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Home My WebLink AboutCOW 2016-12-12 Item 4H - Ordinance - 2015-2016 Biennial Budget Amendment: Public Safety Bond MeasureCOUNCIL AGENDA SYNOPSIS ---------------------------------- 111ilillf Meelin ,g Dale Prepared by Major's Zn*ew— C'Milg/ review 12/12/16 PMC ❑ Resolution ,g Date M1 ❑ Ordinance A/I�g Date 12112116 12/12/16 PMc [E] 01be M1 g Date SPONSOR ❑ Council ❑ Mcyor ❑ HR ❑ DCD Z Finance [:].Fire [:] IT [:] P&R [:] Police ❑ PWI SPONSOR'S The Council is being asked to approve a budget amendment to establish budget for the SUMMARY 2016 Unlimited Tax General Obligation bond issuance of $32,990,000, bond premium of $3,719,954 and bond issuance costs of $209,954. REVIIWED BY ❑ cow Mtg. ❑ CA&P Cmte ❑ F&S Cmte ❑ Transportation Cmte ❑ Utilities Cmte ❑ Arts Comm. ❑ Parks Comm. ❑ Planning Comm. DATE: NA COMMITTEE CHAIR: NA RECOMMENDATIONS: SPONSOR/ADIMIN- Finance Department COmm""I"'I" Directly to C.O.W/Special per FS Committee Chair & Council President COST IMPACT / FUND SOURCE ExPi,"NDITURj!" REQUIRPA) AMOUNT BUDGETED APPROPRIATION REQUIRED Fund Source: Comments: MTG. DATE RECORD OF COUNCIL ACTION 12/12/16 ITEM INFORMATION ITEM NO. 4.H. & Spec 3.B. 187 STAI FSPONSOR: PEGGY MCCARTHY ORIG INA], AGENDA Dxn,": 12/12/16 AGENDA I'IT1NITri,j,E Approve the bond ordinance for the 2016 UTGO Bond Issue CATEGORY M Discussion Mt ,g Date 12112116 ❑ Motion Mig Dale ❑ Resolution ,g Date M1 ❑ Ordinance A/I�g Date 12112116 ❑ BidAxard MI ,g Date ❑ Public Hearing Mig Date [E] 01be M1 g Date SPONSOR ❑ Council ❑ Mcyor ❑ HR ❑ DCD Z Finance [:].Fire [:] IT [:] P&R [:] Police ❑ PWI SPONSOR'S The Council is being asked to approve a budget amendment to establish budget for the SUMMARY 2016 Unlimited Tax General Obligation bond issuance of $32,990,000, bond premium of $3,719,954 and bond issuance costs of $209,954. REVIIWED BY ❑ cow Mtg. ❑ CA&P Cmte ❑ F&S Cmte ❑ Transportation Cmte ❑ Utilities Cmte ❑ Arts Comm. ❑ Parks Comm. ❑ Planning Comm. DATE: NA COMMITTEE CHAIR: NA RECOMMENDATIONS: SPONSOR/ADIMIN- Finance Department COmm""I"'I" Directly to C.O.W/Special per FS Committee Chair & Council President COST IMPACT / FUND SOURCE ExPi,"NDITURj!" REQUIRPA) AMOUNT BUDGETED APPROPRIATION REQUIRED Fund Source: Comments: MTG. DATE RECORD OF COUNCIL ACTION 12/12/16 MTG. DATE ATTACHMENTS 12/12/16 Informational Memorandum dated 12/6/16, with attachments Ordinance 187 im T{}: FROM: CC: DATE: SUBJECT City of Tukwila Allan Ekberg, Mayor INFORMATIONAL MEMORANDUM Finance and Safety Committee Peggy McCarthy, Finance Director Mayor Ekberg December 6`2016 201GUTGO Bond Issuance Budget Amendment ISSUE Approve a budget for the 2016 Unlimited Tax General Obligation bond issuance. BACKGROUD On November 29, 2016, King County Elections certified that the City of Tukwila Public Safety bond measure had passed. On November 30, 2016. pursuant toauthorization by bond ordinance No. 2509. the City issued $32'98O.00Oof Unlimited Tax General Obligation bonds sda$3'719.854.O5 premium with issuance costs of $209,954.05. DISCUSSION Because budget for the 2016 bond issuance has not been established, a budget amendment is proposed to establish budget for the bond proceeds, bond premium and bond cost of issuance, as follows: Ref Explanation Acct Desc 1 'UTGO bond proceeds '3O5.3S110o.00U --'�T��o��---��----- -----'--�oo��ot(nno'-- 2 / pem / '1 —'—.�T�n�u��v�no�-- --'—'---'!n�.00�9"2.2x0_�4__.0_i | | .'Stundavd& Poors ratinguenAco L PFM. financial ad\Auernorviceo | L Pacifica Law Group, bond counsel services! Underwriters discount ( �ENT� 2016 Increase (Decrease) Expense Revenue Ending Fund Balance 3,719,954 3,719,954 —1--- | 209954 ^ r~~.~~-/' ! } / � ! � | / | | | | RECOMMENDATION The Council is being asked to approve the 2016 Public Safety Plan-Voter Approved Budget Amendment ordinance and consider this item at the December 12, 2016 Committee of the Whole, and Special Meeting to follow that same evening. ATTACHMENTS Draft Ordinance Bond Issuance Sources and Uses of Funds WHO I • 1, SOURCES AND USES OF FUNDS City of Tukwila, Washington Unlimited Tax General Obligation Bonds, 2016 *Final Numbers* Dated Date 12/22/2016 Delivery Date 12/22/2016 Sources: Bond Proceeds: Par Amount Premium Uses: Project Fund Deposits: 32,990,000.00 3,719,954.05 36,709,954.05 Project Fund 36,500,000.00 Delivery Date Expenses: Cost of Issuance 108,517.32 Underwriter's Discount 101,436.73 209,954.05 36,709,954.05 Nov 30, 2016 10:28 am Prepared by Public Financial Management, Inc. Page I 191 192 �6[ 'n ); � F.' 1, a " !F T AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, AMENDING ORDINANCE NO. 2458, WHICH ADOPTED THE CITY OF TUKWILA'S BIENNIAL BUDGET FOR THE 2015 -2016 BIENNIUM, TO ADOPT AN AMENDED YEAR -END BUDGET RESULTING FROM THE CITY OF TUKWILA PUBLIC SAFETY BOND MEASURE; PROVIDING FOR SEVERABILITY; AND ESTABLISHING AN EFFECTIVE DATE. WHEREAS, on November 17, 2014, Ordinance No. 2458 adopted the 2015 -2016 biennial budget of the City of Tukwila; and WHEREAS, on November 29, 2016, the City of Tukwila public safety bond measure was certified as having passed; and WHEREAS, on November 30, 2016, pursuant to authorization by Bond Ordinance No. 2509, the City of Tukwila issued $32,990,000 of Unlimited Tax General Obligation bonds at a premium of $3,719,954.05 and with issuance costs of $209,954.05; and WHEREAS, a budget for the 2016 bond issuance has not yet been established; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, HEREBY ORDAINS AS FOLLOWS: Section 1. Ordinance Amended. Tukwila Ordinance No. 2458 is hereby amended with the City Council's adoption of the document entitled "2016 Public Safety Plan -Voter Approved Budget Amendment to the 2015 -2016 Biennial Budget," attached hereto and incorporated by this reference as if fully set forth herein, in accordance with RCW 35A.34.200. Section 2. Estimated Revenues and Appropriations. The totals of the estimated revenues and appropriations for each separate fund amended and the aggregate budget totals are as follows: FUND I EXPENDITURES REVENUES 305 Public Safety Plan -Voter Approved T $ 36,709,954 $ 36,709,954 Aggregate Bud et Totals $338,886,572 $338,886,572 W: Word Processing \Ordinances \Budget amendment - 2015 -2016 year- end - Public Safety Plan 12 -7 -16 Page 1 of 2 PM:bjs 193 Section 3. Copies on File. A copy of this amending ordinance shall be transmitted by the City Clerk to the Division of Municipal Corporations of the Office of the State Auditor and to the Association of Washington Cities. Section 4. Corrections by City Clerk or Code Reviser. Upon approval of the City Attorney, the City Clerk and the code reviser are authorized to make necessary corrections to this ordinance, including the correction of clerical errors; references to other local, state or federal laws, codes, rules, or regulations; or ordinance numbering and section/subsection numbering. Section 5. Severability. If any section, subsection, paragraph, sentence, clause or phrase of this ordinance or its application to any person or situation should be held to be invalid or unconstitutional for any reason by a court of competent jurisdiction, such invalidity or unconstitutionality shall not affect the validity or constitutionality of the remaining portions of this ordinance or its application to any other person or situation. Section 6. Effective Date. This ordinance or a summary thereof shall be published in the official newspaper of the City, and shall take effect and be in full force and effect five days after passage and publication as provided by law. PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, at a Special Meeting thereof this day of 12016. ATTEST/AUTH E NT CATE D: Christy O'Flaherty, MMC, City Clerk APPROVED AS TO FORM BY: Rachel B. Turpin, City Attorney Allan Ekberg, Mayor Filed with the City Clerk: Passed by the City Council: Published: Effective Date: Ordinance Number: Attachment: 2016 Public Safety Plan-Voter Approved Budget Amendment to the 2015-2016 Biennial Budget W: Word Processing\Ordinances\Budget amendment-2015-2016 year-end-Public Safety Plan 12-7-16 PM:bjs Page 2 of 2 194 2016 Public Safety Plan -Voter Approved Budget Amendment to the 2015 -2016 Biennial Budget Reconciliation of 2015 -2016 Budget Summary to Ordinance EXPENDITURES ORIGINAL BUDGET 2015 August Amendment 2015 2016 2016 Public Safety Amendment AMENDED BUDGET Mid Biennial Amendment 000 General $ 125,817,778 $ 1,621,046 $ 918,000 $ (160,000) 36,709,954 $ 128,196,824 101 Hotel /Motel 2,597,316 2,597,316 103 City Street 11,081,721 ' (235,000) 700,000 838,950 12,385,671 104 Arterial Street 35,906,080 780,000 - 400,000 37,086,080 105 Contingency 5,703,632 100,000 - 5,803,632 109 Drug Seizure Fund 180,000 180,000 180,000 200 LTGO Bonds 1,415,333 1,415,333 1,415,333 211 Limited Tax G.O. Refunding Bonds, 2008 1,623,400 _ _ J 1,623,400 212 Limited Tax G.O. Bonds, 2009A 866,315 _ (427,960) 438,355 214 Limited Tax G.O. Bonds, 2010A 1,172,100 1,172,100 216 Limited Tax G.O. Refunding Bonds, Vall 229,800 - 229,800 217 2011 Refunding Bonds 1,095,500 _ -_ _ -� 1,095,500 218 2014 Urban Renewal 226,260 226,260 226,260 206 LID Guaranty 669,000 669,000 669,000 233 2013 LID 2,400,813 237,000 161,577 150,000 2,949,390 301 Land Acquisition, Recreati on & Park Devl. 3,902,000 _ 100,000 - 4,002,000 302 Facility Replacement 10,582,204 (863,000) (1,000,000) 8,719,204 303 General Government Improvements 901,000 901,000 901,000 304 Fire Improvements 305 Public Safety Plan - voter approved 550,200 (723,000) - - 550,200 36,709,954 401 Water 18,422,000 (723,000) --- - - - - -- 21,871,000 17,699,000 402 Sewer 19,986,000 1,885,000 4,181,494 21,871,000 411 Foster Golf Course 4,181,494 20,173,000 501 Equipment Rental 11,567,136 4,181,494 412 Surface Water 20,429,000 (256,000) 13,274,958 502 Insurance Fund 20,173,000 501 Equipment Rental 11,567,136 41,474 503 Insurance - LEOFF 1 Fund 1,772,191 11,608,610 13,274,958 502 Insurance Fund 14,280,958 (1,006,000) 1,617,300 $ 299,176,531 $ 503 Insurance - LEOFF 1 Fund 1,772,191 (262,000) 1,510,191 611 Firemen's Pension 1,617,300 1,617,300 Total $ 299,176,531 $ 1,219,520 $ 979,577 $ 800,990 $ 36,709,954 $ 338,886,572 REVENUES ORIGINAL BUDGET 2015 August Amendment 2015 2016 2016 Public Safety Amendment AMENDED BUDGET Mid Biennial Amendment 000 General $ 125,817,778 $ 1,621,046 $ 918,000 $ (160,000) 36,709,954 $ 36,709,954 $ 128,196 824 101 Hotel /Motel 2,597,316 2,597,316 103 City Street 11,081,721 (235,000) 700,000 838,950 12,385,671 104 Arterial Street 35,906,080 780,000 - 400,000 37,086,080 105 Contingency 5,703,632 100,000 - 5,803,632 180,000 109 Drug Seizure Fund 180,000 1,415,333 200 LTGO Bonds 1,415,333 211 Limited Tax G.O. Refunding Bonds, 2008 1,623,400 1,623,400 212 Limited Tax G.O. Bonds, 2009A 866,315 _ _ (427,960) 438,355 214 Limited Tax G.O. Bonds, 2010A 1,172,100 1,172,100 216 Limited Tax G.O. Refunding Bonds, Vall 229,800 - 229,800 217 2011 Refunding Bonds 1,095,500 _ -_ _ -� 1,095,500 226,260 218 2014 Facility 226,260 669,000 206 LID Guaranty 669,000 233 2013 LID 2,400,813 237,000 -_ 161,577 150,000 2,949,390 301 Land Acquisition, Recreati on &Park Devl. 3,902,000 _ 100,000 _ - 4,002,000 302 Facility Replacement 10,582,204 _ (863,000) (1,000,000) 8,719,204 901,000 303 General Government Improvements 901,000 304 Fire Improvements 305 Public Safety Plan voter approved 401 Water 550,200 18,422,000 (723,000) - 550,200 36,709,954 17,699,000 402 Sewer 19,986,000 _ 1,885,000 --- - - - - -- 21,871,000 Golf Course 4,181,494 4,181,494 411 Foster 412 Surface Water 20,429,000 (256,000) 20,173,000 501 Equipment Rental 11,567,136 - - 41,474 a 11,608,610 13,274,958 502 Insurance Fund 14,280,958 (1,006,000) 503 Insurance - LEOFF 1 Fund 1,772,191 (262,000) 1,510,191 611 Firemen's Pension Total 1,617,300 $ 299,176,531 $ $ 979,577 $ 800,990 1,617,300 $ 338,886,572