HomeMy WebLinkAbout2014-01-14 Item 11 Presentation CRY'' OF
CHULA VISTA
Debt Portfolio
Informational Document Only,.
for current disclosure information please see
http://disclosure. nbsgov.com/default.aspx
or http://emma.msrb.org/
• 2002 COP — Police Facility
• 2004 COP — Civic Center Phase I and Western
CV Infrastructure
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Wo` men"s Club Renovation
Otay "ark renovation
Em erson Street Drainage
Drainagle llmpro,oement
Corrugated Metall Pipe tela emt/rehab.
Eucalyptus Park reconstruction
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• 2006 COP — Civic Center Phase II and the
Nature Center
• 2020 COP — Civic Center Phase III and the Corp
Yard Refunding
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• Projects with shared debt have ajoint-impetus or
shared benefit between pre-development
population ( 1990) and new development
• General Fund Share — Funds new or enhanced
facilities benefiting pre-development population
• PFDIF Share — Funds new or expanded facilities
needed to serve new development (increasing
population)
• All debt backed and secured by the General Fund
Debt Paid (FY20O8 - FY2O14)
$14
$12
$10
N
C
$B .... .... .... .... .... ....
$6
$4
$2
$-
coG O N M fit'
O O
O O O O O O O
N N N N N N N
LL. LL. LL. LL. LL. LL. LL.
uin 1994 POB iiiiR 2002 COP IS 2003 COP oiiiii 2004 COP uoioioi 2006 COP W 2010 COP
Note: The above total annual debt service payments include payments made from the General Fund,Public Facilities Development Impact Fee(PFDIF),and
Residential Construction Tax(RCT)combined.
The 1994 Pension Obligation Bonds and 2003 COP were paid off in FY2012 and FY2014 respectively.
General Fund Debt IlPaid by Issuance (FY2008 - FY2014)
w $8 ...............................................................................................................................................................................................................................................
....
° 4% 4% 5% 5% 5%
$6
$6
3% 3%
$4
$3
$2
$1 . .
$- ,,,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,,,,,,r ,,,, .,,,,,,,,,,,,,,,, .................. .,,,,,,,,,,,,,,,,,,,,,,
FY200 FY20�09 IFY2010 FY2011 FY20�12 FY2013 FY20�14
m 1994 POB ®2002 CCP a 2003 CCP m2004COP oiiou 2006 CdOP 111 20,101 CC P
......Pe.rCe.nta......g e..._....Percent
..o f..G.e.ne.ra.L..F.u.n.d...Ad.o.....P te. g
d
...B.u.d.....et.........................................................................................................................................................................................................................................................................................
Note: The 2003 COP was a General Fund and RDA debt. With the elimination of the RDA the
General Fund was obligated to take on full payment. Final payment was made in September of
FY2014.
• 3% of total General Fund operating budget ($4. 2
million )
— Over 10% would be considered high
— With the PFDIF and RCT share it increases to
8%
• Debt actually paid from the General Fund has
declined by $3 . 1 million annually or 46% from the
highest level in FY2012
PFUIF Debt Paid by Issuance (FY2008 - FY2014)
$7
6
s
...... ....... ....... .......
$3
$2
1
FY2008 FY2009 IFY2010 FY2011 IFY2012 FY2013 FY20�14
u 20�02 CCP m 2004 COP m 20 6 COP m 2010 COP
Note: Number of building permits needed to meet the debt obligation = 650.
2010 COP ( Phase III Civic Center and
Refunding 2000 Corp Yard COP)
— Debt service increase of $ 1.7 million between
fiscal years 2013 and 2014
PFDIF debt service reserve
— 1 year bonded debt service payments $5 .9 million
— Already achieved .
Historic Residential Permit Activity vs.
Minimum Activity to Meet Future PFDIF Debt Obligation
4,000 11111 M u I t if a m i t y
3,500 Single Family
-—Debt Minimum
3 3,000
N
N
2,500
.E
a 2,000
7i
45 1,500
1,000
500
� Ln l0 I- 00 al O r-I N f n - Ln l0 I- 00 M O r-I N M
01 a) 01 01 01 a) O O O O O O O O O O r-I r-I r-I r-I
a) a) M al M M O O O O O O O O O O O O O O
rH r-I r-I r-I rH r-I N N N N N N N N N N N N N N
LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL
Fire
— Fire Training Tower relocation
— Fire Training Facility Classroom
— Fire Station #3 (Sunbow)
— Fire Station #4 ( Rancho del Rey)
— Fire Station #6 ( Rolling Hills Ranch)
— Fire Station #7 (OR V2)
— Fire Station #8 ( Eastlake Woods)
— Fire Dispatch Center
• Recreation Facilities
— Veterans'
— Montevalle
— Salt Creek
• Animal Shelter Expansion ( partial )
• South Chula Vista Library ( partial )
• Projects Included in PFDIF program yet to be built
on a cash basis
— Rancho Del Rey Library
— Millenia Library
— Millenia Fire Station
— Otay Ranch V4 Recreation Facility
— Otay Ranch V4 Aquatic Complex
• Additional facilities to be brought forward as part
of the next PFDIF fee update once the various
Master Plans are approved by the City Council .
$14.00
SIT0p
i
S}a.00
w
59.00
56,00
S4.0a
$2.00 .
$_ .
2002 COP m 2004 COP 1120,06 COP m12010 COP M 1994 IPOB M 2'003 COP
The 1994 Pension Obligation Bonds and 2003 COP were paid off in FY2012 and FY2014 respectively.
Note:The above total annual debt service payments include payments made from the General Fund, Public Facilities Development Impact Fee (PFDIF),and
Residential Construction Tax(RCT)combined.
All Debt Obligations have been met
Inter-fund loan from TDIF to PFDIF of $ 10. 5
million is now being paid back.
No further facilities are currently planned to
be financed through debt from the PFDIF
fund .
Rebuilt reserves in the PFDIF fund which will
assist in managing debt through future
development fluctuations.
• Looking at Refunding 2002 COP for savings
• Developing City Council PFDIF Debt Service Reserve Policy
• Consider one-time General Fund resources to pay down
principal balances — to be considered as part of annual
budget process along with citywide priorities
• Additional principal payments can be considered from the
PFDIF fund . The impacts could be:
— Delays in building remaining facilities — could be minor
depending on cash flows.
— Reduction of the PFDIF fees due to savings in financing costs.
• Example: For each $1.0 million in principal pay down could result in
estimated interest savings of approx. $0.5 million.
— Reduce the obligations on the General Fund