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HomeMy WebLinkAboutMinutes of Meeting - Capital Improvement Plan Workshop MINUTES OF MEETING DANIA BEACH CITY COMMISSION CAPITAL IMPROVEMENT PLAN WORKSHOP WEDNESDAY, MAY 11, 2011 - 6:00 P.M. 1. Call to Order/Roll Call Mayor Flury called the meeting to order at 6:00 p.m. Present: Mayor: Patricia A. Flury Vice-Mayor: Bobbie Grace Commissioners: Anne Castro Walter Duke C. K. "Mac"McElyea City Manager: Robert Baldwin City Attorney: Tom Ansbro City Clerk: Louise Stilson City Attorney Ansbro asked the Commission if they would be available for a Special meeting on Friday, May 13, 2011 at 5:00 p.m. for the first reading of an ordinance regarding vacation rentals that needs to be adopted before June 1, 2011. The second reading would be scheduled for another Special meeting on Tuesday, May 31, 2011. The Commission agreed to the request. 2. Presentation/Discussion Items c) City-owned Real Property Tim Ryan, Special Counsel, noted the City foreclosed on the Dania Beach Hotel property and obtained title as of February 1, 2011. He advised that the value of the property is the land; the buildings need to be taken down and may have asbestos. Attorney Ryan indicated that we may proceed with a re-foreclosure and seek a priority over their lien. He recommended that we not demolish the building, and let the lender do that. Attorney Ryan hoped we would have an answer within two weeks. Commissioner Castro confirmed with Attorney Ryan that the City would be held liable for anything that happens on the premises while we have title of the property. Discussion followed between Commissioner Castro and Attorney Ryan regarding the need to demolish the building and subsequent action. Commissioner Castro questioned if we needed to prepare for a future ballot question in November, 2011, in the event we declare the property surplus and want to sell it. City Attorney Ansbro noted there was still time to do that. Attorney Ryan advised he will report to the Commission as soon as he hears from the bank. Attorney Ryan addressed property #14 of the City-owned property inventory provided to the Commission. It is a single family home located at 5180 SW 26 Avenue. He noted there is a settlement agreement that has to be approved by the City Commission. Attorney Ryan explained that it would be a 50150 split with the bank and then we would need to surplus the property. Commissioner Duke thought we should dispose of properties #2, #6, #10, #11, #12, #13, #16 and #21. He briefly discussed each of them. City Attorney Ansbro explained the process to dispose of City-owned property as required by the Charter. The Commission concurred that we should sell these properties. Commissioner Duke provided his comments on the following City-owned properties: • The two pieces listed for Parcel #5 are located in the middle of the Dania Cut-Off Canal and should be disposed of, subject to investigation by the City Manager. • Parcel #8 is a sliver of land between two properties and could be split between the two abutting property owners. • Parcel #9 is an easement between two properties and could be split between the properties. • Parcels#18 and#19 are the same as the above and we should attempt to properly convey them. • Parcels#15 and#20 would make good community gardens. Mayor Flury noted that Parcels #15 and #20 have already been designated as community garden properties. Commissioner Duke commented on Parcels a), b), c), d), e) and f) under the Code Compliance Pending Foreclosure list. He noted that parcel e) might make a good pocket park. As regards the other parcels on the Pending list, he recommended the City dispose of them. • Parcel 41, Boisey Waiters, should be kept for possible sale to an abutting property owner. • Parcels #3 and #4, which are located next to the 803 BSO Sub-station should be kept for parking. Commissioner Castro advised that Parcel #3 has been approved for a green park using CDBG funds. Minutes of Capital Improvement Plan Workshop 2 Dania Beach City Commission Wednesday,May 11,2011 -6:00 p.m. • Parcel 47 does not have any real value to sell it and we may find some good use for it in the future. He said it was about the size of a small single family house lot. Vice-Mayor Grace reviewed the properties discussed. She noted that this would represent approximately $2.6M in sales revenue, without including the Dania Beach Hotel. City Manager Baldwin noted he is clear on the direction of the Commission. b) Debt Policy Mark Bates, Director of Finance, noted that the Commission was provided with a draft of the Debt Management Policy, and that the final document will be brought back to the Commission in July. a) Capital Improvement Program Mark Bates, Director of Finance, introduced Damon Adams, our financial advisor. Damon Adams, Dunlap and Associates, summarized his financial background. Director Bates noted that the capital projects are grouped in four different sections: 1) Water Fund; 2) Sewer Fund; 3) Stormwater Fund and 4) General Fund. The only portion of these capital projects supported by tax dollars is the General Fund. Stormwater Fund: Director Bates advised that the Stormwater Fund was developed during this past year, because of severe flooding which resulted in serious damage to several properties. He noted that the estimate to address citywide stormwater problems is approximately $20M, which is currently in the budget. Director Bates indicated that no action has been taken yet to do any physical infrastructure construction. Furthermore,there has been no action to finalize any debt that would pay for that construction. He explained that there are three different alternatives to address the stormwater improvements: a. Proceed with a citywide project, seek loan financing for approximately $19-$20M and do citywide infrastructure improvements over the next few years. b. Concentrate on the major improvements of the SE section where the flooding is most prevalent and focus on specific areas in the western section of the City, using the annual cash flow from the City stormwater assessments. c. Use the cash flow from annual City assessments, limiting the infrastructure improvements on an annual basis and pay as you go. Director Bates clarified that there is enough money in the Stormwater Fund to do the first step of the SE section,which according to Public Services Director Orlando, is essential. Minutes of Capital Improvement Plan Workshop 3 Dania Beach City Commission Wednesday,May 11,2011 -6:00 p.m. Mayor Flury suggested addressing options one and two, which are critical, and spreading the balance out over a 3-year period of time. Vice-Mayor Grace concurred with the Mayor. She said she would be comfortable with taking care of the SE drainage project. Vice-Mayor Grace remarked she does not want to borrow$20M at this time. Commissioner Castro noted she liked option b. and suggested borrowing $7M from the state as opposed to using any funds from reserves. She said she would like to address some hot spots out west and do phases 1 and 2 of the SE drainage project using the cash flow from the Stormwater Fund so we do not incur any more debt. Dominic Orlando, Director of Public Services, noted that we have three projects currently being designed: phases 1 and 2 in the SE area for$7.3M and SW 26th Terrace for $1.5 M. Commissioner Duke concurred with phases 1 and 2 and SW 26th Terrace and pay as you go. He also noted that we could ask the voters in November what they want to do. Commissioner McElyea concurred with the other Commissioners. The Commission asked Director Orlando to identify the rest of the hot spots. Vice-Mayor Grace asked if we could do the projects in-house. Y p J Director Orlando responded no. Mayor Flury noted we should develop a 5-year plan for the remaining projects. Sewer Projects: Director Bates noted that the sewer loans are focused in two areas: 1) the fact that the sewer system needs to re-build its lift stations; which would require a loan because the Sewer Fund does not have any assets; and 2) the inflow and infiltration situation in the City. He explained that the costs of treating sewage water with the City of Hollywood have been rising for several years, which indicates that we have an infiltration problem. Director Bates advised that instead of putting $100,000.00 a year to do minor items, staff is doing a focused effort to correct some of the infiltration problems. For that purpose, it is necessary to borrow $900,000.00 from the State Revolving Fund. He remarked these are critical issues that need to be addressed. Director Orlando noted that item #1 is done. He explained that the design for item #2 was completed and the package is currently with the state for approval of State Revolving Funds. Director Orlando advised that by the time we hear from the state that project construction would go into next year's budget. He confirmed that delaying item #2 for another year would not impact us that much. Director Orlando indicated that if we move item #4, the vac-con truck purchase,to storm drainage, we could use the Gas Sales Tax to pay for it. Minutes of Capital Improvement Plan Workshop 4 Dania Beach City Commission Wednesday,May 11,2011 -6:00 p.m. Director Bates noted the City has a fund that could be used for this project. Commissioner Castro pointed out that we must try to stop borrowing and go into the "pay as you go"mechanism. Director Bates noted that the Sewer Fund rates have been low for so long that it is not generating a positive cash flow. Water Fund: Director Bates noted that the Water Fund is paid for by user fees. He explained that the infrastructure improvements that are needed have developed over the past 2-3 years. The debt has grown dramatically and it does not include the nanofiltration plant. Director Bates said that the remainder of the items needed amounts to $17M. He indicated that there is no doubt that the improvements need to be done; however, we do not have the cash flow to pay for these projects; therefore we need to decide when and how we do them. Mayor Flury noted she realizes the improvements are needed, but this figure needs to come down to approximately $12M in the current year; the rest of the projects may be spread over the next 3- 5 years. Director Orlando indicated that we could delay or delete item #1; however, item #2 needs to be done. He advised that items #3, #8 and #9 could be added to the nanofiltration plant project. Director Orlando further noted that items #4 and #5 have already been spent. He said that item #6 could be done in-house for less money, delaying the additional cost to future years. Lastly, he stated that items#10 and#11 can be delayed. Commissioner Castro recommended approaching the County for item #2 under Water and item #5 under Sewer asking them to tie these items to the dredging project. Director Bates noted that the plan for Capital Projects was $17M and has now dropped to $12M which will have a positive effect on the debt rate and the water rates that we will be looking at in the future. General Capital Projects Fund: Director Bates clarified for Mayor Flury that the amount currently available under item #1- Neighborhood Improvements is $511,000.00. Commissioner Castro noted that there are still projects in the west and southwest sections of the City that have not been done. She remarked that we need an overlay to find out where the money is going to be allocated. Director Bates noted that since there is nothing planned for these funds, he would prefer to bring it back as a budget amendment for appropriation by the Commission. Minutes of Capital Improvement Plan Workshop 5 Dania Beach City Commission Wednesday,May 11,2011 -6:00 p.m. Discussion followed between the Commission and Director Orlando regarding the pending projects and the available funds. The Commission requested a list of pending neighborhood improvement projects from Director q p g g p p J Orlando. Commissioner Castro noted that she wants to address the projects that have not been completed, before proceeding with new projects. Commissioner Duke agreed with Commissioner Castro. City Manager Baldwin noted he would work on the list. Mayor Flury questioned item#13- ADA Renovations. Director Bates noted that the remaining amount for this item is approximately $134,000.00. Colin Donnelly, Assistant City Manager, spoke about the Fuzzy Bunny Park. He explained that under the grant with the State of Florida, we agreed to do certain improvements. The grant expires in December at which time we must have completed the work. Assistant City Manager Donnelly advised that they require us to install the seawall, address the spoil piles and the erosion issues which were not included in the original budget. He noted we need to appropriate additional funding of approximately$120,000.00. Mayor Flury asked for the matching cost for the dredging. She further commented she does not understand why we have to pay for dredging. Commissioner Castro noted this will benefit the commercial properties along the canal and make the entire area more accessible. Assistant City Manager Donnelly noted that the Florida Inland Navigation District (F.I.N.D.) advised him their permits should be approved shortly and they expect to go out to bid at the beginning of the next fiscal year. Commissioner Castro confirmed with Kristen Jones, Director of Parks and Recreation, that item #19- P.J. Meli Park fencing,needs to be done. Assistant City Manager Donnelly explained the proposed funding for item #21- US1 Landscaping project. Discussion followed between the Commission and staff regarding the street lighting/solar lighting locations. Commissioner Castro asked staff to include some lantern lights, like the ones in the Library area, for the Oasis project. She added they could be very expensive, however, she would like to have an estimate of the approximate cost. Minutes of Capital Improvement Plan Workshop 6 Dania Beach City Commission Wednesday,May 11,2011 -6:00 p.m. Commissioner Duke noted that solar lights could be better looking. Mayor Flury suggested re-bidding the solar lighting contract for more options. Mayor Flury clarified with staff that the beach re-nourishment project (item #27) is not budgeted. She commented we would need to do this project in conjunction with the cities of Hollywood and Fort Lauderdale. Assistant City Manager Donnelly advised that the cities of Hollywood and Hallandale Beach have started their own re-nourishment program. He noted that if we want to proceed with this project we would need to expend $400,000.00 for the permitting phase to do our own work. Assistant City Manager Donnelly added that with the permit in hand it would be easier to obtain federal funding. The Commission agreed to apply for the beach re-nourishment permit. Commissioner Castro requested information on reserve and unreserved funds. Director Bates noted that there is roughly $14M of undesignated fund balance plus $1.8M for disaster recovery. Director Bates advised that it is important to be careful with the use of debt so it does not become out of control. He further explained the types of projects the City is involved with and the expenses associated with each of them. Director Bates noted some of the reasons why we should borrow: • The cost of assets (infrastructure) will provide benefit for 20-30 years. He added that most of the debt we are incurring is for large infrastructure improvements. • The level of debt that the Water Fund is incurring is relatively large and we only have 4,300 water customers who would have to pay the debt; however,the use is citywide. • The cost of borrowing is currently low; therefore borrowing is a better deal than paying cash. Commissioner Castro asked about the Comprehensive Plan Fund. Director Bates noted that no Commission action was found that requires the Comprehensive Plan Fund to be a reserve fund. He advised that there are certain stipulations on how the Gas Tax funds can be spent. One of them is that a portion of the Gas Tax funds has to be set aside to be used for capital improvements that are part of the City's Comprehensive Plan; however the funds do not have to be kept in a separate reserve fund and they will be transferred over to fund balance. Mayor Flury was concerned with the neighborhood improvements that are still pending from CPTED studies conducted years ago. She noted that she would like to leave the Gas Tax funds untouched for now until we can get a list of the outstanding neighborhood projects. Mayor Flury Minutes of Capital Improvement Plan Workshop 7 Dania Beach City Commission Wednesday,May 11,2011 -6:00 p.m. commented we may need to use some of these funds to balance the budget; and whatever is left available, she asked that the top priority be cleaning up these neighborhoods because they have been waiting for a long time. d) Sidewalk/Street Lighting Policy The Commission asked to add this item to the next City Commission agenda. e) Other 3. Adjournment Mayor Flury adjourned the meeting at 7:37 p. Qo�A�p'S FIST C'y T ATTEST: , ITY OF DANIA BEACH �'V 1 ' Pat, LOUISE STILSON, CMC PATRICIA A. 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LL � C c> > V' r 3 c c c a 0_ o_ W m f0 m m m m m Z op m (� O O LL 0 �' LL LL '0 0 0 U U w C9 C7 C7 C9 C9 0 C7 LL m LL m U U C9 U U 0 c� U U U rn c t � O O J C C mw fA O a. d ad d ,uyi Q o E o E E m Z m > U) a > f0 m cam) -i m a a sVU Q. m L cc 0 3 M U) E _� m13 `� E & Cl) N m � mcc m Q �Q U moo a � o - a0i � � m 2Qc o m � � c0 l0 .y _C IL Jc � - dm 2 mJ LL m C pad c�i d _ m ccu ' c o c m c` N m m m y o > p a in m � m � Ca m - - ~ J U C� (D (D 0 2 +++ 't m O � co O) 0 .- N C) N' U') O t V a 0 N N N N N N M M m CM co M Cl) LL CITY OF DANIA BEACH DEBT MANAGEMENT POLICY SECTION 1—Purpose and framework I. Introduction The City of Dania Beach's Debt Management Policy is intended for the following purposes: (a) establish parameters for issuing and managing debt, (b) provide guidelines to decision makers related to debt affordability standards (c) ensure that future generations of elected officials hav! rep* ble J4,titude to address the issues/problems of their tenure. This Debt Management Policy, as amended, sets forth the g4-and ohecijve t tie program and defines targets and benchmarks within these parameters. II. Scope This Debt Management Policy shall apply to all debt issued by the City of if of the citizens,ratepayers and taxpayers of the City of Dania Beach. III. Objectives The following goals shall define the objectives fix the is"'O'ce of 4,eb e City which are subject to the scope of this Debt Management Policy A. Balance multiple financial t.anagement obj �%es, includg: 1. Creativity: exariane dew or different rieans°to achieve established objectives at the lowest _._.poWble cost; � Innova' ldress, � , or conceive new financing options which are either developed:�"d ie City's traditional municipal markets or adaptable from other existing financial mar € ; 3. Flexibility:ret„ the City's current and future options to meet the financing challenges of the City; d p:w,em gme Responstbjtilk%:" be fair, reasonable and equitable to each generation of taxpayers, rate ayers�� i s and other beneficiaries when distributing the debt burden or costs of ovrnrient; 5. "'Care: pay timely attention to and comply with each and all of the agreements, laws, contracts, covenants, policies and obligations which make up or are related to the City debt management program(s). B. Define and categorize the City's current debt programs as governmental or proprietary within the self-supporting and non-self supporting categories. C, Enhance the City's ability to access the credit markets and enhance or maintain the credit ratings for each of its programs. D. Conditions of Debt Issuance(strategic,economic,financial,operational,environmental). E. Evaluate each of the following in anticipation of new borrowing initiatives: F-1 1. Appropriate final maturity(3 to 30 years); 2. Principal Amortization pattern(e.g.,level principal,level debt service,etc.); 3. Use of long-term fixed,intermediate term fixed or variable rate debt price and risks F. Review benchmark at least once every 3 years and recommend any changes in targets and propose any amendments to City Manager for approval including development of an appropriate time frame to implement such changes. SECTION 2—Guidelines I. Categorize Debt Program(s) .n.. The Cityshall periodically establish standards for and classi ch of e i ° ro ams into one of p y t P1 the following: A. Self-Supporting Debt: Proprietary operations State Revolving Loan Revenue Bond :n; Capital Leases Line of Credit B. Non Self-supporting Debt General Gov," er tal(including the enet�d) Covetattt grogram Revenue Bono,. Vital Lease, �tof Credit ta(Obligation is distinction recognizes that supporting proprietary programs do not directly or indirectly place a =a en on taxpayers in the fornliz#=increased taxes. As long as each system's user rates meet the needs of lio tip ations and debt servic&`%b debt program is not considered part of either the General Government orpported.Debt of the 1 "' Having ma4ed se classidWons,the City Administration shall commit to: A. Act withFard to self-supporting proprietary operations, when necessary, to increase rates to ensure thatach operation maintains rate coverages(revenue to debt service ratios)as required by the higher of either City policy or related debt covenants. B. Limit the level of annual debt service as a percentage of available annual revenues to ensure a reasonable ability to address recurring operations and maintenance and/or capital requirements on a pay-as-you-go basis for all self-supporting governmental operations. C. Establish the annual subsidy required and compare it to the actual subsidy needed for all non self- supporting proprietary operations. D. Adhere to debt limits established herein to ensure current and future flexibility for all Non Self- Supporting Debt. F-2 II. Credit Worthiness Objectives Rating agencies issue credit rating based upon their The 10 ways to improve or maintain a municipal credit rating as published by Standard& Poor's Ratings are: 1) Establish or enhance rainy day/budget stabilization reserves. Some of the considerations when establishing a reserve are as follows: ➢ What the government's cash flow/operating requirements are; ➢ The historic volatility of revenues and expenditures through economic cycles; ➢ Are formal policies established outlining under what circumstances reserves can be drawn down;and ➢ Will there be a mechanism to rebuild reserves once.,iiiey are I ` 2) Establish regular economic and revenue reviews to iO�a potenti 1s'gt problems early 3) Prioritize spending plans and establish contingent ans fqr trper t budgets as a fallback financial strategy. When budget imbalance occurslofii� situation tgxfollowing analysis should be conducted: ➢ What part of the budget is discretionary ➢ What spending areas can be legally or practically reduced�,n ➢ The time frame necessary to achieve reductioas,for various Ofoog t ns ➢ Which part of the revenue is flexible and ➢ What action to be adopted on the revpggeside a .z�ifferent ecot -scenarios. III. Conditions of Debt Issuance A. Issuance of debt to fund operating deficits O,p6ratio, `I NOT p rni t ed' B. Debt issuance is permissible for fixod,asset''hcquisifii and mfgtructure improvement. C. City Commission may make e� tibn to alloy+ pity to issti =�OPEB bonds in which the proceeds reduce the City's exposure t ;attQier liability IV. Final Maturity The folloe g and is not a 3andatory schedule, however, in no circumstances should the maturtt? t the loan be ldfiger t an the life o tfte assets. .computer equipment: 3 7 :;,,Vehicles: 5-7 years re Engine: 10-15 years D 1ie Truck: 5-8 years E. quipment such ak er,dump truck: 5—8 years F. Buifr 2,0—30 ye- G. Infrast'txx Jmprp t: 10—30 years H. Land:20 Q � V. Manage the Use/Commitment of Resources that may be Pledged and City Code of Ordinance A. The City has established through resolution that the maximum amount of outstanding revenue bond is not to exceed $XXXXX B. The City recognizes that the pledgable revenue sources are limited and that careful consideration must be exercised to over extend the capability and limited future flexibility of utilizing this method as a collateralized. Only the following revenues in the General Fund should be used for pledging and should be at least XXXXXXX 1) Electric Franchise Fees 2) Electric Utility Taxes F-3 3) Sales Tax 4) Others...??? VI. Measuring Interperiod Equity When measuring its commitment to infrastructure and related service delivery potential, the City shall address both its capital and operating and maintenance requirements. For purposes of this policy, the City shall focus on its capital portion. When measuring interperiod equity, the City must consider the need to allocate the burden between generations and, more specifically, between fiscal periods. The City will seek to measure the impact of proposed capital finding sources(debt and Pay-As-You-Go)for both a single year and longer-term forward forecasts. This future capacity analysis shall consider debt service maturities and payment patterns as well as the City's use of Pay-As-You-Go budgetary capital allocations. VIL Maintaining/Improving Credit Ratings The City shall strive to maintain its Ratings and enhance the to 4all credf(,AQ'ma:of not only its general credit, but also, each of its specific debt programs. When ad' ports tc ei 46i�CO,its current ratings, the City will seek to balance its current flexibility (and relat"' to meet the � ` priggs�qcing the community) with potential limitations or restrictions which ma ire r �tued to enhance " On 'rating. In light of the then current market conditions,the City will have anced marketravantage of a projected rating by program against the potential loss of flexibility whi ff :lbe necessary to achieve the rating enhancement. The City's current ratings are p u1� published b # dating Agencies and are summarized annually in the City's Bond Disclosure$# lem = The need for multiple ratings and merit of varM. ra mg se es`��may be judged(a)at the time and in the circumstances of the contemplated issue did(b)in..,, pe t he City's overall programs. VIII. The Internal Loan Fund The City shall establish a Loan Covenant Program, wed as the primary funding source for the Internal Loan Fund. The goal Aifii,jnternal Loan Fundlstd'provide funding for various projects around the City, with flthpf loan terms d a low, fixed stated interest rate. The fixed loan rate shall be 140% of ,yield Tit; ral, loan repayment schedules are established that are shorter than both repayment p'BtSS , in orddt` dirQvide the City an internal and revolving source of capital fint#nc t'g without needing to 00ss the public meets for small projects. �n , ns may be provided to bt��i.0roprietary and non-proprietary operations. Loan repayments from p ,ietary operations are suborc to to revenue bond debt issued for and secured by proprietary funds. '. IX. Critetia '1,Evaluating Debt Qp#ions XX The City A, JWatio authorized the Finance Department to establish specific target benchmarks for potential exertise oaf�1.b��options. Further, within the framework established by the goals, objectives and established targemir►arks, the City Manager authorizes the Chief Financial Officer to act on behalf of the City, in a manrir?Y intended to lower the effective cost of debt to the taxpayers and citizens of Dania Beach. With regard to this delegation of authority to the Chief Financial Officer, the following criteria for evaluating debt options has been established: A. Maturity Analysis For self-supporting proprietary operations, the primary strategy is to use a long-term debt service maturity structure. Generally level debt service is preferable unless user capacity increases resulting in higher revenues are planned and forecast in later years. To the extent that shorter maturities or alternative amortization strategies are utilized in an effort to reduce the effective borrowing costs, a comparative advantage must be considered in relationship to the potential negative impacts on user rates and charges. F-4 For all other categories of debt, the City may consider opportunities to either shorten maturities or alter amortization structures.A level principal structure may be considered versus level debt service generally as long as the structure does not dramatically increase the maximum annual debt service(for example by more than 25%). Additionally, the City should consider a level principal maturity structure compared to shorter maturity level debt service structure when maximum annual debt service is similar. B. Market Options (i). Election to Issue Fixed Rate Debt The City has available to it two separate fixed rate programs: long-term Fixed Rate Debt and Medium Term Notes. Fixed Rate Debt is the traditional way municipalities have issued debt--debt is offered to investors with a fixed maturity schedule at rates fixed in a single offering. Long-term Fixed Rate Debt issuance should be based upon a consideratj�elf the; Qllowing factors: (a) the level of long-term rates at the time of issuance ver it :the last 0 years, (b) a short to ... intermediate range forecast for long term rates to be nO"dmg up,varc a k J the ratio of short-term (or variable rate)debt to current program debt outs andor )n1kQunt of Variable Rate Debt outstanding by program. (ii). Election to Issue Variable Rate Issuing Variable Rate Debt permits the City acres*rates on the veryhort end of the yield curve. The difference in short versus long-term',-J.'.­ 'Vi f the shap&tWjhe yield curve and has typically ranged from 100-350 basis po or 1 0%iot4,3 �) By issuuig'Variable Rate Debt,the issuer is subject to interest rate risk uwever, W"165�=.debt has historically been at lower interest rate levels than recognized ix°`,ed rate',indices, and _ erally able to create a natural hedge against changes in the ity's Shrift Terms j6estment pt rti ilio. Variable Rate Debt should'fie`'used for two purposes::,(Ifas an interim financing device (during construction periods) subject to 1tonS� Tl integral portion of a long-term strategy to lower the City's efe�,e cost of capital. The`� ty's interim variable rate program allows the City o 0'lien ineffici� 4,borrowing for small projects and allows for an aggregation of sb� c � itt .n thus, a f ,cost effective debt management program. Under either circumstance, the cycle tag-term rates moves down to or near historic lows, consideration shouftf icy liven to fixi : converting to a fixed rate to maturity alternative)a portion of the then outstandtnQriable Rath'Debt to take advantage of the attractive long-term fixed rates. Hedging Eleb It will notQ�c pate in any hedging of the City's Debt without Commission approval. (iv) bgram Targets In general;-'ihe City seeks to lower its overall cost of funds through an issuance of Variable Rate Debt and Medium Term Notes since these products are generally lower than fixed rates of interest. In addition, the Variable Rate Debt would simultaneously create a hedge against its variable rate investments to protect its financial condition in lower interest rate environments. The potential savings and benefits justify interest rate exposure as long as the risk is mitigated by limiting the amount of the Net Variable Rate Debt. In considering Net Variable Rate Debt,the rating agencies generally recognize the issuer's ability to match its assets and liabilities and generally exclude or net variable rate debt equal to (i) certain variable rate assets and (ii) applied Debt Hedging Products such as interest rate caps and swaps where appropriate. The following targets are established for the overall City's debt portfolio, including all Self-Supporting Debt and Non Self Supporting Debt: Overall City and CRA Debt F-5 • Fixed Rate • Goal 70-90% • Unhedged or Net Variable Rate: • Goal 10-20% • Maximum 30% awf 5 F-6 Covenant Program The following targets are established for the Covenant Program: • Fixed Rate • Goal 40-50% • Unhedged or Net Variable Rate: • Goal 25-35% • Maximum 50% Other Debt Program Targets In addition to the aforementioned targets for the ov R.City ate 'debt, and the Covenant Program, specific targets regarding the limits on unheft"d or Net ,Rate Debt exposure for the senior debt of each separate borrowing program W: t ford bo Wastewater „ 35% Parking p i CRA(Downtown District) ` Special Assessment N!A New Debt Pro ants :. TBD,e`� (1) The maxim .fit Variable Rath 0 limits have been establish i i recognition of eE(q,, pow—'s variable rate exposure ass „with the Internal I:ogati'`1~und exposure. The t ' .Wastewa Ir 0"Wam does not currently have Internal at% d exposurd;therefore, a higher maximum is more appi pompared''i6 tb�Parking and the CRA(Downtown Districi P,O dams which " internal Loan Fund(subordinate lien)vari# e exposure. (v). Refunding Options ets for a Fixed '-Debt to Fixed Rate Debt refunding should include the following criteria: hn Maximum true interest cost 2. economic resent value of at least 5/o of refunded bonds e P��;IY P ° 3. kuttim annual average debt service savings of at least$100,000 Lower net present value cost savings and annual average debt service savings criteria may be appropriate for shorter term or smaller fixed rate refunding issues. Refunding Variable Rate Debt to Fixed Rate Debt cannot provide for the similar measurable benchmarks and should be based on the aforementioned Election to Issue Fixed Rate Debt criteria. Refunding of Variable Rate Debt to Variable Rate Debt should be based primarily on the economic or structured advantages of the new program. Criteria and savings targets associated with Synthetic Refundings that are consistent with the provisions of the City's Interest Rate Risk Management Policy,should be established on a case-by- case basis and should generally be higher (more restrictive) than the criteria for Fixed Rate Debt refundings. F-7 While a framework(a delegation of authority) has been established regarding the management of the City's debt portfolio,specific City Council approval is still required prior to the issuance of any new debt. X. Measures of Future Flexibility As the City addresses its needs at any one period in time, the Mayor and City Commission must both be prepared to ensure the flexibility of this and future generations of elected officials to meet the then present needs and challenges which face the community. Since neither State law nor the City Charter provide any fixed limits on the amount of debt which may be incurred (other than the requirement to have G.O. debt approved in advance by referendum), the following targets or limits are established to ensure future flexibility. The following goals/targets are set to ensure the current anal future flexibility, and financial vitality of the City. General Government Debt Service as a percentage of non-ad valor� eneral n ,nd expenditures: • Debt Limit(within the covenant program limitation) 0.*_.max. • Goal/Target T(�p Weighted Average Maturity of Debt Program(s): • Self-supporting15 Y ear max. • Non self-supporting20 year max. Weighted Average Maturity of Internal Loan Program ;.12 year max. General Government Direct Debt per capita $850 max. ix`£ x 9F Net Direct Tax Supported Debt as a percentage of orem prpgrty valire�-:n.« • General Government 2.5%max. • Total Tax Supported 3.5%max. Debt Service requirement as a percenta fA"new goverrtlital revenue (ream 50%max. General Fund reserve,(as a percertae t the current year's� ttttdget)(a) 15%to 25% (a) Includes City's Utility Services Tait` . While thex. iit Aerates well thin these targets/goals, it is appropriate to use these various comtrQlt i>td'asures of db kln as a to setting parameters for the overall City's Debt Management Prog,��i XI. OtlManagement Policy Rev :and Modification The ' is Debt Management OAy will be submitted by the City Manager for ratification by the City Cou&ll; The authority to effW.1my change, modification or amendment of this Debt Management Policy shall resf Ci c ttl. Finance Department and staff recommendations for policy changes may be submitt �ypn�utsn'°with the ratification or more often as deemed necessary. Policy changes initiated by Cityi,? outtcl<�; ay be made as deemed appropriate. Policy changes will become effective on the date stipulated by ; council. XII. Time-Line for Implementation of Amendments Considering the then current position of the interest rate curve,recent movements and indication of possible short term direction,the City shall consider a reasonable time-line(s)to bring the then current debt program in line with amendments to this Debt Management Policy. XIII. Effective Date The City's Debt Management Policy was ratified and approved by City Council on the day of October 2010. F-8 s GLOSSARY OF KEv TERMS "Amortization"means the schedule of debt principal to be paid over a period of time. "Banking Fund"See"Internal Loan Fund". "Bond Disclosure Supplement"The City's annual report which provides market disclosure relating to the City's debt offerings. "Covenant Program" means the City's debt program that is secured by covenant to budget and appropriate from non-ad valorem revenues and encompasses all debt that is defined as Covenant Obligations under the City's Covenant Ordinance. "Debt Hedging Products"means interest rate risk miti atign pro u,. iiic'h as swaps, caps, floors, collars and options in connection with the incurrence of City iifci ligation "Debt Service"means scheduled payments of interest a # ruicipal on delsk ?lations. "Fixed Rate Debt"means a debt obligation issued with ' WOrmined interesi' 9 0.! "General Government Debt"means all Non Self Supporting deftse are the programs whose expenditures for debt service are in direct competit�c +�=ether Genefi ,t tt. expenditures (salaries, utilities,supplies,etc.). "Hedged Variable Rate Debt" total variable rate d�btkfless ?:=associated Debt Hedging Products and allocated Short-Term Investments. "Internal Loan Fund"means a p nduitfinanc "device to,distribute proceeds of debt into loans to various operating funds of the pity are The goal of In#opal Lgund is to provide funding for various projects around the City, withy , ity of loan terin ¢pJv blended rate. The blended loan rate is achieved through a mix of varia, edium-term, an �`ldng=term Covenant backed debt instruments. In general,loan t 0,*t schedules are es€i blished that are shorter than bond repayment provisions, in order to provilo°t�0:t a '' img source o #al financing without needing to access the public markets for each otat`need. "Maturity"means the of time uniil the principal amount of a bond must be repaid. "Medium Term Loans,?:, debt issued with a fifteen year or less maturity that is Designated Maty:.Debt as defined in the ivenant Program. See above, IX. Criteria for Evaluating Debt Options, B.Mark itions,(i)Electigp "Issue Fixed Rate Debt. "RWV able R bebt"means total Variable Rate Debt less Hedged Variable Rate Debt. "Non_ Non Supporting Debt"means any indebtedness of the City other than Self Supporting Debt "Pay-As-You-Go" refers to the payment of capital projects or other non operating projects using non-capitalized revenues. "Present Value"means the amount that a future sum of money is worth today given a specified rate of return. "Ratings"means ratings that are issued by Moody's Investors Service,Fitch and Standard&Poor's Corporation and any other nationally recognized rating agency,to the extent they have in effect a rating on City debt. "Self Supporting Debt" means any indebtedness of the City for borrowed money that is either (a)secured by or payable exclusively from a source of revenues other than Covenant Revenues, or F-9 (b)primarily payable from revenues of the type described in clause(a) above and secondarily from Covenant Revenues if the Covenant Revenues have not been used(or, as provided below, deemed to have been used) to pay any portion of such indebtedness for the three Fiscal Years preceding the date of determination and if the City projects that the Covenant Revenues will not be so used during the next two Fiscal Years; and either (c)that is secured by a revenue source that has been in effect for at least three Fiscal Years and that would have provided coverage of at least 125%of the average annual debt service on such obligations secured by such revenue source in each of the three preceding Fiscal Years or, (d)if the revenue source has not been in existence for at least three Fiscal Years,that is secured by a revenue source that would have provided coverage of at least 150%of the average annual debt service on such obligations secured by such revenue source in at least the last full Fiscal Year preceding the issuance of such obligations and that is projected to provide at least 150%debt service coverage(based on revenue and debt service projections by the City) in each of the three ensuing Fiscal Years; and (e)in any such case, in the three preceding Fiscal Years, no debt service on which has been paid (pr, as provided below, deemed to have been paid)from Covenant Revenues deposited in the General,Fund6k, a lJolities Services Tax Fund. For purposes of calculating the coverage requirements descri in tl { §&_iion, the historical and projected receipts of a particular revenue source shall be ad ij'kea retroadri to the initial date of the calculation period to reflect changes in rates levies or im os " s ena,e�°`rrir to the date of calculation. P g P t ? t .. For purposes of this defmition,Covenant Revenues will be de00�- a toji� , e been us0 :pay debt service on any debt if Covenant Revenues have been transferred in the rel6 it fiod,other thd*-p ant tsina Capital Transfer,to a fund or account used to pay debt service on suchbt "Synthetic Refundings" means refunding transactions that in'044�fthe use of interest rate risk management products such as swaps,caps,floors,collar Gild�­Pptions. "Short-term Investments"means liquid,)Mvestment as o the City. =s n,n "Tax-Supported Debt"means Generat Government°bebt proms :=plus Other Governmental Self- Supporting Debt. This creates two categories ofebt w 'place df ot'indirect burden on the taxpayers of the City. "Unhedged Variable Rate bebt"means Net Ma 'bIJ-`RkeFDebt. "VgJ0Je te�, I?ebt" mew 0t obligations entered into that use a variable, auction reset, adju stab lei,cozlVtfftf le�similar t rate which is not fixed in percentage at the date of issue. �a F-10 Dania Beach Sidewalk Policy Review of Sidewalk Installation The City completed a sidewalk improvement project as part of the Neighborhood Improvement Project (NIP) which grew out of the general obligation bond approved by voters. These improvements were chosen by an resident advisory board that was set up to canvas the different areas of the City and produce a list of wants and needs and those recommendations were presented to the City Commission for approval. We also have maintained an ongoing 50/50 Sidewalk Program to replace damaged sidewalks, which has been funded from year to year as an annual appropriation. In conjunction with 50/50 program the City addresses ADA issues such as ramping and installation of detectable warning inserts. Community Development Block Grants (CDBG) have include sidewalk improvements projects when supported by residents. We are currently doing some improvements on SW 3rd Avenue as part of the Oasis Project and there are three areas within the Community Redevelopment Area (CRA) that the CRA Executive Director is currently reviewing for various improvements that may address sidewalks as part of their overall improvements. Policy Purpose The purpose of the sidewalk policy is as follows: • Encourage a safe pedestrian environment • Make ADA improvements to existing sidewalks • Support repair of existing sidewalks through the 50/50 program Priority for new sidewalks within public rights-of-LAaX 1. Areas of re-occurring pedestrian/vehicle incidents 2. Existing neighborhood improvement plans and CPTED plans 3. Travel paths close to schools and parks 4. Streets without sidewalk on either side 5. Downtown business district Compliance with ADA :The City is under a court order to comply with the Americans with Disability Act and must address ADA issues. This is done by an annual appropriation in the budget. May 9,2011 Page 1 of 2 Version 1.0 Dania Beach Sidewalk Policy The priority for addressing ADA sidewalk issues is as follows: 1. Upon complaint of ADA issue 2. All city owned facilities 3. Inventoried ADA issues (citywide analysis to be performed) Support repair of existing sidewalks through the 50/50 program: To ameliorate trip hazards through the city on pubic sidewalks in rights-of-way, the City assists property owners in making repairs to sidewalks through financial assistance and contracting for sidewalk improvements through the public services department. The priority for participation in the 50/50 program is as follows: 1. Residential and commercial properties cited by the code compliance division 2. Owner occupied residential properties 3. Commercial property in the business district 4. Other commercial properties To support the goal of the sidewalk policy all future development or redevelopment will be required to have existing or new sidewalks minimum 5' wide meeting ADA requirements constructed along the City Right of Way as part of the approval process. A needs assessment shall be made and updated from year to year that will track the progress of the completion of the neighborhood improvements plans, CPTED studies and other studies, in preparation for the capital improvement plan. The Sidewalk Plan shall be review by the City Commission as part of the Capital Improvement Program. Changes to the plan during the year shall be prepared by the public services director and forwarded to the City Manager with a recommendation. The City Manager shall review and schedule for City Commission approval. May 9,2011 Page 2 of 2 Version 1.0 City of Dania Beach Solar Street Lighting Policy Review of Solar Street Lighting Installations The City has done several solar lighting projects over the past five years. Major improvements were made in the western areas (west of I-95) that started with the CDBG Project approved by the City Commission in 2006. Additional improvements continued throughout the City as part of the NIP and CIP which included City Hall Site, areas in Melaleuca Gardens,Ravenswood Estates,Estates of Ft. Lauderdale, Dania Beach Heights, the area around C.W. Thomas Park and numerous western area streets,plus residential requests. As funding is approved or becomes available through grants, the City's Consultant is directed to submit a cost proposal to locate fixtures throughout the City based on need, requests made by residents and the City Commission. Another future project will address installation of solar street lighting at intersections on streets that are hurricane evacuation routes. Solar street lighting has been installed in areas with no streets and for infill lighting where needed as provided in CTED studies. Policy Purpose The purpose of this policy is to provide environmentally friendly street and pedestrian lighting along public right-of-ways, in parks and on public property to promote safety and crime prevention. Request for future street lighting installation will be prioritized within the following categories: • Streets/areas without street lighting • Streets/areas with insufficient lighting(infill lighting) • Hurricane Evacuation Routes • Replacement of existing metered lighting systems When considering lighting projects in the categories for solar lights, the following criteria should be used in determining priority for lighting: • Crime prevention • Access to schools and parks • Access to bus stops • High traffic streets May 2011 Version 1.2 Page 1 of 2 City of Dania Beach Solar Street Lighting Policy • High pedestrian traffic routes Hurricane Evacuation Routes The City will place lighting at intersections along the Hurricane Evacuation routes, then infill lighting between intersections. Replacement of existing metered lighting system As metered lighting fails,or requires extensive maintenance, solar lighting can be used to replace existing lighting. Request for lighting improvements, whether solar powered or metered shall be forwarded to the public services director for review and recommendation to the City Manager. The City Manager shall review and schedule for City Commission approval. Capital improvement projects should be designed to include solar lighting where applicable. May 2011 Version 1.2 Page 2 of 2 4. City of Dania Beach Traffic Calming Policy Review of Traffic Calming Projects to Date The City Commission has approved various projects and residential requests involving traffic calming throughout the City. As part of the NIP speed humps were installed at variouslocations. In the other areas several speed humps were installed due to resident's request utilizing the City's petition process. In the SW Triangle Area, the City Commission approved modifications to the intersection of SW 2nd Avenue and Sheridan Street. Traffic north bound from the West and South off of Sheridan onto SW 2nd Avenue was restricted and speed humps were installed. In the Estates of Ft. Lauderdale the City Commission approved several speed humps. A large scale traffic calming project for the SE Area was initiated and placed on hold during 2010 to allow evaluation of other options for SE 5f Avenue and further review with the residents. Area of Dixie Highway and SW 2nd Avenue has been studied several times over the past 10 years. Since necessary right-of- way may become available to allow a round-about, the City Commission requested re-evaluation including other options for this intersection. Another study is being done and its planning continues. The latest installation of speed humps was placement of two on NW 2nd Street requested by the residents utilizing the petition process. As mentioned above under sidewalks there are 3 areas within the CRA that the CRA Executive Director is currently reviewing for various improvements that may address traffic calming as part of their overall improvements. Policy Purpose The purpose of the traffic calming policy is to promote safety and to preserve and improve the quality of life in residential areas through regulating motor vehicle traffic. Priority for traffic calming improvements will be prioritized as follows: • Vehicle accidents/fatalities • CPTED studies and neighborhood plans • Residents complaints (speeding, high volume traffic, truck traffic, cut thru traffic) • Residents request/petitions Version 1.1 Page 1 of 2 May 2011 City of Dania Beach Traffic Calming Policy All requests for traffic calming improvements shall be forwarded to the director of public services for review and consultation with Broward County, the city's traffic engineer. The public services director shall forward each request to the City Manager along with a recommendation for the improvement. The City Manager shall review and schedule for City Commission approval Traffic calming improvements that impact neighborhoods shall be presented to the residents in a forum for their consideration and the resulting comments provided to the City Commission prior to the approval of traffic calming improvements. Funding for traffic calming projects will be appropriated in the capital improvement plan from year to year. Version 1.1 Page 2 of 2 May 2011