FY 2011-12 Adopted Budget - City of Oviedo

City of
Oviedo
Water/Sewer Capital Project Funds. The
City Mana ger will d isclose the excess
amount, if a ny, after completion of the financial
audit and recom mend transfer options
for the subsequent fiscal year.
3. In order to provide the resources necessary
to ensure continued operations of the
City’s Water/W astewater prog rams
should a natural disaster occur or significant
changes in the weather pattern, the
City sha ll estab lish a W orking Capita l
reserve equal to a m inimum of ninety
(90) days of the W ater/Wastewater operating
budget less depreciation, annual
debt service and capital expenditures.
Capital Improvements Planning:
4. The City shall m aintain a m inimum capital
r eserve balance in the W ater/
Wastewater Renewal and Replacem ent
Fund equal to 50% of the prior year depreciation
expense for plant and equipment.
1. The City Manager will annually prepare
and update a 5 Year Capital Im provements
Program (CIP) to reflect the capital
investment needs of the City cons istent
with the Comprehensive Plan and other
master plans approved by the City C ouncil.
The 5 Year CIP w ill focus on projects
that have an identified funding
source and consistent revenue stream.
2. Capital Improvem ent Projects will be prioritized
for funding in accordance with
the following criteria:
a. A prior multi-year commitment previously
approved by the City Council;
b. Included in a previous Master Plan or
conceptual plan pr eviously endorsed
or reviewed by City Council;
c. Involves necessary or planned m aintenance,
renovation or construction of
an existing facility, equipm ent or infrastructure;
d. Enhances the use or appearance of a n
existing facility or City-m aintained
public area;
e. A project that the City Council has
previously expressed an interest in
completing based on an identified
need that w as supported by the general
consensus of council members
3. To the extent that capital im provement
projects will im pact recurring operating
expenses an d revenue s, the im pacts will
be projected in the 5 Year CIP and will be
included as required in the proposed annual
operating budget.
4. As part of the 5 Year CIP, a vehicle replacement
schedule w ill be deve loped
and updated annually for a five year period.
A separate vehicle replacem ent
fund will b e es tablished for the G eneral
Fund (to include Stormwater vehicles)
and the Water/W astewater En terprise
Fund.
5. To the e xtent pos sible, the City will de -
velop and periodically update m aster
plans for water/wastew ater, s tormwater,
roads and sidewalks and recrea tional facility
im provements. The m aster plans
will s erve a s the plann ing tool tha t will
determine CIP priorities and costs f or the
respective improvements.
Debt Management:
1. The City sh all m aintain a m inimum Debt
Service Coverage of 110 percent (110%) in
the Water/Wastewater fund (income available
for debt service divided by the m aximum
debt service requirement).
2. The City shall review its outstanding debt
issues annually for the purpose of determining
if t he financial m arketplace will
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