O-2019-05Miami Shores Village, FL
FY 2019 Stormwater Rate Study – Final Report
March 13, 2019
Exhibit # 1
March 13, 2019
Mr. Tom Benton
Village Manager
10050 Northeast 2nd Avenue
Miami Shores, Florida 33138
Re: FY 2019 Stormwater Fund
Revenue Sufficiency Analysis –
Draft Report
Dear Mr. Benton,
Stantec Consulting Services Inc. is pleased to present this Final
Report of the FY 2019 Stormwater Rate Study that
we performed for Miami Shores Village, FL. We appreciate
the assistance provided by you and all of the members of
the Village staff who participated in the study.
If you or others at the Village have any questions, please do not
hesitate to call me at (904) 923-1466 or email me at
michael.burton@stantec.com. We appreciate the opportunity to
be of service to the Village and look forward to the possibility of
doing so again in the near future.
Sincerely,
Michael E. Burton
Vice President Financial Services
4651 Salisbury Rd., Suite 350
Jacksonville, FL 32256-6107
(904)923-1466
michael.burton@stantec.com
Enclosure
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TABLE OF CONTENTS
Introduction ........................................................................................................... 2
Background ................................................................................................................................. 2
Objectives ................................................................................................................................... 2
Revenue Sufficency ANALYSIS........................................................................... 3
Source data ................................................................................................................................. 3
Assumptions ................................................................................................................................ 4
2.2.1 Beginning Fund Balances .................................................................................................... 4
2.2.2 Revenues ............................................................................................................................. 4
2.2.3 Interest Earnings .................................................................................................................. 4
2.2.4 Account & Volume Growth ................................................................................................... 4
2.2.5 O&M Requirements & Cost Escalation ................................................................................ 4
2.2.6 Future Capital Project Costs ................................................................................................ 4
2.2.7 Borrowing Assumptions ....................................................................................................... 5
2.2.8 Minimum Operating Reserves ............................................................................................. 5
2.2.9 Revenue Requirement Summary ........................................................................................ 5
Impervious Areas Update .................................................................................... 7
Fee Design ............................................................................................................ 9
4.1.1 Current Fee Structure .......................................................................................................... 9
4.1.2 Proposed Fee Structure ....................................................................................................... 9
4.1.3 Stormwater Fee Survey ..................................................................................................... 11
RECOMMENDATIONS ........................................................................................ 12
Appendix A: Supporting Schedules .......................................................................... 13
FINDING OF BENEFIT ........................................................................................ 11
6.
1.Introduction
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INTRODUCTION
Stantec Consulting Services has conducted a Stormwater Rate Study (“Study” or “Analysis”) for Miami
Shores Village, FL. This report presents the objectives, approaches, methodologies, source data,
assumptions, as well as the findings and recommendations of the Study.
BACKGROUND
Miami Shores Village, FL (Village) owns and operates a Stormwater utility system that provides stormwater
management services to all of the approximately 3,900 parcels within the Village’s service area. The
stormwater utility was created in 2003 the fee has been adjusted several times and is now $45 per
Equivalent Stormwater Unit (ESU). Also, in 2009, the Village adopted the fee as an assessment collected
on the property tax bill. In early 2019, the Village engaged Stantec Consulting Services, to perform an
independent review of the sufficiency of the Utility’s current Stormwater rate revenues to meet its projected
ten-year cost requirements including any needed infrastructure spending identified by staff and the Utility’s
engineers of record, as well as the structure of the assessments and to update the impervious area on
properties within the Village and to evaluate and redefine the ESU value to enhance assessment payer
equity. As such, this report discusses objectives, process and key assumptions of the revenue sufficiency
analysis and presents its results and recommendations, as well as the assessment structure, impervious
area and ESU value.
OBJECTIVES
The principal objectives or components of the Study were as follows:
Revenue Sufficiency – Evaluate the sufficiency of Stormwater revenues to satisfy the Fund’s projected
ten-year requirements, inclusive of operations cost, maintenance costs, and capital improvement program
costs; and, if necessary, develop alternative plans of future annual Stormwater rate adjustments that will
satisfy these projected requirements during each year of the forecast.
Rate Design – Review Miami Shore’s existing assessment fee structure and develop modifications as
appropriate to ensure that the Village’s assessments conform to accepted industry practices.
Revenue Sufficiency Analysis
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REVENUE SUFFICENCY ANALYSIS
This section of the Report presents a description of the source data and key assumptions utilized in the
development of the revenue sufficiency analysis (RSA). Appendix A at the end of this report includes
detailed schedules supporting the financial management plan identified herein.
SOURCE DATA
To initialize the Study, we obtained the Village’s historical and budgeted financial information regarding the
operation of its Stormwater system, as well as historical parcel billing data. We also discussed other
assumptions and policies that would affect the financial performance of the Utility such as, planned
developments/parcel growth, debt coverage levels, levels of reserves, capital funding requirements,
anticipated grant funding, earnings on invested funds, escalation rates for operating costs, etc.
All of this information was entered into the financial module of our proprietary Financial Analysis and
Management System (FAMS-XL) interactive modeling system. This module of FAMS-XL produced a ten-
year projection of the sufficiency of the revenue provided by the current rates of the system to meet current
and projected financial requirements and determined the level of rate revenue increases necessary in each
year of the projection period to satisfy the system’s annual financial requirements.
The revenue sufficiency and financial planning module of FAMS-XL utilizes all projected available funds in
each year of the projection period to pay for capital projects. The model is set up to reflect the rules of cash
application as defined and applied by Village staff, and it produces a detailed summary of the funding
sources to be used for each project in the Stormwater capital improvement plan (CIP). To the extent that
current revenues and unrestricted reserves are not adequate to fund all capital projects in any year of the
projection period, the model identifies a borrowing requirement to fund those projects, or portions thereof
that are determined to be eligible for borrowing. In this way the FAMS-XL model is used to develop a
borrowing program that includes the required borrowing amount by year and the resultant annual debt
service requirements for each year in the projection period.
As part of the Study, we conducted several interactive work sessions with Village staff. During these work
sessions, we examined the impact of various inputs or assumptions upon key financial indicators, using
graphical representations projected on a large viewing screen from our computer rate models. For these
scenarios, we reviewed alternative multi-year financial management plans with corresponding Stormwater
rate revenue adjustments. In this way, we developed the recommended financial management plan and
corresponding plan of annual Stormwater rate revenue adjustments presented in this report.
Revenue Sufficiency Analysis
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ASSUMPTIONS
The following summarizes key assumptions utilized in the conduct of the RSA.
2.2.1 Beginning Fund Balances
Village Staff provided account balance data via the Fiscal Year (FY) 2018 trial balance report, which was
used to establish the beginning FY 2019 balances of the utility.
2.2.2 Revenues
The revenues utilized in the Study reflect an evaluation of four years of historical results (FY 2015 thru FY
2018) and the FY 2019 Budget. Revenues consist of fee revenue, interest income, and other minor revenue
from miscellaneous service charges. Fee revenues are based upon the FY 2018 Actuals and all other
revenues reflect the amounts within the FY 2019 Approved Budget excluding interest income for all sub-
funds (which was calculated annually based upon projected average fund balances and assumed interest
rates, discussed in Section 2.2.3 of this report).
2.2.3 Interest Earnings
The Study reflects interest-earning rates of 3.00% for the projected 10-year period. The projected annual
interest earnings in each year of the projection period are shown in Schedule 1 of the Appendix.
2.2.4 Account & Volume Growth
As part of the Study, Stantec reviewed historic account growth for the last four years (FY 2015 thru FY
2018) for the Stormwater system. Based on the historic customer growth analysis and discussions with
Village staff, the Study assumes that the Utility’s service area is fully built out and, therefore, anticipates no
further account growth. Although as discussed in the fee design section, the measured impervious area on
each parcel was updated for this analysis.
2.2.5 O&M Requirements & Cost Escalation
The Utility’s operating expenditures include all of the Village’s operations and maintenance (O&M)
expenses directly attributable to the Stormwater Utility. The Study based operating expenditure projections
on the individual expense categories and expense amounts within the FY 2019 Approved Budget, adjusted
annually thereafter based upon assumed cost escalation factors that were reviewed with Village staff and
shown in the appendix of this report.
2.2.6 Future Capital Project Costs
Village staff provided project level capital improvement plans through FY 2029. The two largest projects
budgeted for are the 105th St. Drainage project in FY 2020 ($1.9 million) and Bayfront Park in FY 2021 ($1.5
Revenue Sufficiency Analysis
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million). There is also an allocation for yearly project funding of $100,000 for renewal & replacement and
minor capital requirements starting in FY 2020.
2.2.7 Borrowing Assumptions
Based on the assumed annual capital spend discussed in Section 2.2.6, as well as projected annual cash
inflows and projected annual cash outflows, the Study projects the Village will need to borrow approximately
$1.1 million in FY 2020 and $1.5 million in FY 2021. During the course of the study Village staff indicated
that the Village has an existing line of credit facility that would be used for the purpose of funding these
projects. It was assumed that the repayment of the debt would occur with a 15-year amortization at an
interest rate of 4.00% annually. The projected payment schedule is in Schedule 10 of Appendix A in this
report.
2.2.8 Minimum Operating Reserves
Reserve balances for utility systems are funds set aside for a specific cash flow requirement, financial need,
project, task, or legal covenant. These balances are also maintained in order to meet short-term cash flow
requirements, and at the same time, minimize the risk associated with meeting financial obligations and
continued operational and capital needs under adverse conditions. The level of reserves maintained by a
utility is an important component and consideration when developing a utility system multi-year financial
management plan.
The financial management plans presented in this report assume that the Village will aim to maintain a
minimum Operating Fund balance or Operating Reserve equal to 26 months of annual O&M expenses for
the Stormwater system. This level of operating reserve meets the minimum standards for required reserves
based upon 1) our industry experience for similar systems, 2) the findings of reserve studies conducted by
the American Water Works Association (AWWA), and 3) a healthy level of reserves for a municipal utility
system per the evaluation criteria published by the municipal utility rating agencies (Fitch, Moody’s, and
Standard & Poor’s).
The Utility’s current operating fund balance exceeds 26 months of annual O&M expenses. As such, the
projection includes the use of the excess reserve balance to fund capital projects in the near term, thus
downsizing the borrowing requirements. The Study projects that the Utility will maintain its goal of 26 months
with the identified rate increases each year in the projection.
2.2.9 Revenue Requirement Summary
Based upon the data, assumptions, and policies presented herein, the Village’s current stormwater rates
will not provide sufficient revenue to meet its ongoing debt service, capital, operating, and reserve
requirements over a multi-year projection period. As such, the RSA developed a financial management
plan and corresponding plan of stormwater assessment fee revenue increases that will meet the Village’s
current and projected cost requirements under the assumed and projected conditions described in this
report. Those revenue increases are presented in Table 2.1.
Revenue Sufficiency Analysis
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Table 2.1 - Stormwater Revenue Adjustments
FY 2020 FY 2021 FY 2022 FY 2023
Stormwater Revenue Adjustment 125.00% 2.75% 2.75% 2.75%
The Village’s revenue sufficiency adjustment plan reflects fundamental realignment of revenues and
expenditures in FY 2020 as the Village looks to fund two capital projects and provide an annual allotment
for smaller capital projects that arise on the system. In remaining years of the revenue projection, an
inflationary adjustment has been shown that will assist in insuring that the stormwater fee revenue keeps
up with the loss of buying power from normal inflationary forces. Incremental adjustments such as these
provide a predictable level of change for customers and ensure the long-term sustainability of the utility.
The needed revenue enhancements will be accomplished though the update of the impervious area billing
data that the Village uses to bill stormwater, combined with the suggested modifications to the Assessment
Fee structure presented herein.
Impervious Area Update
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IMPERVIOUS AREAS UPDATE
Miami Shores Village uses impervious area as the measured unit for billing stormwater fees.
Impervious area is often used to measure the relative contribution that each parcel makes to runoff that
the Village must then manage. The connection between impervious area and runoff management has
been well established in the industry. The Village’s service area covers approximately 3,900 parcels and is
shown in figure 3.1.
Figure 3.1 – Miami Shores Village Service Area
Impervious area per parcel can be established from one of two sources. The most accessible one being
Property Appraiser data, in which attributes of a parcel are captured in order to provide a basis for taxing
purposes. Many of these attributes are of impervious surface such as the building footprints, swimming
pools and ancillary structures. Summing all the impervious features on a per parcel basis provides an easy
way to obtain measurement of total impervious area on the parcel. Unfortunately, some parcel attributes
that are impervious are not captured in this Property Appraiser data source, such as parking lots and internal
sidewalks.
Impervious Area Update
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Therefore, in addition to the Property Appraiser, impervious area can also be obtained through remote
Graphical Information System (GIS) sensing. This methodology relies on high quality imagery and lidar data
to create a profile of impervious area by parcel. While this is the most accurate mechanism to derive
impervious area, it comes at a significantly high acquisition price per parcel, requires substantial time to
complete and can be thwarted by visual obstructions such as trees. Figure 3.2 displays an example of a
parking lot on a parcel that would not be captured in property appraiser data but would be measured using
remote sensing techniques.
Figure 3.2 – Remote Sensing Example
In the Village’s case it was determined that a hybrid approach was the best fit. Property Appraiser data was
used as the foundational building block of creating impervious area on a parcel-by-parcel basis. Then
remote sensing was used to supplement the Property Appraiser’s data for attributes not readily available
such as parking lots and internal sidewalks. The combination of both data sources allowed for the
construction of a full impervious layer for each parcel.
For the entire community, 13.4 million square feet. of impervious area was measured using the process
described herein. This data provides the Village with an authoritative calculation of impervious area for
billing stormwater but should be updated periodically in order to keep the data current and relevant.
Fee Design
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FEE DESIGN
The Study included an examination of the Village’s current stormwater assessment fee and the
development of recommended modifications to those assessment fees that i) fairly and equitably recover
the current cost of operations, ii) conform to accepted local and national industry practices, iii) minimize
administrative burden while implementing rate adjustments, and iv) enhance the ability to be easily
understood by customers.
4.1.1 Current Fee Structure
The Village currently charges for stormwater in increments of 2,466 square feet (sq. ft.) of impervious area,
which at the time the current assessment fees were implemented, was the average impervious area on
residential parcels and represents the current equivalent stormwater unit (ESU) definition for the Village.
Parcels with up to 2,466 square feet are assessed 1 ESU. When more than 2,466 square feet of impervious
area are present on a parcel, the parcel will receive additional ESUs for each increment of 2,466 square
feet of impervious area. The current fee is $45 dollars per ESU and is charged annually as a non ad-valorem
property assessment on the property tax bill.
While the current fee conforms with industry practice, modifications could be made to enhance the equity
of the fee which are discussed in the following sections.
4.1.2 Proposed Fee Structure
This analysis first reviewed the underlying impervious area by parcel in order to determine the relative
distribution of parcels. The following figure displays the distribution of impervious area for single family
homes in the community. As can be seen, there are significant differences in the amount of impervious area
among homes in the community.
Chart 4.1 – Distribution of Single-Family Homes
Fee Design
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Given the relative distribution of impervious area in the community, it is recommended that the Village use
a fee structure that provides a high level of differentiation with regards to recognizing differences in
impervious area from one parcel to the next. To accomplish this goal, tiers of impervious area are often
used to provide an effective way to fairly apportion the costs to parcels based upon their impervious area.
Based upon our evaluation of the distribution of single-family homes and our experience, we recommend
that the Village adopt tiers for each 500 sq. ft. of impervious on a parcel. Additionally, we recommend that
measured impervious area on a given parcel be rounded down to the nearest 500 sq. ft. to provide a
customer centric allowance for inherent omissions and errors in the impervious area calculation &
measurement process.
Including both residential and non-residential parcels, the Village has 26,844 ESUs. Dividing the amount of
revenue needed in FY 2020 by the number of ESUs in the Village yields a fee of $21.39 annually for each
increment of 500 sq. ft. on a parcel. Figure 4.1 below displays the projected impact of the recommended
assessment fee structure compared to the current stormwater fee structure. The recommended
assessment fee structure includes updated impervious area and the 125% increase in revenue requirement
for the utility in FY 2020 discussed in Section 2.2.9 – Revenue Requirements Summary.
Figure 4.1 – Stormwater Fee Customer Impact
As is demonstrated in Figure 4.1, depending on a specific parcel’s calculated impervious area and the
updated assessment fee structure the impacts that a parcel receives will be different depending upon the
number of ESUs on the parcel. Although most parcels will see increases in their bills attributable to the
need for additional revenue as described in Section 2 of this report, some parcels will have slight decreases
due to the new methodology.
Fee Design
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4.1.3 Stormwater Fee Survey
An annual stormwater fee survey was conducted in order to compare the Village’s level of stormwater fees
for an average home to that of other communities, although it should be noted that significant level of service
differences can exist between communities. The survey shows that the Village’s current stormwater fees
are among the lowest in the survey. The survey also shows that the proposed stormwater assessment fee
will bring the Village in alignment with comparable communities that are addressing similar stormwater
issues such as sunny day tidal flooding due to sea level rise.
Chart 4.1 - Stormwater Fee Survey
$154.08
$144.00
$120.00
$108.72
$106.95
$105.60
$100.32
$74.28
$73.80
$72.00
$60.00
$54.00
$51.96
$51.96
$48.00
$48.00
$48.00
$45.00
Surfside
Fort Lauderdale
Pinecrest
Miami Beach
Miami Shores (Proposed)
Coral Gables
Sunrise
North Miami
Miami Springs
Opa Locka
Bay Harbor
North Miami Beach
Golden Beach
Sunny Isles
Miami
Doral
Cutler Bay
Miami Shores
Aventura $42.00
5. FINDING OF BENEFIT
Based upon our analysis, we have determined that benefits received by non-exempt residential and non-
residential properties within the Village will exceed the amount of the non-ad valorem stormwater assessments
for all classes of benefitted properties. The benefits received by virtue of the Village’s stormwater system include
enhanced value of property, mitigation of flooding of private property, and mitigation of flooding of roadways.
Recommendations
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RECOMMENDATIONS
Based upon the information and analysis presented herein, we recommend that the Village adopt the
following schedule of stormwater assessment rate revenue increases to ensure adequate funding of the
operations, maintenance and capital needs of the system.
FY 2020 FY 2021 FY 2022 FY 2023
Stormwater Revenue Adjustment 125% 2.75% 2.75% 2.75%
We also recommend that the Village adopt a Stormwater Assessment Fee structure based upon a 500 sq.
ft. ESU value at $21.39 annually for all billable residential and non-residential parcels in the Village.
We have prepared an assessment roll that we recommend the Village adopt, which is being delivered
electronically, that contains the recommended stormwater assessment fee for each billable parcel in the
Village. In this assessment roll, the calculated impervious sq. ft. on each parcel is rounded down to the
nearest 500 sq. ft., then divided by 500 sq. ft. to determine the number of ESUs on each parcel. Then the
assessment fee for each parcel is calculated as $21.39 (the value per ESU) times the number of ESUs for
that parcel as calculated above.
We also recommend that in the Ordinance enacting this stormwater assessment, the Village adopt 2.75%
annual increases from FY 2021 – FY 2025 in the stormwater ESU value, up to a maximum ESU value of
$24.50.
6.
Appendix A: Supporting Schedules
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APPENDIX A: SUPPORTING SCHEDULES
Schedule 1 Assumptions
Schedule 2 Cost Escalation Factors
Schedule 3 FY 2018 Beginning Balances
Schedule 4 Capital Improvement Program
Schedule 5 Projection of Cash Outflows
Schedule 6 Projection of Cash Inflows
Schedule 7 FAMS Control Panel
Schedule 8 Forecast of Net Revenues and Debt Service Coverage
Schedule 9 Funding Summary by Fund
Schedule 10 Senior Lien Borrowing Projections
Appendix A: Supporting Schedules
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Assumptions Schedule 1
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029
Annual Growth:
Parcel Growth %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Capital Spending:
Annual Capital Budget (Future Year Dollars)-$ 2,000,000$ 1,648,000$ 106,090$ 109,273$ 112,551$ 115,927$ 119,405$ 122,987$ 126,677$ 130,477$
Annual Percent Executed 100%100%100%100%100%100%100%100%100%100%100%
Average Annual Interest Earnings Rate:
On Fund Balances:3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%
Operating Budget Reserve:
Target (Number of Months of Reserve)26.026.026.026.026.026.026.026.026.026.026.0
Operating Budget Execution Percentage:
100%100%100%100%100%100%100%100%100%100%100%
100%100%100%100%100%100%100%100%100%100%100%
Personnel Services
Variable O&M Expenses
Fixed O&M Expenses 100%100%100%100%100%100%100%100%100%100%100%
Stantec 2/7/2019
Appendix A: Supporting Schedules
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Cost Escalation Factors
Account Title FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028
Salaries & Wages 3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%
Health Insurance 5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%
Retirement 3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%
Repair & Maintenance 2.50%2.50%2.50%2.50%2.50%2.50%2.50%2.50%2.50%2.50%
Fuel, Utilities, Chemicals 3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%
Admin Services 2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%
Composite O&M 2.64%2.65%2.66%2.67%2.68%2.69%2.71%2.72%2.73%2.74%
Default Inflation Factor 1.50%1.50%1.50%1.50%1.50%1.50%1.50%1.50%1.50%1.50%
Stantec 2/7/2019
Schedule 2
Appendix A: Supporting Schedules
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FY 2018 Beginning Balances Schedule 3
CURRENT UNRESTRICTED ASSETS
Cash and Cash Equivalents 1,135,047$
Billed 17,649
TOTAL ASSETS 1,152,696$
Less: Accounts and Contracts Payable (12,167)
Less: Accrued Salaries, Wages, Benefits (17,430)
Less: Other Accrued Liabilities (63,980)
Less: Deferred Outflow of Resou (15,571)
Less: OPEB (16,170)
Less: Accrued Compensated Absences (987)
CALCULATED FUND BALANCE (ASSETS - LIABILITIES)1,026,391$
NET UNRESTRICTED FUND BALANCE 1,026,391$
Stantec
Revenue Fund
Appendix A: Supporting Schedules
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Schedule 4
Projects FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029
Bayfront Park -$ - 1,500,000 - - - - - - - -
105th St. Drainage -$ 1,900,000 - - - - - - - - -
Annual Funding -$ 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Total CIP Budget (in current dollars)-$ 2,000,000$ 1,600,000$ 100,000$ 100,000$ 100,000$ 100,000$ 100,000$ 100,000$ 100,000$ 100,000$
Cumulative Projected Cost Escalation 0.0%0.0%3.0%6.1%9.3%12.6%15.9%19.4%23.0%26.7%30.5%
Resulting CIP Funding Level -$ 2,000,000$ 1,648,000$ 106,090$ 109,273$ 112,551$ 115,927$ 119,405$ 122,987$ 126,677$ 130,477$
Annual CIP Execution Percentage 100%100%100%100%100%100%100%100%100%100%100%
Final CIP Funding Level -$ 2,000,000$ 1,648,000$ 106,090$ 109,273$ 112,551$ 115,927$ 119,405$ 122,987$ 126,677$ 130,477$
Stantec 2/7/2019
Capital Improvement Program
Appendix A: Supporting Schedules
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Projection of Cash Outflows Schedule 5
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029
Execution Rates
1 Personnel Services 100%100%100%100%100%100%100%100%100%100%100%
2 Variable O&M Expenses 100%100%100%100%100%100%100%100%100%100%100%
3 Fixed O&M Expenses 100%100%100%100%100%100%100%100%100%100%100%
4 Account
5 Regular Salaries and Wages 59,910$ 61,707 63,559 65,465 67,429 69,452 71,536 73,682 75,892 78,169 80,514
6 Overtime 2,500$ 2,575 2,652 2,732 2,814 2,898 2,985 3,075 3,167 3,262 3,360
7 Compensated Annual Leave -$ - - - - - - - - - -
8 Compensated Compensatory Leave Lon 500$ 515 530 546 563 580 597 615 633 652 672
9 Payroll Taxes FICA and Medicare 4,774$ 5,013 5,263 5,527 5,803 6,093 6,398 6,717 7,053 7,406 7,776
10 Retirement Contributions Pension Contrib 8,065$ 8,307 8,556 8,813 9,077 9,350 9,630 9,919 10,217 10,523 10,839
13,966$ 14,664 15,398 16,167 16,976 17,825 18,716 19,652 20,634 21,666 22,749
296$ 311 326 343 360 378 397 417 437 459 482
60$ 63 66 69 73 77 80 84 89 93 98
3,583$ 3,762 3,950 4,148 4,355 4,573 4,802 5,042 5,294 5,558 5,836
2,000$ 2,100 2,205 2,315 2,431 2,553 2,680 2,814 2,955 3,103 3,258
95,654$ 99,017$ 102,506$ 106,125$ 109,880$ 113,777$ 117,820$ 122,016$ 126,371$ 130,892$ 135,584$
20,000$ 20,400 20,808 21,224 21,649 22,082 22,523 22,974 23,433 23,902 24,380
10,000$ 10,200 10,404 10,612 10,824 11,041 11,262 11,487 11,717 11,951 12,190
3,500$ 3,605 3,713 3,825 3,939 4,057 4,179 4,305 4,434 4,567 4,704
4,000$ 4,120 4,244 4,371 4,502 4,637 4,776 4,919 5,067 5,219 5,376
4,500$ 4,635 4,774 4,917 5,065 5,217 5,373 5,534 5,700 5,871 6,048
7,207$ 7,387 7,572 7,761 7,955 8,154 8,358 8,567 8,781 9,001 9,226
13,017$ 13,342 13,676 14,018 14,368 14,728 15,096 15,473 15,860 16,256 16,663
10,000$ 10,250 10,506 10,769 11,038 11,314 11,597 11,887 12,184 12,489 12,801
500$ 510 520 531 541 552 563 574 586 598 609
3,000$ 3,060 3,121 3,184 3,247 3,312 3,378 3,446 3,515 3,585 3,657
50$ 51 52 53 54 55 56 57 59 60 61
6,500$ 6,630 6,763 6,898 7,036 7,177 7,320 7,466 7,616 7,768 7,923
300$ 306 312 318 325 331 338 345 351 359 366
82,574$ 84,497$ 86,465$ 88,480$ 90,544$ 92,657$ 94,820$ 97,035$ 99,303$ 101,625$ 104,003$
50,000$ 50,750 51,511 52,284 53,068 53,864 54,672 55,492 56,325 57,169 58,027
50,000$ 50,750$ 51,511$ 52,284$ 53,068$ 53,864$ 54,672$ 55,492$ 56,325$ 57,169$ 58,027$
-$ 46,654$ 165,687$ 241,577$ 241,577$ 241,577$ 241,577$ 241,577$ 241,577$ 241,577$ 241,577$
-$ 46,654$ 165,687$ 241,577$ 241,577$ 241,577$ 241,577$ 241,577$ 241,577$ 241,577$ 241,577$
95,654$ 99,017 102,506 106,125 109,880 113,777 117,820 122,016 126,371 130,892 135,584
82,574$ 84,497 86,465 88,480 90,544 92,657 94,820 97,035 99,303 101,625 104,003
-$ - - - - - - - - - -
-$ - - - - - - - - - -
50,000$ 50,750 51,511 52,284 53,068 53,864 54,672 55,492 56,325 57,169 58,027
-$ 46,654 165,687 241,577 241,577 241,577 241,577 241,577 241,577 241,577 241,577
11 Health Insurance
12 Dental Insurance
13 Long-Term Care
14 Workers Compensation
15 OPEB
16 TOTAL - Personnel Services
17 Professional Services - Engineering
18 Contract Services
19 Electric
20 Stormwater
21 Miami-Dade Solid Waste Fees
22 ISF: Risk Management Insurance
23 ISF: Fleet Maintenance
24 Repairs and Mai ntenance
25 Promotional Activities
26 Licenses and Permits
27 Office Supplies
28 Other Operating Supplies
29 Uniforms
30 TOTAL - Operations & Maintenance
3938 Inter-Fund Group Transfer Out
40 TOTAL - Transfers Out
4241 New Debt Service
43 TOTAL - Debt Service
44 Totals by Category
45 Personnel Services
46 Operating
47 Other Below the Line Expenses
48 Capital Outlay
49 Transfers / Other Expenses
50 Debt Service
51 TOTAL CASH OUTFLOWS 228,228$ 280,918$ 406,169$ 488,466$ 495,069$ 501,874$ 508,889$ 516,120$ 523,575$ 531,263$ 539,190$
(*) Depreciation has been excluded from Operating Expenses
Stantec 2/7/2019
Appendix A: Supporting Schedules
Miami Shores Village, FL | Stormwater Revenue Sufficiency Analysis Draft Report Stantec | 19
Projection of Cash Inflows Schedule 6
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029
N/A 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
0.00%125.00%2.75%2.75%2.75%2.75%2.75%2.75%2.75%2.75%2.75%
243,100$ 546,975 562,017 577,472 593,353 609,670 626,436 643,663 661,364 679,551 698,239
1 Stormwater Growth
2 Growth in ESUs
3 Assumed Rate Revenue Increases 4
Stormwater Rate Increases Per ESU
5 Stormwater Rate Revenue
6 Total Rate Revenue
7 Total Rate Revenue 243,100$ 546,975$ 562,017$ 577,472$ 593,353$ 609,670$ 626,436$ 643,663$ 661,364$ 679,551$ 698,239$
Other Operating Revenues
Interest Income 31,502$ 23,720 15,429 15,624 15,703 15,972 16,441 17,121 18,022 19,156 20,534
Total Other Operating Revenue 31,502$ 23,720$ 15,429$ 15,624$ 15,703$ 15,972$ 16,441$ 17,121$ 18,022$ 19,156$ 20,534$
8 Non-Operating Income
9 Fines - Local Ordinance Violations Stormwater 1,000$ 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
10 Total Non-Operating Revenues 1,000$ 1,000$ 1,000$ 1,000$ 1,000$ 1,000$ 1,000$ 1,000$ 1,000$ 1,000$ 1,000$
11 Total Revenue 275,602$ 571,695$ 578,446$ 594,097$ 610,056$ 626,642$ 643,877$ 661,784$ 680,386$ 699,707$ 719,773$
2/7/2019Stantec
Appendix A: Supporting Schedules
Miami Shores Village, FL | Stormwater Revenue Sufficiency Analysis Draft Report Stantec | 20
FAMS - Control Panel Schedule 7
Stantec 2/14/2019
FAMS-XL MIAMI SHORES, FL
FY 2019FY 2020FY 2021FY 2022FY 2023FY 2024FY 2025FY 2026FY 2027FY 2028FY 2029FY 2023FY 2028
Override ►0.00%125.00%2.75%2.75%2.75%2.75%2.75%2.75%2.75%2.75%2.75%Cumulative
Stormwater Rate Plan 0.00%125.00%2.75%2.75%2.75%2.75%2.75%2.75%2.75%2.75%2.75%150.87%187.33%
Last Plan 0.00%125.00%2.75%2.75%2.75%2.75%2.75%2.75%2.75%2.75%2.75%150.87%187.33%
Senior-Lien DSC 0.007.232.041.441.481.521.561.601.651.701.75 Scenario Manager
Last Plan 0.007.232.041.441.481.521.561.601.651.701.75
CIP Execution % 100%100%100%100%100%100%100%100%100%100%100%Incremental O&M 0.20%
Oper Reserve Mos 2626262626262626262626 New Impervious Area 0.00%
Stormwater Annual Fee per ESU $45.00 $101.25$104.03$106.90$109.83$112.86$115.96$119.15$122.42$125.79$129.25
Monthly Fee $3.75$8.44$8.67$8.91$9.15$9.40$9.66$9.93$10.20$10.48$10.77
Last Plan $45.00$101.25$104.03$106.90$109.83$112.86$115.96$119.15$122.42$125.79$129.25 Check -
$0.0M
$0.5M
$1.0M
$1.5M
$2.0M
$2.5M
19 20 21 22 23 24 25 26 27 28 29
Debt Operating/Cash R&R Impact Fees
$0.0M
$0.5M
$1.0M
$1.5M
18 19 20 21 22 23 24 25 26 27 28 29
Current Plan Last Plan Target
$0.0M
$0.5M
$1.0M
$1.5M
$2.0M
$2.5M
19 20 21 22 23 24 25 26 27 28 29
Current Plan Last Plan
$0.0M
$0.5M
$1.0M
$1.5M
19 20 21 22 23 24 25 26 27 28 29
O&M Cash In Cash Out
$0.0M
$0.5M
$1.0M
$1.5M
$2.0M
$2.5M
19 20 21 22 23 24 25 26 27 28 29
Current Plan Last Plan
$0.0M
$0.5M
$1.0M
$1.5M
19 20 21 22 23 24 25 26 27 28 29
O&M New Debt Svc.Cash CIP
Operating Fund
CIP Spending
Revenues vs. Expenses
CIP Funding Borrowing
Expenses by Type
CALC SAVE CTRL LAST OVR
Appendix A: Supporting Schedules
Miami Shores Village, FL | Stormwater Revenue Sufficiency Analysis Draft Report Stantec | 21
Forecast of Net Revenues and Debt Service Coverage Schedule 8
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029
243,100$ 243,100 546,975 562,017 577,472 593,353 609,670 626,436 643,663 661,364 679,551
- - - - - - - - - - -
243,100$ 243,100 546,975 562,017 577,472 593,353 609,670 626,436 643,663 661,364 679,551
0.0%125.0%2.8%2.8%2.8%2.8%2.8%2.8%2.8%2.8%2.8%
-$ 303,875 15,042 15,455 15,880 16,317 16,766 17,227 17,701 18,187 18,688
243,100$ 546,975 562,017 577,472 593,353 609,670 626,436 643,663 661,364 679,551 698,239
-$ - - - - - - - - - -
243,100$ 546,975$ 562,017$ 577,472$ 593,353$ 609,670$ 626,436$ 643,663$ 661,364$ 679,551$ 698,239$
(95,654)$ (99,017) (102,506) (106,125) (109,880) (113,777) (117,820) (122,016) (126,371) (130,892) (135,584)
-$ - - - - - - - - - -
(132,574)$ (135,247) (137,976) (140,764) (143,612) (146,521) (149,492) (152,527) (155,627) (158,794) (162,030)
14,872$ 312,711$ 321,535$ 330,583$ 339,860$ 349,372$ 359,124$ 369,120$ 379,365$ 389,865$ 400,625$
1,000$ 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
31,502$ 23,720 15,429 15,624 15,703 15,972 16,441 17,121 18,022 19,156 20,534
47,374$ 337,431$ 337,964$ 347,207$ 356,564$ 366,345$ 376,565$ 387,241$ 398,388$ 410,022$ 422,159$
-$ - - - - - - - - - -
1 Total Rate Revenue
2 F Stormwater Rate Revenue
3 A Revenue from additional Impervious Units
4 Subtotal: Base Revenue With Growth
5 Weighted Average Rate Increase
6 Additional Rate Revenue From Rate Increase
8 Total Rate Revenue
9 Plus: Other Operating Revenue
10 Equals: Total Operating Revenue
11 Less: Operating Expenses
12 Personnel Services
13 Variable O&M
14 O&M
15 Equals: Net Operating Income
16 Plus: Non-Operating Income/(Expense)
17 Non-Operating Revenue
18 Interest Income
19 Equals: Net Income
20 Senior Debt Service Coverage Test
21 Existing Senior Lien Debt
22 Cumulative New Senior Lien Debt - As Calculated -$ 46,654 165,687 241,577 241,577 241,577 241,577 241,577 241,577 241,577 241,577
23 Total Conventional Debt Service Target -$ 46,654$ 165,687$ 241,577$ 241,577$ 241,577$ 241,577$ 241,577$ 241,577$ 241,577$ 241,577$
24 Calculated Debt Service Coverage (Test I)1.25 - 7.23 2.04 1.44 1.48 1.52 1.56 1.60 1.65 1.70 1.75
25 Cash Flow Test
26 Net Income Available For Debt Service 47,374$ 337,431 337,964 347,207 356,564 366,345 376,565 387,241 398,388 410,022 422,159
27 Less: Non-Operating Expenditures
29 Senior & Subordinate Debt Service -$ (46,654) (165,687) (241,577) (241,577) (241,577) (241,577) (241,577) (241,577) (241,577) (241,577)
32 Net Cash Flow 47,374$ 290,777$ 172,277$ 105,630$ 114,987$ 124,768$ 134,988$ 145,664$ 156,811$ 168,445$ 180,583$
33 Unrestricted Reserve Fund Test
34 Balance At Beginning Of Fiscal Year 1,026,391$ 1,073,766 507,572 521,045 520,585 526,299 538,516 557,577 583,836 617,659 659,427
35 Cash Flow Surplus/(Deficit)47,374$ 290,777 172,277 105,630 114,987 124,768 134,988 145,664 156,811 168,445 180,583
36 Reserve Fund Balance Used For Cash Flow Deficit -$ - - - - - - - - - -
37 Projects Designated To Be Paid With Cash -$ (100,000) (103,000) (106,090) (109,273) (112,551) (115,927) (119,405) (122,987) (126,677) (130,477)
38 Projects Paid With Reserve Funds (Non Specified Funds -$ (756,971) (55,804) - - - - - - - -
39 Balance At End Of Fiscal Year 1,073,766$ 507,572 521,045 520,585 526,299 538,516 557,577 583,836 617,659 659,427 709,533
40 Minimum Working Capital Reserve Target 494,494$ 507,572 521,045 534,928 549,234 563,978 579,176 594,844 610,997 627,653 644,830
41 Excess/(Deficiency) Of Working Capital To Target 579,272$ -$ -$ (14,342)$ (22,935)$ (25,462)$ (21,599)$ (11,007)$ 6,663$ 31,774$ 64,703$
Stantec 2/14/2019
Appendix A: Supporting Schedules
Miami Shores Village, FL | Stormwater Revenue Sufficiency Analysis Draft Report Stantec | 22
Funding Summary by Fund Schedule 9
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028
1 REVENUE FUND
2 Balance At Beginning Of Fiscal Year 1,026,391$ 1,073,766 507,572 521,045 520,585 526,299 538,516 557,577 583,836 617,659 659,427
3 Additional Annual Revenues 47,374$ 290,777 172,277 105,630 114,987 124,768 134,988 145,664 156,811 168,445 180,583
4 Less: Cash-Funded Capital Projects -$ (100,000) (103,000) (106,090) (109,273) (112,551) (115,927) (119,405) (122,987) (126,677) (130,477)
5 Less: Payment Of Debt Service -$ - - - - - - - - - -
6 Subtotal 1,073,766$ 1,264,543 576,849 520,585 526,299 538,516 557,577 583,836 617,659 659,427 709,533
7 Less: Restricted Funds (494,494)$ (507,572) (521,045) (520,585) (526,299) (538,516) (557,577) (583,836) (610,997) (627,653) (644,830)
8 Total Amount Available For Projects 579,272$ 756,971 55,804 - - - - - 6,663 31,774 64,703
9 Amount Paid For Projects -$ (756,971) (55,804) - - - - - -- -
10 Subtotal 579,272$ - - - - - - - 6,663 31,774 64,703
11 Add Back: Restricted Funds 494,494$ 507,572 521,045 520,585 526,299 538,516 557,577 583,836 610,997 627,653 644,830
12 Plus: Interest Earnings 31,502$ 23,720 15,429 15,624 15,703 15,972 16,441 17,121 18,022 19,156 20,534
13 Less: Interest Allocated To Cash Flow (31,502)$ (23,720) (15,429) (15,624) (15,703) (15,972) (16,441) (17,121) (18,022) (19,156) (20,534)
13 Balance At End Of Fiscal Year 1,073,766$ 507,572 521,045 520,585 526,299 538,516 557,577 583,836 617,659 659,427 709,533
Stantec 2/14/2019
Appendix A: Supporting Schedules
Miami Shores Village, FL | Stormwater Revenue Sufficiency Analysis Draft Report Stantec | 23
Senior Lien Borrowing Projections Schedule 10
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028
Term (Years)15 15 15 15 15 15 15 15 15 15 15
Interest Rate 4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
Sources of Funds
Par Amount -$ 1,166,356 1,519,588 - - - - - - - -
Uses of Funds
Proceeds -$ 1,143,029 1,489,196 - - - - - - - -
Cost of Issuance 2.00%of Par -$ 23,327 30,392 - - - - - - - -
Underwriter's Discount $0.00 per $1,000 -$ -- - - - - - - - -
Bond Insurance 0 times total Debt Service -$ -- - - - - - - - -
Capitalized Interest 0 Years Interest -$ -- - - - - - - - -
Debt Service Surety 0.00%of Debt Service -$ -- - - - - - - - -
Debt Service Reserve 0 Years of Debt Service -$ -- - - - - - - - -
Other Costs -$ -- - - - - - - - -
Total Uses -$ 1,166,356$ 1,519,588$ -$ -$ -$ -$ -$ -$ -$ -$
1 Year Interest -$ 46,654$ 60,784$ -$ -$ -$ -$ -$ -$ -$ -$
Annual Debt Service -$ 104,903$ 136,673$ -$ -$ -$ -$ -$ -$ -$ -$
Total Debt Service -$ 1,573,550$ 2,050,101$ -$ -$ -$ -$ -$ -$ -$ -$
Cumulative New Annual Senior Lien Debt Service -$ 46,654$ 165,687$ 241,577$ 241,577$ 241,577$ 241,577$ 241,577$ 241,577$ 241,577$ 241,577$
Stantec 2/14/2019