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HomeMy WebLinkAbout04 - Capital Program Update - PowerPoint 2 (Staff)Project Expenditures 35,000,000 39,500,000 2011 2014 Sunset Ridge 8,500,000 2014 2014 FS 5 - CDM & Library 6,024,250 2015 2015 Balboa Fine Arts Center 4,225,000 2015 2015 30,000,000 3,500,000 2015 2015 Bonita Creek - Artificial Turf 2,000,000 2014 2015 Utilities /Corporate Yard Merge 10,000,000 2015 2016 FS 2 - Lido 6,750,000 2015 2016 Marina Park Girl Scout House( Las Arenas Par 2,200,000 25,000,000 2016 West Newport Comm Ctr (incl pool) 16,000,000 2015 2018 Pedestrian Bridge at Superior /PCH 10,000,000 2015 2018 Lower Castaways 3,500,000 2015 2019 20,000,000 15,000,000 10,000,000 5,000,000 - 'n N on .y N N N fl M In N Co rl M N N N ry N ry m m m N N N N N N N N N m N m I m a N N m a N sn a N 1 FFP Reserve Balance 300,000,000 250,000,000 200,000,000 150,000,000 100,000,000 50,000,000 r m I m m N N N N N N m m m m 0 0 0 0 0 0 0 0 0 0 0 0 N N N N N N N N N N N N on m a 0 0 N N m m a a 0 0 N N 3 GF Contribution to FFP as a Percent of GF Revenue 10.00% 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% p'1 O N e'• N O O O N N N N N N N M M M O O O O O O O N N N N N N N M O N M V O O N N O O N V O N ■ GF Contribution % Budget ■ Debt Service - as % of Revenues 5 35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 Debt Service Capacity on .Ni .Ni C' N N r'^i rNi e4 m m m m m a a a 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N N N N N N N N N N N N N N N N ■ Max Debt Service -8 %of Revenues ■Debt Service 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 Project Funding N .^i H N ry ry ry ry m m m m M a a a O O O O O N O O O N O O O N N O ■ Cash Funded Construction Debt Funded Construction 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 Cash Contributions Ann Periodic GF or One -time Transfers Private Contributions ■ Interest Earnings 2015 2016 2017 2018 2019 GF Contribution to FFP Compared to Debt Service $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 'n N m N N N N N m M M M M C a a O O O O O O O O O O O O O O O O N N N N N N N N N N N N N N N N ■ GF Contribution to FFP ■ Debt Service Debt Service as % of GF Revenues 11 11'. • rr•. rr•. rr•. . rr•. rr•. � rr•. N N N N N m m m m m a a a 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N N N N N N N N N N N N N N N ■ Debt Service - as % of Revenues 2 4 January 31, 2015 Agenda Item No. 04 Est. Project Priority Projects Cost 11/14/2014 Start Start Date Date (Design) (Construction) Marina Park 39,500,000 2011 2014 Sunset Ridge 8,500,000 2014 2014 FS 5 - CDM & Library 6,024,250 2015 2015 Balboa Fine Arts Center 4,225,000 2015 2015 BVAC Master PlanProjects 3,500,000 2015 2015 Bonita Creek - Artificial Turf 2,000,000 2014 2015 Utilities /Corporate Yard Merge 10,000,000 2015 2016 FS 2 - Lido 6,750,000 2015 2016 Marina Park Girl Scout House( Las Arenas Par 2,200,000 2011 2016 West Newport Comm Ctr (incl pool) 16,000,000 2015 2018 Pedestrian Bridge at Superior /PCH 10,000,000 2015 2018 Lower Castaways 3,500,000 2015 2019 BVAC Master PlanProjects Bonita Creek - Artificial Turf 2018 2019 West Newport Comm Ctr (Inc[ pool) Lower Castaways Pedestrian Bridge at Superior /PCH Key Metric Debt Svc as % of Revenues Minimum FFP Reserve Balance (000's) Key Statistics GF Contribution to FFP (000's) Debt Service (000's) GF Contributions to FFP as % Rev Debt Svc as % of Revenues 6 FFP Balance (000's) Project Balance (000's) Key Statistics GF Contribution to FFP (000's) Debt Service (000's) GF Contributions to FFP as % Rev Debt Svc as % of Revenues FFP Reserve Balance (000's) Project Balance (000's) Council Debt Mgmt Policy (F -6) Target —M LX NA <8.0% $ 8,1941 NA 15 Year Min Max Ave 8,000 Total 112,199,250 10,343 7,443 8,194 Scenario Highlights 2015 2016 Marina Park Utilities /Corporate Yard Merge Sunset Ridge FS 2 - Lido FS 5 - CDM & Library Marina Park Girl Scout House( Las Arenas Park) Balboa Fine Arts Center FS 6 - Mariners (apparatus bay only) BVAC Master PlanProjects Bonita Creek - Artificial Turf 2018 2019 West Newport Comm Ctr (Inc[ pool) Lower Castaways Pedestrian Bridge at Superior /PCH Key Metric Debt Svc as % of Revenues Minimum FFP Reserve Balance (000's) Key Statistics GF Contribution to FFP (000's) Debt Service (000's) GF Contributions to FFP as % Rev Debt Svc as % of Revenues 6 FFP Balance (000's) Project Balance (000's) Key Statistics GF Contribution to FFP (000's) Debt Service (000's) GF Contributions to FFP as % Rev Debt Svc as % of Revenues FFP Reserve Balance (000's) Project Balance (000's) Council Debt Mgmt Policy (F -6) Target —M LX NA <8.0% $ 8,1941 NA 15 Year Min Max Ave 8,000 12,317 10,343 7,443 8,194 7,706 4.59% J 5.0%% 5.0% a 3.02 %4 4.7 %Q1 3.8% 0 $ 10,024 ® $ 42,586 Q $ 25,868 Q $ 0 ® $ 26,231 ® $ 5,243 30 Year 17,838 8,194 10,024 � _ $ 246,463 Project Total Interest Debt Service Description Year Proceeds COI Issue Rate Term Maturity 2010 Civic Center COPS 1 20111 123,000,000 1 1,289,442 1 124,289,442 1 4.4%1 30 1 2041 Remaining Debt Capacity (Dbt. Svc <or =8 %of GF Rev): $ 88,430,536 I of 11/14/14 FFP PROJECT PLANNING FY FY FV Net YR Current Repl Est $ Current Age: Useful Years to Cost Est. Project Design Start Const Start Cost Est @ Private Proposed ProiNo Function Proiect Built So Ft So Ft /So Ft r 2015 Life Start Date Estimate Year Year 2.5% Growth Contribtions Cost 1 Gen Gov Civic Center 2013 100,000 100,000 675 2 60 58 Jun -13 67,500,000 2070 2073 - - 4 Gen Gov Council Chambers 2013 29,000 29,000 675 2 60 58 Jun -13 19,575,000 2070 2073 - - 41 Gen Gov Civic Center Parking Structure 2013 450 450 16,000 2 60 58 Jun -13 7,200,000 2070 2073 - - 2 Police Police Station at Corporate Yard 1973 48,000 60,000 675 42 50 8 N/A 40,500,000 2021 2023 49,345,317 49,345,317 39 Municipal Operations Utilities /Corporate Yard Merge 138,185 ** 50 1 May -12 10,000,000 2015 2016 10,250,000 10,250,000 40 Municipal Operations Big Canyon Aux. Yard 2015 9,000 9,000 550 0 50 51 May -12 1,400,000 2062 2065 - - 3 Fire FS 1- Peninsula & Library 1962 3,423 8,000 675 53 50 5 Mar -14 5,400,000 2017 2020 6,109,604 6,109,604 5 Fire FS 2 - Lido 1952 9,953 10,000 675 63 50 1 Mar -14 6,750,000 2015 2016 6,918,750 6,918,750 6 Fire FS3 -Santa Barbara 1971 13,605 6,500 675 44 50 10 Mar -14 4,387,500 2022 2025 5,616,371 5,616,371 7 Fire FS 4- Balboa Island 1994 4,597 4,400 675 21 50 29 Mar -14 2,970,000 2041 2044 6,077,830 6,077,830 8 Fire FS 5 - CDM & Library 1950 2,495 8,000 675 65 50 0 Mar -14 6,024,250 2015 2015 6,024,250 6,024,250 9 Fire FS 6 - Mariners (apparatus bay only) 1957 2,926 1,500 675 58 50 1 Mar -14 1,012,500 2016 2016 1,037,813 1,037,813 10 Fire FS7 -SAH 2007 11,027 6,500 675 8 50 42 Mar -14 4,387,500 2054 2057 12,377,116 12,377,116 11 Fire FS 8 - Npt. Coast 1995 11,027 11,027 675 20 50 30 Mar -14 7,443,225 2042 2045 15,612,667 15,612,667 12 Fire Lifeguard HQ Replacement 6,167 7,725 675 ** 25 49 Mar -14 5,214,375 2061 2064 17,485,243 17,485,243 13 Fire Newport Jr. Guard Building 0 ** 50 5 Mar -14 1,200,000 2017 2020 1,357,690 1,357,690 - 15 Library Library - Balboa 1962 5,566 5,000 550 53 50 47 Jan -12 - 2059 2062 - - 16 Library Library -CDM 1958 4,323 4,000 550 57 50 47 Jan -12 - 2059 2062 - - 17 Library Library- Mariners 2006 15,305 15,305 550 9 50 41 Jan -12 6,845,355 2053 2056 18,839,721 18,839,721 18 Library Library-Central 1997 50,930 65,000 550 18 50 37 Jan -12 35,750,000 2049 2052 89,137,216 89,137,216 19 Rec Facility Marina Park Girl Scout House( Las Arenas Park) 1956 4,200 4,000 550 59 50 1 Jan -12 2,200,000 2011 2016 2,255,000 2,255,000 - 20 Rec Facility Marina Park 2015 22,000 550 0 50 -1 Jan -12 39,500,000 2011 2014 38,536,585 38,536,585 21 Rec Facility Newport Coast Ctr 2007 16,865 16,865 550 8 50 42 Jan -12 9,275,750 2054 2057 26,166,846 26,166,846 22 Rec Facility Newport Thearter Arts Center 1973 8,042 12,000 550 42 50 15 Jan -12 6,600,000 2027 2030 9,558,768 4,779,384 4,779,384 23 Rec Facility OASIS Sr. Ctr 2010 36,467 43,232 550 5 60 45 Jan -12 23,777,600 2057 2060 72,234,049 72,234,049 24 Rec Facility Sunset Ridge 2014 595,465 NA 1 50 -1 Jan -12 8,500,000 2014 2014 8,292,683 8,292,683 25 Rec Facility Sunset View Park 0 NA ** 4 Mar -14 500,000 2015 2019 551,906 551,906 26 Rec Facility West Newport Comm Ctr (incl pool) 2017 11,980 25,000 550 -2 50 3 Jan -12 16,000,000 2015 2018 17,230,250 17,230,250 27 Rec Facility Pedestrian Bridge at Superior /PCH 2017 -2 3 Mar -14 10,000,000 2015 2018 10,768,906 5,000,000 5,768,906 29 Rec Facility Bonita Creek - Artificial Turf 2015 160,000 NA 12 0 15 0 Jan -12 2,000,000 2014 2015 2,000,000 2,000,000 31 Rec Facility Lower Castaways 2019 174,000 NA -4 4 Mar -14 3,500,000 2015 2019 3,863,345 3,863,345 33 Rec Facility Community Youth Center (CYC) - Grant Howald 1988 5,146 5,146 550 27 50 17 Jan -12 2,830,300 2029 2032 4,306,636 4,306,636 34 Rec Facility Caroll Beek Center 1980 1,555 1,555 550 35 50 18 Jan -12 855,250 2030 2033 1,333,898 1,333,898 35 Rec Facility Bonita Creek Community Ctr. 1988 2,876 2,876 550 27 50 23 Jan -12 1,581,800 2035 2038 2,791,261 2,791,261 36 Rec Facility Cliff Drive Community Room 1960 750 750 550 55 50 21 Jan -12 412,500 2033 2036 692,828 692,828 37 Rec Facility Girls & Boys Club (East Bluff Park) 1965 11,800 11,800 550 50 50 5 Jan -12 6,490,000 2017 2020 7,342,839 7,342,839 - 38 Rec Facility Lawn Bowling Facility (San Joaquin Hills Park) 1974 2,750 2,750 550 41 50 24 Mar -14 1,512,500 2036 2039 2,735,698 2,735,698 43 Rec Facility Balboa Fine Arts Center 6,500 650 0 50 0 Oct -14 4,225,000 2015 2015 4,225,000 4,225,000 42 Neighborhood Enhancement BVAC Master PlanProjects 0 3,500,000 2015 2015 3,500,000 3,500,000 381,128,604 468,884,287 448,149,373 2of3 General Fund Revenues FS 1 - Peninsula & Library 174,337,353 178,695,787 183,163,181 187,742,261 192,435,818 197,246,713 202,177,881 207,232,328 212,413,136 217,723,464 223,166,551 Growth Assumption 2016 -0.05% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% GF Annual Contribution % 40 4.59% 4.75% 5.00% 19 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% Debt Service as %of GF Revenues 40 4.70% 0 4.57% 40 4.36% 0 4.26% 0 4.15% 0 4.04% 40 3.72% 0 3.62% 0 3.53% 0 3.44% 0 3.34% Beginning FFP Balance - 11,605,870 17,640,475 20,041,660 19,335,926 30,915,612 22,825,851 42,586,164 36,641,274 40,854,750 35,434,576 22,200,112 Sources Fire FS7 -SAH 12,377,116 2057 - - - - - - - - - - - Fire Annual GF Contributions 15,612,667 8,000,000 8,488,050 9,158,159 9,387,113 9,621,791 9,862,336 10,108,894 10,361,616 10,620,657 10,886,173 11,158,328 Periodic GF or One -time Transfers (260,055) - - - - - - - - - - Fire Newport Jr. Guard Building - 2020 - Private Contributions - 34,153,016 16,876,385 10,836,703 9,874,514 669,018 28,428,490 634,378 651,018 666,939 683,846 701,238 Interest Earnings - 87,044 220,506 300,625 338,379 618,312 456,517 851,723 732,825 817,095 708,692 444,002 Total Sources: - - - - - 42,240,060 25,584,940 20,295,487 19,600,006 10,909,121 38,747,343 11,594,996 11,745,460 12,104,691 12,278,710 12,303,568 Uses Big Canyon Aux. Yard - 2065 (1,400,000) - - - - - - - - - - Police Police Station @ Current Cite. Debt Service 2023 (8,194,455) (8,172,755) (7,990,221) (7,990,321) (7,978,881) (7,967,030) (7,519,886) (7,511,985) (7,504,864) (7,493,175) (7,459,589) Other Fiscal Charges (1,225,000) (11,000) (11,000) (11,000) (30,000) (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) (20,000) Less: Cash Proj Funding - (28,000,000) (15,000,000) (13,000,000) Marina Park (11,000,000) (11,000,000) (10,000,000) (16,707,533) (10,000,000) (18,000,000) (17,000,000) Total Uses: - - - - - (36,205,455) (23,183,755) (21,001,221) (8,020,321) (18,998,881) (18,987,030) (17,539,886) (7,531,985) (17,524,864) (25,513,175) (24,479,589) Projected FFP Balance OASIS Sr. Ctr 17,640,475 0 20,041,660 0 19,335,926 0 30,915,612 a 22,825,851 0 42,586,164 40 36,641,274 0 40,854,750 0 35,434,576 0 22,200,112 0 10,024,090 Beginning Balance CASH FUNDING FROM FFP PRIVATE CONTRIBUTIONS FOR SPECIFIC PROJECTS DEBT FUNDING 2010 Civic Center COPS TOTAL DEBT FUNDING Interest on Debt Proceeds TOTAL PROJECT RESOURCES 21,091,028 26,231,371 12,095,328 28,000,000 15,000,000 13,000,000 • x s + 11,152,013 4,043,035 325,110 677,582 7,317,300 5.,178,939 10,244,407 1,104,482 - 11,000,000 11,000,600 10,000,000 10,000,000 18,000,000 17,000,000 • x + • x + x 3,592 700,000 60,000 0 49,094,620 40 41,231,371 40 25,095,328 40 11,852,013 0 15,103,035 40 11,325,110 40 10,677,582 0 7,317,300 0 15,178,939 0 28,244,407 i 18,104,482 Fire FS 1 - Peninsula & Library 6,109,604 2020 - - - - - (610,960) (3,360,282) (2,138,362) - - - Fire FS2 -Lido 6,918,750 2016 (250,000) (691,875) (3,805,313) (2,171,563) - - - - - - - Fire FS 3 -Santa Barbara 5,616,371 2025 - - - - - - - - - - (561,637) Fire F54- Balboa Island 6,077,830 2044 - - - - - - - - - - - Fire FS 5 -CDM & Library 6,024,250 2015 (602,425) (3,313,338) (2,108,488) - - - - - - - - Fire FS 6 - Mariners (apparatus bay only) 1,037,813 2016 - (570,797) (467,016) - - - - - - - - Fire FS7 -SAH 12,377,116 2057 - - - - - - - - - - - Fire F58 -Nat. Coast 15,612,667 2045 - - - - - - - - - - - Fire Lifeguard HO Remodel 17,485,243 2064 (260,055) - - - - - - - - - - Fire Newport Jr. Guard Building - 2020 - - - - - - - - - - - Library Library- Mariners 18,839,721 2056 - - - - - - - - - - - Library Library- Central 89,137,216 2052 - - - - - - - - - - - MOD Utilities /Corporate Yard Merge 10,250,000 2016 - (1,025,000) (5,637,500) (3,587,500) - - - - - - - MOD Big Canyon Aux. Yard - 2065 (1,400,000) - - - - - - - - - - Police Police Station @ Current Cite. 49,345,317 2023 - - - - - - - - (4,934,532) (27,139,925) (17,270,861) Neighborhoc BVAC Master Plan Projects 3,500,000 2015 (350,000) (1,925,000) (1,225,000) - - - - - - - - Rec Facility Marina Park Girl Scout House( Las Arenas Par[ - 2016 - - - - - - - - - - - Rec Facility Marina Park 38,536,585 2014 (15,590,000) (16,707,533) - - - - - - - - - Rec Facility Newport Coast Ctr 26,166,846 2057 - - - - - - - - - - - Rec Facility OASIS Sr. Ctr 72,234,049 2060 - - - - - - - - - - - RecFacility Sunset Ridge 8,292,683 2014 (3,268,629) - - - - - - - - - - Rec Facility Sunset View Park 551,906 2019 - - - - (303,549) (248,358) - - - - Ran Facility West Newport Comm Ctr find pool) 17,230,250 2018 (250,(100) - - (1,473,025) (9,476,638) (6,030,588) - - - - - Rec Facility Pedestrian Bridge at Superior /PCH 5,768,906 2018 - - - (576,891) (3,172,898) (2,019,117) - - - - - RecFacility Parking Structure at Superior /PCH - 2019 - - - - - - - - - - - RecFacility Bonita Creek - Artificial Turf 2,000,000 2015 (200,000) (1,100,000) (700,000) - - - - - - - - Rec Facility 1499 Monrovia Land Purchase 4,308,199 2013 - - - - - - - - - - - RecFacility Lower Castaways 3,863,345 2019 (300,000) - - - (1,824,840) (1,738,505) - - - - - RecFacility Eastbluff Park Extension - 2016 - - - - - - - - - - - Rec Facility Girls & Boys Club (East Bluff Park) - 2020 - - - - - - - - - - - RecFacility Balboa Fine Arts Center 4,225,000 2015 (422,500) (3,802 ,500) - - - - - - - - - TOTAL PROJECT EXPENDITURES 448,149,373 (22,863,249) (29,136,043) (13,943,316) (7,808,978) (14,777,924) (10,647,528) (3,360,282) (2,138,362) (4,934,532) (27,139,925) (17,832,498) ENDING BALANCE OF PROJECT RESOURCES - ® 26,231,371 12,095,328 11,152,013 40 4,043,035 325,110 ® 677,582 40 7,317,300 5,178,939 0 10,244,407 0 1,104,482 271,984 3 of