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Home My WebLink AboutFIN 2019-12-09 Item 2E - Public Safety Plan - D-20 Financial Framework UpdateCity of Tukwila Allan Ekberg, Mayor INFORMATIONAL MEMORANDUM TO: Finance Committee FROM: Vicky Carlsen, Finance Director BY: Aaron Williams, Fiscal Coordinator CC: Mayor Ekberg DATE: December 9, 2019 SUBJECT: D-20 update to Finance Committee ISSUE The Public Safety Plan Financial Framework Scenario D-20 was initially approved by Council in June 2018. Updates have been provided periodically with the most recent revision provided at the June 10, 2019 Finance Committee. This memo will summarize updates to provide the complete D-20 plan in its current form. SUMMARY OF PRIOR COUNCIL ACTIONS June 18, 2018 — Regular Council Meeting — Council adopted the D-20 funding plan which provides the financial framework to build the Justice Center, Fire Stations 51 and 52 as well as the consolidated Public Works facility. July 2019 — Public Safety Committee (7/1) — Contract amendment for Fire Station 52 Mini-MACC1 was reviewed and forwarded to and approved at the July 15 Regular Council meeting. October 2019 — Transportation & Infrastructure Committee (10/8 & 22) — Public Works master planning was presented with discussion about the Phase 1 build at the site. This was forwarded to the 10/28 Committee of the Whole and forwarded to and approved at the 11/4 Regular meeting. November 2019 — Public Safety Committee (11/4) — Contract amendment for Fire Station 52 Mini- MACC2 was reviewed and forwarded to the November 12 Committee of the Whole meeting. HIGHLIGHTS OF UPDATED D-20.1 FINANCIAL FRAMEWORK After all updates & changes are applied to the D-20 financial framework, all years in the plan show a positive ending balance (row 58). Revenues: The final Bonds were issued in October 2019 with revenues having been updated to actuals. Debt service on the bonds has also been updated to show actual obligations. Fire Impact Fees for 2019 were updated from $667k to $1 million based on year-to-date collections. Fire impact fees in 2020 were also increased from $467k to $800k to reflect higher expected collections in that year. Investment Earnings have been revised to reflect current expectations. 45 INFORMATIONAL MEMO Page 2 Expenditures: Justice Center and Fire Stations: Reallocation of $130k from both Justice Center and Fire Station 51 to add $260k to Fire Station 52 budget, for a total budget of $23.75 million for FS 52. (11/4 Public Safety Committee, 11/12 C.O.W., 11/18 Regular Meeting). Public Works consolidated shops: Budget was increased from $30 million to $35.7 million for costs related to Phase 1 of the PW master plan. (11/4 Regular Meeting) RECOMMENDATION Presentation is for information only. ATTACHMENTS D-20 Comparison June 2019 vs Dec 2019 Public Safety Plan D-20 Financial Framework .R A I B Id D I E 1 D-20 Comparison June 2019 vs Dec 2019 Current D-20 2 As of 12/2/19 Net Change 4 Revenues: 5 UTGO bond proceeds, Voted 78,057,080 672,080 6 LTGO bond proceeds, Councilmanic 45,450,376 276,340 7 Fire Impact fees & deposit - Segale Fire Impact fees - other F301, Lnd & Prk Acq contribution Property/land sales REET 1 Sales Tax Mitigation payments Interfund transfer in (out) Investment earnings Annual Contribution General Fund Debt Service General Fund Annual Contribution Utility Funds Additional capacity from maturing, existing debt Revenue Total Project Expenditures Justice Center FS 51 FS 52 FS 54 Apparatus & equip Apparatus financing Public Works Shops Project Expenditures Total DEBT SERVICE Debt service 2018 LTGO Debt service 2019 LTGO Total Debt Service General Fund Debt Service Utilit PROJECT and GENERAL FUND DEBT SERVICE TOTAL EXPENDITURES PROJECT PLUS DEBT SERVICE FUND BALANCE Annual Surplus (Shortfall) Beginning Carryover (Shortfall) Complete Project Ending Fund Balance Revenue net change increase (decrease) Expenses net change increase (decrease) GF Debt Svc net change increase (decrease) Net Change in Ending Fund Balance 4,750,000 9,817,000 3,000,000 13,053,090 12,813,091 4,017,452 - 1,480,824 10,967,650 881,613 3,141,854 14,858,560 202,288,590 66,864,711 14,684,632 23,750,000 1,502,000 10,075,303 5,750,493 35,700,000 158,327,139 28,720,676 32,102,454 60,823,130 41,220,129 iO3,001 199,547,267 2,741,323 - 2,741,323 - 666,000 - 163,790 - - - 110,000 3,500,000 (538,975) - - 4,849,235 (130,000) (130,000) 260,000 - - - 5,700,000 5,700,000 - (3,678,372) (3,678,372) 3,553,915) (124,457) 2,146,085 2,703,150 2,703,150 4,849,235 5,700,000 (3,553,915) 2,703,150 8 9 10 11 12 13 14 15 16 17 18 23 25 26 27 28 29 30 31 32 36 43 44 45 46 47 51 53 55 56 57 58 60 61 62 63 G Prior D-20 Update to 6/10 Fin Cmte 65 (1) Updated to actual Debt proceeds/Debt Service 66 (2) updated for budget/actuals 2018-2020 67 (3) add $3.5M GF contribution for PW Shops phase 1, added $5.7M PW Shops Phase 1 budget 68 (4) PW Shops GF debt svc funding 2018-2020 69 (5) Reallocation of budgets between Justice Center and Fire Stations for FS 52 Admin build -out. 70 (6) Debt service detail by fund 77,385,000 45,174,036 4,750,000 9,151,000 3,000,000 12,889,300 12,813,091 4,017,452 1,370,824 7,467,650 1,420,588 3,141,854 14,858,560 197,439,355 66,994,711 14,814,632 23,490,000 1,502,000 10,075,303 5,750,493 30,000,000 152,627,139 28,720,676 35,780,826 64,501,502 4,774,044 7.7,459 197,401,182 38,173 1 38,173 (5) (5) (5) (3) (1) (6) (6) WA -P�- PSP AND PW SHOPS PUBLIC SAFETY PLAN - Financial Framework - Scenario D - 20 Year Debt with Apparatus Financed Updated November 2019 00 COMBINED B C D E F G H I J K L M N 0 P Q 1 Projection with all current information actual 2016• actual actual budgetlest budget 2 3 TOTAL 5 Revenues: UTGO bond proceeds, Voted LTGO bond proceeds, Councilmanic Fire Impact fees & deposit - Segale Fire Impact fees - other F301, Lnd & Prk Acq contribution Property/land sales REET 1 Sales Tax Mitigation payments Interfund transfer in (out) Investment earnings Annual Contribution General Fund Debt Service General Fund Annual Contribution Utility Funds Additional capacity from maturing, existing debt 78,057,080 45,450,376 4,750,000 9,817,000 3,000,000 13,053,090 12,813,091 4,017,452 - 1,480,824 10,967,650 881,613 3,141,854 14,858,560 36,709,954 - 1 - I - - i - - - - 9,561 - - - - - 500,000 1,017,000 - - 258,283 141,854 - 141,854 - - 20,174,036 300,000 ; 400,000 1 3,000,000 - 500,000 - _ 662,979 - 119,513 3,000,000 I - 41,347,126 25,276,340 300,000 1,000,000 - 2,753,090 500,000 251,091 _ 310,000 - 402,100 - - -- 300,000 ; 800,000 1 - i 1,000,000 500,000 1,004,363 _ 200,000 3,500,000 360,000 - 831,000 300,000 300,000 4,300,000 500,000 1,004,363 _ 40,000 - - - 831,000 300,000 ; 300,000 I 5,000,000 500,000 ' 1,004,363 _ i - I - - I - I 498,600 ' 300,000 300,000 - 500,000 753,272 _ - - - 498,600 300,000 ; 300,000 I - 500,000 I - I - - I - I 880,800 ; 300,000 300,000 - 500,000 - - - - 1,196,400 300,000 ; 300,000 I - 500,000 1 - I 1,000,000 - I - I 717,840 ; 300,000 300,000 - 500,000 - 1,000,000 - - 717,840 300,000 ; 300,000 - 500,000 - I 1,000,000 - I - I 717,840 ' 300,000 300,000 - 500,000 - 1,000,000 - - 717,840 6 7 8 9 10 11 12 13 14 15 16 17 18 19 24 Revenue Total 202,288,590 1 36,719,516 2,058,992 28,156,528 72,139,747 8,495,363 7,275,363 7,602,963 2,351,872 1,980,800 2,296,400 2,817,840 2,817,840 2,817,840 2,817,840 26 Project Expenditures Justice Center FS 51 FS 52 FS 54 Apparatus & equip Apparatus financing Public Works Shops 66,864,711 14,684,632 23,750,000 1,502,000 10,075,303 5,750,493 35,700,000 123,833 59,853 I 8,256 1 - I 14,447 431,266 258,229 159,739 140,606 573,651 283,709 17,672,347 1 770,043 ; 309,181 1 1,086,116 3,373,824 13,357,384 26,792,652 9,787,212 7,656,380 275,279 624,578 12,539,055 21,844,613 1 3,809,295 ; 13,504,000 1 368,146 I 9,519,852 - 2,112,445 276,621 I 583,525 507,480 - I 287,091 270,250 I 384,755 270,250 I i 414,980 270,250 I 806,277 270,250 I 109,936 270,250 758,212 575,049 27 28 29 30 31 32 33 37 Project Expenditures Total 158,327,139 206,388 1,847,199 36,568,895 57,675,155 49,045,906 2,389,066 583,525 507,480 557,341 655,005 685,230 1,076,527 380,186 1,333,262 44 DEBT SERVICE Debt service 2018 LTGO Debt service 2019 LTGO 28,720,676 32,102,454 - - - 239,026 - 804,200 - 804,200 890,304 804,200 805,300 1,534,200 1,690,300 1,532,700 1,691,050 1,534,450 1,689,550 ; 1,534,200 1,690,800 1,531,950 1,689,550 ; 1,532,700 1,690,800 1,531,200 1,689,300 1,532,450 1,688,750 45 46 47 Total Debt Service 60,823,130 - 239,026 804,200 1,694,504 1,609,500 3,224,500 3,223,750 3,224,000 3,225,000 3,221,500 3,223,500 3,220,500 3,221,200 48 General Fund Debt Service Utility Funds Debt Service 41,220,129 19,603,001 - - - 119,513 119,513 402,100 402,100 1,195,541 498,963 919,785 689,715 2,073,500 1,151,000 2,073,418 1,150,332 2,072,956 1,151,044 2,073,945 1,151,055 2,071,706 1,149,794 2,123,195 1,100,305 2,171,109 1,049,391 2,171,243 1,049,957 52 53 PROJECT and GENERAL FUND DEBT SERVICE TOTAL EXPENDITURES 199,547,267 206,388 1,847,199 36,688,408 58,077,255 50,241,447 3,308,851 2,657,025 2,580,898 2,630,298 2,728,951 2,756,937 3,199,723 2,551,295 3,504,505 55 PROJECT PLUS DEBT SERVICE FUND BALANCE Annual Surplus (Shortfall) Beginning Carryover (Shortfall) 2,741,323 I 36,513,127 - 211,793 36,513,127 I (8,531,880)i 36,724,920 14,062,491 28,193,040 I (41,746,084)i 42,255,531 3,966,512 509,446 I 4,945,938 i 4,475,958 (229,026) 9,421,896 I (649,498)i 9,192,871 (432,551) 8,543,373 I 60,903 i 8,110,822 (381,883) 8,171,726 I 266,545 i 7,789,843 (686,665) 8,056,388 56 57 58 Complete Project Ending Fund Balance 2,741,323 I 1 36,513,127 ; 36,724,920 I 28,193,040 ; 42,255,531 I 509,446 ; 4,475,958 I 9,421,896 ; 9,192,871 I 8,543,373 ; 8,110,822 I 8,171,726 ; 7,789,843 I 8,056,388 ; 7,369,723 printed: 12/2/2019 D-20.1 Main (Dec-19) 2 of 3 PSP AND PW SHOPS PUBLIC SAFETY PLAN - Financial Framework - Scenario D - 20 Year Debt with Apparatus Financed Updated November 2019 COMBINED B R S T U V W X Y Z AA AB AC AD AE 1 Projection with all current information 2031 --L 2032 2033 ��t 2034 2035 2036 2037 2038 203904 04 2 32030 5 Revenues: UTGO bond proceeds, Voted LTGO bond proceeds, Councilmanic- Fire Impact fees & deposit - Segale Fire Impact fees - other F301, Lnd & Prk Acq contribution Property/land sales REET 1 Sales Tax Mitigation payments Interfund transfer in (out) Investment earnings Annual Contribution General Fund Debt Service General Fund Annual Contribution Utility Funds Additional capacity from maturing, existing debt 300,000 ; 300,000 1 - I - 500,000 1 - - I 1,000,000 - I - 717,840 350,000- 300,000 - 500,000 - 1,000,000 - - 717,840 300,000 1 I - 500,000 ' - I 1,000,000 - I - 717,840 ' 300,000 - 500,000 - 325,796 -- - 717,840 300,000 1 I - 500,000 ' - I - - 717,840 ' 300,000 - 500,000 - - - 903,600 300,000 1 I - 500,000 1 - I - - 1,058,800 ' 300,000 - 500,000 - - - 1,058,800 300,000 1 I - 500,000 1 - I - - 640,400- 300,000 - 500,000 - - - 300,000 1 I - 500,000 1 - I - - 300,000 - 500,000 - - - 300,000 1 I - 500,000 1 - I - - - - 313,091 - - - 6 7 8 9 10 11 12 13 14 15 16 17 18 19 24 Revenue Total 2,817,840 2,867,840 2,517,840 1,843,636 1,517,840 1,703,600 1,858,800 1,858,800 1,440,400 800,000 800,000 800,000 800,000 313,091 26 Project Expenditures Justice Center FS 51 FS 52 FS 54 Apparatus & equip Apparatus financing Public Works Shops I I I 991,778 575,049 1 - 575,049 I I I - 575,049 ' 575,049 I I I 304,799 ' 304,799 I I I 304,799 I 304,799 I I I 304,799 I I I I I I 27 28 29 30 31 32 33 37 Project Expenditures Total 1,566,827 575,049 575,049 575,049 304,799 304,799 304,799 304,799 304,799 - - - - - 44 DEBT SERVICE Debt service 2018 LTGO Debt service 2019 LTGO 1,536,200 1,687,150 ; 1,533,000 1,689,500 1,533,200 1,690,650 1,531,600 1,690,600 1,533,200 1,689,350 1,532,800 1,686,900 1,535,400 1,688,250 ; 1,535,800 1,688,250 1,534,000 1,686,900 ; 1,689,200 -- , 45 46 47 Total Debt Service 3,223,350 3,222,500 3,223,850 3,222,200 3,222,550 3,219,700 3,223,650 I 3,224,050 3,220,900 1,689,200 -- 48 General Fund Debt Service Utility Funds Debt Service 2,171,692 1,051,658 2,172,187 1,050,313 2,273,312 950,538 2,272,467 949,733 2,272,153 950,397 2,269,770 949,930 2,272,273 i 951,377 2,272,473 951,577 2,270,370 950,530 1,505,419 183,781 - I - - I - - 52 53 PROJECT and GENERAL FUND DEBT SERVICE TOTAL EXPENDITURES 3,738,520 2,747,236 2,848,361 2,847,516 2,576,952 2,574,569 2,577,072 2,577,272 2,575,169 1,505,419 I - - I - - 55 PROJECT PLUS DEBT SERVICE FUND BALANCE Annual Surplus (Shortfall) Beginning Carryover (Shortfall) I (920,680)i 7,369,723 120,604 6,449,043 I (330,521)i 6,569,647 (1,003,880) 6,239,126 I (1,059,112)i 5,235,246 (870,969) 4,176,133 I (718,272)i 3,305,164 (718,472) 2,586,892 I (1,134,769)i 1,868,420 (705,419) 733,651 800,000 i 28,232 800,000 828,232 800,000 i 1,628,232 313,091 2,428,232 56 57 58 Complete Project Ending Fund Balance I 6,449,043 ; 6,569,647 I 6,239,126 ; 5,235,246 I 4,176,133 ; 3,305,164 I 2,586,892 ; 1,868,420 I 733,651 ; 28,232 I 828,232 ; 1,628,232 I 2,428,232 ; 2,741,323 CD printed: 12/2/2019 D-20.1 Main (Dec-19) 3 of 3