CITY COUNCIL AGENDA ITEM
Memo Date: August 2, 2020
Agenda Date: August 9, 2020
Prepared By: Lea Malarae, Senior Fiscal Analyst
Through: Rebecca Bowman, Finance Director, MBA, CGFM, CGFO
Requested Action:
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Approve a Resolution Amending the FY 2020 Budget, BAF# 20-103-A, adding additional budget for the Water/Sewer Funds Revenue Bond, Series 2018 B principal payment through the use of the Water/Sewer Funds contingency.......End
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BACKGROUND:
On August 14, 2018 City Council Authorized City Staff to proceed with the Bond Underwriters, to negotiate the sale of the Water and Sewer System Revenue Bonds (Series 2018B, New Money Bonds), to finance specific capital improvements to the Utility System. The closing of the Series 2018B Revenue Bond was held on October 3, 2018, with the issuance of $41,881,952.30 in new money.
The Water Sewer Funds Revenue Bond, Series 2018 B debt service principal payment was originally budgeted at using last year amount of $640,000. The debt service principal payment for fiscal year 2020 is $670,000. An additional $30,000 is needed cover the cost of the payment. The City of Cocoa is requesting that council approve a resolution amending the FY 2020 Budget, adding additional budget for the Water/Sewer Funds Revenue Bond, Series 2018 B principal payment through the use of the Water/Sewer Funds contingency.
STRATEGIC PLAN CONNECTION:
None
BUDGETARY IMPACT:
Budgeted Partially
If not budgeted, is amendment/transfer attached? Yes
Budget Amendment # 20-103-A
Amount Requested ($30,000)
Account Number 421-4010-536.39-00
Account Name Contingency
Amount Requested $30,000
Account Number 421-4010-581.91-25
Account Name Transfer to Restricted Asset fund (425)
Amount Requested $30,000
Account Number 425-0000-381.91-21
Account Name Transfer from Water/Sewer Fund (421)
Amount Requested $30,000
Account Number 425-4700-517.71-00
Account Name Debt Service - Principal
PREVIOUS ACTION:
City of Cocoa Co...
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