Item 7a Supp
ITEM NO. 7a Supp DATE OF MEETING November 10, 2009 2010-2014 Draft Plan of Finance November 10, 2009 Draft Plan of Finance 2010-2014 Each year at the end of the budget process, staff provides a summary five-year Port-wide funding plan (The Draft Plan of Finance). The 2010-2014 Plan is based on: Division capital improvement plans (CIPs) discussed with the Commission Division operating budgets and forecasts Airport is a self-funding operation Seaport operating income supports its CIP Real Estate receives interim partial support from the tax levy The tax levy scenario for First Reading of $75.9 million 2 Funding Sources The Draft Plan of Finance includes funding from: Net operating income and operating fund balances Existing and new revenue bond proceeds Passenger Facility Charges Customer Facility Charges Grants Tax levy 3 Aviation Capital Funding 2010-2014 4 Seaport Capital Funding 2010-2014 5 Real Estate Capital Funding 2010-2014 6 Tax Levy Sources & Uses 10/20/09 Presentation Tax levy uses in addition to Real Estate Capital G.O. Bond debt service Public expense Environmental expense Interim funding for certain Real Estate operations 7 Corporate Capital Funding 2010-2014 8 Debt Service Coverage The Plan is developed to adhere to the Port's financial management policies for prudent cash reserves and leverage Operating funds maintain a minimum of: 6 months operating and maintenance (O&M) expenses in the general fund 10 months O&M expenses in the airport development fund Maximum 75% of tax levy used to pay General Obligation bonds debt service Net income provides Revenue bonds coverage of: 1.5x debt service for Seaport debt 1.25x debt service for Airport debt 9 Port-wide Revenue Bond Debt Service Coverage 2010-2014 Forecast 10 2010 Planned Finance Activity Competitive selections for: Financial Advisor Underwriting team Bond issue for funding Airport projects approximately $200 million Refund bonds for savings as appropriate Develop and implement plans for expiring letters of credit on variable rate bonds 11
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