21-3231 - Comprehensive Annual Financial Report FY 20

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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 During fiscal year 2020, several significant actions occurred within the City that will have lasting impacts going forward. Advanced Metering Infrastructure Proiect (AMI) - The City of Casselberry operates a Water and Sewer Utility that extends well beyond the City limits and encompasses about fourteen square miles. The meters are read monthly by pedestrian meter readers using touch read "wands" to upload and temporarily store data. There are nearly 20,000 meters in service with most fifteen years old or older. In 2020, planning was completed and a contract awarded for the replacement of all customer meters. Technology will be upgraded to Advanced Metering Infrastructure (AMI). This would allow meter data to be accessed digitally through a network. Billing would be more efficient and customer service will have near "real time" access to customer data so alarms can bring timely attention to anomalies and customer inquiries can be efficiently answered. This project will be completed in 2021 and is expected to cost about $9,000,000. Public Works Complex — The City of Casselberry will completely refurbish the Public Works facility on Seventh Street. These facilities share space to house those divisions that generally do field work throughout Casselberry. They include maintenance teams that serve Parks, Streets, Lakes, Stormwater, Trees, Fleet, Water and Sewer Lift Stations and Distribution and Collection. Also located there are the fuel depot and Inventory Control. This is a major renovation that may eventually exceed $15,000,000 in projected cost. Design and Engineering was completed in 2020 and construction will be awarded in 2021. Park Improvement Initiative — Following years of community outreach and master planning, the City of Casselberry asked the voters if they would support major improvements to five parks and the construction of a new one. On March 17, 2020 a referendum was passed overwhelmingly. It was approved for the City of Casselberry to issue bonds to raise up to $24,000,000 for Park Improvements. Planning and Engineering began in 2020 for Secret Lake Park. The first bond issue is planned to be $6,000,000 in 2021. Work will then commence and extend several years. Concord Drive Improvements — Concord Drive is a road on the southwest end of the City that runs between Anchor Road and US Hwy. 17-92. Planning and Engineering was completed in 2020 to make complete street design changes with new sidewalks, raised curves and gutters, landscaping, decorative streetlights and park -like amenities around newly created retention areas. Stormwater infrastructure will be added, and utility infrastructure will be improved. Construction was awarded in 2020 and will continue into 2021. The total cost of this project will be about $2,000,000. DEBTISSUES The City's new debt issues in FY 2020 pertained to debt issuances for capital leases and the Advanced Metering Infrastructure Project (AMI) which was issued in December 2019. The City issued new debt through J P Morgan Chase Bank, N.A. for the replacement or retrofitting of all the water meters within the City's water/sewer system and for upgrading the infrastructure to enable remote reading and other system upgrades in the amount of $8,000,000 for a period of fifteen years. Principal and interest payments are secured by a lien upon, and a pledge of, the net revenues derived from the operation of the water and sewer utility system. The City also financed the purchase of a street sweeper, clam truck, various other trucks, a valve maintenance trailer, golf course lighting and police vehicles, all fully equipped, through a capital lease agreement with SunTrust Equipment Finance & Leasing Corporation. In addition, the City financed a fleet of golf carts through PNC Equipment Financing, LLC. The total increase in lease debt for FY20 was $1,051,050 and is financed over three to five years.