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this report. This report, together with the accounting and budgeting systems, have been designed to <br />conform to the standards set forth by the Governmental Accounting Standards Board and the American <br />Institute of Certified Public Accountants. Fund structure has also been designed to comply with the legal <br />requirements of the various revenue bond covenants and resolutions. <br />MAJOR INITIATIVES <br />During fiscal year 2019, several significant actions occurred within the City that will have lasting impacts <br />going forward. <br />Oxford Park Overlay District - The City of Casselberry has emphasized development along Oxford <br />Road north of SR 436. This complements a major redevelopment initiative pursued by Seminole <br />County on Oxford Road south of SR 436. Collectively the entire area and effort is referred to as Oxford <br />Place. Seminole County approved an overlay district to set development standards. Casselberry <br />followed with its own overlay district ordinance named the Oxford Park Overlay District. It establishes <br />standards that are flexible, require greater articulation, uniformity with Seminole County standards, and <br />be pedestrian oriented. The ordinance was adopted in 2019 and will guide future development of about <br />100 acres of land. <br />Public Works Complex — The City of Casselberry will completely refurbish the Public Works facility on <br />Seventh Street. These facilities share space to house those divisions that generally do field work <br />throughout Casselberry. They include maintenance teams that serve Parks, Streets, Lakes, <br />Stormwater, Trees, Fleet, Water and Sewer Lift Stations and Distribution and Collection. Also located <br />there are the fuel depot and Inventory Control. This is a major renovation that may eventually exceed <br />$10 million in projected cost. Design and Engineering commenced in 2019. <br />Gee Creek and Howell Creek Grant — Gee Creek and Howell Creek are essential to convey heavy <br />rainfall between lakes and ultimately to the St. Johns River. The City was awarded a grant from the <br />National Resources Conservation Service in the US Department of Agriculture. The grant funded <br />erosion control improvements that also protect adjacent private property interests. It was completed in <br />2019. <br />Casselton Drive Improvements — The City completed improvements along Casselton Drive that <br />included road narrowing and reconstruction, bike lanes and a linear park with wide sidewalks along its <br />length. The park has enhanced landscaping, canopy trees and park amenities. Also, the project <br />provided for improvements to water and sewer mains and stormwater infrastructure. The work was <br />completed late in 2019. <br />DEBT ISSUES <br />The City's new debt issues in FY 2019 pertained to debt issuances for capital leases and the construction <br />of the Sausalito Shores Wall. In August 2019, The City issued new debt through Branch Banking and Trust <br />Corporation (BB&T) for the construction of the Sausalito Shores Wall in the amount of $1,643,579 for a <br />period of ten years. A special tax assessment on the residents of Sausalito Shores was assessed to cover <br />all costs of the wall including interest on the loan. The Special Assessment revenues have been pledged <br />for repayment on the debt. The City also financed the purchase of a hot asphalt trailer, a 3/ ton service truck <br />and police vehicles, all fully equipped, through a capital lease agreement with SunTrust Bank. The total <br />increase in lease debt for FY19 was $459,781 and is financed over three to five years. <br />FISCAL POLICIES <br />The City's policy applicable to the General Fund and the Water and Sewer Utility Fund is to preserve <br />unrestricted fund balance (General Fund) or net position (Water and Sewer) above 25% of operating <br />expenses excluding capital outlay, transfers and debt. Long-range forecasts have been developed and <br />relied on in budget planning to assure that fund balance is preserved and that recurring revenues closely <br />match recurring expenses. In accordance with GASB 68, the City records a net pension liability related to <br />the City's pension plans. Net pension liability represents the present value of projected benefit payments <br />for current and active employees to be provided through the cost-sharing defined benefit pension plans that <br />Vi <br />