Tampa Palms CDD Financial Information

Reported By The Chairman- Nov 2011

( Year End Summary for FY 2010- 2011)

 FY 2010-11  

   Executive Summary

The District ended FY 2010-11 with net cash:

General Funds                            $ 1,847

Capital Funds                                   379

                        Total                                          $ 2,226

 

For the full year, we were $ 400 K favorable to budget due broadly to:

           Performance vs budget

          Revenue: Interest Income/Assessments            30

          Cost savings                                                    100                   $  130

         Timing & Deferred Projects

         Timing: rain delayed mulching                           30

      **Budgeted projects…deferred                            240                 $  270

 

                                        Total                                                          $  400

 ** FGT monies vs expenses equal $ 160 K of the $ 240 K deferred.

 

    5-Year Outlook                     Five Years ending September 30, 2012

 Visioning TP 2012 will be completed this year with the results forecast as follows:

 Project-Driven Expenses 

              Visioning                                                                      $  4,014 K

              Renewal & Replacement                                                       900

                                         Total                                                 $  4,914 K

 August 2007 Board Visioning/R&R request                             $  5,000 K

These monies were invested in strategic projects, that made meaningful and observable differences in the community….and the impact was magnified

by significant Publix and City Plaza improvements.

                                               District net Cash

                                                                                                         5-Year

                                                    Actual                  Forecast         Favorable

                                                  9/30/07                 9/30/12       (Unfavorable)  

 

          General Fund                   $   679                 $ 1,847              $  1,168

          Capital Fund                        1,484                      379              (  1,105)

          Street Light Fund                  110                        ---__            (     110)

 

                   Total                      $ 2,273                 $ 2,226                ( $   47)

 

We spent $ 1.1 M of the capital fund for Visioning TP 2012 and saved an offsetting amount in the general fund for future community needs.

 We are conservatively projecting FY 2011-12 at budget. The four prior years produced the following favorable variances:

               ***Normal operations                                        $  450 K

                    FGT taking                                                         230

                    Interest income                                                   70

                    Assessments                                                        35

                     9/30/07 capital fund vs plan                             300

 ***Perspective:

The District will have spent approximately $ 14,500 K in normal operations  over the five year period. The normal operations savings equate to 3.1 % of  the total monies spent.  Congratulations to staff…job well done!

 

       Uses of District Funds

 The cash forecast of $ 2,200 K as of September 30, 2012 provides coverage for future definitive needs:

                     Winter Storm Damage                                  $   200 K

                    Wind/Hurricane Damage                                    200

                    First Qtr FY 2012-13 working capital               650

 In addition, the District will have about $ 1.1 M to use for future capital needs including mitigation of the unfavorable impact of the widening of BBD.

 

        Forward Planning            

In May 2012, the Board will approve a FY 2012-13 budget and community assessments for the next year. Prior to this date, you will receive five-year financial models for guidance.