAL WCRWS~ DEBT SERVICE $4.851 $6.784 $6.780 $6.779

TOTAL DEBT SERVICE $86.321 $79.022 $89.481 $86.486

DEBT ISSUED (C) (As of Fiscal Year End)

ConntyDebt $937.371 $989.880 $964.545 $964.545 WCRWSADebt 83.373 82.248 82.248 82.248.

TOTAL DEB:r ISSUED $1,020.744 $1,072.128 $1,046.793 $1,046.793

DEBT OUTSTANDING (C)

ConntyDebt $872.291 $940.449 $908.051 $876.626 WCRWSADebt 68.663 65.607 63.414 61.251

TOTAL DEBT OUTSTANDING $940.954 $1,0()6.056 $971.465 $937.877 DEBT OUTSTANDING BY TYPE

General Obligation $50.920 $57.185 $53.085 $50.320

Self-Supporting ConntyDebt $605.991 $632.064 $604.563 $582.999 WCRWSADebt 68.663 65.607 63.414 61.251

TOTAL SELF-SUPPORTING $674.654 $697.671 $667.977 $644.250 NON SELF-SUPPORTING DEBT :!>:ZD.Jlll :b.l~ J..lUU 'b:l~U.4U:l 'bl;4~.~U/

(A) These amoWlts differ from the debt service payments shown in later schedules which do ioclnde not priocipal and ioterest on capital leases.

(B) This schedule does not ioclude the Series 1994 ELAPP Bonds, which closed on October 12, 1994. The par amOWlt of these bonds is $17,990,000 and debt service for FY 95 is as follows: $860,000 principal and

• < $775,861 mterest.

(C) Prospective debt is discussed later in this document but is not included in totals shown in this schedule. The amount shown io FY 95 as Com1ty debt issued reflects debt issued as of September 30, 1994 and the amount shOwn as outstanding represents debt issued as of that date minus principal payments

made io FY 95. If the 94 ELAPP Bonds are iocluded, the amoWlts of CoWlty debt issued and outstanding are $982.535 million and $893.756, respectively.

31

FY 95 DEBT SERVICE BUDGET

For FY 95, the County is required to budget $86.4 771 million in debt service payments for all outstanding debt. This compares with $89.453 million in FY 94. The $2.976 million decrease in debt service is the net effect of changes in each category of debt. Debt service due on general obligation bonds decreased as a result of the decreased debt service requirement for the 1992 ELAPP Bonds. Debt service on non-ad valorem revenue supported debt increased from FY 94 with the completion of the capitalized interest periods of the County Center and MOSI Bonds. And, the decrease in debt service due on self-supporting debt reflects the repayment of the Cypress Bridge Bond Anticipation Notes in FY 94. Over the preceding nine-year period (Fiscal Years ending September 30, 1986-95), debt service payments have ranged from a low of $30 million to a high of $89.5 million.

The largest portion of debt service budgeted in FY 95 relates to . County enterpri~ operations for water/wastewater ($46.996 million) and solid waste/resource recovery ($12.581 million), for a total of $59.577 million in enterprise related debt service. Revenue bonds issued in 1985, 1987 and 1988 to finance the capital requirements of water/wastewater operations were later refunded in 1991 and 1993. Revenue bonds issued in 1984 to finance major capital · expansions of the solid waste/resource recovery operations were refunded in 1994.

DEBT ISSUED AND OUTSTANDJNG2

As of September 30, 1994, the total amount of debt issued by and on behalf of the County equals $1,046.7933 million ($971.465 million outstanding). Amounts issued by the County include $501.481

1Inctudes debt issued by West Coast Regional Water Authority on behalf of Hillsborough County. Debt Service [01'" County issued bonds alone totals $79.698 million; debt issued and outstanding is ~964.545 and $908.051 respect;vely.

lhe term "outstanding" refers to the principal amount of the debt remaining to be paid. 3nus amount does not include the Series 1994 ELAPP Bonds which closed subsequent to the end ofFY 94. If those bonds are included, total debt issued is equal to $1,064.783 million, $989.455 mi11ion out.standing.

32

million ($482. 7 53 million outstanding) relating to the water/wastewater enterprise system and $121.810 million ($121.810 million outstanding) relating to the solid waste/resource recovery enterprise system. In addition. the West Coast Regional Water Supply Authority has issued debt totaling $82.248 million ($63.414 million outstanding) on behalf of Hillsborough County for water projects.

The debt service for all West Coast Water Authority bonds, issued to fund Hillsborough County water projects, is payable from the revenues of the County's water enterprise system as a component of County utility system operating and maintenance expenditures. It should be noted that all West Coast Authority debt is senior to the County's water and wastewater debt. i.e. the Authority's debt has a prior lien on utility system revenue.

The non-enterprise system (i.e. non self-supporting) debt issued as of September 30, 1994 equals $269.754 million ($250.402 million outstanding), the largest portion of which is $139.415 million in criminal justice refunding revenue bonds. In addition. the County issued general obligation bonds in 1977 in the amount of $16.5 million of which $3.740 million is outstanding. In July, 1992, General Obligation Bonds were issued to finance the ELAPP Program in the amount of $45,000,000, $39.500 million of which was outstanding as of September 30, 1994. An additional issuance of ELAPP Bonds in the par amount of S 17.990 million closed in October, 1994. General Obligation Bonds in the par amount of $10 million. were issued in 1993 to fund the acquisition and development of park land and facilities. The outstanding principal amount of these bonds is $9.845 million.

ANTICIPATED DEBT ISSUANCE IN FISCAL YEAR 1994-95

Public Safety Communications System

Hillsborough County intends to. implement a· new radio conununications system which utilizes the 800

MHz frequency. The system would support communications of the County Sheriff and could be expanded to include Emergency Medical SelVices, the Fire Department and Emergency Operations Center.

The 800 MHz trunked radio system is a computercontrolled, two way radio system that promotes the efficient utilization of the radio frequency spectrum allowing multiple radio channels· to be accessed by multiple users.

The cost of the project will include site development, system hardware and software, consulting, engineering and training. The cost of the system to be financep with bonds is projected at $ll.4 million. The County plans to issue long-term, fixed rate revenue bonds in FY 95 to finance the acquisition and installation of this system. This project will be combined with the New York Yankees Training Facilities project (see below) into a multiproject financing secured by Half-Cent Sales Tax revenue.

New York Yankees Training Facilities

The County intends to issue bonds to fund the construction and equipping of a spring training facility arid office complex for the New York Yankees. The facility will include practice and playing fields, batting cages, and other baseball related structures. Also included within the project Will be the renovation of the Team's existing minor league complex. The anticipated construction cost of the facility is $17.5 million. Completion is scheduled for February, 1996, in time for commencement of the 1996 spring training season.

East Regional Service Center

The County intends to acquire additional office and warehouse space in the eastern portion of the County. The specific location will be selected by the Board of County Commissioners in FY · 95. Occupants of the facilities will likely include Sheriff's Department personnel and other government agencies located in leased space. Funds currently allocated for these lease payments will be nsed for payment of debt service on bonds issued to finance the acquisition of the facilities.

33

Multi-purpose Arena Project

The County has approved an Interlocal Agreement with the Tampa Sports Authority (TSA) wherein the County agrees to pay $3.5. million annually toward the debt selVice on bonds to be issued by the TSA for the construction of a Hockey/Multi-purpose Arena in downtown Tampa. Additional bonds supported by the City of Tampa, State of Florida and Tampa Lightning Hockey Team will be issued to provided additional funding for the Arena construction.

It is expected that the County's $3.5 million obligation will be funded by a 5th Cent tourist development tax and surcharges on admission tickets for Arena events. It is expected that the bonds will be issued by the TSA in FY 95.

[See the section of this document entitled CONTINGENT LIABILITIES for a description of debt to be issued by the Tampa Port Authority for which the County will provide a guarantee of debt service payments.]

FIXED VS. VARIABLE INTEREST RATE DEBT

Of the $971.465 million in total County debt outstanding at September 30, 1994, 93.9% is financed with fixed interest rates and 6.1% with variable interest rates, i.e. rates that periodically increase or decrease in accordance with a specified financial market indicator. 91.9"/o of the $667.977 million in self-supporting enterprise debt outstanding (water/wastewater and solid waste) is financed with fixed interest rates. Outstanding non self-supporting general debt of $250.402 million is made up of 95.9% in fixed rate debt financing. Therefore, in terms of exposure to increases in interest rates, the County's debt portfolio is wellprotected through predictability in interest cost. In addition; the variable rate portion of the selfsupporting enterprise debt (Water/Wastewater Commercial Paper) is protected by an interest rate "CAP" which places a maximum of 8% on the level

Current variable rate debt is as follows:

ISSUE Water/Wastewater System Taxable Commercial Paper (Series 1991)

Revenue Anticipation Certificate, Courthouse Tower Annex

Tax-Exempt Commercial Paper (Series 1994)

Total Variable Rate Debt

AMOUNT ISSUED

$66,696,000

$6,400,000

$5,500,000

$78.596,000

34

to which rates may rise. The interest rate on the Revenue Anticipation Certificate-Courthouse Tower Annex is readjusted every three years based on a formula which indexes the rate to Barnett Bank's prime lending rate. The rate which will be in effect through Fiscal Year 95 is 5.94%.

In FY 94, the County was approved for participation in the Florida Local Government Financing Commission Tax-Exempt Commercial Paper Pool Program. As of the end of FY 94, the County bad drawn $5.5 million and had secured an unconditional credit line up to $65 million for encumbrance and funding of various capital projects.

In most markets variable rate debt is substantially less expensive than fixed rate debt. However, during certain periods, market conditions may cause the variable rates to increase above fixed rates for short periods of time.

PRINCIPAL OUTSTANDING AS OF 9/30/94

$48,843,000

$4,833,300

$5,500,000

$59.176.300

FINAL MATURITY

8/98

10/08

3/95

TOTAL DEBT OUTSTANDING

General Obligation Bonds (All Fixed Interest Rates) :

.

Non Self-Supporting

General Debt: Fixed Interest Rates

Variable Rates

Total

Self Supporting

Enterprise Debt: Fixed Interest Rates

Variable Rates

Total

Summary

FIXED VS. VARIABLE RATES AS OF SEPTEMBER 30, 1994

Amount Amount Issued Outstandin~t

$71,500,000 $53,085,000

$257,854,176 $240,069,176

$11,900,000 $10,333,300

$269,754,176 $250,402,476

$638,843,151 $619,134,151

$66,696,000 $48,843,000

$705,539,151 $667,977,151

Total Fixed Interest Rate Debt $968,197,327 $912,288,327

Total Variable Rate Debt $78,596,000. $59,176,300

TOTAL ALL DEBT $1,046,793,327 $971,464,627

35

Percent or Total

100.00/o

95.9%

4.1%

100.0%

92.7%

7.3%

100.0%

93.9%

6.1%

100.0%

DEBT CAPACITY

The. ability of a municipality to issue. debt is a function of: (i) the. re.ve.nue.s legally available. to ple.dge. as security for the. de.bt; (ii) limitations on the

· collection of that re.ve.nue. which the. bondholder will take. into account in determining the. principal amount of bonds which could be. repaid; and, (iii) the. market inte.re.st rates in e.!Je.ct at the. time. the de.bt is issued, toge.the.r with the. le.ngth of time. for re.payme.nt. Computations utilizing these. factors result in the. determination ofDe.bt Capacity.

The. following page. summarizes the. e.xte.nt of major re.ve.nue.s available. to support de.bt issuance.. The. figures shown under the. caption Supoortable. Issue. Size. are. hypothesized, in that they do not take. into account current outstlmding de.bt which is secured by the. re.ve.nue. sources indicate.<!. Howe.ve.r, the. data shown on the. facing page., e.ntitle.d Amount Still Available. to Bond From Respective. Re.ve.nue. Sources, adjusts the. supportable. issue. size. to depict the. actual amount of additional de.bt that could be. issued so long as there. is outstanding de.bt be.ing repaid by the. respective. re.ve.nue. source..

36

It should also be. noted that the Series 1991 Taxable. Commercial Paper Program is supported by a le.tte.rof -credit which re.quire.s the. County to covenant that maximum annual de.bt service. on the. amount of de.bt repaid from legally available. non-ad valorem revenue of the. County will ne.ve.r be. greater than 50% of those. re.venue.s. Stated diffe.re.ntly, the. ratio of le.gally available. re.ve.nue. to de.bt service. must be. at least 2 to 1. For the. Fiscal Y car ending Se.pte.mbe.r 30, 1993, the. certified coverage. ratio equals 5.82 to I. For Fiscal Y car 95 that ratio is proje.cte.d to equal to 7.89 to 1. The. bond resolution governing the. MOSI and County Ce.nte.r Bonds provides for an anti-dilution te.st. This te.st requires that the. ratio of legally available. non-ad valorem re.ve.nue.s to maximum annual de.bt service. on these. bonds, and any additional bonds issued under this resolution, equal or e.xce.e.d 1.50 to 1. . For the. Fiscal Y car ending Se.pte.mbe.r 30, 1994, this ratio is projected to equal 23.4 to 1.


37

PLEDGABLEREVENUESOURCES ($ amounts in thousands)

Supportable Issue Size

Term (Years) 10 20 30

FY9S Coverage Interest Rate REVENUE SOURCE Revenue Required 5.00% 5.50%

Ad Valorem Taxes: (a) Countywide (I mil) $25,984 1.00 $201,000 $310,519 MSTU (I mil) $14,748 1.00 $113,880 $176,244 ELAPP (1/4 mil) $6,496 1.10 $45,600 $70,572

State Shared Resources: Guaranteed Entitlement (I & II) $6,753 1.10 $47,404 $73,364 Half Cent Sales Tax $47,762 1.35 $273,189 $422,796

Mobile Home Licences $450 1.50 $2,317 $3;585 Beverage License Tax $300 1.35 $1,716 $2,656 Phosphate Tax $800 1.35 $4,576 $7,082

Gas Taxes Six Cent Local Option Gas Tax $17,480 1.25 $107,981 $167,114 Seventh Cent Gas Tax $2,901 1.25 $17,921 $27,734 Voted Gas Tax $4,790 1.25 $29,590 $45,794 Constitutional Gas tax (20%}(b) $1,647 1.25 $10,174 $15,746 Constitutional Gas Tax (80%) (b) $6,336 I $39,140 $60,574

Local Sources: Professional/Occupational Licenses $820 1.35 $4,690 $7,259 Court Fees/Charges $1,500 1.50 $7,722 $11,950 I Cent Tourist Development Tax (c) $1,700 1.20 $10,939 $16,930 Notes to Pledgable Revenue/Debt Capacity Schedules:

a) Revenue numbers are 93% of the gross millage to take into account fees to the Tax Collector and the 95% budgeting convention. b) The Constitutional Gas Tax is pledged to the State of Florida Crosstown Expressway Bonds in the event toll revenue is insufficient. Beginning in FY 91 toll revenue was sufficient and the

full 80% and 20% portions are being returned to the County.

6.00%

$357,665 $203,004

N/A

$84,504 $486,990

$4,129 $3,059 $8,157

$192,487 $31,945 $52,747 $18,137 $69,771

$8,361

$13,765 $19,500

c) The 4th Cent Tourist Development Tax was levied in January, 1990, and is currently used for debt service on the Series 1977 and Series 1993 Tampa Stadium Bonds ($1,487,075 and $115,920, respectively, in FY 95). This revenue is not specifically pledged to these bonds, however, and is available for other stadium improvement projects. d) Debt capacity computations consider outstanding debt pledged to specified revenue. e) All revenues shown are primary or secondary pledges to the Series 1985 Road Refunding

Revenue Bonds and should be considered together in evaluating debt capacity relative to the debt outstanding for this issue. I) Debt capacity of this revenue is restricted by term of the levy (i.e. ·10 year term with 6 years remaining).

38

DEBT CAPACITY (S amounts in thousands)

Amount Still Available to Bond from Respective Sources-( d)

Term (Years) 10 20 30

Outstanding Max Annual Interest Rate REVENUE SOURCE Bonds Debt Service 5.00% 5.50% 6.00%

Ad Valorem Taxes: (a) Countywide (I mil) $3,740 $1,354 $190,186 $294,338 $339,028 MSTU (!mil) $9,845 $691 Sl08,544 Sl67,987 $193,492 ELAPP ( 114 mil)(g) $57,835 $5,449 $3,204 $4,165 N/A

State Shared Resources: Guaranteed Entitlement (I & II) $0 $0 $47,404 $73,364 $84,504 Half Cent Sales Tax $143,125 $12,393 $202,304 $313,091 $360,628

Mobile Home Licences $25,634 $3,345 Not Meaningful (e) Beverage License Tax $25,634 $3,345 Not Meaningful (e) Phosphate Tax $0 $0 $4,576 $7,082 S8,157

Gas Taxes Six Cent Local Option Gas Tax $0 $0 $107,981 $167,114 $192,487 Seventh Cent Gas Tax $25,634 $3,345 Not Meaningful (e) Voted Gas Tax $0 $0 Not Meaningful (f) Constitutional Gas Tax (20%)(b) $0 $0 $10,174 $15,746 S18,137 Constitutional Gas Tax (80%) (b) so so S39,140 S60,574 S69,771

Local Sources: Pro(essional/Occupational Licenses $25,634 $3,345 Not Meaningful (e)

$7,855l S9,048 Court Fees/Charges $4,833 $514 S5,076 I Cent Tourist Development Tax (c) so so $10,939 Notes to Pledgable Revenue/Debt Capacity Schedules:

a) Revenue numbers are 93% of the gross millage to take into account fees to the Tax Collector and the 95% budgeting convention. b) The 80% portion of the Constitutional Gas Tax is pledged to the State of Florida Crosstown Expressway Bonds in the event revenue is insufficient. Beginning in FY 91 toll revenue was sufficient and the full 80% portion is being returned to the County.

$16,930 $19,500

c) The 4th Cent Tourist Development Tax was levied in January, 1990, and is currently used for debt service on the Series 1977 and Series 1993 Tampa Stadium Bonds ($1,487,075 and $115,920, respectively, in FY 95). This revenue is not specifically pledged to these bonds, however, and is available for other stadium improvement projects. d) Debt capacity computations consider outstanding debt pledged to specified revenue. e) All revenues shown are primary or secondary pledges to the Series 1985 Road Refunding Revenue Bonds and should be considered together in evaluating debt capacity relative to the debt outstanding for this issue. f) Debt capacity of this revenue is restricted by term of the levy (i.e. 10 year term with 6 years remaining). g)1ncludes ELAPP Bonds issued in October, 1994 in the par amount of$17,990,000. For this calculation,

10 and 15 year terms were used reflecting the 2011 limit placed on maturities in the voter referendum.

39

AD VALOREM DEBT FUNDING CAPACITY

The County has not made exiensive use of ad valorem debt financing. General obligation bonds were issued in 1977 in the amounts of $10 million (park facilities) and $6.5 million (jail facilities), of which $2,225,000 and $1,515,000, respectively, remain outstanding. The Series 1977 Park Facilities Bond is an unlimited general obligation of the County and was rated Aa by Moody's Investors Service and AA- by Standard and Poor's at the time of issuance. The Jail Facilities Bond is a limited general obligation bond to be paid from the levy of a maximum of :fifteen hundredths (.15) of one (I) mill annually per $1,000 of assessed value of all taxable property in the County.

In 1992, bonds were issued in the amount of $45,000,000 to finance the acqms1Uon and protection of environmentally sensitive lands in Hillsborough County and an additional $17,990,000 was issued in October, 1994. Bonds issued for environmentally sensitive land acquisition are limited general obligation bonds supported by an annual millage levy of up to .25 mills.

In FY 93, bonds were issued for parks land and facilities hi the amount of$10,000,000. These bonds fund the acquisition, development and improvement of parks in the unincorporated area of the County

.and are supported by millage levied in the benefited area.

This method of financing is particularly advantageous in light of the County's general obligation bond rating of "Aa/AA-", in that it does not impact the County's General Fund for the repayment of the debt and provides an attractive

interest rate as a result of the pledge of the County's full faith and credit.

Statutory Debt Limits. The Florida Constitution does not limit the amount of ad valorem taxes a municipality may levy for the payment of bonds authorized by voters' referendum. The County is limited by Article VII, Section 9 of the Florida Constitution, however, to a maximum levy of 10 mills per $1.00 of the assessed value of real estate and tangible personal property for municipal purposes other than the repayment of voted bonds. With the combined adopted countywide and library services millage of 8.5351 mills for Fiscal Year 95 the County is below the statutory limit.

The following details the County's ability to raise additional funds through the use of ad valorem debt.

Debt Raised/Millage Required Tables. The following tables are presented for the purpose of illustrating the impact on citizens, in terms of their property taxes, of the issuance of additional debt repaid from ad valorem sources.

With the approval of the voters, the County can issue additional general obligation debt without impacting its General Fund. According to the Fiscal Year 95 property assessments, the gross return per mill, after allowing for early payment discounts, commissions to the Tax Collector, the 5% statutory budget allowance and uncollectible taxes, is $25.984 million Countywide and $14.748 million in the MSTU. The bonded amount this millage would support is inlluenced by both market interest rates and the amortization period selected. As the following charts indicate, the County maximizes its bonding potential by issuing long maturity bonds with low interest rates.

DEBT RAISED FROM ONE MILL (COUNTYWIDE) OF AD VALOREM TAXES BASED ON A 6% ISSUE AT VARYING AMORTIZATION PERIODS

Amortization

10 years 20 years 30 years

40

Bond Size

$191,241,403 $298,029,604 $357,659,578

The following chart illustrates the effect of interest rate changes on the County's bonding capacity. A rate decrease from 6% to 5% increases the County's bonding capacity by $25.8 million per mill and an increase from 6% to 7% reduces the bonding capacity by $22.8 million per milL

DEBT RAISED FROM ONE MILL (COUNTYWIDE) OF AD VALOREM TAXES BASED ON A 20-YEAR ISSUE AT V ARlO US INTEREST RATES AS SHOWN

Interest Rate 5% 6% 7o/o

REFINANCING OF DEBT

The County monitors its debt for opportunities to refinance or refund outstanding debt, as market conditions and debt covenants allow, in order to maximize financing· cost savings. This is an ongoing practice which will continue in FY 95, with particular attention given to the 1985 Road Refunding Bonds for opportunities for refunding. In FY 93, to take advantage of favorable market interest rates, the County issued Refunding Revenue Bonds in the principal amount of $139,415,000 to advance refund the outstanding Series 1987 Criminal Justice Bonds. Also, certain outstanding Utility System Revenue .Bonds ·were refunded by the Series 1993 Refunding Utility Revenue Bonds, the principal amount of which was $176,700,000. · Savings realized from the refunding of the Utility Bonds exceeded $9.7 million. Present value savings provided by the refunding of the Criminal Justice Bonds were in excess of $7 million. In FY 94, the County issued Refunding Revenue Bonds in the principal amount of $121,810,000 to refund the outstanding Series 1984A Solid Waste Resource Recovery Bonds which resulted in gross total savings over the lite of the bonds of $54 million and present value savings of$35 million.

CONCLUSIONS

The County's portfolio of outstanding debt is secured by a diversity of revenue sources. General obligation debt is underutilized in relation to per capita measurements, general municipal finance credit standards and the County's potential to secure low interest rates due to its excellent • Aa/AA-" rating. The exposure of the portfolio to increases in interest rates is minimal given that only 6.1% of total debt is financed with variable interest rates.

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Bond Size $323,812,827 $298,029,604 $275,270,406

The debt capacity of the County's non ad valorem revenue base is theoretically strong but restricted in practice, in that revenues are used for funding operations. Any use of existing revenues (e.g. Half Cent Sales Tax) to support new debt issuance may require an increase in millage levies or reduction in operating costs and services. New revenue sources and additional State initiatives to create new revenues or enhance existing revenues could be useful additions to the County's debt capacity in

·financing Infrastructure needs. PLEASE NOTE: The Debt Service figures shown in this · document reflect only principal and interest exjlenscs. Other Debt Service Fund appropriations, such as capitalized interest, rcmarkcting and Letter of Credit fees, trustee and paying agent costs and principal and interest on capital leases are shown in the schedule SUMMARY OF TOTAL DEBT SERVICE REQUIREMENTS.

OUTSTANDING DEBT

As of September 30, !994, the County has long-term debt outstanding in the principal amount of $971.465 million. The County's outstanding debt (including debt issued on behalf of the County by the West Coast Regional Water Supply Authority) is summarized below and further detailed on the following two pages.

TYPES OF DEBT

There are several different types of debt incurred by cities and counties in Florida, including general obligation debt, revenue debt and other debt including long-term leases and government loans. To date, Hillsborough County has used the methods described and defined below.

General Obligation Debt

General obligation ("G.O. ") bonds of municipalities, counties, school districts and states are backed by a pledge of the full fuith and credit of the issuing entity. This pledge generally is supported by a commitment of the issuer to levy and to collect ad valorem taxes. without limitations as to rate or

amount, for the payment of principal and interest on its bonds. With the County's excellent • A:il/AA-" credit rating (See "Discussion of Bond Ratings"), G.O. debt offers the lowest interest cost of any form of county debt. Because of the impact on property owners, the issuance of general obligation debt in Florida requires the consent of the voters through a referendum.

General obligation debt issued by the County is as follows:

AMOUNT ISSUED

$71,500,000

AMOUNT OUTSTANDING (9/30/94)

$53,085,000

FY9SDEBT SERVICE $5,837,280

Revenue Debt-Bonds, Notes, and Governmental Loans

Most, if not all, state constitutions authorize either explicitly or implicitly the issuance of revenue debt. Revenue debt may be issued without voter referendum because of a public policy called the "special fund doctrine•. The essence of revenue debt is that a particular stream of revenue is designated as the sole source of repayment of the debt. This revenue source may be derived from a specific project or enterprise, a loan program or even a special tax. In the event that such a source proves inadequate or default is otherwise threatened, the issuer is under no obligation to repay the debt from

· its general funds. The issuance of revenue debt js usually subject to fewer, less severe restrictions than

general obligation debt. This is because the purpose of such restrictions is to minimize the loss of popular control over the public purse (i.e., to protect future taxpayers against heavy tax burdens they must bear without their consent). Since the County cannot be compelled to levy taxes or fees, other than those specific taxes or fees pledged to revenue debt, future tax-payers are not burdened with the debt service associated with revenue debt. Therefore, the same level of restrictions is not necessary. Nevertheless, in the case where a revenue source such as a sales tax or franchise fee flows to the General Fund. to offset operating expenses. the utilization of such revenues as a security pledge for bond indebtedness will have a direct impact on General Fund revenues. Thus, in order to maintain the same level of general services, the issuer may need to identify other supplemental revenues or reduce operating costs.

Revenue debt issued by or on behalf of the County is as follows:

AMOUNT AMOUNT FY9SDEBT ISSUED OUTSTANDING {9/30/94) SERVICE

Bonds $908,597,153 $869,536,686 $65,599,394 Commercial Paper 66 696 000 48 843 000 15,040,416 Total $975,293,153 $918,376,686 $80,639,810

Self-SuJ>porting Revenue Debt. The source of funds supporting an issuance of self-supporting revenue debt is usually the receipts from the operation of a facility or enterprise (e.g. a solid waste resource recovery facility or utility system) built with bond proceeds. As such revenues are received, they immediately become subject to the pledge established

by the indenture or resolution that such revenues are received by the issuer to: (i) be held in trust for the

42

benefit of the bond or noteholder; and, (ii) be applied solely as specified in the indenture or resolution. In accordance with this quasifiduciary relationship, it is provided that, upon receipt of the revenues, they are to be deposited into a Trust Fund which is usually deemed the "Revenue Fund".

As stated earlier, repayment of revenue debt is dependent upon a particular source of funds, not upon any general governmental commitment to provide the amount needed for payment. Therefore,

>:;.:

..

,.,- __ .

it is essential that the funds flowing from such a revenue source be allocated exclusively for such payment, for building required reserves, and for operating the project or program which generated funds. Surplus funds may be applied for other uses. Such exclusive allocation is achieved by means of: (I) formally pledging all funds flowing from the source as security for the bonds or notes; (2) speciJying the manner of its application, including restrictions on the alternative application of any surplus; and, (3) covenanting not to apply any such funds except as so specified. Most bond or note resolutions include a requirement that the issuer (such as the County's Water/Wastewater Utility System) charge rates high enough to produce system revenues . sufficient to pay not only operating expenses and debt service, but also to provide an adequate margin to· protect bond or noteholders should there be an unforeseen revenue shortfall. Most such margins are in the range of 25% to 40% of annual debt service, depending primarily on the strength of the revenue source.

Commercial paper generally is defined as short-term, unsecured prontissory notes issued by organizations of recognized credit quality. While corporations usually issue commercial paper on an unsecured basis, legal differences normally require that municipal issuers secure commercial paper (CP) with a specific pledge. CP is issuable in virtually any amount at any time on very short notice. The dollar amount of each maturity is usually tailored to the needs of the issuer on the date the notes are brought to market. Commercial paper is customarily

sold at discount from par. The discount includes both the dealer's commission and the interest to be received by the investor. Practically all CP is supported by a credit facility from a commercial bank (e.g. letter-of-credit). The funds available under this credit facility are generally sufficient to pay the outstanding principal of and interest on the CP. Bank-support facilities can take various forms.

Credit ratings by at least one of the major rating agencies (Moody's and Standard & Poor's) are essential to enable a CP issuer to reach a broad range of investors, obtain competitive interest rates and be able to issue CP in amounts consistent with its overall program. The best or "prime" ratings are P-1 by Moody's and A-I+ by Standard and Poor's, which are the ratings of the County's CP.

CP has many advantages when used in a suitable borrowing situation. On average, relative to other short-term financing options, the short average maturity of CP results in significant interest rate savings. The effect of this lower average inte'!!St rate would be a decrease in the overall borrowing costs of the County. Principal amounts and maturities ranging from I to 270 days can be tailored to meet a County's changing financial requirements. In addition, CP can be issued in as little as a few hours' notice in amounts up to the Board authorized limit established by the CP resolution. Finally, CP has the lowest issuance costs of any long- or shortterm, public or private placement financing alternative.

Self-supporting revenue debt issued by and on behalf of the County is as follows:

AMOUNT AMOUNT FY9SDEBT ISSUED OUTSTANDING {9/30/94) SERVICE

Bonds $638,842,977 $619,134,210 $44,536,797 Commercial Paper 66 696 000 48 843 000 15 040 416 Total $705,538,977 $667,977,210 $59,577,213

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Non Self-Supllorting Revenue Debi Non selfsupporting revenue debt differs from self-supporting revenue debt in both the sources of revenue and the type of project financed. Whereas self-supporting revenue debt would finance, for example, an enterprise such as a utility system, non selfsupporting revenue debt would be used for a public improvement project which would not generate revenues specifically related to paying off the debl

Examples would be jails, the purchase of fleet vehicles and other necessary equipment, the construction of transportation projects (exclusive of toll -roads), or parks or any other projects in which revenue, if any, would not be sufficient to retire the debt and pay the operating expenses. This type of debt has a significant budgetary impact as compared to self-supporting revenue debt which amortizes itself.

Non Self-Supporting revenue debt issued by the County is as follows:

AMOUNT ISSUED

$269,754,176

AMOUNT OUTSTANDING

$250,402,476

FY95 DEBT SERVICE

$21,062,597

Covenant to Budget and Appropriate

In its issuance of the non-ad valorem revenue bonds to finance the Museum of Science and Industry expansion project, and the acquisition and build:.Out of the County Center, the County agreed to annually budget and appropriate legally available non-ad valorem revenue sufficient to ensure payment of debt service requirements on the outstanding bonds. Included in non-ad valorem revenue are the revenues generated from Museum operations. This concept (i.e. a covenant to budget and appropriate) was first instituted in the I 980's and does not include a Specific long-term revenue pledge. The effect is, however, similar to a revenue pledge and can be either self-supporting or non self-supporting.

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Other outstanding County debt with a primary or secondary pledge of a covenant to budget and appropriate non-ad valorem funds include the Series I 985 Road Improvement Refunding Revenue Bonds, Series 1991 Taxable Commercial Paper (Water/Wastewater System) and Series 1994 Tax Exempt Commercial Paper.

SUMMARY OF TOTAL COUNTY DEBT BY TYPE AS OF SEPTEMBER 30, 1994

AMOUNT AMOUNT DEBT TYPE ISSUED OUTSTANDING

General Obli2ation Bonds $71.500.000 $53,085,000

Non Self-Supporting General Debt:

Road Improvement Debt $32,2I4,176 $25,634,176

Criminal Justice Bonds $160,030,000 $147,958,300

Museum of Science and Industry Bonds $19,375,000 $19,375,000

County Center Bonds $52,635,000 $51,935,000

Tax Exempt Commercial Paper $5,500,000 $5,500,000

Subtotal $269,754,176 $250,402,476

Self-Supporting Enterprise Debt:

County Water/Wastewater Bonds $501,481,151 $482,753,151 WCRWSA Bonds $82,247,826 $63,414,059 Water/Wastewater Bonds $583,728,977 $546,I67,210

Solid Waste/Resource Re...--overy Bonds $12I,810,000 $I2I,810,000

Subtotal $705,538,977 $667,977,210 Total $1,046,793,153 $971,464,686

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DEBT STATEMENT AS OF SEPTEMBER 30, 1994

GROSS DEBT LESS DEBT NET DEBT

OUTSTANDING RESERVES OUTSTANDING

Ad-Valorem SupJIOrted Debt: General Obligation Bonds (Series 1977), Parks and Jails $3,740,000 $0 $3,740,000

General Obligation Bonds (Series 1992), ELAPP $39,500,000 $0 $39,500,000

General Obligation Bonds (Series 1993), MSTU Parks $9,845,000 $0 $9,845,000

$53,085,000 $0 $53,085,000

Non Ad-Valorem Supported Debt: Criminal Justice, Series 1993 $136,380,000 $10,428,894 $125,951,106

Gulf Breeze Loan Pool, Series 1987 $6,745,000 See Note $6,745,000

Courthouse Annex Tower $4,833,300 $2,844,880 . $1,988,420

Road Improvement Revenue Refunding Bonds, Series 1985 $25,634,176 $1,686,925 $23,947,251

Museum of Science & Industry, Series 1991 $19,375,000 $1,553,536 $17,821,464

County Center Bonds, Series 1992 $51,935,000 $4,158,440 $47,776,560

Tax-Exempt Commercial Paper $5,500,000 $8,021 $5,491,979 $250,402,476 $20,680,696 $229,721,780

Self-Supporting Debt: Water/Wastewater Refunding (Series 1991 A) $244,940,151 $42,823,004 $202,117,147

Water/Wastewater Refunding (Series 1991 B) $13,145,000 See Note $13,145,000

Waier/Wastewater Series 1991 Taxable Commercial Paper $48,843,000 $0 $48,843,000

Water/Wastewater Refunding (Series 1993) $175,825,000 See Note $175,825,000

West Coast Regional Water Authority (All Series) $63,414,059 $2,099,600 $61,314,459

Solid Waste and Resource Recovery Bonds (Series 1994) $121,810,000 $12,580,638 $109,229,362

$667,977,210 $57,503,242 $610,473,968 $971,464,686 $78,183,938 $893,280,748

Note: The Debt Service Reserve for the Gulf Breeze Loan is provided for in non-asset bonds held in the Gulf Breeze Pool from which this loan was made to the County. The reserve will not be used to reduce the final principal payment by the County. The Debt Service Reserve shown above for the Series 1991A Water/Wastewater Refunding Bonds reflects the total reserve requirement for all outstanding Water/Wastewater Bonds. The Debt Service Reserve for the West Coast 1989A Bonds is funded by a surety bond provided by AMBAC Indemnity Corp., therefore, no cash reserve was required.

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DEBT STATEMENT AND PROJECTED DEBT ISSUANCE IN FY 95

GROSS DEBT LESS NET DEBT OUTSTANDING RESERVES OUTSTANDING

Total Outstanding Debt as of 9/30/94 $971,464,686 $78,183,938 $893,280,748

LESS: Principal payments in Fiscal Year 1994-95 ($33,587,217) NA ($33,587,217)

$937,877,469 $78,183,938 $859,693,531

PROJECTED DEBT ISSUANCE

General Obligation:

Series 1994 ELAPP Bonds $17,990,000 $0 $17,990,000

Non Self-Supporting Debt:

Hillsborough !County, FL Series 1994 Capital Improvement Program Revenue Bonds (Yankees Project and Radio System) $37,862,519 $3,180,000 $34,682,519

Hillsborough County, FL Series 1995 Revenue Bonds (East Regional Service Center, Sheriff's Properties) $15,000,000 $1,500,000 $13,500,000

TOTAL PROJECTED OUTSTANDING DEBT AS OF 9/30/95 $1,008,729,988 $82,863,938 $925,866,050

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CONTINGENT LIABILITIES

Bonds issued by the Tampa Sports and Aviation Authorities contain provisions (by means of cooperation agreements) which require the County to make up any deficits in certain debt service payments resulting .from shortfalls in the operating revenues of these entities.

The following is a summary of debt issued by the Sports and AYiation Authorities for which the County may have a .contingent liability:

TAMPA SPORTS AUTHORITY (In thousands)

ISSUE DATE 1977 1993

AMOUNT ISSUED

$19,795,000 $ 450,000

AMOUNT OUTSTANDING AS OF 9/30/94 $12,755,000 $ 116,000

FY.95 DEBT SERVICE

$1,487,000 $ 118,000

Note: Countv's Contingent Liabilities-Series 1977 Bonds. Under the terms of the Cooperation Agreement between the County and the Tampa Sports Authority, the County is required to furid two-thirds of the deficit in any given fiscal year to the extent that the Authority's revenues are insufficient to pay debt service on the Series 1977 Bonds.

AVIATION AUTHORITY AMOUNT

ISSUE AMOUNT OUTSTANDING FY95 DATE ISSUED AS OF 9/30/94 Debt Service l989A $ 93,065,000 $ 89,275,000 $ 1,425,000 1991 $ 73,600,000 $ 67,330,000 2,325,000 1992 $ 93,435,000 $ 89,670,000 2,455,000 l993A $ 27,150,000 $ 22,320,000 4,980,000 l993B $129,485,000 $127,325,000 2,225,000 1993C $ 2,790,000 $ 2,375,000 430,000 1993D $ 72 000 000 ~ 72,000,000 1,020,000

Totals $491,525,000 $470,295,000 $14,860,000

Note: In connection with the issuance of the Authority's Tampa International Airport Revenue Bonds of 1968, the Authority entered into Cooperation Agreements with both the City of Tampa and Hillsborough County

which provide, among other things, that the City and County each covenant with the Authority to pay from available funds other than ad valorem taxes, and subject to limitations and priorities more fully explained in the Agreement, one-half of the amount of any deficit which may occur in the Debt Service Reserve Fund. The Cooperation Agreements further provide that the Authority reimburse the City and County, for any funds advanced, in the fiscal year following such advancement. The Authority is to accomplish this through an increase in lease charges to the airlines. This Cooperation Agreement terminates in 1999.

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Tampa Port Authority

The County intends to provide credit support to the Tampa Port Authority's proposed issuance of up to $80 million in bonds during FY 95. An Jntcrlocal Agreement between the County and Port Authority will provide that the County will covenant to annually budget and appropriate sullicient amounts of non-ad valorem dollars to cover shortfalls. if any. in the debt service reserve account for the Port • s

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bonds. The bonds arc expected to be issued with a 30 year term. Certain provisions of the Jnterlocal Agreement will require the Port to fund a capital reserve account which would be used first to cure deficiencies in the debt service reserve account. In addition. there will be limitations on the Port in its issuance of future debt in order to avoid a dilution of the County's standing and security under the Jnterlocal Agreement.

BOND RATINGS AND CREDIT ENHANCEMENT

DISCUSSION OF BOND RATINGS

The purpose of a rating is to provide investors with a simple system of gradation by which the relative investment qualities of bonds may be noted. Ratings express an agency's opinion on the relative creditworthiness of specific debt obligations. There are three major nationally accepted rating agencies, two of which the County has historically used, i.e. Standard & Poor's Corporation and Moody's Investors Service. In FY 94, the County began using the third rating agency, Fitch Investors Services. Bond ratings are not an opinion on the issuer itself, hut on its ability and willingness to repay a specific debt obligation. The following is a discussion of what a rating implies.

Moody's Investors Service. The municipal bond credit rating system used by Moody's grades the investment quality of municipal bonds in a nine symbol system that ranges from the highest investment quality, which is "Aaa" to the lowest credit rating, which is "C".

Municipal bonds in the top four categories (i.e., Aaa, Aa, A, and Baa) are considered to be of investmentgrade quality. Additionally, for those bonds in the

· Aa through B range that Moody's concludes have the strongest credit features within their respective categories, the designations of Aal, AI, Baal, Bal, and B I are used, respectively.

Standard & Poor's. The municipal bond rating· system used by Standard & Poor's grades the investment quality of municipal bonds in a 10 symbol system that ranges from the highest investment quality, AAA, to the lowest credit rating D. Bonds within the top four categories (i.e., AAA, AA, A, and BBB) are considered by Standard & Poor's to be of investment-grade quality. Standard & Poor's also uses a plus (+)or minus (-) sign to show relative standing within the rating categories from AAtoBB.

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County's Ratings

The County's general obligation bond rating was upgraded in June, 1988 to "Aa" by Moody's and in June, 1991, to "AA-" by Standard & Poor's. This rating is at the high-end of the rating scale and is higher than that of the majority of counties and municipalities in Florida. It gives the County access to funds for capital projects at reasonable market interest rates and is a rating the County would not wish to jeopardize. For example, if the County's bond rating was "Baa/A-", instead of" Aa/AA-", the cost of borrowing would rise sharply.

For purposes of comparison, the following table summarizes the total debt service and average annual interest rate associated with a $20,000,000 bond issue with a 20-year maturity.

A a Baa Rated Rated

Average Coupon 6.25% 6.75%

Total Debt Service $35,584,907 $37,026,678

Effect of Credit Enhancement on Ratings

Credit enhancement, either in the form of a municipal bond insurance policy or a letter-<>f-credit (LOC) from a highly-rated bank, is widely used in the tax-exempt and taxable bond market. Simply stated, credit enhancement provides additional security to back bonds. The primary purpose for having an issue insured or backed by a letter-<>fcredit is to achieve a higher rating than the bonds would achieve on their own. Most forms of credit enhancement provide a "Aaa/AAA" long-term rating or '' "PI/AI+" short-term rating; in both cases, the hig<1est possible rating category.

Debt-Related Ratios. Debt-related ratios are used to understand the credit of general obligation issues. The value of the ratios is twofold:

I. The ratios arc among the analytical tools for evaluating the creditworthiness of the issuer's G.O. bonds; and, 2. The per capita data allows the analyst to compare bonds of different communities.

Net G.O. Debt JlCr Capita. This figure represents the outstanding amount of G.O. Bonds divided by the population. In theory, it represents the amount of debt per person that is supported by the general taxing powers of the issuer in the issuer's General Fund. In general, the lower the number, the more creditworthy the issuer.

DEBT OUTSTANDING AS OF 9130194

$53,085,000

PER CAPITA

$62.60

This per capita ratio compares favorably with the following Florida counties:

Broward Dade Palm Beach Orange

PER CAPITA $313.o2 $316.50 $120.21 $ 24.73

Direct Debt per Capita. This ratio measures the total general obligation debt and non-self supporting debt of the County on a per capita basis. The County also compares favorably with other Florida counties and with the median measurements compiled by Moody's for counties with populations of 1 million:

PERCAPITA4 Hillsborough s 37LI6 Lee $ 699.35 Broward $ 426.79 Dade $ 536.42 Palm Beach $ 530.17 Pinellas $ 160.23 Orange $ 484.21 Moody's Median $1,287.00

4 These figures are for the fiSCal year ending 9/30/93, except for Hillsborough which are as of9130/94.

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Net G. 0. Debt as a Percentage of Full Real Estate Valuation. This percentage indicates the level of debt as compared with the real estate wealth as represented in the most recent real estate valuation. This statistic is perhaps one of the most important figures for the credit analyst, since it indicates the issuer's ability to pay.

DEBT OUTSTANDING AS OF 9130194 $53,085,000

FULL REAL ESTATE VALUATION $25,984,000,000

PERCENTAGE 0.204%

The following compares net G.O. debt as a percentage of full taxable value assessed property for the indicated Florida counties''':

Broward Dade Palm Beach Orange

0.84% 0.93% 0.21% 0.06%

The following schedule lists the County's outstanding issues and their current rating. Additionally, it lists the credit enhancement provider which has guaranteed the bonds and as a result provides for the rating.

CREDIT RATINGS OF OUTSTANDING DEBT

DATE CREDIT ISSUED S&P MOODYS ENHANCER*

General Obligation Bonds

Parks, Series 1977 Feb-77 AA- Aa None Jails, Series 1977 Jun-77 AA- Aa None ELAPP, Series 1992 Jul-92 A None None Parks, Series 1993 Jul-93 AA- Aa None ELAPP 1994*** Oct-94 A None None

Self-Supporting Revenue Bonds

Solid Waste &Resource Recovery Refunding Revenue Bonds, Series 1994 Jul-94 AAA Aaa MBlA

Underlying Rating· A Baa

West Coast Regional Water Supply Authority Series 1979 Bonds * • Aug-79 AA- A MBIA Series 1985 Refunding Bonds Apr-95 AAA Aaa AMBAC Series 1989 A Refunding Bonds Apr-99 AAA Aaa AMBAC Series 1989B Revenue Bonds Jun-99 AAA Aaa AMBAC

County Utility Bo!}ds: Utility Refunding Bonds, Series 1991A Mar-01 BBB+ Baa None Utility Refunding Bonds, Series 1991B Mar -OJ BBB+ Baa None Taxable Commercial Paper, Series 1991 Mar-01 A-1+ P-1 SanwaLOC Utility Refunding Bonds, Series 1993 Feb-03 AAA Aaa MBIA

Underlying Rating BBB+ Baal

Non Self-Supporting Revenue Bonds/Notes

Tax Exempt Commercial Paper Pool Jun-94 A-1+ P-1 First Union LOC County Center Bonds, Series 1992 Nov-92 A A None Courthouse Tower Annex RAN Oct-93 None None None MOSI Revenue Bonds, Series 1992 Jan-92 A A None

· Road Improvement Bonds, Series 1985 Nov-94 AAA None AMBAC Criminal Justice Bonds, Series 1993 Feb-03 AAA Aaa FGIC

Underlying Rating A AI GulfBreeze Loan Pool, Series 1987 Apr-97 AAA None FGIC

• The following are the full names of firms providing credit enhancement for which abbreviations are used: MBIA -Municipal Bond Investors Assurance Corporation AMBAC- AMBAC Indemnity Corporation (formerly, American Municipal Bond Assurance Corp.) FGIC- Financial Guaranty Insurance Corporation Sanwa Bank Ltd. LOC- Sanwa's Letter of Credit is the credit enhancement

•• Only the term bonds for this issue are insured. The term bonds are rated AAA (S&P) and Aaa (Moody's) . ••• Also rated "A" by Fitch Investor Service; not included in outstanding debt as of 9/30/94

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COUNTY AND WCRWSA ISSUED DEBT SERVICE SUMMARY

FY92 %of Total

Actual Countv Debt .

General Obligation Debt Principal Payments $1.005 3.5% Interest Payments 0.576 Ll% Total Payments $1.581 1.9%

Non-Self Supporting Debt Principal Payments $17.304 60.1% Interest Payments 12.239 23.2% Total Payments $29.543 36.3%

Self Supporting Debt Principal Payments $10.465 36.4% Interest Payments 39.862 75.7% Total Payments $50.327 61.8%

Total County Debt Principal Payments $28.774 100.0% Interest Payments 52.677 100.0% Total Payments $81.451 100.0%

WCRWSA Self Supporting Debt Principal Payments $2.250 NA Interest Payments 2.601 NA Total Payments $4.851 NA

Total County and WCRWSA Debt Principal Payments $31.024 NA Interest Payments 55.278 NA Total Payments $86.302 NA

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%of Total County &

WCRWSA Debt

3.2% 1.0% 1.8%

55.8% 22.1% 34.2%

33.7% 72.1% 58.3%

NA NA NA

7.3% 4.7% 5.6%

100.0% 100.0% 100.0%


FY93 %of Total %of Total County &

($ in Millions) Adopted Countv Debt WCRWSADebt

General Obligation Debt Principal Payments $3.735 21.5% 18.3%

Interest Payments 2.870 5.2% 4.9% Total Payments $6.605 9.1% 8.4%

Non-Self Suppofling Debt Principal Payments $4.651 26.7% 22.7% Interest Payments 13.935 25.4% 23.8%

Total Payments $18.586 25.7% 23.5%

Self Supporting Debt Principal Payments $9.012 51.8% 44.1% Interest Payments 38.009 69.3% 64.9%

Total Payments $47.021 65.1% 59.5%

Total County Debt Principal Payments $17.398 100.0% NA Interest Payments 54.814 100.0% NA

Total Payments $72.212 100.0% NA

WCRWSA Self Supporting Debt Principal Payments $3.056 NA 14.9%

· Interest Payments 3.728 NA 6.4% Total Payments $6.784 NA 8.6%

Total County and WCRWSA Debt Principal Payments $20.453 NA 100.0% Interest Payments 58.542 NA 100.0%

Total Payments $78.996 NA 100.0%

55


FY9~ %of Total %of Total County &

Adopted Countv Debt WCRWSADebt

General Obligation Debt Principal Payments $4.100 13.6% 12.6% Interest Pavments 3.275 6.2% 5.7%

Total Pavments $7.375 8.9% 8.2%

Non-Self Supporting Debt Principal Payments $6.298 20.8% 19.4% InterestPavments 11.608 22.1% 20.4%

Total Payments $17.906 21.7% 20.0%

Self Supporting Debt Principal Payments $19.846 65.6% 61.2% Interest Payments 37.547 71.6% 65.9%

Total Payments $57.393 69.4% 64.2%

Total County Debt Principal Payments $30.244 100.0% NA Interest Payments 52.430 100.0% NA

Total Payments $82.674 100.0% NA

WCRWSA Self Supporting Debt Principal Payments $2.193 NA 6.8% Interest Payments 4.587 NA 8.0%


Total County and WCRWSA Debt Principal Payments $32.437 NA 100.0% Interest Payments 57.017 NA 100.0%


56


FY95 %of Total %of Total County&

Actual Countv Debt WCRWSADcbt

General Obligation Debt Principal Payments $2.765 8.8% 8.2% Interest Payments 3.072 6.4% 5.8% Total Payments $5.837 7.3% 6.7%

Non-Self Supporting Debt Principal Payments $7.096 22.6% 21.1% Interest Payments 13.967 28.9% 26.4% Total Payments $21.063 26.4% 24.4%

Self Supporting Debt Principal Payments $21.564 68.6% 64.2% Interest Payments 31.234 64.7% 59.1% Total Payments $52.798 66.2% 61.1%

Total County Debt Principal Payments $31.425 100.0% NA Interest Payments 48.273 100.0% NA Total Payments $79.698 100.0% NA

WCRWSA Self Supporting Debt Principal Payments $2.163 NA 6.4% Interest Payments 4.617 NA 8.7% Total Payments $6.780 NA 7.8%

Total County and WCRWSA Debt Principal Payments $33.588 NA 100.0%

Interest Payments 52.890 NA 100.0"/o Total Payments $86.478 NA 100.0%

57

SUMMARY OF DEBT SERVICE REQUIREMENTS

Series Amount Total Date Debt Issue Issued Principal Interest Debt ServiCe

General Obligation Bonds:

1977 Parks Bonds $10,000,000 $705,000 $99,263 $804,263 1977 Jail Bonds 6,500,000 475,000 69,950 544,950 1992 .. ELAPPBonds 45,000,000 1,425,000 2,384,409 3,809,409 1993 Parks Bonds 10,000,000 160,000 518,658 678,658

$71,500,000 $2,765,000 $3,072,280 $5,837,280 Non Self-Supporting Debt:

1993 Criminal Justice $139,415,000 $3,600,000 $6,825,669 $10,425,669 1987 Gulf Breeze Loan Pool 14,215,000 1,525,000 431,654 1,956,654 1983 Courthouse Annex Tower RAN 6,400,000 210,500 284,022 494,522 1985 Road Improvement Bonds 32,214,176 1,020,000 2,094,899 3,ll4,899 1992 Museum of Science & Industry 19,375,000 0 825,448 825,448 1992 County Center 52,635,000 740,000 3,416,440 4,156,440

Capital Leases 1994 Tax-Exempt Commercial Paper 5,500,000 0 88,965 88,965

. $269,754,176 $7,095,500 $13,967,097 $21,062,597 Self-Supporting Debt:

1984 Solid Waste/Res. Rec. $121,810,000 $6,270,000 $6,310,638 $12,580,638 1991 Taxable Commercial Paper $66,696,000 $12,274,000 $2,766,416 $15,040,416 1991A W/WW Utility Bonds 244,940,151 0 12,171,469 12,171,469 1991B W/WW Utility Bonds 13,145,000 0 854,425 854,425 1993 W/WW Utility Bonds 176,700,000 3,020,000 9,130,889 12,150,889

$623,291,151 $21,564,000 $31,233,837 $52,797,837 WCRWSA:

1985 WCRWSA $16,946,567 $931,094 $1,159,351 $2,090,445 1989A WCRWSA 29,702,289 115,660 1,674,183 1,789,843 1989B WCRWSA 22,280,463 715,000 1,212,015 1,927,015 1979 WCRWSA 5,163,340 144,687 237,346 382,033

WCRWSA Leases 8,155,167 256,275 333,764 590,039 $82,247,826 $2,162,716 $4,616,659 $6,779,375

TOTAL $1,046,793,153 $33,587,216 $52,889,873 $86,477,089

58

SUMMARY OF DEBT SERVICE REQUIREMENTS

Series Ca11 Other Debt Princi11al Interest Date Debt Issue Interest s,·c Costs Leases Leases

General Obligation Bonds:

1977 Parks Bonds $0 $2,200 1977 Jail Bonds 0 2,200 1992 ELAPPBonds 0 0 1993 Parks Bonds 0 3,500

$0 $7,900 $0 $0 Non Self-Supporting Debt:

1993 Criminal Justice $0 $ll2,056 1987 GulfBreeze Loan Pool 0 0 1983 Courthouse Annex Tower RAN 0 0 1985 Road Improvement Bonds 0 30,000 1992 Museum of Science & Industry 400,000 20,000 1992 County Center 0 0 1994 Tax-Exempt Commercial Paper 0 0

Capital Leases $7,802 $1,733 $400,000 $162,056 $7,802 $1,733

Self-Supporting Debt:

1984 Solid Waste/Res. Rec. $0 $25,000 $0 $0 1991 Commercial Paper 257,731 1991A W/WW Utility Bonds 80,000 199IB W/WW Utility Bonds 0 1993 W/WW Utility Bonds 0

$0 $362,731 $0 $0 WCRWSA: .

1985 WCRWSA $0 $0 1989A WCRWSA 0 0 1989B WCRWSA 0 0 1979 WCRWSA 0 0

WCRWSA Leases 0 0 $0 $0 $0 $0

TOTAL $400,000 $532,687 $7,802 $1,733

59

Summary of Outstanding Debt

Issue Revenues Descri11tion Date Pun1ose Pled!!ed

$6,500,000 General Obligation 3n7 Expansion of County Jail and Property taxes not to (Jail Bonds) construction of a new Sheriffs exceed .15 mil

Operation Center

$10,000,000 General Obligation 6n7 Expansion of recreational park Property taxes (Parks Bonds) facilities sufficient to pay debt

service

$45,000,000 General Obligation 7/92 Acquisition and protection of Property taxes not to (ELAP Program), Series 1992 environmentally sensitive land exceed .25 mil

$10,000,000 General Obligation 7/93 Acquisition and construction of Property taxes (Parks Bonds) parks and recreational facilities sufficient to pay debt

service

$139,415,000 CIP Refunding 8/93 To refund the outstanding Series Local Government Revenue Bonds, Series 1993 1987 CIP Revenue Bonds issued Half-Cent Sales Tax (Criminal Justice Facilities) to fund construction of Criminal per Chapter 218,

Justice facilities Part IV, FL Statutes

$14,215,000 City of Gulf 10/87 Construction and acquisition of Sales tax revenues Breeze, FL Loan improvements to the County's pursuant to Chapter 218,

Criminal Justice Facilities Part VI, FL Statutes

$6,400,000 Courthouse Annex 10/83 Construction of an addition to the Net revenues derived Tower Addition courthouse annex, referred to as from certain court costs

the Courthouse Annex Tower assessed

$32,214,176 Road Improve- 6/85 To advance refund the County's Seventh Cent gas tax, ment Refunding Bonds, $14,750,000 Refunding Revenue Mobile Home License, Series 1985 Bonds, Series 1978 and Alcoholic Beverage

$25,645,000 outstanding Public license, Occupational Improve. Revenue Bonds, Series license tax, County 1980, and for road construction Officers' excess fees

60


Range of F¥95 Amount Annual Fund Debt Service Outstanding Interest Making w/Ca11 lot 9/30/94

Description Rates Payment (SOOO's) ($OOO's) $6,500,000 General Qbligation 3.000% Governmental $545 $1,515 (Jail Bonds) 6.000%

$10,000,000 General Obligation 3.000% Governmental $804 $2,225 (Parks Bonds) 6.000%

$45,000,000 General Obligation 5.400% Governmental $3,809 $39,845 (ELAP Program), Series 1992 6.375%

$10,000,000 General Obligation 4.700% Governmental $679 $9,845 (Parks Bonds) 5.500%

$139,415,000 CIP Refunding 4.750% Governmental $10,426 $136,380 Revenue Bonds, Series 1993 6.900% (Criminal Justice Facilities)

$14,215,000 City ofGulf· 5.250% Governmental $1,957 $6,745 Breeze, FL Loan 7.350%

$6,400,000 Courthouse Annex 7.500% Governmental $495 $4,833 Tower Addition

$32,214,176 Road Improve- 5.000% Governmental $3,115 $25,634 ment Refunding Bonds, 10.625% Series 1985

. 61


Issue Revenues

Descri1>tion Date Pun>ose To fund re1>avment of Pledged $19,375,000 Non Ad Valorem 1/92 To fund expansion of and County Non-Ad Valorem Revenue Bonds, Series 1992 improvements to the Museum of Revenues (MOSI Bonds) Science & Industiy, including

construction of an CiMNlMAX Theater

$52,635,000 Non Ad Valorem ll/92 Bond Anticipation Note issued County Non-Ad Valorem Revenue Bonds, Series 1992 for acquisition of County Center Revenues (County Center Bonds) Building and completion of

build-<>ut

$5,500,000 Tax-Exempt Commercial 6/94 To provide short-term financing County Non-Ad Valorem Paper Program Loan, Series 1994 for the Yankees facility and S.E. Revenues

Bank Property acquisition

$244,940,151 Refunding Bonds 9/91 To refund all outstanding Series Net revenues and capacity (Water/Wastewater Bonds) 1988 and a portion of the Series fees of the Series 1991 A 1987 Utility Revenue Bonds, and Water/Wastewater System

pay issuance costs.

$13,145,000 Refunding Bonds 9/91 To refund all outstanding Series Net revenues and capacity (Water/Wastewater Bonds) 1988 Cone Ranch Public fees of the Series 1991 B Improvement Bonds, and pay Water/Wastewater System

issuance costs.

$66,696,000 Taxable 9/91 To refund all term bonds of the Net revenues and capacity Commercial Paper (Water/ Series 1985 Utility Refunding fees of the W /WW System Wastewater) Series 1991 Revenue Bonds, and pay and County Non-Ad

issuance costs. Valorem revenue sources

$176,700,000 Refunding Revenue 8/93 To provide funds sufficient to Net revenues and capacity Bonds (Water/Wastewater refund certain Utility system debt fees of the Facilities, Series 1993 in the principal amount of Water/Wastewater System

$162,348,063; to fund the Reserve account; and pay issuance costs

West Coast Regional Water 9n8 to To fund water projects on behalf Revenues of the Water Supply Authority Bonds 12/89 of the County and County share Enterprise System

of regional water supply contract

$121,810,000 Solid Waste 7/94 To provide funds to refund the Net revenues of the Solid

Resource Recovery Revenue Series 1984 A Solid Waste Bonds Waste Control System Bonds, Series 1994

62

Summary of Outstanding Debt Range of FY9S Amount Annual Fund Debt Sen·ice Outstanding Interest Making w/Caplnt 9/30/94

Descri11tion Rates Payment ($000's) ($000's) $19,375,000 Non Ad Valorem 5.600% Governmental $1,225 $19,375 Revenue Bonds, Series 1992 6.450% (MOSI Bonds)

$52,635,000 Non Ad Valorem 6.000% Governmental $4,156 $51,935 Revenue Bonds, Series 1992 6.750% (County Center Bonds)

$5,500,000 Tax-Exempt Commercial Variable Governmental $89 $5,500 Paper Program Loan, Series 1994

$244,940,151 Refunding Bonds 7.000% Enterprise $12,171 $244,940 (Water/Wastewater Bonds) 7.250% Series 1991 A

$13,145,000 Refunding Bonds 7.250% Enterprise $854 $13,145 (Water/Wastewater Bonds) Series 1991 B

$66,696,000 Taxable Variable Enterprise $15,040 $48,843 Commercial Paper (Water/ with CAP Wastewater) Series 1991 of8%

$176,700,000 Refunding Revenue 4.700% Enterprise $12,151 $175,825 Bonds (Water/Wastewater 5.500% Facilities, Series 1993

West Coast Regional Water 5.250% Enterprise $6,779 $63,414 Supply Authority Bonds 9.200%

$121,810,000 Solid Waste 4.500% Enterprise $12,581 $121,810 Resource Recovery Refunding 5.700%

Revenue Bonds, Series 1994

63

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64

Documents

H LltSB 0 ·COUNTY...!he Environmental Protection Commission, !he Civil Service Board, !he Planning Commission, !he Legislaiive Delegation, and Law Library Board. The budgets of ihese