2017 Comprehensive Annual Financial Report

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this report. This report, together with the accounting and budgeting systems, have been designed to conform to the standards set forth by the Governmental Accounting Standards Board and the American Institute of Certified Public Accountants. Fund structure has also been designed to comply with the legal requirements of the various revenue bond covenants and resolutions. MAJOR INITIATIVES Future planning and repositioning of the City were the primary initiatives pursued last year. Just before the beginning of fiscal year 2017, the City adopted the Multi -Modal Transportation Master Plan (MTMP). This was a ten year plan primarily funded through a voter authorized, limited duration sales tax. Much of the future proceeds were advance funded through a bank note and major projects are front loaded during the span of the Master Plan. Included within the MTMP is a new "Complete Streets" policy adopted by the City Commission. Several other major plans were accomplished during fiscal year 2017 which will have significant impacts in the years to come. Community Redevelopment Agency (CRA) Master Plan — the CRA is charged with the redevelopment of a district in Casselberry along US Hwy 17-92 between SR 436 and Seminola Blvd. It is jointly funded out of property taxes collected out of the district by the City and Seminole County. During the year its master plan was updated and the CRA was agreed by both governments to be extended an additional eight years and is projected to raise $9 million in revenue that will be reinvested. Comprehensive Plan — The City's Comprehensive Plan was updated, approved by the Florida Department of Economic Opportunity and then adopted by ordinance by the City Commission. It is comprised of ten plan elements including a new one for Healthy Communities to promote policies to sustain a healthy community. The Healthy Communities element is a unique and very innovative expansion to the Comprehensive Plan. The Comprehensive Plan will guide the City of Casselberry until it is updated again in 2028. Utility Rate Study — The City of Casselberry operates a Water, Reclaimed Water and Sewer Utility within and outside of the City's municipal boundaries. During fiscal year 2017 the City conducted a rate study to project the utility's operating and capital needs over the next five years. A renewal and replacement program was established based on pre-existing master plans. It was accepted by the City Commission and new utility rates were established by ordinance sufficient to support the plan. Fund balance reserves will be partially drawn down. Utility impact fees were established and are the lowest in Seminole County. Stormwater and Lakes Management Master Plan — the City of Casselberry operates a Stormwater Utility within the City and is responsible for achieving clean water standards within its water bodies. A ten year master planning study was completed and accepted by the City Commission. It included some expansion of lake management operations and a capital improvement plan. Along with the master plan, new rates were established by resolution over the span that was studied. Parks, Recreation, Pathways and Open Spaces Master Plan — the City completed its first master plan for parks during fiscal year 2017. The community was engaged and priorities were agreed to. It reported on the varied desires within the community to enhance and expand the City's park system but first maintaining what we have. There is no ready funding source to support the master plan. Further study is underway during fiscal year 2018 to find a path for implementation. The City consolidated Fire and Rescue operations into Seminole County at the beginning of fiscal year 2016. As part of the agreement there was to be an annual review of actual costs incurred by Seminole County as compared to direct revenues derived within Casselberry. The City is obligated and expects to fund to the County any difference. In the first year, the expected payment by the City was estimated to be $1 million but was $694,414. In 2017, the required payment was $449,090. It is expected that this downward trend will continue particularly because Seminole County adopted a higher, dedicated MSTU millage rate system wide for fiscal year 2018. More resources are expected to be freed that the City will be able to reinvest elsewhere. Employee relations improved during fiscal year 2017. This is evidenced by the decertification of Teamsters Local Union 385, which had represented many public works staff members. They are now treated as general staff members and the transition has been smooth and well accepted. vi