The URL can be used to link to this page

R19-098 1 2 RESOLUTION R19-098 4 A RESOLUTION OF THE CITY OF BOYNTON BEACH, 5 FLORIDA RATIFYING THE 2019-2020 ANNUAL BUDGET 6 FOR THE QUANTUM PARK OVERLAY DEPENDENT 7 DISTRICT AND PROVIDING AN EFFECTIVE DATE. 8 9 WHEREAS, the Quantum Park Overlay Dependent District (QPODD) was created 10 by Ordinance of the City Commission pursuant to Chapter 163, Florida Statutes. The 11 QPODD has been designated a Florida Special District; and 12 WHEREAS,Florida Statutes 189.016 provides that the proposed budget of a dependent 13 special district, with the concurrence of the local governing authority, may be budgeted 14 separately; and 15 WHEREAS,a local governing authority may,in its discretion,review the budget or tax 16 levy of any special district located solely within its boundaries; and 17 WHEREAS, a final budget of the Quantum Park Overlay Dependent District has 18 been reviewed and considered by the City Commission for the ensuing year, with detailed 19 information, and the administrative staff of the City has made recommendations as to the 20 amount necessary to be appropriated for the ensuing year. 21 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF 22 THE CITY OF BOYNTON BEACH,FLORIDA THAT: 23 Section 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as 24 being true and correct and are hereby made a specific part of this Resolution upon adoption 25 hereof. 26 Section 2. The City Commission of the City of Boynton Beach, Florida hereby 27 ratifies the adoption of the Quantum Park Overlay Dependent District's 2019-2020 Annual C:\Users\Stanzionet\Appdata\Local\Microsoft\Windows\Inetcache\IE\DHL1 S8RX\Ratify_QPODD_Budget_(2019-20)_-_Resp(1).Docx 1 Budget. 2 Section 3. This Resolution shall become effective immediately upon passage. 3 PASSED AND ADOPTED this Othday of.50:_e , 2019. 4 5 CITY OF BOYNTON BEACH, FLORIDA 6 7 YES NO 8 9 Mayor—Steven B. Grant 6,''- 1 0 10 I 1 Vice Mayor—Justin Katz t/ 12 13 Commissioner—Mack McCray ✓ 14 15 Commissioner—Christina L. Romelus t✓ 16 17 Commissioner—Ty Penserga t� 18 19 20 VOTE 21 22 ATTEST: 23 24 i�o�N�•�-- 25 26 Cry tal Gibson, MMC 27 City Clerk 28 29 30 31 (Corporate Seal) 32 33 O�NT0 01.4 • ' ;�� • .� r .' '�' o • 00. 1920 FiOlt C:\Users\Stanzionet\AppdatiltAttili0iicrosoft\Windows\Inetcache lE\DHL1S8RX\Ratify_QPODD_Budget_(2019-20)_-_Reso.Docx Quantum Park Overlay Dependent District Final Budget For Fiscal Year 2019/2020 October i, 2019- September 30, 2020 CONTENTS I FINAL BUDGET II DETAILED FINAL BUDGET III DETAILED FINAL DEBT SERVICE FUND BUDGET (2008 LOAN) IV DETAILED FINAL DEBT SERVICE FUND BUDGET (2010 LOAN) V ASSESSMENT COMPARISON FINAL BUDGET QUANTUM PARK OVERLAY DEPENDENT DISTRICT FISCAL YEAR 2019/2020 OCTOBER 1,2019-SEPTEMBER 30,2020 FISCAL YEAR 2019/2020 REVENUES BUDGET O&M ASSESSMENTS 35,617 PARK ASSESSMENTS 277,470 DEBT ASSESSMENTS(2008 LOAN) 0 DEBT ASSESSMENTS(2010 LOAN) 0 OTHER REVENUES 0 INTEREST INCOME 720 TOTAL REVENUES $ 313,807 EXPENDITURES PARK RESERVES 260,822 ENGINEERING/GENERAL SERVICES 0 ENGINEERING/MAINTENANCE MANAGEMENT 0 ENGINEERING/PERMITS 0 MAINTENANCE MANAGEMENT 0 MAINTENANCE 0 SUPERVISORS FEES 0 PAYROLL TAXES-EMPLOYER 0 MANAGEMENT 10,000 LEGAL-GENERAL 10,000 LEGAL-LITIGATION&EXPENSES 0 ASSESSMENT ROLL 7,500 AUDIT FEES 3,900 INSURANCE 0 LEGAL ADVERTISING 1,000 MISCELLANEOUS 0 POSTAGE 200 OFFICE SUPPLIES • 100 DUES&SUBSCRIPTIONS 0 WEBSITE MANAGEMENT 1,500 ENGINEERING-EXTRAORDINARY 0 CONTINGENCY 0 2016 DISTRICT IMPROVEMENTS 0 TOTAL EXPENDITURES $ 295,022 REVENUES LESS EXPENDITURES $ 18,785 2008 LOAN PAYMENTS 0 2010 LOAN PAYMENTS 0 BALANCE $ 18,785 COUNTY APPRAISER&TAX COLLECTOR FEE (6,262) DISCOUNTS FOR EARLY PAYMENTS (12,523) EXCESS/(SHORTFALL) $ 0 CARRYOVER FROM PRIOR YEAR 0 NET EXCESS/(SHORTFALL) $ 0 ESTIMATED RESERVES AS OF 9/30/19 $150,000 FY 2019/2020 RESERVE ASSESSMENTS $260,822 ESTIMATED RESERVES AS OF 9/30/20 $410,822 8/30/2019 9:26 AM DETAILED FINAL BUDGET QUANTUM PARK OVERLAY DEPENDENT DISTRICT FISCAL YEAR 2019/2020 OCTOBER 1,2019-SEPTEMBER 30,2020 FISCAL YEAR FISCAL YEAR FISCAL YEAR 201712018 2018/2019 2019/2020 REVENUES ACTUAL BUDGET BUDGET COMMENTS O&M ASSESSMENTS 423,441 409,928 35,617 Expenditures Less Interest&Carryover/.94 PARK ASSESSMENTS 0 0 277,470 Park Reserves/.94 DEBT ASSESSMENTS(2008 LOAN) 101,973 101,973 0 Loan Payments/.94 DEBT ASSESSMENTS(2010 LOAN) 285,406 285,406 0 Loan Payments/.94 OTHER REVENUES 5,687 0 0 INTEREST INCOME 953 720 720 Projected At$60 Per Month TOTAL REVENUES $ 817,460 $ 798,027 $ 313,807 EXPENDITURES PARK RESERVES 0 0 260,822 Park Reserves ENGINEERING/GENERAL SERVICES 3,500 0 0 Line Item Eliminated ENGINEERING/MAINTENANCE MANAGEMENT 10,900 0 0 Line Item Eliminated I ENGINEERING/PERMITS 0 2,000 0 Line Item Eliminated MAINTENANCE MANAGEMENT 49,500 54,000 0 Line Item Eliminated MAINTENANCE 182,558 100,000 0 Line Item Eliminated I SUPERVISORS FEES 800 2,400 0 Line Item Eliminated PAYROLL TAXES-EMPLOYER 61 192 0Line Item Eliminated MANAGEMENT 48,048 49,056 10,000 Management Fees LEGAL-GENERAL 39,422 55,000 10,000$45,000 Decrease From 2018/2019 Budget LEGAL-LITIGATION&EXPENSES 126,598 90,000 0 Litigation Resolved ASSESSMENT ROLL 7,500 7,500 7,500 No Change From 2018/2019 Budget AUDIT FEES 3,700 3,800 3,900$100 Increase From 2018/2019 Budget INSURANCE 11,935 13,129 0 Line Item Eliminated LEGAL ADVERTISING 1,813 2,000 1,000$1,000 Decrease From 2018/2019 Budget MISCELLANEOUS 926 3,000 0 Line Item Eliminated POSTAGE 197 800 200$600 Decrease From 2018/2019 Budget OFFICE SUPPLIES 1,151 1,500 100$1,400 Decrease From 2018/2019 Budget DUES&SUBSCRIPTIONS 175 175 0 Line Item Eliminated WEBSITE MANAGEMENT 1,500 1,500 1500 No Change From 2018/2019 Budget ENGINEERING-EXTRAORDINARY 4,800 0 0 Fiscal Year 2017/2018 Expenditure CONTINGENCY 0 0 0 Contingency 2016 DISTRICT IMPROVEMENTS 0 0 0 Unsused FY 15/16 Funds As Of 5-31-19 Were$203,851 TOTAL EXPENDITURES $ 495,084 $ 386,052 $ 296,022 REVENUES LESS EXPENDITURES $ 322,376 $ 411,976 $ 18,785 2008 LOAN PAYMENTS (97,105) (95,855) - 2008 Loan To Be Paid Off In Full In September 2019. 2010 LOAN PAYMENTS (271,782) (268,282) - 2010 Loan To Be Paid Off In Full In September 2019. IBALANCE $ (46,511)_6 47,838 $ 18,785 COUNTY APPRAISER&TAX COLLECTOR FEE (4,608) (15,946) (6,262)Two Percent Of Total Assessment Roll DISCOUNTS FOR EARLY PAYMENTS (30,603) (31,892) (12,523)Four Percent Of Total Assessment Roll EXCESS/(SHORTFALL) $ (81,722) $ - $ 0 CARRYOVER FROM PRIOR YEAR 0 0 0 Carryover From Prior Year NET EXCESS/(SHORTFALL) $ (81,722) $ - $ 0 ESTIMATED RESERVES AS OF 9/30/19 $150,000 1 FY 2019/2020 RESERVE ASSESSMENTS $260,822 ESTIMATED RESERVES AS OF 9/30/20 $410,822, I I 8/30/2019 9:26 AM DETAILED FINAL DEBT SERVICE (2008 LOAN) FUND BUDGET QUANTUM PARK OVERLAY DEPENDENT DISTRICT FISCAL YEAR 2019/2020 OCTOBER 1,2019-SEPTEMBER 30,2020 FISCAL YEAR FISCAL YEAR FISCAL YEAR 2017/2018 2018/2019 2019/2020 REVENUES ACTUAL BUDGET BUDGET COMMENTS Interest Income 79 100 0 2008 Loan To Be Paid Off In September 2019 NAV Tax Collection 96,952 95,855 0 2008 Loan To Be Paid Off In September 2019 Total Revenues $ 97,031 $ 95,955 $ - EXPENDITURES Principal Payments 71,946 75,614 0 2008 Loan To Be Paid Off In September 2019 Interest Payments 23,800 20,341 0 2008 Loan To Be Paid Off In September 2019 Total Expenditures $ 95,746 $ 95,955 $ - Excess/(Shortfall) $ 1,285 $ - $ - Note:2008 Loan To Be Paid Off In Full In September 2019. 2008 Loan Information Original Par Amount= $1,008,400 Annual Principal Payments Due= May 1st Interest Rate= 4.88% Annual Interest Payments Due= May 1st&November 1st Issue Date= June 2008 Maturity Date= May 2023 Par Amount As Of 5-1-19= $340,308.59 8a0/2019 9-26 AM III DETAILED FINAL DEBT SERVICE (2010 LOAN) FUND BUDGET QUANTUM PARK OVERLAY DEPENDENT DISTRICT FISCAL YEAR 2019/2020 OCTOBER 1,2019-SEPTEMBER 30,2020 FISCAL YEAR FISCAL YEAR FISCAL YEAR 2017/2018 2018/2019 2019/2020 REVENUES ACTUAL BUDGET BUDGET COMMENTS Interest Income 1,471 100 0 2010 Loan To Be Paid Off In September 2019 Reserve Fund Credit 0 0 0 2010 Loan To Be Paid Off In September 2019 NAV Tax Collection 271,373 268,282 0 2010 Loan To Be Paid Off In September 2019 Total Revenues $ 272,844 $ 268,382 $ - EXPENDITURES Principal Payments 235,696 251,508 0 2010 Loan To Be Paid Off In September 2019 Interest Payments 28,797 16,874 0 2010 Loan To Be Paid Off In September 2019 Total Expenditures $ 264,493 $ 268,382 $ - Excess/(Shortfall) $ 8,351 $ - $ - Note:2010 Loan To Be Paid Off In Full In September 2019. 2010 Loan Information Original Par Amount= $2,236,719 Annual Principal Payments Due= November 1st Interest Rate= 3.30% Annual Interest Payments Due= May 1st& November 1st Issue Date= September 2010 Maturity Date= November 2020 Par Amount As Of 5-1-19= $511,316 I 8/30/2019 9:26 AM Quantum Park Overlay Dependent District Acreage Assessment Comparison Fiscal Year Fiscal Year Fiscal Year Fiscal Year 2016/2017 2017/2018 2018/2019 2019/2020 Assessment Assessment Assessment Projected Assessment Per Acre* Per Acre* Per Acre* Per Acre* Administrative $ 1,749.31 $ 1,263.62 $ 1,224.18 $ 106.36 Park Reserves $ - $ - $ - $ 828.62 2008 Debt $ 304.53 $ 304.53 $ 304.53 $ 2010 Debt $ 852.32 $ 852.32 $ 852.32 $ Total $ 2,906.16 $ 2,420.47 $ 2,381.03 $ 934.98 * Assessments Include the Following : 4% Discount for Early Payments 1% County Tax Collector Fee 1% County Property Appraiser Fee Community Information: Assessable Acres 334.86 4 8/30/2019 9:26 AM