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Lake City News

Lake City Report - July 23, 2010
Bonds - Budgets - Capital Improvements

From City Manager Wendell Johnson

Utility System Revenue Bonds.

The City Financial Team and Raymond James Bond representatives met this week to complete the required interviews with “Credit Rating” Agencies. The following areas were covered:

a.    Lake City Utility Service Areas Demographics.
b.    Overview of the City’s existing and proposed utility system.
c.    History of the City’s finances.
d.    Financing Plan for the new WWTP and St. Margaret’s WWTP upgrade.
e.    Summary of the City’s Credit Strengths.

The interviews with Moody’s and Standard and Poors went very well. Everything appears in order and a credit rating determination will be issued early next week.

On August 2nd, the Financial Consultant will provide an overview of the process during a Council Workshop. The Utility System Bond Resolution will be on the agenda for Council consideration at the regular meeting which follows at 7:00 p.m. on August 2nd.  

Fiscal Year 2010/11 Budget

The final budget changes resulting from the last two weeks of Staff reviews is nearing completion.

The draft budget will be distributed to the City Council on August 2nd. Council workshops are scheduled for August 4th and 5th at 6:00 p.m. A 3rd workshop is tentatively scheduled for August 12th if necessary. 

The City Council has set the proposed FY 2010/11 at 4.3200 for TRIM notice distribution. This rate is for planning purposes only and based on all indicators it is unlikely that the tax rate will change for the next year.

Capital Improvement Project Plan.

A representative from the North Central Florida Regional Planning Council (NCFRPC) met this week with City Staff to discuss an approach for identifying and funding the City’s most pressing capital improvement needs.

The NCFRPC has agreed to provide services to prepare a project plan which will involve upgrades to streets, walkways and drainage, as well as water distribution and sewer collection systems. Funding will consist of Sales Tax Revenue, Utility User Fees, CRA Trust Funds, CDBG Funds, and Water/Sewer Enterprise Funds.

The project timeline is projected to be three years and will most likely be in the funding range of $4 to $6 million.

correction - July 27 10:25am:  City advised budget workshops scheduled for Aug. 4 and 5 not Aug 5 and 6.

The City Staff Report is available in pdf format here.

New Meeting Calendar New

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Read the City Manager's 2010 Budget and Administrative Report • here.


City Staff Report
 • Week ending July 23, 2010