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Metropolitan Wastewater Management Commission Reserves
<br />ADOPTED AMENDED PROPOSED
<br />BUDGET BUDGET FY BUDGET
<br />FY 09-1009-10FY 10-11
<br />IMPROVEMENT SDC RESERVE
<br />Beginning Balance6,310,1606,298,4604,279,825
<br />Improvement SDCs Collected605,625605,625530,848
<br />Interest 300,000300,00032,930
<br />Materials & Services(4,000)(4,000)(4,000)
<br />Xfr to Debt Service (Fund 312 )(2,505,013)(2,505,013)(2,500,000)
<br />Reserve4,706,7724,695,0722,339,603
<br />CAPITAL RESERVE
<br />The Capital Reserve accumulates funds transferred from the Operating Reserve for the purpose
<br />of funding the CIP, Major Capital Outlay and Major Rehabilitation Program costs. The intent is
<br />to collect sufficient funds over time to construct a portion of planned capital projects with cash in
<br />an appropriate balance with projects that are funded with debt financing. The FY 10-11 Budget
<br />includes a contribution from the Operating Reserve of $10,043,844. The beginning balance on
<br />July 1, 2010 is projected to be $41,416,192. Additional budget detail on the CIP, Major Capital
<br />Outlay and Major Rehabilitation Program reserves is provided below.
<br />BOND RESERVE
<br />The Bond Reserve was created to provide assurances to the bond holders that adequate revenue
<br />coverage will be provided for future debt service payments. For FY 10-11 the Bond Reserve is
<br />budgeted at $8,100,000 in order to meet reserve requirements of the bond issuances ($4,100,000
<br />for 06 issuance and $4,000,000 for 08 issuance).
<br />ADOPTED AMENDED PROPOSED
<br />BUDGET BUDGET BUDGET
<br />CAPITAL RESERVES
<br />FY 09-10FY 09-10FY 10-11
<br />Beginning Balance59,586,74877,995,22241,416,192
<br />Transfer from Operating Reserve6,619,0436,619,04310,043,844
<br />Interest450,000450,000265,400
<br />Interest Income (Revenue Bond Proceeds)860,000860,000148,550
<br />State Marine Board Grant80,00080,0000
<br />Revenue Bond Sale & SRF Proceeds27,800,00027,279,70010,306,739
<br />Miscellaneous Receipts7,0007,0003,500
<br />Bond Sale Expense(200,000)(200,000)0
<br />Arbitrage Expense(454,939)(454,939)0
<br />Funding For Capital Improvement Projects(65,016,782)(78,121,345)(32,814,768)
<br />Funding For Major Rehabilitation(158,700)(376,700)(50,000)
<br />Revenue Bond Reserve(10,100,000)(10,100,000)(8,100,000)
<br />Capital Reserve 19,472,37024,037,98121,219,457
<br />* Includes $450,000 in sponsorship contributions
<br />Page 23 DRAFT FY 10-11 BUDGET AND CIP
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