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Finance Department

Utility Capital Financing Plan. Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA Finance Director. Finance Department. Government Accounting 101. Why the City uses Fund Accounting. Must Comply with Legal and External Requirements Some Examples: Infrastructure Surtax (Capital Projects)

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Finance Department

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  1. Utility Capital Financing Plan Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA Finance Director Finance Department

  2. Government Accounting 101

  3. Why the City uses Fund Accounting • Must Comply with Legal and External Requirements • Some Examples: • Infrastructure Surtax (Capital Projects) • Utility Revenues (Operation and Expansion of Utility System) • Impact Fees (Infrastructure Capacity Improvements related to Growth) • Grants (Specific Programs/Projects) DO NOT TOUCH Restricted Fund

  4. Utility Fund • Bond covenants restrict use of revenues • Treated like a separate business for accounting purposes • Financial statements are included in the annual audit report • Excess revenues (profits) are restricted from use in other areas of the City • Re-invested back in the Utility

  5. Annual Financial Audit Report Comprehensive Annual Financial Report (CAFR) • Prepared Annually • Audited by independent, external audit firm hired by City Council • Required by State Statute • Provides insight into how the City is managing finances and the financial health of the City • Provides financial transparency • Promotes accountability

  6. Annual Financial Audit Report Where can it be found? • On the City’s website under “Popular Links” then “Financial Reports” www.palmcoastgov.com • Fiscal Year 2000 – 2012 is available • Filed with Florida Auditor General • Available for viewing on the Florida Auditor General’s website: www.myflorida.com/audgen

  7. Utility Financial Analysis

  8. Utility Financial Analysis

  9. Utility Financial Analysis

  10. Utility Financial Analysis

  11. History of Rate Adjustments • 2003 (Purchase of Utility) through November 2008 • No rate change • November 2008 • 12.5% increase to address Capital Needs including Water Treatment Plant 3 • 2009-2012 • Consumer Pricing Index (CPI) adjustments only • Average 1.67% • Included a decrease of 1.4% in 2009

  12. Capital Financial Program Addressing 3 issues Refinancing 2003 Bonds – Cost Savings due to reduced interest rates Provide capital funding needed for EPA required ZLD Project Anticipated need for Waste Water Treatment Plant 2 which is in current 5 year capital improvement program.

  13. Questions?

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