24-3414 Annual Comprehensive Financial Report FY 2023

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designed to conform to the standards set forth by the Governmental Accounting Standards Board and the American Institute of Certified Public Accountants. The 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 2023, several significant actions occurred within the City that will have lasting impacts going forward. Public Works and Utilities Complex — The City of Casselberry is completely refurbishing 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 a multi-year project and during 2022 the 30,000 square feet "Operations" building opened. In 2023 the 15,000 square feet fleet and inventory building was finished along with all other site improvements. This is a major upgrade for the Public Works and Utilities Department which cost approximately $15,000,000. 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. The Casselberry Arts Center at Lake Concord Park is under construction. All other projects are in late stages of design. All bonds have been issued. Sunset Drive Complete Streets Improvements — Sunset Drive is a local road about one mile in length. The City of Casselberry improved the road by reducing lane width to 20 feet. Right of way was freed to allow the construction of a 10 -foot shared use path along the entire distance. A raised curb, improved landscaping and raised cross walk were added. The cost of this project was about $3.5 million and of that $3.2 million was grant funded. Police Station Replacement — A new police station is under construction on Wilshire Blvd. The new facility is located on about 3 acres of land and measures about 26,000 square feet. The total project cost will be nearly $12,000,000 when complete in early 2024. A bond in the amount of $10,000,000 was issued in 2022 to fund the project. The City is working to co -develop the site with Seminole County which will build a new fire station on two acres adjacent to the police station. DEBT ISSUES There are no new debt issues during FY23. In FY 2022, the City issued the following debt: On December 13, 2021, the City issued new debt through Webster Bank (formerly Sterling National Bank) to finance the design, construction and/or enhancement of the new Police Station Complex in the amount of $10,000,000. This general obligation bond will be repaid from ad valorem taxes levied by the City for a period of ten years. Vii