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<br />MAR 2 41987
<br />Boa 67 FA E 690
<br />INTERNAL SERVICE FUND
<br />The Internal Service Fund is used to account for the financing of goods or
<br />services provided by one department or agency to other departments or
<br />agencies of the governmental unit, or to other governmental units, on a cost
<br />reimbursement basis.
<br />Fleet Management had total operating revenues of $1,081,887, and total
<br />operating expenses of $1,057,436. Net income for the 1986 fiscal year was
<br />$3,425 compared to net income of $39,277 for the 1985 fiscal year.
<br />DEBT ADMINISTRATION
<br />The amount of debt retired during the past fiscal year and the outstanding
<br />principal balances at September 30 are as follows:
<br />Recreational Revenue Bonds - 1985
<br />Refunding and Improvement Bonds - 1985
<br />General Obligation Bonds - 1983
<br />Solid Waste Disposal Bonds - 1977
<br />Water S Sewer Revenue Bonds - 1979
<br />Water E Sewer Revenue Bonds - 1979 If
<br />Water Revenue Bonds - 1980
<br />Water E Sewer Revenue Bonds - 1982
<br />For those debt obligations rated by the national rating agencies, the
<br />County's current ratings remain unchanged from the previous year.
<br />STANDARD E
<br />MOODY'S POOR'S
<br />Recreational Revenue Bonds
<br />Refunding and Improvement Bonds - 1985 Aaa AAA
<br />General Obligation Bonds - 1983 AAA
<br />Solid Waste Disposal Bonds - 1977 A A
<br />A A
<br />The Refunding and Improvement Bonds - 1985 are insured by MBIA.
<br />The Recreational Revenue Bonds - 1985 are insured by AMBAC.
<br />CASH MANAGEMENT
<br />The County continued an aggressive cash management policy during the 1986
<br />fiscal year. Since all of the County's monies are now pooled in one account,
<br />banking services were put out for bid, resulting in a lower cost for banking
<br />services and better investment of idle County funds. Four accounts were
<br />established at the bank, the zero balance accounts (accounts payable,
<br />payroll, and cash deposits), and a concentration account.
<br />At the end of each business day, the zero balance accounts are closed to the
<br />concentration account, which is then invested in an overnight repo.
<br />An investment accotint was opened with the State Board of Administration (SBA)
<br />enabling the County to take advantage of the higher yields being offered by
<br />the SBA.
<br />MAJOR ACCOMPLISHMENTS
<br />The adoption of the 20 year Capital Road Improvements Program trill help the
<br />County to properly plan for the future improvement and construction of roads.
<br />This program was adopted after a two year project which involved a complete
<br />inventory and capacity analysis of the existing collector and arterial road
<br />system, and a computer model analysis of projected future roadway capacity
<br />needs using a 20 year planning horizon. Adoption of a "Fair Share Roadwav
<br />Improvements Ordinance" to levy a road impact fee on new development is
<br />expected to generate $2,000,000 per year. An increase in the local option
<br />gas tax from two cents to six cents should generate $1,900,000 per year.
<br />These two revenue sources, along with the 5th & 6th cent gas tax collected by
<br />the State and remitted to the County, will provide a large part of the funds
<br />needed to implement the 20 year Capital Road Improvements Program.
<br />During the 1986 fiscal year, eight roads were paved by use of the Petition
<br />Paving Program. Other road projects that were completed are as follows:
<br />1) Three lane widening of 8th Street from Old Dixie Highway to US 1 at a
<br />cost of $170,000.
<br />2) Construction of Lateral 'A' Road (66th Avenue) from County Road 510 to
<br />Schuman Drive at a cost of $120,000.
<br />3) Construction of Lindsey Road (49th Street) from Kings Highway to US 1 at
<br />a cost of $350,000.
<br />4) Widening of County Road 512 in front of the Sebastian Elementary School
<br />at a cost of $30,000. _
<br />41
<br />BALANCE
<br />AMOUNT
<br />SEPTEMBER 30,
<br />RETIRED
<br />1986
<br />$ ----
<br />$ 2,720,000
<br />230,000
<br />9,625.000
<br />990,000
<br />2,180,000
<br />110,000
<br />1,170,000
<br />5,000
<br />376,500
<br />3,000
<br />227,000
<br />57,000
<br />5,7159000
<br />0
<br />2,750,700
<br />For those debt obligations rated by the national rating agencies, the
<br />County's current ratings remain unchanged from the previous year.
<br />STANDARD E
<br />MOODY'S POOR'S
<br />Recreational Revenue Bonds
<br />Refunding and Improvement Bonds - 1985 Aaa AAA
<br />General Obligation Bonds - 1983 AAA
<br />Solid Waste Disposal Bonds - 1977 A A
<br />A A
<br />The Refunding and Improvement Bonds - 1985 are insured by MBIA.
<br />The Recreational Revenue Bonds - 1985 are insured by AMBAC.
<br />CASH MANAGEMENT
<br />The County continued an aggressive cash management policy during the 1986
<br />fiscal year. Since all of the County's monies are now pooled in one account,
<br />banking services were put out for bid, resulting in a lower cost for banking
<br />services and better investment of idle County funds. Four accounts were
<br />established at the bank, the zero balance accounts (accounts payable,
<br />payroll, and cash deposits), and a concentration account.
<br />At the end of each business day, the zero balance accounts are closed to the
<br />concentration account, which is then invested in an overnight repo.
<br />An investment accotint was opened with the State Board of Administration (SBA)
<br />enabling the County to take advantage of the higher yields being offered by
<br />the SBA.
<br />MAJOR ACCOMPLISHMENTS
<br />The adoption of the 20 year Capital Road Improvements Program trill help the
<br />County to properly plan for the future improvement and construction of roads.
<br />This program was adopted after a two year project which involved a complete
<br />inventory and capacity analysis of the existing collector and arterial road
<br />system, and a computer model analysis of projected future roadway capacity
<br />needs using a 20 year planning horizon. Adoption of a "Fair Share Roadwav
<br />Improvements Ordinance" to levy a road impact fee on new development is
<br />expected to generate $2,000,000 per year. An increase in the local option
<br />gas tax from two cents to six cents should generate $1,900,000 per year.
<br />These two revenue sources, along with the 5th & 6th cent gas tax collected by
<br />the State and remitted to the County, will provide a large part of the funds
<br />needed to implement the 20 year Capital Road Improvements Program.
<br />During the 1986 fiscal year, eight roads were paved by use of the Petition
<br />Paving Program. Other road projects that were completed are as follows:
<br />1) Three lane widening of 8th Street from Old Dixie Highway to US 1 at a
<br />cost of $170,000.
<br />2) Construction of Lateral 'A' Road (66th Avenue) from County Road 510 to
<br />Schuman Drive at a cost of $120,000.
<br />3) Construction of Lindsey Road (49th Street) from Kings Highway to US 1 at
<br />a cost of $350,000.
<br />4) Widening of County Road 512 in front of the Sebastian Elementary School
<br />at a cost of $30,000. _
<br />41
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