LTC 326-2009 G.O. Bond Fund Analysis::Lji lvs E
C~FPICE Of THE CITY MANAGfP.
tTC ~ 326-2009 LETTER TO COMMISSION
to-. Mayor Matti Herrera Bower and Members of the City Commission
ItoM: Jorge M. Gonzalez, City Manager .~ v~
Dnrr: November 25, 2009 ''~
SuEl~eci: G.O. Bond Fund Analysis
Attached is the analysis requested by Commissioner Tobin of the City'.s General Obligation
Bond Fund of the amount spent and remaining on a project by project basis.
In November 1999, the citizens of Miami Beach voted to approve a General Obligation Bond
issue of $92,465,000 to be allocated $57,915,000 to Neighborhoods, $24,830,000 to Parks and
Beaches and $9,720,000 for Fire Safety. These bonds were issued in two series, the first one
in the amount of $30,000,000 in July of 2000 and the second one in the amount of $62,465,000
in July 2003.
As of September 2009, the General Obligation Bond funds had earned interest totalling
$15,588,980 increasing the total available funds for capital projects to $108,053,980.
Additionally, as of September 2009, expenditures on capital projects funded by General
Obligation Bonds totalled $54,107,160, encumbrences totalled $51,312,831 leaving $2,633,988
available for appropriation.
Should you have additional questions, please call Trish Walker, Chief Financial Officer X-7574.
JMG:TW:GE ,,,
=J
~D
,.q ~!;
Attachment z '~~
- c.~ ^ i
N
u: `'f i
I c
.. '~a
rs
- ~
C:iD000menls antl Settings'dmacchg'•.DeskloplGOBonn L7C.tloc
City of Miami Beach
General Obligation Bond Fund Analysis
As of September 30, 2009
Neighborhoods Parks 8 Beaches Fire Safety Totats
G.O. Bond proceeds
Series 1999 S 11,740,000 $ 9.230,000 S 9.030,000 $ 30,000,000
Series 2003 46,175,000 15,600,000 690,000 62,465,000
b 57,915,000 $ 24.830,000 S 9,720,000 $ 92,465,000
Interest earnings 9,884,565 4.232,925 1.471,489 15,588,980
Total available 67,799,565 29,062,925 11:191.489 106,053,980
Less: expenditures on capital projects
Cash Balance 9/30/09 net of
retainage
Less:
Total funds encumbered
Available for appropriation
31,651,302 15,153,758 7,302:100 54,107,160
36,148,263 13,909,168 3,889,389 53,946.820
35.891.378 13,666,447 1,755,007 51,312 .831
$ 256,885 $ 242,721 $ 2,134,382 8 2.633. 988
PROJECT NAME Appropr(ated Spent Balance
GO Bonds -Fire Safety (E)
Bond Cosl 17,921.99 17.921.99 0.00
Fire Apparatus Replacement 2.326,220.00 2.326.220.00 0,00
Fire Station C4 Renovations 1,036.602.46 1,036.602.46 0.00
Fire Station No. 2 5.092.886.56 3,696,213,00 1,396.873.56
Properly Pganayement Faciliy 436,307.11 225.142.63 211.16x.28
Total 6,809,938.12 7,302,100.28 1,607,837.84
GO Bonds -Neighborhood Improv. (B)
Alton Road Cnhancemenls Middle Beach 196,78120 196,781.20 0.00
Allan Road landscape Grent 903,93623 159.940.00 743.996.23
Bayshore Neighborhood -Bid Pack A 2.933,163 00 173.183.22 2,759.979.78
Bayshoro Neighborhood -Bid Pack B 515,10529 76,967.73 438.137.56
Bayshore Neighborhood -Bid Pack C 798,170.00 42,887.00 755.283.00
Bayshore Neighborhootl ~ Bid Pack D 344.00 344.00 0.00
Bcadthont Rosvooms I7s,999.00 x3,160.00 131.839.00
Biscayne Elementary Circulation 692m 38.419.00 38,419.00 0.00
Biscayne Point Neighbomood Improvements 5.018,021.17 822,202.00 4.195,819.17
Bontl Cost 607,336.98 607,336.98 0.00
Collns Canal Enhancement Project 1,497,000.00 5,000.00 1,492,000.00
Collins Canal Waternay Revitalization 259,700.00 259,700.00 0.00
Flamingo Neighborhood -Bid Pack A 56,353.00 58,353.00 0 00
Flamingo NeighDOrhootl ~ Bid Padc B x,627,204.00 4,623,974.25 3,22975
Flaminyo Neighborhood -Bid PaGC L' 1,848,719.00 52,342.11 1,796,376.89
Flamingo Neighborhood -East 255.783.30 255,783.30 0.00
Flamingo Neighborhood South 221.350.19 221,356.19 000
Flamingo Nmghborhood -Wosl 72:904.07 72,904.87 0.00
F laminyo Neighborhood-Lwnmus 1851 So. Piojecl 230:326.31 230,326.31 0.00
Flamingo Park North 85.168.44 85,168.44 0.00
FPL Undergrourb 40th-20th 479.030.48 479,030,48 0.00
I lydrographic rPlatcrviay Survey 69.356.00 69,356,00 0.00
LaGorce Island Enhancements 130.743,48 130.743.48 0 00
LaGorce Neighbomood 65.533.13 65,533.13 0,00
LaGorce Neighbomood hnprovements 1,668.479.00 8,982,63 1,659.496.37
Lake Pancoast St -Bayshore 124.955.31 124.955.31 0.00
Lincoln Road Capital Improvements Projocl 175,645.24 175.645.24 0.00
Marseille Dr. Streetscape 36.616.09 36 616.09 0.00
Nautilus 42 ST Project 704.949.36 704.949.36 O.OD
NauDlus Neighbomood Improvements 4.383.068.00 x,324.855.39 58.212.61
Nautilus-Pinetree Dr Sidewalk 1,698.00 1,698.00 0.00
Normandy Isle Neighbomood Improvements 3.695,377.00 3.636.115.77 59.201.83
Normandy IslelSud Neighbomood Improvements 414,471.00 414,471.00 0.00
Normandy Shoros Nclghbomoo0 Improvemem 3.40x,176.01 3,388,754.89 15.421.32
Nonh Shore Neighbomood Improvements 4.736,362.69 982,782.42 3,753.580.27
Oceanfront Neighborhood Improvements 6.419,612,00 3.813.853.00 2.605.759.00
Palm & I libiscus Island Enhancement 67.823.09 SB,a85.00 9,338.09
Parks Maintenance Facility 432,170,31 27,288.00 404,882.31
Propery Management Facility 978.485.67 75,aa8.69 903.036.98
Public rFlorks Facility 2,296.433,70 535.060.00 1.761,373.70
Repair Seawall 8 Docks NB Police 451.516,55 451.516.55 0.00
S Pointe Improvements - Ph III-V 196,183.00 14,193.00 181,990.00
Seawall Structure Evaluation Survey 35.000.00 35.000.00 0.00
Seawall-Biscayne Bay StreetenA Enh 135,000.00 23,513.54 111,486.46
PROJECT NAME Appropriated Spent Balance
GO Bonds -Neighborhood Improv. (B)
Seawall~Dlckens Av Shoreline 8 Bike Path 26,250,00 7,458.60 18,791.40
Seawall-Flamingo Drive Rehabilitation 142 440.00 2,769.84 139,670 16
Seawall-Indian Creek Greemvay 100.000.00 0.00 100.000.00
Seawall-Lincoln Road Streelend W 725.422,00 11,994.33 713,427.67
Seawall-NOnnandy Isle Channel 259.775.00 5.876.71 253,898 29
SeawalbPine Tree Dr Rohab 63 St 362.798.00 3,103.18 359.694.82
Seawall-Pine Tree Pk Shoreline Rest 185.000,00 78,025.91 108,974.09
Seawall-Sunset Lake Pk (Sunset Is 124) SW 500.000.00 9,142 48 490,857.52
Seawall-Waterways Dredging 105.95x.00 0.00 105.954.00
Shoreline ImprovemenLaGorce Neighborhood 5.098.26 5,09826 U.OU
Shoreline Improvement -Pine Tree Park 25.000.36 25,000 36 0.00
Signage Atasler Plan 6.833.30 6.833.30 0.00
So Pointe Streetscape-Phase III 3.828.59 3,828.59 0.00
Star Islantl Enhancements 475,690.99 28,27199 447,419.00
Sunset Islands 182 St EnVallce 97.989.17 97,989.17 0.00
Venetian 151and Phase II -Causeway 3G.763.76 36,76376 0.00
Venetian Neigh -Causeway (Bid D) 1,764,416.37 222,132.00 1.542.286.37
GO Bonds • Neighborhood Improv. (B)
Venehan Neiyh -Venetian Islands 4,436,724.00 592,544.00 3,844.180.00
Venetian Neighbomootl -Belle Isle 2,428,293.00 2.428,293.00 0.00
West ave Bay Road improvomenls 261.735.00 261,735 00 O.OQ
Wost Avenuelaay Road Improvements 1,499.87fi.00 221,468.00 1.278,408.00
Q00
TOW) 64,893,303.91 31,661,302.27 33,242,001.64
GO Bonds -Parks & Beaches (8)
10th Slreel Auditorium? Bch Patrol 630.894.97 630.894.97 0.00
10th Street Autlitonum/Beachfront AUtl. 84,365,04 6x,365.04 0.00
ADA Bdach Access System 4.254.25 4,254 25 0.00
ADA Improvements Settlement 1,127.871.55 616,104.83 511,766.72
Allison Park 22,100.00 22,100.00 0.00
Altos Uel Mar Paik 3,205.674.28 996,016 39 2.209,657.89
Beach Planting - futitldle Reach Segment 143.289.00 1x3,269.00 0.00
Beach Planting -North Beach Segment 143,29027 1x3,290.27 0.00
Bdach Planting -South Beach Segrnenl 118.568.48 118,568.48 0.00
Beach Planting-midtlle Reach 100.00 100 00 0.00
Belle Island Park Improvement 598,350,53 598,350.53 0.00
Bond Cosl 9.230.00 9,230.00 0.00
Bond Issuance Costs 201.222.87 201,222 67 0.00
Botanipl Garden (Garden Centar) 1,591.35x.52 342,562.00 1.248?92.52
Collins Park 145.408.01 145,x08.07 0.00
Collins PerklSireetscapelROtunda 1,657.311.06 992,912.22 664,398.88
Crespi Park 118.758.63 118,75863 0.00
Fairvray Park 266.210.02 245,973.00 20,23702
Fisher Park 116.338.51 118,338.51 0.00
Flamingo Park 2.500.000.00 851,039.60 1.648,560.40
Flamingo Park Pool Fzpansion 870.561.03 670,561.03 0.00
HUD EDI01-No Bch Rec Corridor 670.000.00 670,000.00 0 00
Island View Park 115.727.09 115.727.09 0.00
La Gorce Park 56.979.82 56.979.82 0 00
Lummus Park 1,128.828.66 1.121.553.82 7,274 84
PAuss Park 81,305.00 8.517.00 72,788.00
Normandy Isla Park 889,631.71 889.631.71 0.00
PROJECT NAME Appropriated Spent Balance
GO Bonds -Parks & Beaches (B)
Normandy Shores Clubhouse 61,657.80 61,657.80 0.00
Normandy Snores GC CIUD House 686.842.20 376,282.37 310.559.83
Normantly Snores Goll Course Pr 90,164.00 90,164.00 p,00
North Ooach Reaeationel Comitlor 65,000.00 65.000,00 0.00
North Shore Open Space Park 298,999 71 299.999.71 O.OU
North Shore Park 1,461,118.01 1,461.118.01 0.00
Palm Island Park 75,608.07 75.608.07 0.00
Parks tdainionance Faciltty 133,265.85 48.839,00 84,426.85
PmeDee Park 69.197.32 69.197.32 O.UO
Planting South Beach 156.770.00 0.00 758,710.00
Proporty Management Facility 741,866,00 8,512,80 733,353.20
Public Works Facility 447.677.08 131,052.49 316,624.59
Rooi RepairlReplawment Cby Facility 299.775.40 299,175.40 0.00
Roof Replacement 349.982.72 320,256.42 29,726.30
Swtt Rakov~ Youth Center 195.726.71 195,726 71 0.00
Shane ~Plalersports Center 7.368.00 1,368.00 0.00
South Sbore Community Center 1,307.822.33 1.308,652.59 1,169.74
StilMrater Perk 131,165.17 131,165.17 p,p0
Support Service Fadllty-Fire St 2 199.707.50 199,707.50 0.00
Tatum Park 118.525.43 118,525.43 0.00
Total 23,170,204.12 15,753,757.66 8,078,146.76
Grand Total $ 96,975,446.45 $ 54,107,160.21 $ 42,866,286.24