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File #: 20-584    Version: 1 Name:
Type: Resolution Status: Agenda Ready
File created: 9/1/2020 In control: City Council
On agenda: 9/9/2020 Final action:
Title: 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
Attachments: 1. Budget Resolution FY 2020.pdf, 2. BAF 20-103-A -FN-2018 B Bond Principal (09-09-20) Agenda 20-584.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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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:                     

title

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 Council previously approved the Water/Sewer Funds Revenue Bond, Series 2018 B Principal payment of $640,000 with the adoption of the FY 2020 Budget.

 

RECOMMENDED MOTION:

Recommendation

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.