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Home My WebLink AboutMinutes - November 23, 1999 SSL54 CITY OF LODI INFORMAL INFORMATIONAL MEETING "SHIRTSLEEVE" SESSION CARNEGIE FORUM 305 WEST PINE STREET TUESDAY, NOVEMBER 23, 1999 An Informal Informational Meeting ("Shirtsleeve" Session) of the Lodi City Council was held Tuesday, November 23, 1999 commencing at 7:00 a.m. ROLL CALL Present: Council Members — Hitchcock, Nakanishi, Pennino and Land (Mayor) Absent: Council Members — Mann Also Present: City Manager Flynn, Deputy City Manager Keeter, Public Works Director Prima, Community Development Director Bartlam, Finance Director McAthie, Police Chief Hansen, Fire Chief Kenley, Parks and Recreation Director Williamson, Electric Utility Director Vallow, City Attorney Hays and City Clerk Reimche Also in attendance was a representative from the Lodi News Sentinel and The Record. TOPIC(S) 1. Public Safety Building Financing ADJOURNMENT No action was taken by the City Council. The meeting was adjourned at approximately 8:15 a.m. ATTEST: G( ) Alice M. Rei chrri e City Clerk 505 Montgomery Street 415 982.5544 Suite 800 415 982.4513 tax San Francisco, CA 94111-2552 P11LIIic Fin.lnci'! hi,tn1Z.",c lin en i f �L1•dJa art. Irr�sln••u•-:'rfa... November 17, 1999 Fax Memorandum To H Dixon Flynn, CityL fax (209) 333-6807 Vicki McAthie, City of Lalli (209) 333-6795 From Alex Bumea, Public Firr. al Mm--rjr,&.i; brc Cameron Parks, Puh& Firumcial Af=z gt'ment, brc Re General Fund Model Debt Structure Scenarios 20 pages including cover Attached are three debt structure scenarios for the City of Lodi (the "City") general fund model. This communication is intended to provide you with the opportunity to give additional feedback upon the revenue and expense sensitivities you would like incorporated with these debt structure scenarios. For comparison of the debt structuring scenarios, we have attached a summary page of the aggregate general fund net debt service under each scenario. The version of the model faxed yesterday, and sentagain today, incorporates the level COP financing to fund the public safety complex. The debt structure used in each scenario is labeled in the second line under "Assumptions" on each page of the model. The level scenario is labeled Scenario A, in the upper right section of each page on the model. The additional two scenarios in today's fax are labeled Scenario B and Scenario C. Scenario B incorporates the wrapped COP financing to fund the public safety complex. In this scenario, the debt service is wrapped around the outstanding Series 1995 and Series 1996 COP debt service. Scenario C incorporates the wrapped COP financing to fund'the public safety complex along with a defeasance of the outstanding Series 1995 COP debt service. Please note, in the interest of savings space, we have not included the pages for the capital plan nor the escalation factors for Scenario B and Scenario C in this transmission, since they are 1. the same as those for Scenario A. Please review these scenarios at your earliest convenience. We hope to speak with you in the near future to receive you input about the revenue and expense sensitivities you would like us to incorporate with these debt structuring options. City of Lodi General Fund Debt Debt Service Scenarios for Public Safety Complex Financing Aggregate General Fund Net Debt Service ,9cenario Description (CQE5j Scenario A Level Public Safety Financing Debt Service Scenario B Wrapped Public Safety Financing Debt Service Scenario C Wrapped Public Safety Financing Debt Service with Defeasance of 1995 Bonds Scenario A I Scenario B Scenario C Level i Wrap Wrap with Defeasance Fiscal Year Ending Outstanding; General Fund! Aggregate Net Net Debt Service; Debt Servicer" Net Cost of Aggregate Net Financing; Debt Servicer' I Net Cost Or Aggregate Net Financing, Debt Servicer'' I Net Cost o Financing; 6/30/00 $1,274,2761 S1,274,276 $0 $1,274,276 SO 51,274,276 SO 6/30/01 1,275,716 1,228,109 (47,608)1 1,207,420 (68,296) 1,065,380 (210,337) 6/30/02 1,275,2081 1,179,992 (95,215) 1,138,616 (136,592) 1,031,291 (243,916)+ 6/30/03 1,267,891 1,794,441 526,5491 1,802,923 535,031 2,026,902 759,011 6/30/04 1,268,679 2,768,803 1,500,1241 2,475,333 1,206,655 2,454,346 1,185,667 6130/05 1,267,361 2,770,365 1,503,004 2,474,016 1,206,655 2,450,656 1,183,294 6/30/06 1,268,691 2,773,165 1,504,474 2,475,346 1,206,655 2,449,953 1,181,262 6/30107 1,267,411 2,767,118 1,499,706 2,474,066 1,206,655 2,451,973 1,184,562 6130108 1,268,239 2,771,778 1,503,539 2,474,893 1,206,655 2,456,393 1,188,154 6130109 1,261,154 2,761,963 1,500,809 i 2,467,808 1,206,655 2,453,141 1,191,987 6/30/10 1,265,914 2,767,431 1,501,517 i 2,472,568 1,206,655 2,452,151 1,186,237 6130/11 1,262,151 2,762,643 1,500,492 2,468,806 1,206,655 2,453,079 1,190,927 6130112 1,254,479 2,756,981 1,502,502) 2,461,134 1,206,655 2,450,835 1,196,356 6/30113 1,252,487 2,754,845 1,502,358 2,459,142 1,206,655 2,450,033 1,197,546 6130/14 1,256,394 2,756,394 1,500,000E 2,463,048 1,206,655 2,450,467 1,194,073 6/30/15 1,251,506 2,751,732 1,500,226 j 2,458,161 1,206,655 2,452,272 1,200,765 6/30/16 1,247,824 2,750,542 1,502,718 2,454,479 1,206,655 2,450,287 1,202,463 6/30/17 828,748 2,331,185 1,502,438 2,321,818 1,493,070 2,454,269 1,625,521 6130/18 1,499,472 1,499,472 2,320,293 2,320,293 2,449,237 2,449,237 6/30/19 1,503,565 1,503,565 ` 2,319,668 2,319,668 2,449,933 2,449,933 6/30/20 1,499,615 1,499,615 ' 2,319,394 2,319,394 2,450,666 2,450,666 6130121 1,502,489 1,502,489 2,319,200 2,319,200 2,451,165 2,451,165 6/3022 1,501,957 1,501,957 2,318,892 2,318,892 2,451,243 2,451,243 613023 1,502,902 1,502,902 2,323,073 2,323,073 2,450,651 2,450,651 6/30/24 1,500,163 1,500,163 2,321,425 2,321,425 2,449,074 2,449,074 6130125 1,503,486 1,503,486 2,323,718 2,323,718 2,451,135 2,451,135 6130126 1,502,562 1,502,562 2,319,639 2,319,639 2,451,369 2,451,369 6130127 1,502,173 1,502,173 2,323,633 2,323,633 2,449,368 2,449,368 6130/28 1,502,005 1,502,005 ` 2,320,227 2,320,227 2,449,657 2,449,657 66/30/29 1,502,843 1,502,8431 21319,209 2.319,209 2,453,271 2,453,271 6130/30 (51,749) (51,749) 139,373 139,373 1 273,940 273,940 Total S22,314,130 561,693,246 $39,379,117 ; S67,811,596 $45,497,467 1 S69,408,410 547,094,280 j (1) Debt Service net of Capitalized tnterest and Debt Service Reserve Fund Receipts Prepared by Public Financial Management, Inc. $3,000,000 $2,500,000 $2,000,000 m v y $1,500,000 City of Lodi General Fund Debt Public Safety Complex Financing Scenarios $1,000,000 $500,000 $0 pO .-- NN M NO N Is t-- M 0 O r N M V O W h M 0 O � N M V O O r- O O O O OpOS OOOO O O O O O O O O O O O O O O O N NNNN N N N NNNNNNNNNN N N N N NN N Fiscal Year Prepared by Public Financial Management, Inc. City of Lodi - Public Safety Complex Financing November 23, 1999 Public Financial Management 505 Montgomery Street, Suite 800 San Francisco, CA 94111`=`;:: 415 982-5544 City of Lodi 415 982-4513 fax Introduction City ofLodi Objectives — Identify the impacts on General Fund revenues and expenditures of a financing for the public safety complex • Methodology — Create a cashflow model of the City's General Fund, consisting of: • Five years of historical data • Revenue and expenditures projected on a year -by -year, line -by- line basis • Projections to 2010 — Integrate structuring alternatives for the public safety complex to assess the impact on the General Fund balance • Next Steps — Determine optimal funding plan 2 Summary of Cashf low Model • General Fund Cashflow "-4s- - A summa ryof the City's General Fund including revenue, expenditure n transfers City or Lodi in/(out), with historical data from 1994 though 1999 projected out to 2010 • General Fund Transfers In/(Out) - A detailed breakout of the transfers in/(out) for the General Fund • Debt Summary - A profile of the City's General Fund debt obligations • Capital Improvement Fund - A summary of the City's Capital Improvement Fund, including capital fund revenue, capital requirements, transfers out, and an itemization of additionally required revenue to fund the capital requirements • Capital Improvement Fund Revenue - A detailed breakout of Capital Improvement Fund revenue, including General Fund transfers in • Capital Projects - A detailed breakout of the capital requirements, as listed in the 1999-2001 financial plan and budget • Escalation Rates(%) - A detailed breakout of the rate of change of the General Fund revenue and expenditures on a percentage basis • Escalation Rates($) - A detailed breakout of the rate of change of the General Fund revenue and expenditures on a dollar basis 3 r Public Safety Complex Structuring Alternatives City ofLodi Fiscal Year 2001 Certificates of Participation (COPs) • Scenario A: Level Debt Service — Issued to produce level annual payments on 2001 COPs • Scenario B: Wrapped Financing — Wrapped around Series 1995 COP and Series 1996 COP Debt Service • Scenario C: Wrapped Financing with Defeasance of Series 1995 COPs — Wrapped around Series 1996 COP Debt Service — Defeasance of Series 1995 Debt Service 4 V L W i m Alu 0 0 0 0 0 0 cyi tq 0 0 0 0 0 0 0 0 0 0 0 0 0 LO 0 o 0 0 LO o 6s � OOIAAOS IgOa ION 0 0 0 0 0 LO i& osoz 6ZOZ 8ZOz LZOZ 9zOZ 5Z0Z tZOZ EZOZ ZZOz LZOZ OZOZ 6 LOZ 8 LOZ L LOZ 9 LOZ SLOZ VLOZ £ LOZ zLOZ LLOZ 0LOZ 60OZ 8002 LOOZ 900z SOOz tlooz Eo0z ZOOZ L OOZ OOOZ 0 N a O U La CD 0 T N m cn Ln ■ 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 N 2013 n 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 c c c� r Net Debt Service N N W 69 al O O O O O O O O O O O O Ef} O OO O O O O O O O O O O 0 0 0 0 0 0 C'7 {f} I mill �a ( 7� 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 LO o Ln o N N 1 - 031AaaS jgaa IaN 0 0 0 0 0 ocoz 6ZOZ 8zoz LZOZ a. 9zoz 02 SZOz U tzoz a EZOz r C ZZOz a 20Z N a OZOZ 6 LOZ ' 8L0Z L LOz � 9 LOZ >- 9 LOZ VLOZ v FLOE U. ac zLOZ Oc LLOZ U)r 0LOZ a)c 6002 800E LOOS 9002 a r 500E L tlOOz COO ZOO?, L002 OOOz V m WON 4) 13 O N i v Cn O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Ln 0 Ln 0 LO 831AJOS jqa❑ lON L V 0 fa OEOZ szoz 8ZOZ LZOZ 9ZOZ 9ZOZ VZOZ EZOZ ZZOZ 203 OZOZ 6 [OZ 8 LOZ L LOZ 9LOz SLOZ V LOZ CL 3 L0Z LLOZ OLOZ 60OZ 8003 LOOZ 9002 9002 Booz 6000 ZOOZ LOOZ OOOZ cc v co UL c� a ami w VO cow CDCD T- T- wo wo .0 .0 04) CD N In wo as Ou lnv- C)o r N a0i d) 111 0 City of Lodi Summary of Structuring Alternatives (1) Debt Service net of Capitalized interest and Debt Service Reserve Fund Receipts 9 Scenario A Scenario B Scenario C Level Wrap Wrap with Defeasance Outstanding Fiscal Year General Fund Aggregate Net Net Cost of Aggregate Net Net Cost of Aggregate Net Net Cost of Ending Net Debt Service Debt Service(" Financing Debt Service"' Financing Debt Service(" Financing 6/30/00 $1,274,276 $1,274,276 $0 $1,274,276 $0 $1,274,276 $0 6/30/01 1,275,716 1,228,109 (47,608) 1,207,420 (68,296) 1,065,380 (210,337) 6/30/02 1,275,208 1,179,992 (95,215) 1,138,616 (136,592) 1,031,291 (243,916) 6/30/03 1,267,891 1,794,441 526,549 1,802,923 535,031 2,026,902 759,011 6/30/04 1,268,679 2,768,803 1,500,124 2,475,333 1,206,655 2,454,346 1,185,667 6/30105 1,267,361 2,770,365 1,503,004 2,474,016 1,206,655 2,450,656 1,183,294 6/30/06 1,268,691 2,773,165 1,504,474 2,475,346 1,206,655 2,449,953 1,181,262 6/30/07 1,267,411 2,767,118 1,499,706 2,474,066 1,206,655 2,451,973 1,184,562 6/30/08 1,268,239 2,771,778 1,503,539 2,474,893 1,206,655 2,456,393 1,188,154 6/30/09 1,261,154 2,761,963 1,500,809 2,467,806 1,206,655 2,453,141 1,191,987 6/30/10 1,265,914 2,767,431 1,501,517 2,472,568 1,206,655 2,452,151 1,186,237 6/30/11 1,262,151 2,762,643 1,500,492 2,468,806 1,206,655 2,453,079 1,190,927 6130/12 1,254,479 2,756,981 1,502,502 2,461,134 1,206,655 2,450,835 1,196,356 6/30/13 1,252,487 2,754,845 1,502,358 2,459,142 1,206,655 2,450,033 1,197,546 6/30/14 1,256,394 2,756,394 1,500,000 2,463,048 1,206,655 2,450,467 1,194,073 6/30/15 1,251,506 2,751,732 1,500,226 2,458,161 1,206,655 2,452,272 1,200,765 6/30/16 1,247,824 2,750,542 1,502,718 2,454,479 1,206,655 2,450,287 1,202,463 6/30/17 828,748 2,331,185 1,502,438 2,321,816 1,493,070 2,454,269 1,625,521 6/30/18 1,499,472 1,499,472 2,320,293 2,320,293 2,449,237 2,449,237 6/30/19 1,503,565 1,503,565 2,319,668 2,319,668 2,449,933 2,449,933 6/30/20 1,499,615 1,499,615 2,319,394 2,319,394 2,450,666 2,450,666 6/30/21 1,502,489 1,502,489 2,319,200 2,319,200 2,451,165 2,451,165 6/30/22 1,501,957 1,501,957 2,318,892 2,318,892 2,451,243 2,451,243 6/30/23 1,502,902 1,502,902 2,323,073 2,323,073 2,450,651 2,450,651 6/30/24 1,500,163 1,500,163 2,321,425 2,321,425 2,449,074 2,449,074 6/30/25 1,503,486 1,503,4136 2,323,718 2,323,718 2,451,135 2,451,135 6/30/26 1,502,562 1,502,562 2,319,639 2,319,639 2,451,369 2,451,369 6/30/27 1,502,173 1,502,173 2,323,633 2,323,633 2,449,368 2,449,368 6/30/28 1,502,005 1,502,005 2,320,227 2,320,227 2,449,657 2,449,657 6/30/29 1,502,843 1,502,843 2,319,209 2,319,209 2,453,271 2,453,271 6/30/30 51,749) (51,749)139,373 139,373 273,940 273,940 Total $22,314,130 $61,693,246 $39,379,117 1 $67,811,596 $45,497,467 $69,408,410 $47,094,280 (1) Debt Service net of Capitalized interest and Debt Service Reserve Fund Receipts 9 City of Lodi General Fund Balance with Debt Structures c 8,000 �Ca 7,500 7,000 C 6,500 6,000 m 5,500 = 5,000 LL, 4,500 ca 4,000 = 3,500 C) 3,000 Fiscal Year 0 0 0 0 0 0 0 N N 15,339,844 14.981.090 14.700.254 14,512.214 14,443,875 N N N N N N N Fiscal Year —Scenario A: Level — Scenario B: Wrap —Scenario C: Wrap with Defeasance N N N N —Scenario A: Level — Scenario B: Wrap —Scenario C: Wrap with Defeasance cenario A: Level 13.340.921 14.038.313 14,815.198 15,339,844 14.981.090 14.700.254 14,512.214 14,443,875 14,504,423 4,730,374 5,130,674 cenario H: W rap 3,340,921 14,038,313 14.815,198 15,331,122 15,273,643 5,314,081 15,466.997 15,753,994 16,193,916 16.817,888 7,639,450 cenario C: Wrap with Defeasance 13,340,921 14,038,313 14,815,198 15.104,444 15,059.362 15,115,337 15,286,758 15,589,915 16.043,216 16.677,383 7,515,627 Next Steps Gly of t.oat • Determine the Preferred Public Safety Complex Financing Structure • Refine Revenue and Expenditure Projection Rates - Coordination with City staff • Determine how the Preferred Public Safety Complex Financing Structure fits within the General Fund - Best Case - Worst Case - Most Realistic Case • Assess alternative financing techniques - Potential Survey ■x CL CL s1+�la,at+seal IWOJ w+•9.o'u.+a NY4C'{L66pf It _ %99K 1.0".1 %W'CL %S6'CL Us %IS'S1 %"91 %1f-01 %Wil %O['tl %.Vit %[C'Ol %60'0 %W'o %9'K %99'81 %ZVOI 1•HVWd•3 W++ N+YW ..WQ r 3% CY COLUOGo 1[0'KI'S tLC'KL'1 CZVK5". 91. 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