Lake City Report -
July 23, 2010
Bonds - Budgets - Capital
Improvements
Columbia County, FL (Posted July 23, 2010 06:30
am)
by City Manager Wendell Johnson and
staff
From City Manager Wendell Johnson
Utility System Revenue Bonds.
The City Financial Team and Raymond James
Bond representatives met this week to complete
the required interviews with “Credit Rating”
Agencies. The following areas were covered:
a.
Lake City Utility Service Areas Demographics.
b. Overview of the City’s
existing and proposed utility system.
c. History of the City’s
finances.
d. Financing Plan for the new
WWTP and St. Margaret’s WWTP upgrade.
e. Summary of the City’s
Credit Strengths.
The interviews with Moody’s and Standard and
Poors went very well. Everything appears in
order and a credit rating determination will be
issued early next week.
On August 2nd, the Financial Consultant will
provide an overview of the process during a
Council Workshop. The Utility System Bond
Resolution will be on the agenda for Council
consideration at the regular meeting which
follows at 7:00 p.m. on August 2nd.
Fiscal Year 2010/11 Budget
The final budget changes resulting from the
last two weeks of Staff reviews is nearing
completion.
The draft budget will be distributed to the
City Council on August 2nd. Council workshops
are scheduled for August 4th and 5th at 6:00
p.m. A 3rd workshop is tentatively scheduled for
August 12th if necessary.
The City Council has set the proposed FY
2010/11 at 4.3200 for TRIM notice distribution.
This rate is for planning purposes only and
based on all indicators it is unlikely that the
tax rate will change for the next year.
Capital Improvement Project Plan.
A representative from the North Central
Florida Regional Planning Council (NCFRPC) met
this week with City Staff to discuss an approach
for identifying and funding the City’s most
pressing capital improvement needs.
The NCFRPC has agreed to provide services to
prepare a project plan which will involve
upgrades to streets, walkways and drainage, as
well as water distribution and sewer collection
systems. Funding will consist of Sales Tax
Revenue, Utility User Fees, CRA Trust Funds,
CDBG Funds, and Water/Sewer Enterprise Funds.
The project timeline is projected to be three
years and will most likely be in the funding
range of $4 to $6 million.
correction - July 27
10:25am: City advised budget workshops
scheduled for Aug. 4 and 5 not Aug 5 and 6.
The City Staff Report is available in pdf format
here.
