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PRES 2 - ORD Budget Amendement
Finance Economic Development Regional Affairs Committee 4t" Tuesday of Month 5:00 pm CITY OF Federal Way 2023=24 Biennium Mid -year Budget Amendment 2023 Q3 Amendment VAINIMl■ialIsis Y/E Act YTD Actual YTD Budget (Estimate. Investment Revenue 2,429,000 1,200,000 3,797,000 Permits & Fees 3,595,000 2,568,000 5,187,000 Utility Taxes* 8,473,000 7,551,000 11,273,000 Sales Tax 12, 016, 000 11, 233, 000 21, 042, 000 Business Lic Fees 513,000 465,000 730,000 27, 026, 000 23, 017, 000 42, 029, 000 *excludes non-GF r/E Budget Var Q1 adj Q2 Adj Q3 Adj 1,800,000 1,997,000 (330, 000) (187, 000) 1,480,000 4,052,000 1,135, 000 (529, 000) (281, 000) 325,000 10, 454, 000 819,000 (416, 000) (253, 000) 150,000 19, 887, 000 1,156, 000 (70, 000) (284, 000) 802,000 653,000 77,000 - (30, 000) 47,000 36, 846, 000 5,184, 000 (1,345,000) (1,035,000) 2,804,000 Jail fund (1,800,000) CD consults (372,000) MCourt Peer Recovery (180,000) Unemployment Fund (163,000) Lakehaven Cost Increase (135,000) CD Code Compliance (45,000) Street Fund (20,000) Debt Service Fund (15,000) CDBG Fund (15,000) FW Revised Code legal review (14,000) City Prosecutor Adj (14,000) (2,773,000) 31,000 Other Funds • $8,000,000 Purchase of land for maintenance and operations facility • $1,800,000 Additional jail costs due to increased usage (Jail Fund) • $1,000,000 Reduction of forecasted REET revenue (REST) • $775,797 2024 increase to Risk Fund insurance premiums • $475,000 Offsetting PAEC new revenue and expenses • $467,000 Cost increase of gasoline, repair and maintenance (Fleet) • $458,000 Health insurance claims increase (Risk) • $363,000 Offsetting revenue/expense pedestrian crossing grant General Fund — Restricted Revenues • $150,000 Forensic lab computer (General Fund Restricted Seized Fund Revenues) • $120,000 Surveillance camera trailers (General Fund Restricted Seized Fund Revenues), Maintenance Facility 1. Authorize budget of $8,000,000 for land acquisition using on -hand cash • Downtown Redevelopment Fund $51VI • Transportation CIP $31VI 2. Land acquisition transactions can close I Resolution to reimburse allows recovery at time of debt issuance 4. Debt issuance will amortize total cost and repay interfund loan Maintenance Facility Budget process: • Budget amendment is adopted • Purchase of land can proceed Debt process: • Resolution to reimburse approved • Debt issuance for entire project • Interfund loan is extinguished from proceeds • SWIVI / REET / GIF pays off debt over 25-ish yrs na Interest Rates GO AA Muni BVAL + 50 bps as of 802023 True I nterest Cost 4.51 % Sources Par Amount $ 44,535,000 Premium 2,415,150 Total $ 46,950,150 Uses Project Funds $ 46,610,000 Costs of Issuance 339,274 Contingency 876 Total $ 46,950,150 Fund Allocations t ,1; .0VA ;10A 1; 'TVI � 1 Surface Water REET Fuel/Maintenance Savings Parks/Streets Project Funds $ 13,984,583 Project Funds $ 25,848,162 Project Funds $ 4.228,658 Project Funds $ 1,548.597 % of Project Funds 3a% % of Project Funds 58% % of Project Funds 9% % of Project Funds 3% rune uew service 2025 1,000,000 42% $ 1,000,000 42 $ 302,750 13% 104,000 4% 2,406,750 2026 1,000,000 42% 1,000,000 42 300,250 12% 102,500 4% 2,402,750 2027 1,000,000 42% 1,000,000 42° 302,500 13% 106,000 4% 2,408,500 2028 1,000,000 42% 1,000,000 42° 304,250 13% 104,250 4% 2,408,500 2029 1,000,000 42% 1,000,000 42° 300,500 12% 107,500 4% 2,408,000 2030 1,000,000 34% 1,549,000 520 302,500 10% 105,500 4% 2,957,000 2031 1,000,000 34% 1,549,000 520 300,500 10% 103,500 4% 2,953,000 2032 1,000,000 34% 1,549,000 52 301,750 10% 106,500 4% 2,957,250 2033 1,000,000 34% 1,549,000 52 301,000 10% 104,250 4% 2,954,250 2034 1,000,000 27% 2,300,000 62 302,250 8% 107,000 3% 3,709,250 2035 1,000,000 27% 2,300,000 620 304,750 8% 104,500 3% 3,709,250 2036 1,000,000 27% 2,300,000 620 303,000 8% 107,000 3% 3,710,000 2037 1,000,000 27% 2,300,000 620 302,000 8% 104,250 3% 3,706,250 2038 1,000,000 27% 2,300,000 620 301,500 8% 106,500 3% 3,708,000 2039 1.000,000 27% 2,300.000 620 301,250 8% 103.500 3% 3,704.750 2040 1.000,000 27% 2,300.000 620 301,000 8% 105.500 3% 3,706.500 2041 1,000,000 27% 2,300,000 620 300,500 8% 107,250 3% 3,707,750 2042 1,000,000 27% 2,300,000 620 30400 8% 103,750 3% 3,708,250 2043 1,000,000 27% 2,300,000 62° 302,500 8% 105,250 3% 3,707,750 20" 1,000,000 27% 2,300,000 62° 304,500 8% 106,500 3% 3,711,000 2045 11,000,000 27% 2,300,000 62° 305,000 8% 102,500 3% 3,707,500 2046 1,000,000 27% 2,300,000 620 303,750 8% 103,500 3% 3,707,250 2047 11,000,000 27% 2,300,000 620 300,500 8% 104,250 3% 3,704,750 2048 1,000,000 27% 2,300,000 620 305,000 8% 104,750 3% 3,709,750 2049 1,000,000 27% 2,300,000 620 301,500 8% 105,000 3% 3,706,500 Prepared by PFM Financial Advisors LLC 8/7/2023 Maintenance Facility Why only Budget (separate from Debt): o Total costs aren't known o Design isn't completed o Land acquisition is needed for both Debt process: ✓ Feasibility ✓ Funding sources identified o Total Cost o Timing Next Steps Budget Amendment • October FEDRAC discussion • Hearing Nov. 8th • Ordinance introduced Nov. 8th • Ordinance enacted Nov. 21st • Department budgets are updated LG 047.27792 - F 100 LG 04TZ7792 100