HomeMy WebLinkAbout17-110 Exhibit B - 1.2NEW ISSIIE - BOOK ENTRY ONLY Moody's: "Aa3tt
S&P: "AA-" (stable outlook)
See "RATINGS" herein
In the opi,nion of Nabors, Giblin & Nickerson, P.A. ("Bond, Counsel"), under etisti,ng stqtutes, regulatiorts, ndi,ngs
and court dncisions, and, ossuming corry)Liatwe with cqrtain tq,s coaqna,nts descri,bed herei,n, intsrest on the Seri,es 2017
Bottds is eoclu.dnbl.e from gross innome of the owners thvreof for fed,qral innome tnfi pu?poses, and, is not an item of
ta,r preference for purposes of the Jederal al.tsmatioe minimum taa i,mptosed on indiuiduak and, corporatiotts. Such
interest, howeuer, will be innludnb\e in the cql,culation of certain corytorations' altsrnatiae minimum ta,rable income
and mag be subject tn oth,er fed,erd inrome ta,r corsequ,srwes. See 'TAX EXEMPTIOLP hqrei,n for a general d,iscussion
of Bond Counsel's opini,on and oth,er to,u cortsid,eratiorx.
$46,865,000
sT. LUCrE COUNTY, FLORTDA
NON-AD VALOREM REVENIIE BONDS,
SERIES 2017
Dated: Date of Delivery Due: October 1, as shown on the inside cover
St. Lucie Cor.rnty, Florida (the "County") is issuing its $46,865,000 Non-Ad Valorem Revenue Bonds, Series 2017 (the
"Series 2017 Bonds") as firlly registered bonds, which initially will be registered in the name of Cede & Co., as nominee of
The Depository Trust Company ("DTC). Individuai purchases will be made in book entry form only in denominations of
$5,000 and any integral mr:ltiple thereof. Purchasers of the Series 2017 Bonds (the "Beneflcial Owners") will not receive
physical delivery of the Series 2017 Bonds. Trarsfer of ownership in the Series 2017 Bonds will be affected by DTC's book-
entry system as described herein. As long as Cede & Co. is the registered owner as nominee of DTC, principal and interest
payments will be made directly to such registered owner which will in turn remit such payments to the Participants (as
defined herein) for subsequent disbursement to the Beneflcial Owners. Interest on the Series 2017 Bonds is payable semi-
annually on October 1 and April 1 of each yeax commencing October L,2017. Principal of the Series 2017 Bonds is payable,
when due, to the registered owners upon presentation and surrender at the designated corporate offlce ofU.S. Bank National
Association, Jacksonville, Florida, as Paying Agent and Registrar. All payments of principal of and interest on the Series 2017
Bonds shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender
for the payment of public and private debts.
The Series 2017 Bonds are payable from and secured by (i) the Pledged F\mds (as defned herein) and (ii) a covenant to
budget and appropriate legally available non-ad valorem revenues sufflcient to pay debt service on the Series 2017 Bonds. See
'SECURITY FOR BONDS" herein. The Series 2017 Bonds are being issued pursuant to the authority and in compliance with
the Constitution ofthe State ofFlorida, Chapter 125, Florida Statutes, Section 288.11631, Florida Statutes and other applicable
provisions of law, and pursuant to Resolution No. 17-110 adopted by the Board of County Commissioners of the County (the
"Board') on May L6,2017, as amended and supplemented from time to time (the'Resolution").
The Series 2017 Bonds are being issued to provide funds to (i) fnance the cost of the Project (as defned herein), and (ii)
pay costs associated with the issuance ofthe Series 2017 Bonds.
THE SERIES 2017 BONDS SIIALL NOT BE OR CONSTTTUTE GENERAL OBLIGATIONS OB INDEBTEDNESS
OFTHECOI]NTYAS "BONDS''WITHINTHEMEANINGOFANYCONSTTIIITIONALORSTATUTORYPROVISION,
BI]T SIIALL BE SPECIAL OBLIGATIONS OF TIIE COIJNIY, PAYABLE SOLELYFROM THE PLEDGED FI]NDS AND
FROM AMOIJNTS BIIDGETED AND APPROPRTATED BY THE COIINTY FROM NON-AD VALOBEM REVENTTES
IN ACCORDANCE WITH TIIE RESOLUTION. NO HOLDER OF ANY SEBIES 2017 BOND SIIALL EVER IIAVE
THE BIGIIT TO COMPEL THE E)GRCISE OF ANYAD VALOREM TAXING POWER TO PAY SUCH SERIES 2017
BOND, OR BE ENTTTLED TO PAYMENT OF SUCH SEBIES 2017 BOND FROM ANy MONEYS OF THE COUMY
EXCEPT FROM THE PI,EDGED FT]NDS AND THE NON-AD VAIOREM EEVENUES IN TIIE MANNER AND TO
THE EXTEIIT PBOVIDED IN THE BESOLI]TION.
Certain ofthe Series 2017 Bonds are subject to redemption as provided herein.
This cover page contains certain information for quick reference only. It is not, and is not intended to be, a summary of
this issue. Investors must read the entire Official Statement to obtain information essential to making an informed investment
decision.
The Series 2017 Bonns are offered whzn, os and, i,f i,ssued, subject to tlte approuing lcgal opinion of Nabors, Gi,bLin
& Nickerson, PA, Tampa, Flnrida, Bond, Cour*el. Certnin l,egal matters will be possed on Jor the County by Daniel S.
Mclntyre, Esquire, County Attom,eA, and by Bryant Miher OLfue P.A., Miami, Il,oridn, Disclosure CounseL to the County.
HoUand, & Knight LLP, Lakeland,, F'lnr[da, is seruing os Counsel to the Und.etwriters. Pub\i.c Finarwial Management, Inc.,
Orlnndn, tr'Lorida is Fi,nanci,ol Aduisor to the County in regard to thc i,ssuarwe oJ thn Series 2017 Bonds. It is erpected
that settl,ement for thc Series 2017 Bonds will occar through th,e fo,ci\iti,es of DTC in Nan York, Nan York on or about
June 29, 2017.
Wells Fargo Securities
Citigroup
Dated: June 16,2017
MATURITIES, AMOUNTS, INTEREST RATES, PRTCE,
YIELD AND INITIAL CUSP NUMBERS
$46,865,000
ST. LUCIE COUNTY, FLORIDA
Non-Ad Valorem Revenue Bonds,
Series 2017
$36,235,000 Serial Bonds
Maturity
(October 1)
2078
2079
2020
2027
2022
2023
2024
2025
2026
2027
2028
2029
2030
2037
2032
2033
2034
2035
2036
2037
Amount
$1,125,000
1,160,000
1,205,000
7,270,000
1,330,000
1,395,000
7,465,000
1,540,000
1,615,000
1,700,000
1,795,000
'1,,870,000
7,965,000
2,065,000
2,770,000
2,275,000
2,390,000
2,510,000
2,635,000
2,765,000
lnterest
Rate
3.000%
4.000
5.000
5.000
5.000
5.000
5.000
5.000
5.000
5.000
5.000
5.000
5.000
5.000
5.000
5.000
5.000
s.000
5.000
5.000
Price
702.539%
706.557
712.067
115.088
117.899
720.226
727.975
723.407
724.275
124.U9
723.207*
727.787"
720.878*
720.082+
1.19.391*
1.1.8.705*
118.120*
777.635*
777.249"
776.865*
Yield
0.960%
1.050
1.210
7.340
1.450
1.590
7.760
7.920
2.100
2.270
2.430*
2.570*
2.660*
2.740*
2.810*
2.880*
2.940*
2.990"
3.030*
3.070*
lnitial CUSIP
Numbers**
79207T4V3
79207T4W7
79207T4X9
79207T4Y7
79207T424
792071848
79207T886
79207T8C4
79207T8D2
79207T8E,0
79207T8F7
79207T8G5
79207T8H3
79207T819
79207TBK6
79207T8L4
79207TBM2
79207T8N0
79207T8P5
79207T8Q3
$10,630,000 5.00% Term Bonds due October 7,2042 Price 116.101%* Yield 3.150%* Initial CUSIP No. 79207TBR1
*Price and yield determined based on first call date of October 7,2027.
** The County is not responsible for the use of the CUSP Numbers referenced herein nor is any
representation made by the County as to their correctness. The CUSIP Numbers provided herein are
included solely for the convenience of the readers of this Official Statement.
ST. LUCIE COUNTY, FLORIDA
2300 Virginia Avenue
Fort Pierce, Florida 34982
(772) 462-7450
MEMBERS OF THE BOARD OF COUNTY COMMISSIONERS
Chris Dzadovsky, Chairman
Tod Mowery, Vice Chair
Linda Bartz
Frannie Hutchinson
Cathy Townsend
COUNTY ADMINISTRATOR
Howard N. Tipton
COUNTYATTORNEY
Daniel S. McL:rtyre, Esq.
INTERIM MANAGEMENT AND BTIDGET DIRECTOR
|enni{er Hill
CLERK OF THE CIRCUIT COURT
|oseph E. Smith
FINANCE DIRECTOR
Shai Francis, CPA, CGFO, CGMA
FINANCIAL ADVISOR
Public Financial Management, Inc.
Orlando, Florida
BOND COUNSEL
Nabors, Giblin & Nickerson, PA
Tampa, Florida
DISCLOSURE COUNSEL
Bryant Miller Olive P.A.
Miami, Florida
No dealer, broker, salesman or other person has been authorized by the County to give any
information or to make any representations in connection with the Series 2017 Bonds other than as
contained in this Official Statement, and, if given or made, such inJormation or representations must not
be relied upon as having been authorizedby the County. This Official Statement does not constitute an
offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Series 2017 Bonds by
.Lny person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or
sale. The information set forth herein has been obtained from the County, The Depository Trust
Company, and other sources which are believed to be reliable, but is not guaranteed as to accuracy or
completeness, and is not to be construed as a representation by the County with respect to any
information provided by others. The Underwriters have provided the following sentence for inclusion in
this Official Statement. The Underwriters listed on the cover page hereof have reviewed the information
in this Official Statement in accordance with and as part of their responsibilities to investors under the
federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriters
do not guarantee the accurary or completeness of such information. The information and expressions of
opinion stated herein are subject to change, and neither the delivery of this Official Statement nor any sale
made hereunder shall create, under any circumstances, any implication that there has been no change in
the matters described herein since the date hereof.
IN CONNECTION WITH THIS OFFERING, THE UNDERWRITERS MAY OVERALLOT OR
EFFECT TRANSACTIONS THAT STABILZE OR MAINTAIN THE MARKET PRICE OF THE SERIES
2017 BONDS AT LEVELS ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN
MARKET. SUCH STABILZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME.
All summaries herein of documents and agreements are qualitied in their entirety by reference to
such documents and agreements, and all summaries herein of the Series 2017 Bonds are qualified in their
entirety by reference to the form thereof included in the aforesaid documents and agreements.
NO REGISTRATION STATEMENT RELATING TO THE SERIES 2017 BONDS HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION (THE "COMMISSION') OR WITH ANY
STATE SECURITIES COMMISSION. IN MAKING ANY INVESTMENT DECISION,INVESTORS MUST
RELY ON THEIR OWN EXAMINATIONS OF THE COUNTY AND THE TERMS OF THE OFFERING,
INCLUDING THE MERITS AND RISKS INVOLVED. THE SERIES 2017 BONDS HAVE NOT BEEN
APPROVED OR DISAPPROVED BY THE COMMISSION OR ANY STATE SECURITIES COMMISSION
OR REGULATORY AUTHORITY. THE FOREGOING AUTHORITIES FIAVE NOT PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS OFFICIAL STATEMENT. ANY REPRESENTATION TO THE
CONTRARY MAY BE A CRIMINAL OFFENSE.
THIS OFFICIAL STATEMENT DOES NOT CONSTITUTE A CONTRACT BETWEEN THE
COUNTY OR THE UNDERWRITERS AND ANY ONE OR MORE OF THE OWNERS OF THE SERIES
2017 BONDS.
References to website addresses presented in this Official Statement are for informational
purposes only and may be in the form of a hyperlink solely for the reader's convenience. Unless specified
otherwise, such websites and the information or links contained therein are not incorporated ilto, and are
not part of, this Official Statement.
TABLE OF CONTENTS
Contents Page
Authority for and Purpose of Issuance .............1
DESCRIPTION OF THE SERIES 2017 BONDS ......,..,.....2
Book-Entry Only System ...............3
Optional Redemption ....................5
Mandatory Redemption ................5
Selection of Series 2017 Bonds to be Redeemed................. ..........................6
Notice of Redemption................. .........................6
Redemption of Portions of Series 2017 Bonds. .......................7
Payment of Redeemed Series 2017 Bonds.......... .....................7
Interchangeability, Negotiability and Transfer....... ...............7
State Sales Tax Revenues.................... .................9
Covenant To Budget And Appropriate.............. ...................12
Fuads and Accounts .................. ........................72
Issuance of Other Obligations. ..........................14
ESTIMATED SOURCES AND USES OF FUNDS .......,77
DESCRIPTION OF NON-AD VALOREM REVENUES................. .........................19
Intergovemmental Revenues.................. ..........23
Frandrise Fee Revenues.................... .................27
Miscellaneous Non-Ad Valorem Revenue...... ......................29
Tourist Development Tax Revenues.................. ....................29
Historical Receipt of Non-Ad Valorem Revenues.... ...........32
Debt of County Secured by Non-Ad Valorem Revenues .........................33
INVESTMENT CONSIDERATIONS .......35
GENERAL INFORMATION REGARDING ST. LUCIE COUNTY .......................36
County Govemment.................... ......................36
Management Discussion .............37
LIABILITIES OF THE COUNTY ....,.........42
Other Post Employment Benefits..... ................42
DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS ...............48
Opinion of Bond Counsel....... ...........................43
L:rtemal Revenue Code of 7986.............. ...........M
Collateral Tax Consequences............ ................M
INDEPENDENT ACCOUNTANTS..... ,,,....,..................46
ENFORCEABILITY OF REMEDIES................. .,,.........,.47
ACCURACY AND COMPLETENESS OF OFFICIAL STATEMENT................ ..........................48
AUTHORZATION OF OFFICIAL STATEMENT................ .............49
APPENDX A: General Information Conceming the County
APPENDIX B: Independent Auditors'Report of the County
APPENDX C: Form of the Resolution
APPENDIX D: Form of Bond Counsel Opinion
APPENDX E: Form of Continuing Disclosure Certificate
OFFICIAL STATEMENT
relating to
$46,955,000
ST. TUCIE COUNTY, FLORIDA
NON-AD VALOREM REVENUE BONDS,
SERIES 2017
INTRODUCTION
General
This Official Statemenf including the cover page, inside cover page and the Appendices hereto, is
fumished with respect to the sale of the $46,865,000 Non-Ad Valorem Revenue Bonds, Series 2017 (the
"Series 2017 Bonds") issued by St. Lucie County, Florida (the "County").
This introduction is not, and is not intended to be, a summary of this Official Statement. It is onty
a brief description of and guide to, and is qualified by, more complete and detailed inJormation contained
in the entire Official Statement, including the cover page, inside cover page and Appendices hereto, and
the documents summartzed or described herein. A ful review should be made of the entire Officia]
Statement. The offering of the Series 2017 Bonds is made only by means of this Official Statement and is
subject in all respects to the information contained herein. For a complete description of the terms and
conditions of the Series 2017 Bonds, reference is made to "APPENDIX C - Form of the Resolution"
attached hereto.
Unless otherwise indicated, capitalized terms used in this Official Statement shall have the same
meaning established in "APPENDX C - Form of the Resolution" attached hereto.
Authority for and Purpose of Issuance
The Series 2017 Bonds are being issued pursuant to the authority and in compliance with the
Constitution of the State of Florida, Chapter 125, Florida Statutes, Section 288.77637, Florida Statutes and
other applicable provisions of law, and pursuant to Resolution No. 17-110 adopted by the Board of
County Commissioners of the County (the "Board") on May 76, 2077, as amended and supplemented
from time to time (the "Resolution").
The Series 2017 Bonds are being issued to provide funds to (i) finance the cost of the Project and
(ii) pay costs associated with the issuance of the Series 2017 Bonds. See "THE PROJECT" herein for a
description of the Project.
Security for the Bonds
The Series 2017 Bonds will be payable from and secured by (i) Program Revenues (as defined
herein) and amounts on deposit in the funds and accounts established in the Resolution ("the Pledged
Funds"), and (ii) a covenart to budget and appropriate legally available non-ad valorem revenues
sufficient to pay debt service on the Series 2017 Bonds. The Program Revenues will be received by the
County for a 20 year period. The Series 2017 Bonds will mature after such 20 year period. See
"SECURITY FOR BONDS" herein.
Other Inforrration
This Official Statement speaks only as of its date, and the information contained herein is subject
to change.
Copies of the Resolution and other documents and information are available, upon request and
upon payment to the County of a charge for copying mailing and handling, from the County
Administrator, 2300 Virginia Avenue, Fort Pierce, Florida 34982.
For a complete description of the terms and conditions of the Series 2077 Bonds, reference is
made to the Resolution, the form of which is included in "APPENDIX C - Form of the Resolution"
attached hereto. The description of the Resolution, the Series 2017 Bonds and information from reports
contained herein do not purport to be comprehensive or definitive.
THE PROJECT
The proceeds of the Series 2017 Bonds will be used to acquire and construct improvements to the
St. Lucie County Sports Complex (the "Sports Complex") owned by the County (the "Project"). Such
improvements include, but are not limited to, a new full-size practice field with artificial turf, new
specialty training fields, upgraded batting cages, upgraded Minor League clubhouse facilities, expanded
outfield walkway, expanded and upgraded vertical circulatiory new concession stands and restrooms,
renovated Home and Visiting Team clubhouses, renovated support facilities, renovated fan and player
walkways, signage, graphics, landscaping, youth baseball and softball playing fields, asphalt parking
resurfacing, roof replacement/repair, washer/dryer replacements, seat replacements, HVAC and ice
machine and cooler replacements.
The Sports Complex is located 1/zrnie east of I-95 in the City of Port St. Lucie, Florida. The Sports
Complex was completed in 1987 and subsequently renovated in 2003. It has a seating capacity of 7,347
seats and has been the spring training facility for the New York Mets since 1988.
DESCRIPTION OF THE SERIES 2017BONDS
General
The Series 2017 Bonds shall be dated the date of their delivery, shall be numbered consecutively
from R-1 upward and shall be issued in the denominations of $5,000 or integral multiples thereof. The
Series 2017 Bonds will mature on the dates and will bear interest at the rates set forth on the inside cover
page of this Official Statement. Interest on the Series 2017 Bonds shall be payable semi-annually on
April 1 and October 1 in each year corunencing October 7,2077 and is payable by che& or draft of U.S.
Bank National Associatiory Jacksonville, Florida as initial registrar and paying agent (the "Registrar" and
the "Paying Agent"). The principal of, or Redemption Price, if applicable, on the Series 2017 Bonds are
payable upon presentation and surrender of the Series 2017 Bonds at the office of the Paying Agent and
Registrar for the Series 2017 Bonds. Interest payable on any Series 2017 Bond on any Lrterest Date will be
paid by che& or draft of the Paying Agent to the Holder in whose name such Series 2017 Bond shall be
registered at the dose of business on the date which shall be the fifteenth day (whether or not a business
day) of the calendar month next preceding such Lrterest Date, or at the prior written request and expense
of such Holder, by bank wire transfer for the account of such Holder. AII payments of principal of or
Redemption Price, if applicable, and interest on the Series 2017 Bonds shall be payable in any coin or
currency of the United States of America which at the time of payment is legal tender for the payment of
public and private debts.
Book-Entry Only System
THE FOLLOWING INFORMATION CONCERNING DTC AND DTC'S BOOK-ENTRY ONLY
SYSTEM HAS BEEN OBTAINED FROM DTC, AND NEITHER THE COUNTY NOR THE
UNDERWRITERS TAKE ANY RESPONSIBILITY FOR THE ACCURACY THEREOF.
DTC will act as securities depository for the Series 2017 Bonds. The Series 2017 Bonds will be
registered in the name of Cede & Co. (DTC's partrership nominee) or such other name as may be
requested by an authorized representative of DTC. One fully-registered Series 2017 Bond will be used for
each maturity of the Series 2017 Bonds, in the aggregate amount of such maturity, and will be deposited
withDTC.
SO LONG AS CEDE & CO. IS THE REGISTERED OWNER OF THE SERIES 2017 BONDS, AS
NOMINEE OF DTC, CERTAIN REFERENCES IN THIS OFFICIAL STATEMENT TO THE SERIES 2017
BONDHOLDERS OR REGISTERED OWNERS OF THE SERIES 2017 BONDS WILL MEAN CEDE & CO.
AND WILL NOT MEAN THE BENEFICIAL OWNERS OF THE SERIES 2017 BONDS. THE
DESCRIPTION WHICH FOLLOWS OF THE PROCEDURES AND RECORD KEEPING WITH RESPECT
TO BENEFICIAL OWNERSHIP INTERESTS IN THE SERIES 2017 BONDS, PAYMENT OF INTEREST
AND PRINCIPAL ON THE SERIES 2017 BONDS TO DIRECT PARTICIPANTS (AS HEREINAFTER
DEFINED) OR BENEFICIAL OWNERS OF THE SERIES 2017 BONDS, CONFIRMATION AND
TRANSFER OF BENEFICIAL OWNERSHIP INTERESTS IN THE SERIES 2017 BONDS, AND OTHER
RELATED TRANSACTIONS BY AND BETWEEN DTC, THE DIRECT PARTICIPANTS AND
BENEFICIAL OWNERS OF THE SERIES 2017 BONDS IS BASED SOLELY ON INFORMATION
FURNISHED BY DTC. ACCORDINGLY, NEITHER THE COUNTY NOR THE UNDERWRITERS MAKE
NOR CAN MAKE ANY REPRESENTATIONS CONCERNING THESE MATTERS.
DTC, the world's largest depository, is a limited-purpose trust company organized under the
New York Banking Law, a "banking organization" within the mearLing of the New York BankingLaw, a
member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York
Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A
of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues
of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments
(from over 100 countries) that DTC's participants (the "Direct Participants") deposit with DTC. DTC also
facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in
deposited securities, tluough electronic computerized book-entry transfers and pledges between Direct
Participants' accounts. This eliminates the need for physical movement of securities certificates. Direct
Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies,
clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The
Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for DTC, National
Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered
clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is
also available to others such as both U.S. and non-U.S. securities brokers, dealers, banks, trust companies
and clearing corporations that clear through or maintain a custodial relationship with a Direct
Participant, either directly or indirectly (the "Indirect Participants"). DTC has Standard & Poor's highest
rating: AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exdrange
Commission. More information about DTC can be found at www.dtcc.com.
Purchases of Series 2017 Bonds under the DTC system must be made by or through Direct
Participants, which will receive a credit for such Series 2017 Bonds on DTC's records. The ownership
interest of each actual purchaser of each Series 2017 Bond (the "Beneficial Owner") is in tum to be
recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written
confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written
confirmations providing details of the transaction, as well as periodic statements of their holdings, from
the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction.
Transfers of ownership interests in the Series 2017 Bonds are to be accomplished by entries made on the
books of Direct and Indirect Participants acting on behalf of the Beneficial Owners. Beneficial Owners
will not receive cerfficates representing their ownership interests in the Series 2077 Bonds, except in the
event that use of the book-entry system for the Series 2017 Bonds is discontinued.
To facilitate subsequent transfers, all Series 2017 Bonds deposited by Direct Participants with
DTC are registered in the name of DTC's partnership nominee, Cede & Co., or such other nalne as may be
requested by an authorized representative of DTC. The deposit of Series 2017 Bonds with DTC and their
registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial
ownership. DTC has no knowledge of the actual Beneficial Owners of the Series 2017 Bonds; DTC's
records reflect only the identity of the Direct Participants to whose accounts such Series 2017 Bonds are
credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will
remain responsible for keeping an account of their holdings on behalf of their customers.
Conveyance of notices and other communications by DTC to Direct Participants, by Direct
Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial
Owners will be governed by arrangements made among them, subject to any statutory or regulatory
requirements as may be in effect from time to time. Beneficial Owners of the Series 2017 Bonds may wish
to take certain steps to augment the transmission to them of notices of significant events with respect to
the Series 2017 Bonds, such as redemptions, tenders, defaults, and proposed amendments to the Series
2077 Bond documents. For example, Beneficial Owners of the Series 2017 Bonds may wish to ascertain
that the nominee holding the Series 2017 Bonds for their benefit has agreed to obtain and transmit notices
to Beneficial Owners. In the altemative, Beneficial Owners may wish to provide their names and
addresses to the Registrar and request that copies of notices be provided directly to them.
Redemption notices shall be sent to DTC. If less than a1l of the Series 2017 Bonds are being
redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in
such Series 2017 Bonds to be redeemed.
Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to
the Series 2017 Bonds udess authorized by a Direct Participant in accordance with DTC's MMI
Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the County as soon as possible
after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those
Direct Participants to whose accounts the Series 2017 Bonds are credited on *re record date (identified in
a listing attached to the Omnibus Proxy).
Principal and interest payments on the Series 2017 Bonds will be made to Cede & Co., or such
other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit
Direct Participants' accounts, upon DTC's receipt of funds and corresponding detail information from the
County or the Paying Agent and Registrar on the payable date in accordance with their respective
holdings shown on DTC's records. Payments by Participants to Beneficial Owners will be govemed by
standing instructions and customary practiceg as is the case with securities held for the accounts of
customers in bearer form or registered in "street name," and will be the responsibility of such Participant
and not of DT9 the Paying Agent or the County, subject to any statutory and regulatory requirements as
may be in effect from time to time. Payment of principal and interest to Cede & Co. (or such other
nominee as may be requested by an authorized representative of DTC) is the responsibility of the County
and/or the Paying Agent for the Series 2017 Bonds. Disbursement of such payments to Direct Participants
is the responsibility of DTC, and disbursement of such payments to the Beneficial Owners is the
responsibility of the Direct and Lrdirect Participants.
DTC may discontinue providing its services as securities depository with respect to the Series
2017 Bonds at any time by glving reasonable notice to the County. Under such circumstances, in the
event that a successor securities depository is not obtained, Series 2077 Bond certificates are required to
be printed and delivered.
The County may decide to discontinue use of the system of book-entry transfers through DTC (or
a successor securities depository). Lr that event, Series 2017 Bond certificates will be printed and
delivered and be subject to transfer and registration as provided in the Resolution and as described below
under the subheading " - Interchangeability, Negotiability and Transfer. "
Optional Redemption
The Series 2017 Bonds maturing on or before October 1, 2027 are not zubject to optional
redemption prior to maturity. The Series 2017 Bonds maturing on and after October 7,2028 are subject to
redemption at the option of the County from any legally available revenues in whole or in part, at any
time, on or after October 7,2027 in such order of maturities as may be determined by the County (less
than all of a single maturity to be selected by lot) at a Redemption Price of 700% of the principal amount
to be redeemed, plus accrued interest to the date set for redemption.
Mandatory Redemption
The Series 2017 Bonds maturing on October 7, 2042, are subject to mandatory sinking fund
redemption, prior to maturity in part, by lot on October 7, 2038 and on each October 1 thereafter, at a
redemption price equal to the principal amount of such Series 2017 Bonds or portions thereof to be
redeemed, plus interest accrued thereon to the date of redemptiory on October 1 in the following years
and in the following amounts:
Year
2038
2039
2040
2041
2042*
Amount
$1,925,000
2,020,000
2,120,000
2,225,000
2,340.000
*Maturity.
Selection of Series 2017 Bonds to be Redeemed
The Series 20\7 Bonds shall be redeemed only in the principal amount of $5,000 each and integral
multiples thereof. The County shall, at least 45 days prior to the redemption date (ulless a shorter time
period shall be satisfactory to the Registrar), notify the Registrar of such redemption date and of the
principal amount of Series 2017 Bonds to be redeemed. For purposes of any redemption of less than all of
the Outstanding Series 2017 Bonds of a single maturity, the particular Series 2077 Bonds or portions of
Series 2017 Bonds to be redeemed shall be selected not more than 45 days and not less than 35 days prior
to the redemption date by the Registrar from the Outstanding Series 2017 Bonds of the maturity or
maturities designated by the County by such method as the Registrar shall deem fair and appropriate
and which may provide for the selection for redemption of Series 2017 Bonds or portions of Series 2017
Bonds in principal amounts of $5,000 and integral multiples thereof.
Notice of Redemption
Notice of such redemptiory which shall specify the Series 2077 Bond or Series 2017 Bonds (or
portions thereof) to be redeemed and the date and place for redemption, shall be given by the Registrar
on behalf of the Counf, ard (A) shall be filed with the Papng Agent of such Series 2017 Bonds, and (B)
shall be mailed first class, postage prepaid, not less than 30 days nor more than 45 days prior to the
redemption date to all Holders of Series 2017 Bonds to be redeemed at their addresses as they appear on
the registration books kept by the Registrar as of the date of mailing of such notice. In addition to the
making of the notice described above, the Registrar shall give additional notice of the redemption of
Series 2017 Bonds in accordance with any regulation or release of the Municipal Securities Rulemaking
Board or goverrrrnental agency or body from time to time applicable to such Series 2017 Bonds. Failure to
mail such notice, or any defect thereirl shall not affect the proceedings for redemption of Series 2017
Bonds as to which no such failure or defect has occurred. Such notice shall also be mailed to the Insurer,
if any, of such redeemed Series 2017 Bonds. Failure of any Holder to receive any notice mailed as
provided in the Resolution shall not affect the proceedings for redemption of such Holder's Series 2017
Bonds.
Each notice of redemption shall state: (1) the CUSIP numbers and any other distinguishing
number or letter of all Series 2017 Bonds being redeemed, (2) the original issue date of such Series 2017
Bonds, (3) the maturity date and rate of interest borne by each Series 2017 Bond being redeemed (4) the
redemption date, (5) the Redemption Price, (5) the date on which such notice is mailed, (7) il less than all
Outstanding Series 2017 Bonds are to be redeemed, the certificate number (and, in the case of a partial
redemption of any Series 2017 Bond" the principal amount) of each Series 2017 Bond to be redeemed, (8)
that on such redemption date there shall become due and payable upon each Series 2017 Bond to be
redeemed the Redemption Price thereof, or the Redemption Price of the specffied portions of the
principal thereof in the case of Series 2017 Bonds to be redeemed in part only, together with interest
accrued thereon to the redemption date, and that from and after such date interest thereon shall cease to
accrue and be payable, (9) that the Series 2017 Bonds to be redeemed, whether as a whole or in part, are to
be surrendered for payment of the Redemption Price at the designated office of the Registrar at an
address specified, (10) the name and telephone number of a person designated by the Registrar to be
responsible for such redemption, (11) unless sufficient funds have been set aside by the County for such
purpose prior to the mailing of the notice of redemptioru that such redemption is conditioned upon the
deposit of sufficient funds for such purpose on or prior to the date set for redemptiory and (12) any other
conditions that must be satisfied prior to such redemption.
The County may provide that a redemption will be contingent upon the occurrence of certain
conditions and that if such conditions do not occur the notice of redemption will be rescinded, provided
notice of rescission shall be mailed in the manner described in the Resolution to all affected Bondholders
not later than three business days prior to the date of redemption.
Redemption of Portions of Series 2017 Bonds
Any Series 2077 Bond which is to be redeemed only in part shall be surrendered at any place of
payment specified in the notice of redemption (with due endorsement by, or written instrument of
transfer in form satisfactory to the Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing) and the County shall execute and the Registrar shall authenticate and deliver to
the Holder of such Series 2017 Bond, without service charge, a new Series 2017 Bond or Series 2017
Bonds, of any authorized denominatiory as requested by such Holder in an aggregate principal amount
equal to and in exchange for the unredeemed portion of the principal of the Series 2017 Bonds so
surrendered.
Payment of Redeemed Series 20L7 Bonds
Notice of redemption having been given substantially as aforesaid the Series 2017 Bonds or
portions of Series 2017 Bonds to be redeemed sha[ on the redemption date, become due and payable at
the Redemption Price therein specffied, and from and after such date (unless the County shall default in
the payment of the Redemption Price) such Series 2017 Bonds or portions of Series 2017 Bonds shall cease
to bear interest. Upon surrender of such Series 2017 Bonds for redemption in accordance with said
notice, such Series 2017 Bonds shall be paid by the Registrar and/or Paying Agent at the appropriate
Redemption Price, plus accrued interest. All Series 2017 Bonds which have been redeemed shall be
cancelled and destroyed by the Registrar and shall not be reissued.
Inte rch an ge ability, N e goti ab ility an d Tra nsf er
The folloraing proaisions shall only be applicable if DTC's book-entry only system of registration is
discontinued.
Series 2017 Bonds, upon surrender thereof at the office of the Registrar with a written instrument
of transfer satisfactory to the Registrar, duly executed by the Holder thereof or his attomey duly
authorized in writing, may, at the option of the Holder thereof, be exchanged for an equal aggregate
principal amount of registered Series 2017 Bonds of the same maturity of any other authorized
denominations.
The Series 2017 Bonds issued under the Resolution shall be and have all the qualities and
incidents of negotiable instruments under the law merchant and the Uniform Commercial Code of the
State of Florida, subject to the provisions for registration and transfer contained in the Resolution and in
the Series 2017 Bonds. So long as any of the Series 2017 Bonds shall remain Outstanding, the County
shall maintain and keep, at the office of the Registrar, books for the registration and transfer of the Series
2017 Bonds.
Each Series 2017 Bond shall be transferable only upon the books of the County, at the office of the
Registrar, under such reasonable regulations as the Cotmty may prescribe, by the Holder thereof in
person or by his attorney duly authorized in writing upon surrender thereof together with a written
instrument of transfer satisfactory to the Registrar duly executed and guaranteed by the Holder or his
duly authorized attomey. Upon the transfer of any such Series 2077 Bond, the County shall issue, and
cause to be authenticated, in the name of the transferee a new Series 2017 Bond or Series 2017 Bonds of
the same aggregate principal amount and maturity as the surrendered Series 2017 Bond. The County, the
Registrar and any Paying Agent or fiduciary of the County may deem and treat the Person in whose
name any Outstanding Series 2017 Bond shall be registered upon the books of the County as the absolute
owrrer of such Series 2017 Bond, whether such Series 2017 Bond shall be overdue or not, for the purpose
of receiving payment of, or on account of, the principal or Redemption Price, if applicable, and interest on
such Series 2017 Bond and for all other purposes, and all such payments so made to any such Holder or
upon his order shall be valid and effectual to satisfy and discharge the liability upon such Series 2017
Bond to the extent of the sum or sums so paid and neither the County nor the Registrar nor any Payrng
Agent or other fiduciary of the County shall be affected by *y notice to the contrary.
The Registrar, in any case where it is not also the Paying Agent in respect to any Series 2017
Bonds, forthwith (A) following the fifteenth day prior to an Interest Date for the Series 2017 Bonds; (B)
following the fifteenth day next preceding the date of first mailing of notice of redemption of any Series
2017 Bonds; and (C) at any other time as reasonably requested by the Paying Agent of such Series 2017
Bonds, shall certify and fumish to such Payng Agent the names, addresses and holdings of Bondholders
and any other relevant information reflected in the registration books. A.y Payrng Agent of any fully
registered Series 2017 Bond shall effect payment of interest on such Series 2017 Bonds by mailing a che&
to the Holder entitled thereto or may, in Lieu thereof, upon the request and expense of such Holder,
transmit such payment by bank wire transfer for the account of sudr Holder.
In all cases in which the privilege of exchanging Series 2017 Bonds or transferring Series 2017
Bonds is exercised, the County shall execute and deliver Series 2017 Bonds and the Registrar shall
authenticate such Series 2017 Bonds in accordance with the provisions of the Resolution. Execution of
Series 2017 Bonds by the Chairman and Clerk for purposes of exchanging, replacing or transferring Series
2017 Bonds may occur at the time of the original delivery of the Series 2017 Bonds. A11 Series 2017 Bonds
surrendered i. aoy such exchanges or transfers shall be held by the Registrar in saJekeeping until
directed by the County to be cancelled by the Registrar. For every such exchange or transfer of Series
2077 Bonds, the County or the Registrar may make a charge sufficient to reimburse it for any tax, fee,
expense or other govemmental charge required to be paid with respect to such exchange or transfer. The
County and the Registrar shall not be obligated to make any such exchange or transfer of Series 2017
Bonds during the 15 days next preceding an hrterest Date on the Series 2017 Bonds, or, in the case of any
proposed redemption of Series 2017 Bonds, then, for the Series 2017 Bonds subject to redemption, during
the 15 days next preceding the date of the first mailing of notice of such redemption and continuing until
such redemption date.
SECURITY FOR THE BONDS
General
The Series 2017 Bonds shall be payable from and secured by (i) the Pledged Funds, and (ii) a
covenant to budget and appropriate from total revenues of the County derived from any source
whatsoever, other than revenues generated from ad valorem taxation on real or personal property, and
which are legally available to make the payments required in the Resolution (the "Non Ad Valorem
Revenues").
THE SERIES 2017 BONDS SHALL NOT BE OR CONSTITUTE GENERAL OBLIGATIONS
OR INDEBTEDNESS OF THE COUNTY AS ''BONDS'' WITHIN THE MEANING OF ANY
CONSTITUTIONAL OR STATUTORY PROVISION, BUT SHALL BE SPECIAL OBLIGATIONS OF
THE COUNTY, PAYABLE SOLELY FROM THE PLEDGED FUNDS AND FROM AMOUNTS
BUDGETED AND APPROPRIATED BY THE COUNTY FROM NON-AD VALOREM REVENUES IN
ACCORDANCE WITH THE RESOLUTION. NO HOLDER OF ANY SERIES 2017 BOND SHALL
EVER HAVE THE RIGHT TO COMPEL THE EXERCISE OF ANY AD VALOREM TAXING POWER
TO PAY SUCH SERIES 2017 BOND, OR BE ENTITLED TO PAYMENT OF SUCH SERIES 2017
BOND FROM ANY MONEYS OF THE COUNTY EXCEPT FROM THE PLEDGED FUNDS AND THE
NON-AD VALOREM REVENUES IN THE MANNER AND TO THE EXTENT PROVIDED IN THE
RESOLUTION.
Pledged Funds
Pledged Funds are defined to mean (i) the Program Revenues, and (ii) until applied for the
purposes described in the Resolution, the amounts on deposit in the funds and accounts established
thereunder, other than the Rebate Fund.
The Program Revenues are defined in the Resolution as the amounts received by the County
pursuant to the terms of the Spring Training Program Agreement (as defined below) and are comprised
of moneys from the sales tax revenues collected by the State of Florida (the "State") under Section
212.20(6)(d)6.e, Florida Statutes and per Section 288.7763L, Florida Statutes, and directed to certified
applicants to be used (i) for the public purpose of constructing or renovati.g a facility for a spring
training franchise or (ii) to pay or pledge for the payment of debt service on, or to fund debt service
reserve fundE arbitrage rebate obligations or other amounts payable with respect thereto, bonds issued
for the construction or renovation of such facility or for the reimbursement of such costs or the
refinancing of bond issued for such purpose, upon the entering into an agreement with such certified
applicant. See "Sales Tax Revenues" below for a description of the State sales tax revenues.
The County was certified by the Florida Department of Economic Opportunity ("DEO") on
March 77,2017 and entered into Spring Training Program Agreement Number SB77-007 between DEO
and the County on March 28,2077 (the "Spring Training Program Agreement"). The Spring Training
Program Agreement provides for an amount of $20,000,000 to be distributed to the County in accordance
with the provisions therein for a period of not more than 20 years. The Series 2017 Bonds will mature
after such 20 year period. Pursuant to the Spring Training Program Agreement, once the Series 2017
Bonds are issued, the County cannot be decertified.
State Sales Tax Revenues
The State levies and collects a sales tax or1 among other things, the sales price of each item or
article of tangible personal property sold at retail in the Statg subject to certain exceptions and dealer
allowances. Section 212.20, Florida Statutes, provides for the distribution of sales tax revenues collected
by the State after providing for transfers to the State General Fund. The general rate of sales tax in the
State is currently 6%.
Unless a transaction is specifically exempt, the State sales and use tax is applicable to sales of
tangible personal property at retail in the State including the business of making mail order sales, the
rental or furnishing of things or services taxable under Chapter 272, Florida Statutes, as amended, the
storage for use or consumption in the State of any item or article of tangible personal property, and
the lease or rental of such property within the State.
The Florida Department of Revenue ("FDOR") is required to pay over to the Chief Financial
Officer of the State all funds received and collected by and under Chapter 272, Floida Statutes, as
amended, and Sections 202.18(1)(b) and (2)(b), Florida Statutes, as amended (certain communications
services taxes), to be credited to the account of the State General Revenue Fund. Set forth below is
the distribution by the State of such proceeds (after reallocation of convention development taxes
and discretionary sales surtaxes to their respective clearing trust funds) pursuant to Section
272.20(6), Florida Statutes, as amended:
1. State General Revenue Fund. In any fiscal year, the greater of $500 million, minus an
amount equal to 4.6% of the proceeds of the taxes collected pursuant to Chapter 201, Florida Statutes,
as amended (documentary taxes), or 5.2Y" of all other taxes and fees imposed pursuant to Chapter
272, Florida Statutes, as amended, or remitted pursuant to Sections 202.18(1Xb) and (2)(b), Florida
Statutes, as amended, shall be deposited in monthly installments into the State General Revenue
Fund.
2. State Local Govemment HaU-Cent Sales Tax Clearing Trust Fund. After the distributions
in (1) above, 8.974o/o of the amount remitted by a sales tax dealer-located within a participating county
pursuant to Section 278.67, Florida Statutes, as amended, shall be transferred into the State Local
Govemment Half-Cent Sales Tax Clearing Trust Fund. Prior to luly 7, 2003, 9.6530/0 was transferred
pursuant to Section 278.67, Florida Statutes. Beginning ]uly 1, 2003, the amount to be transferred was
reduced by 0.1 percent and the FDOR shall distribute this amount to the Public Employees Relations
Comrnission Trust Fund less $5,000 each month, which is added to the amount calculated in (3) below
and distributed accordingly.
3. State Local Govemment Half-Cent Sales Tax Clearing Trust Fund. After the distributions
in (1) and (2) above, 0.0966% shall be transferred to the State Local Government HaU-Cent Sales Tax
Clearing Trust Fund and distributed pursuant to Section 278.65, Florida Statutes, as amended.
4. Revenue Sharing Trust Fund for Counties. After the distribution in (1), (2) and (3) above,
and on parity with the transfer described in paragraph 5 which follows, 2.0870% of the available proceeds
shall be transferred monthly to the Revenue Sharing Trust Fund for Counties as set forth in Section
218.275, Florida Statutes, as amended.
5. Revenue Sharing Trust Fund for Municipalities. After the distribution in (1), (2) and
(3) above, and on parity with the transfer described in paragraph 4 immediately preceding,7.3653%
of the available proceeds shall be transferred monthly to the Revenue Sharing Trust Fund for
Municipalities as set forth in Section 278.275, Florida Statues, as amended. If the total revenue to be
distributed pursuant to this paragraph is at least as great as the amount due from the Revenue
Sharing Trust Fund for Municipalities and the former Municipal Financing Assistance Trust Fund in
State Fiscal Year 1,999-2000, no municipality shall receive less than the amount due from the Revenue
Sharing Trust Fund for Municipalities and the former Municipal Financial Assistance Trust Fund in
State Fiscal Year 7999-2000. If the total proceeds to be distributed are less than the amount received
in combination from the Revenue Sharing Trust Fund for Municipalities and the former Municipal
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Financial Assistance Trust Fund in State Fiscal Year 1999-2000, each municipality shall receive an
amount proportionate to the amount it was due in State Fiscal Year 7999-2000.
6. Distribution in Lieu of Funds Previously Distributed Pursuant to the Pari-mutuel
Wagering Trust Fund. Of the remaining proceeds, $29,915,500 shall be divided equally among the
counties; provided however, pa;..rnents may be made directly to the school boards, special districts or a
municipality as provided by * existing local or special law. This dishibution is in lieu of funds
previously distributed pursuant to the Pari-mutuel Wagering Trust Fund.
7. Professional Sports. Of the remaining proceeds: (a) $766,667 shall be distributed
monthly to each applicant that has been certified as a "facility for a new or retained professional
sports franchise" pursuant to Section 288.1162, Florida Statutes, as amended; and (b) up to 941.,667
shall be distributed monthly to each applicant certified for a facility for a spring training franchise
pursuant to Section 288.1162, Florida Statutes, as amended; however, not more than $416,670 may be
distributed monthly to all such certified applicants for spring training facilities. Distributions begin
60 days after a facility is certified and continue for not more than 30 years, except as otherwise
provided in Section 288.77621, Florida Statutes. A certified applicant identified in this paragaph (7)
may not receive more in distributions than expended by the applicant for the public purposes provided
for in Section 288.7762(5) or Section 288.77627(3), Florida Statutes.
8. Golf Hall of Fame. Of the remaining proceeds $166,667 shatl be distributed monthly
for up to 300 months to an applicant which is certified as the "professional golf hall of fame"
pursuant to Section 288.1168, Florida Statutes, as amended, and is open to the public.
9. Intemational Game Fish Association. Of the remaining proceeds, $83,333 distributed
monthly for up to 168 months to an applicant which is certified as the Intemational Game Fish
Association World Center facility pursuant to Section 288.7169, Florida Statutes, as amended, and is open
to the public. This distribution is subject to reduction pursuant to Section 288.7769, Florida Statutes, as
amended.
10. Additional Spring Training Franchise Distributions. Of the remaining proceeds, up to
$83,333 shall be distributed monthly to each applicant certified for a facility used by a single spring
training franchise, or up to $166,667 monthly to each certified applicant for a facility used by more
than one spring training franchise. Monthly distributions begin 60 days after such certification, and
continue for not more than 20 years to each certified applicant for a facility to be used by a single
spring training franchise or not more than 25 years to each certified applicant for a facility to be used
by more than one spring training franchise. A certified applicant may not receive more in
distributions than expended by the applicant for the public purposes provided in Section
288. 11631 (3), Florida Statutes.
11. Additional Sports Venues. Of the remaining proceeds, up to $13 million per year (up
to $7 million for State Fiscal Year 2015) may be distributed to an applicant that has been approved by
the Florida Legislature and certified by the DEO for the purpose of constructing, reconstructing,
renovating, or improving facilities primarily used to host games or events held by a professional
sports franchise and certain other sporting events, all as provided pursuant to Section 288.77625,
Florida Statutes. Such funds shall be distributed on an equal monthly basis.
11
72. State Transportation Trust Fund. Of the remaining proceeds, $15,333 shall be distributed
monthly to the State Transportation Trust Fund.
13. State General Revenue Fund. All other proceeds shall remain with the State General
Revenue Fund.
Only the "Additional Spring Training Franchise Distributions" described in paragraph 10 above
with respect to the facility for the County constitute Program Revenues and are pledged for the security
of the Series 2017 Bonds.
Covenant To Budget And Appropriate
Pursuant to the Resolution, the County covenarts and agrees to appropriate in its annual budget,
by amendment, if necessary, from Non-Ad Valorem Revenues amounts sufficient to (A) pay principal of
and interest on the Series 2017 Bonds when due, to the extent amounts deposited into the Debt Service
Fund pursuant to the Resolution are insufficient ttrerefor, and (B) pay all required deposits to the Rebate
Fund pursuant to the Resolution. Such covenant and agreement on the part of the County to budget and
appropriate such amounts of Non-Ad Valorem Revenues shall be cumulative to the extent not paid, and
shall continue until such Non-Ad Valorem Revenues or other legally available funds in amounts
sufficient to make all such required payments shall have been budgeted, appropriated and actually paid.
Notwithstanding the foregoing covenant of the County, the County does not covenant to maintain any
services or programs, now provided or maintained by the County, which generate Non-Ad Valorem
Revenues.
Such covenant to budget and appropriate does not create any lien upon or pledge of such Non-
Ad Valorem Revenues, nor does it preclude the County from pledging in the future its Non-Ad Valorem
Revenues, nor does it require the County to levy and collect any particular Non-Ad Valorem Revenues,
nor does it give the Bondholders a prior claim on the Non-Ad Valorem Revenues as opposed to claims of
general creditors of the County. Sud:r covenant to appropriate Non-Ad Valorem Revenues is subject in
all respects to the payment of obligations secured by a pledge of such Non-Ad Valorem Revenues
heretofore or hereafter entered into (induding the payment of debt service on bonds and other debt
instruments). However, the covenant to budget and appropriate for the purposes and in the manner
stated in the Resolution shall have the effect of making available for the payment of the Series 2017
Bonds, in the manner described in the Resolution, Non-Ad Valorem Revenues and placing on the County
a positive duty to appropriate and budget, by amendment, if necessary, amounts sufficient to meet its
obligations under the Resolution; subject, however, in all respects to the payment of essential
expenditures for general govemment and safety as shown in the County's audited financial statements.
See "DESCRIPTION OF NON-AD VALOREM REVENUES" herein for a description of the various Non-
Ad Valorem Revenues of the County.
Funds and Accounts
The County has covenanted and aBrees to establish separate ftrnds to be known as the "St. Lucie
County Non-Ad Valorem Revenue Bond Revenue Fund", the "St. Lucie County Non-Ad Valorem
Revenue Bond Debt Service Fund" and the "St. Lucie County Non-Ad Valorem Revenue Bond Rebate
Fund." Moneys in the aforementioned funds, other than the Rebate Fund, until applied in accordance
with the provisions of the Resolution, shall be subject to a prior lien and charge in favor of the Holders of
72
the Series 2017 Bonds for the security of such Holders. There has been no reserve account established
for the Series 2017 Bonds.
The County may at any time and from time to time appoint one or more depositories to hold, for
the benefit of the Bondholders, any one or more of the funds and accounts established by the Resolution.
Such depository or depositories shall perform at the direction of the County, the duties of the County in
depositing, transferring and disbursing moneys to and from each of such funds and accounts as set forth
in the Resolutiory and all records of such depositary in performing such duties shall be open at all
reasonable times to inspection by the County and its agent and employees. Any such depository shall be
either the Florida State Board of Administration or a bank or trust company duly authorized to exercise
corporate trust powers and subject to examination by federal or state authority, of good standing, and
eligible under the laws of the State to receive funds of the County.
Flow of Funds
(A) The County shall promptly deposit, within two business days after receipt thereof, the
Program Revenues into the Revenue Fund. The moneys in the Revenue Fund shall be deposited or
credited on or before the last day of each month, commencing in the month immediately following
delivery of any of the Series 2017 Bonds to the purchasers thereof, or such later date as hereinafter
provided, in the following manner and in the following order of priority:
(1) Debt Service Fund. The County shall deposit or credit to the Debt Service Fund
from the Revenue Fund the sum which, together with the balance on deposit in said Debt Service
Fund (whidr may include any other lawfully available funds transferred by the County into such
Fund), shall equal the interest on all Series 2017 Bonds outstanding accrued and unpaid and to
accrue to the end of the then orrent calendar month. The County shall also deposit or credit to
the Debt Service Fund the sum which, together with the balance in said Fund (which may include
any other lawfully available funds transferred by the County into such Fund), shall equal the
principal amourts on all Series 2017 Bonds Outstanding due and unpaid and that portion of the
principal next due which would have accrued on such Series 2017 Bonds during the then current
calendar month if such principal amounts were deemed to accrue monthly (assuming that a year
consists of twelve (12) equivalent calendar monttrs having 30 days each) in equal amounts from
the next preceding principal payment due date, or, if there be no such preceding principal
payment due date from a date one year preceding the due date of such principal amount.
Commencing in the month which is one year prior to the first Amortization Lrstallment there
shall also be deposited or credited to the Debt Service Fund the sum which, together with the
balance in such Fund, shall equal the Amortization Installments on all Term Bonds Outstanding
due and unpaid and that portion of the Amortization Installments of all Term Bonds Outstanding
next due which would have accrued on such Term Bonds during the then current calendar
month if such Amortization lrstallments were deemed to accrue monthly (assuming that a year
consists of twelve (12) equivalent calendar months having 30 days each) in equal amounts from
the next precedjng Amortization Lrstallment due date, or, if there is no such preceding
Amortization Installment due date, from a date one year preceding the due date of such
Amortization Installment.
Moneys in the Debt Service Fund shall be used to pay interest, principal, Amortization
hrstallments and redemption premium, if any, on all Outstanding Series 2017 Bonds, on a pro-
rata basit as and when the same become due, whether by redemption or otherwise, and for no
other purpose. No further deposit need be made to the Debt Service Fund when the moneys
13
therein are equal to the interest and principal (including Amortization L:rstallments, if any)
coming due on the Outstanding Series 2017 Bonds on the next two succeeding Lrterest Pa)..rnent
Dates.
Amounts accumulated in the Debt Service Fund with respect to any Amortization
h:rstallment (together with amounts accumulated in the Debt Service Fund with respect to
interest, rI any, on ttre Term Bonds for which such Amortization Lrstallment was established)
may be applied by the County, on or prior to the sixtieth (60th) day preceding the due date of
such Amortization Installment, (a) to the purchase of Term Bonds of the maturity for which such
Amortization Installment was established, or (b) to *re redemption at the applicable Redemption
Prices of such Term Bonds, if then redeemable by their terms. The applicable Redemption Price
(or principal amount of maturing Term Bonds) of any Term Bonds so purchased or redeemed
shall be deemed to constitute part of the Debt Service Fund until such Amortization Installment
date, for the purposes of calculating the amount of such Account. As soon as practicable after the
sixtieth (60th) day preceding the due date of any such Amortization Lrstallment, the County shall
proceed to call for redemption on such due date, by causing notice to be given as provided in the
Resolution, Term Bonds of the maturity for which such Amortization Lrstallment was established
(except in the case of Term Bonds maturing on an Amortization Installment date) in such amount
as shall be necessary to complete the retirement of the unsatisfied balance of such Amortization
L:rstallment. The County shall pay out of the Debt Service Fund to the Paying Agent, on or before
the day preceding such redemption date (or maturity date), the amount required for the
redemption (or for the payment of such Term Bonds then maturing), and such amourt shall be
applied by the Paying Agent to such redemption (or payment). All expenses in connection with
the purchase or redemption of Term Bonds shall be paid by the County from the Revenue Fund.
(2) Surplus Funds. The balance of any moneys remaining in the Revenue Fund, if
any, after the payments and deposits required by paragraph (A)(1) above shall be retained
therein and applied in the following month as provided in said paragraph (AXl).
(B) The County, in its discretion, may use moneys in the Debt Service Fund to purchase or
redeem Series 2017 Bonds coming due on the next principal payment date, provided such purchase or
redemption does not adversely affect the County's ability to pay the principal or interest coming due on
such principal payment date on the Series 2017 Bonds not so purchased or redeemed.
(C) At least three (3) business days prior to the date established for payment of any principal
of or Amortization Installment, if applicable, or interest on the Series 2017 Bonds, the County shall
withdraw from the appropriate account of the Debt Service Fund sufficient moneys to pay such principal
or Amortization Installment, if applicable, or interest and deposit such moneys with the Paying Agent.
Issuance of Other Obligations
[:r the Resolutiory the County has covenanted that except for the Series 2017 Bonds, the County
will not (A) issue any additional obligations payable from the Pledged Funds, or (B) issue any additional
obligations payable from the Non-Ad Valorem Revenues, nor voluntarily create or cause to be created
any debt, lien, pledge, assignment, encumbrance or other charge against the Non-Ad Valorem Revenues,
or any part thereof, except as set out below.
l4
No additional indebtedness payable from or secured by Non-Ad Valorem Revenues shall be
issued by the County unless the average of the annual Net Non-Ad Valorem Revenues Available For
Debt Service for the prior two Fiscal Years equals at least 150% of the Maximum Annual Debt Service on
all Debt payable from such Non-Ad Valorem Revenues.
Lr the event any additional obligations are issued for the purpose of refunding any Debt then
outstanding, the conditions of this section shall not apply, provided that the issuance of such additional
obligations shall result in a reduction of the aggregate Debt Service on the applicabte Debt.
"Adjusted Essential Expenditures" means essential expenditures for general govemment and
public safety as shown in the County's audited financial statements less any revenues derived from ad
valorem taxation on real and personal property that are legally available to pay for such expenditures.
"Debt" means at any date (without duplication) all of the following to the extent that they are
secured by or payable in whole or in part from any Non-Ad Valorem Revenues (A) all obligations of the
County for borrowed money or evidenced by bonds, debentures, notes or other similar instruments; (B)
all obligations of the County to pay the deferred purchase price of property or services, except trade
accounts payable under normal trade terms and which arise in the ordinary course of business; (C) an
obligations of the County as lessee under capitalized leases; and (D) all indebtedness of other Persons to
the extent guaranteed by, or secured by, Non-Ad Valorem Revenues of the County; provided, however,
that with respect to any obligation contemplated in (D) above, such obligation shall not be considered
"Debt" for purposes of the Resolution unless the County has actually used Non-Ad Valorem Revenues to
satisfy such obligation during the immediately preceding Fiscal Year or reasonably expects to use Non-
Ad Valorem Revenues to satisfy such obligation in the current or immediately succeeding Fiscal Year.
After an obligation is considered "Debt" as a result of the proviso set forth in the immediately preceding
sentence, it shall continue to be considered "Debt" until the County has not used any Non-Ad Valorem
Revenues to satisfy such obligation for two consecutive Fiscal Years.
"Debt Service" means, at any time, the aggregate amount in the then applicable period of time of
(1) interest required to be paid on the applicable Debt during such period of time, except to the extent
that such interest is to be paid from proceeds of the Debt for such pulpose, (2) principal of outstanding
Debt maturing in such period of time, and (3) the Amortization L:rstallments with respect to Outstanding
Term Bonds or amortization payments with respect to other Debt maturing in such period of time.
"Maximum Annual Debt Service" means *re maximum armual Debt Service on a consolidated
basis of all Debt payable from Non-Ad Valorem Revenues then outstanding and the planned additional
Debt to be issued for the then-current or any subsequent Fiscal Year. For purposes of the foregoing (a) if
said Debt has 25Yo or more of the aggregate principal amount coming due in any one year, Debt Service
shall be determined on the Debt during such period of time as if the principal of and interest on suctr
Debt were being paid from the date of incurrence thereof in substantially equal annual amounts over a
period of 25 years; and @) for the purpose of determining Debt Service as described above, the interest
rate on variable rate Debt shall be deemed tobe 720o/" of the average of the SIFMA Index over a two year
period of time ending on the date immediately prior to the sale of such additional obligation.
"Net Non-Ad Valorem Revenues Available For Debt Service" mezrns the Non-Ad Valorem
Revenues minus Adjusted Essential Expenditures.
15
"SIFMA Index" means the Securities Lrdustry and Financial Markets Association Municipal
Swap Lrdex, or if that index is no longer published, a successor or similar index of short-term high-grade
tax-exempt indebtedness.
Investments
The Construction Furd, the Revenue Fund and the Debt Service Fund shall be continuously
secured in the manner by which the deposit of public funds are authorized to be secured by the laws of
the State. Moneys on deposit in the Construction Fund, the Revenue Fund and the Debt Service Fund
may be invested and reinvested in Authorized Investments maturing not later than the date on which the
moneys therein will be needed for the purposes of such Fund.
Any and all income received by the County from the investment of moneys in the Construction
Fund, the Revenue Fund and the Debt Service Fund, shall be retained in such respective Fund. All
investments shall be valued at the lower of market value (exclusive of accrued interest) and cost.
Nothing contained in the Resolution shall prevent any Authorized Investments acquired as
investments of or security for funds held under the Resolution from being issued or held in book-entry
form on the books of the Department of the Treasury of the United States.
Separate Accounts
The moneys required to be accounted for in each of the foregoing funds established in the
Resolution may be deposited in a single bank account, and funds allocated to the various funds
established in the Resolution may be invested in a common investment poof provided that adequate
accounting records are maintained to reflect and control the restricted allocation of the moneys on deposit
therein and such investments for the various purposes of zuch funds as provided in the Resolution.
The designation and establishment of the various funds in and by the Resolution shall not be
construed to require the establishment of any completely independent, self-balancing funds as such term
is commonly defined and used in govemmental accor:nting, but rather is intended solely to constitute an
earmarkirg of certain revenues for certain purposes and to establish certain priorities for application of
such revenues as provided in the Resolution.
[Remainder of page intentionally left blank]
T6
ESTIMATED SOI.JRCES AND USES OF FUNDS
The table that follows summarizes the estimated sources and uses of funds to be derived from the
sale of the Series 2017 Bonds:
SOURCES:
Bond Proceeds:
Par Amount
Original Iszue Premium
TOTAL SOURCES
USES:
Deposit to Construction Fund
Cost of [ssu6n6s(1)
TOTAL USES
$46,865,000.00
8,459.46.00
$55,324,46.00
$55,000,000.00
324,M6.00
$55,324,M6.00
0) L:rcludes Underwriters' discount, financial advisory and legal fees and costs,
and miscellaneous costs of issuance.
[Remainder of page intentionally left blank]
17
DEBT SERVICE SCHEDULE
The following table sets forth the debt service schedule for the Series 2017 Bonds.
Bond Year
Ending
October L
2077
201.8
2079
2020
2021.
2022
2023
2024
2025
2026
2027
2028
2029
2030
2037
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041.
2042
TOTAL
Principal
$1,125,000
1,150,000
1,205,000
7,270,000
1,330,000
1,3g5,ooo
'1,,465,000
1,540,000
1,615,000
1,700,000
7,7g5,ooo
1,870,000
1.,965,000
2,065,000
2,'1,70,000
2,275,000
2,390,000
2,510,000
2,635,000
2,765,000
L,g25,000
2,020,000
2,720,ooo
2,225,000
2.340.000
$46A6s!00
Interest
$590,116,11
2,309,150.00
2,275,400.00
2,229,000.00
2,'1,68,750.00
2,105,250.00
2,038,750.00
1,,959,000.00
1,895,750.00
1,818,750.00
1,738,000.00
1,653,000.00
7,563,750.00
1.,470,250.00
7,372,000.00
7,268,750.00
1,160,250.00
1,046,500.00
927,000.00
801,500.00
669,750.00
531,500.00
435,250.00
334,250.00
228,250.00
117.000.00
934.716.916.11
Total
$590,116.11
3,434,1,50.00
3,435,400.00
3,434,000.00
3,438,750.00
3,435,250.00
3,433,750.00
3,434,000.00
3,435,750.00
3,433,750.00
3,438,000.00
3,438,000.00
3,433,750.00
3,435,250.00
3,437,000.00
3,438,750.00
3,435,250.00
3,436,500.00
3,437,000.00
3,436,500.00
3,434,750.00
2,456,500.00
2,455,250.00
2,454,250.00
2,453,250.00
2,457,000.00
s81.581.915.11
18
DESCRIPTION OF NON-AD VALOREM REVENUES
General
The County generally receives two primary sources of revenue: ad valorem taxes and non-ad
valorem revenues. Ad valorem taxes may not be pledged for the payment of debt obligations of the
County maturing more than twelve months from the date of issuance thereof without approval of the
electorate of the CounV. The ail oalorem tax reaenues of the County are not pledged as security for the
paymmt of the Seies 2017 Bonds anil the County is not obligated to budget and approprtatu ad oalorem
tax reaenues for the paymmt of the Seies 2017 Bonds.
Non-ad valorem revenues of the County may be pledged or applied, subject to certain limitations
disclosed hereirL for the payment of debt obligations of the County. Such non-ad valorem revenues
include a broad category of revenues, including, but not limited to, revenues received from the federal
and state govemments, investment income and income produced from certain services and facilities of
the County, as described below.
As more fully described herein under "SECURITY FOR THE BONDS," the County has
covenanted and agreed in the Resolution, subject to certain restrictions and limitations, to budget and
appropriate sufficient Non-Ad Valorem Revenues in each year to pay principal of and interest on the
Series 2017 Bonds. The Holders of the Series 2017 Bonds do not have a lien on any specffic Non-Ad
Valorem Revenues of the County (except the Program Revenues) and the County has certain debt and
other obligations payable in the same manner as the Series 2017 Bonds and also has outstanding certain
other debt obligations payable from a prior lien upon and pledge of certain specific Non-Ad Valorem
Revenues sources of the County.
A large percentage of the revenues of the County, including ad valorem taxes and Non-Ad
Valorem Revenues, are deposited into the County's Govemmental Funds. Furthermore, as described
herein under "SECURITY FOR THE BONDS," the obligation of the County to budget and appropriate
Non-Ad Valorem Revenues is subject to a variety of factors, including the payment of services and
programs which are for essential services for general government and safety of the hhabitants of the
County or which are legally mandated by applicable law, and the obligation of the County to have a
balanced budget. See "INVESTMENT CONSIDERATIONS" herein.
The County is permitted by the Florida Constitution to levy ad valorem taxes at a rate of up to
$10 per $1,000 of assessed valuation for general govemmental expenditures. The General Fund ad
valorem tax millage rate for the Fiscal Year ending September 30,2077 is $4.7077 per 91,000. The County
is also permitted by the State Constitution to levy ad valorem taxes above the $10 per $1,000 cap to pay
debt service on general obligation long-term debt if approved by a voter referendum. The County does
not have currently have any general obiigation bond debt outstanding.
The Florida Department of Financial Services ("FDFS") has developed, as part of the Uniform
Accounting System Manual's Chart of Accounts, six major categories of local government revenues:
taxes; permits, fees and special assessments; intergovernmental revenues; charges for services;
judgments, fines and forfeitures; and miscellaneous revenues. Using such categories, the following
describes the sources of the County's Non-Ad Valorem Revenues and outlines the County's dassification
of such Non-Ad Valorem Revenues pursuant to the above-described categories:
19
Taxes
Communications S eruices T ax Reaenues
The Communications Services Tax Simplification Act, enacted by Chapter 2000-260, Laws of
Florida, as amended by Chapter 2007-740, Laws of Florida, and now codified in part as Chapter 202,
Florida Statutes (the "CSTA") established, effective October 7,2007, a local communications services tax
of 7.6% on the sale of communications services as defined in Section 202.17, Florida Statutes. The rate is
in addition to the 0.24o/o add-on permitted by Section 337.401., Florida Statutes, and established by the
County for waiving the right to collect permit fees for the use of the rights-of-way by communications
providers.
The proceeds of the local communications services tax, less the FDOR's cost of administration
which may not exceed 1% of the total tax generated, are deposited in the Local Commurications Services
Tax Clearing Trust Fund (the "CST Trust Fund") and distributed monthly to the appropriate jurisdiction.
The local communicatiorts services tax revenues received by the County are deposited into the County's
General Fund and may be used for any public purpose. The revenues that are received by the County
from such communications services tax which derive from the CST Trust Fund created with the FDOR
pursuant to Section 202.193, Florida Statutes, may be pledged for the repayment of current or future
bonded indebtedness. As of November 201.6, lhe County's local communications services tax for Fiscal
Year ending September 30,2017 is estimated to be $841,129 (after adjustments) by the FDOR.
One effect of the CSTA was to replace the former utilities tax on telecommunications, including
pre-paid calling arrangements, as well as any revenues from franchise fees on cable and
telecommunications service providers and permit fees relating to placing or maintaining facilities in
rights-of-way collected from providers of certain telecommunications services, with the local
communications services tax. This change in law was intended to be revenue neutral to the counties and
municipalities. The communications services tax applies to a broader base of communications services
than the former utilities tax on telecommunications.
The local communications services tax applies to the purchase of "communications services"
which originated or terminated within the County, with certain exemptions described below.
"Communication services" under the CSTA are defined as the transmission, conveyance, or routing of
voice, data, audio, video, or any other information or signals, including cable services, to a point, or
between or amonB points, by or through any electronic, radio, satellite, cable, optical, microwave, or other
medium or method now in existence or hereafter devised, regardless of the protocol used for such
transmission or conveyzrrce. The term does not include:
(a)
@)
(c)
(d)
(e)
(f)
(g)
(h)
Information services.
Lrstallation or maintenance of wiring or equipment on a customer's premises.
The sale or rental of tangible personal property.
The sale of advertising, including, but not limited to, directory advertising.
Bad check charges.
Late payment charges.
Bilting and collection services.
Intemet access service, electronic mail service, electronic bulletin board service, or
similar on-Iine services.
20
While, such services have historically been taxed if the charges for such services are not stated
separately from the charges for communications services, on a customer's bill, providers now have the
ability to exclude such services from the tax if they can be reasonably identified from the selling dealer's
books and records kept in the regular course of business. The dealer may support the allocation of
charges with books and records kept in the regular course of business covering the dealer's entire service
area, including territories outside of Florida.
The sale of communications services to (i) the federal govemment, or any instrumentality or
agency thereof, or any entity that is exempt from state taxes under federal law, (ii) the State or EU:ry
county, municipality or political subdivision of the State when payment is made directly to the dealer by
the governmental entity, and (iii) any home for the aged or educational institution (which includes state
tax-supported and nonprofit private schools, colleges and universities and nonprofit libraries, art
galleries and museums, arnong others) or religious institutions (which include, but are not limited to,
organizations having an established physical place for worship at which nonprofit religious services and
activities are regularly conducted) that is exempt from federal income tax under Section 501(c)(3) of the
hrtemal Revenue Code of 7986, as amended (the "Code"), are exempt from the local communications
services tax.
The CSTA provides that to the extent that a provider of communications services is required to
pay to a local taxing jurisdiction a tax, charge, or other fee under any franchise agreement or ordinance
with respect to the services or revenues that are also subject to the local communications services tax,
such provider is entitled to a credit against the amount of such local communications services tax payable
to the State in the amount of such tax, charge, or fee with respect to such service or revenues. The
amount of such credit is deducted from the amount that such local taxing jurisdiction is entitled to
receive under Section 202.78(3), Florida Statutes.
Under the CSTA, local govemments must work with the FDOR to properly identify service
addresses to each municipality and county. If a jurisdiction fails to provide the FDOR with accurate
service address informatiory the local govemment risks losing tax proceeds that it should properly
receive. The County believes it has provided the FDOR with all information that the FDOR has requested
as of the date hereof and that such information is accurate.
The federal [rternet Tax Freedom Act ("ITFA") imposed a moratorium on taxation of Lrtemet
access by states and political subdivisions. As amended by the Lrtemet Tax Nondiscrimination Act
("ITNA"), "L:rtemet Access" includes telecommunications services (unregulated non-utility
telecommudcations, such as cable services) purchased, used or sold by a provider of intemet access to
provide Intemet access, including related communication services, such as email and instant messaging.
On February 24,20L6, President Obama signed the Trade Facilitation and Trade Enforcement Act of
2015, in which was a provision granting a Permanent Moratorium on Intemet Access Taxes (Pub1ic Law
774-725, Sec.922). Since the moratorium has been in place since the inception of Chapter 202, Florida
Stafutes, and Lrtemet Access was not taxable pursuant to State law, the County does not anticipate any
negative impact on fufure collections of local communications services tax revenues because of this
action.
Providers of communications services collect the local communications services tax and may
deduct 0.75"/" as a collection fee (or 0.25% in the case of providers who do not employ an enhanced zip
code database or a data base that is either supplied or certified by the FDOR). The communications
services providers remit the remaining proceeds to the FDOR for deposit into the CST Trust Fund. The
FDOR then makes monthly contributions from the CST Trust Fund to the appropriate local govemments
after deducting up to 1% of the total revenues generated as an administrative fee.
The amount of local commurrications services tax revenues received by the County is subject to
increase or decrease due to (i) increases or decreases in the dollar volume of taxable sales within the
County, (ii) legislative changes, and/or (iii) technological advances which could affect consumer
preferences.
The amount of the local communications services tax revenues collected within the County may
be adversely affected by de-annexation. Such de-annexation would decrease the number of addresses
contained within the County. At this time there are no de-annexations anticipated within the County.
In the 2012 Florida Legislative sessioo pursuant to Chapter 2072-70, a Communications Services
Tax Working Group ("CST Working Group") was established to study the modemization of the local
communications services tax revenues and provide a report regarding its findings. In its report dated
February 7,2073, the CST Working Group recommended replacing the existing local communications
services tax with an increased sales and use tax. The CST Working Group conditioned their
recommendations upon the option being revenue neutral and emphasized the need to hold the State and
each municipality and county harmless by ensuring that the amount of revenues received under this new
approach would be at least equal to the revenues that each governmental unit is currently receiving from
the local communications services tax. The CST Working Group provided that the change to the tax
structure must be implemented in a manner that ensures that State and local govemments are able to
bond the revenue stream and that existing bonds are not impaired. To date, no legislative action has been
taken with respect to the CST Working Group's recommendation.
Business Tax Reaenues
The "Business Tax" (formerly called the "Occupational License Tax") indudes the business taxes
levied and collected by the County pursuant to Chapter 205, Florida Statutes, and Ordinance No. 00-06
enacted by the Board on September 79, 2000, as amended. Section 205.032, Florida Statutes, authorizes
the County to levy "a business tax for the privilege of engaging in or managing any business, profession,
or occupation within its jurisdiction." The Business Tax may be levied on:
(1) Any person who maintains a permanent business location or branch office within the
municipality, for the privilege of engaging in or managing any business within its jurisdiction.
(2) Any person who maintains a permanent business location or brandr office within the
municipality, for the privilege of engaging in or managrng any profession or occupation within its
jurisdiction.
(3) Any person who does not qualify under subsection (1) or subsection (2) and who
transacts any business or engages i. *y occupation or profession in interstate commerce, if the Business
Tax is not prohibited by the United States Constitution.
All Business Tax receipts are issued for payment by the County beginning August 1 of eadr year
and such taxes are due and payable on or before September 30 of each year. Each Business Tax receipt
expires on September 30 of the succeeding year. Business Tax receipts that are not renewed when due
and payable are delinquent and subject to a delinquency penalty of 10 percent for the month of October,
22
plus an additional 5 percent penalty for each subsequent month of delinquenry until paid. However, the
total delinquency penalty may not exceed 25 percent of the Business Tax for the delinquent
establishment.
Any person who engages in or manages any business, occupation, or profession without first
paying the required Business Tax, is subject to a penalty of 25 percent of the tax due, in addition to any
other penalty provided by law or ordinance. A.y person who engages in any business, occupation, or
profession covered by Chapter 205, Florida Statutes, who does not pay the required Business Tax within
150 days after the initial notice of tax due, and who does not obtain the required Business Tax receipt, is
subject to civil actions and penalties, including court costs, reasonable attomeys' fees, additional
administrative costs incurred as a result of collection efforts, and a penalty of up to $250.
Chapter 205, Florida Statutes, provides that the County may only increase by ordinance the rates of
Business Taxes every other year by ,p to 25 percent. The County last increased its Business Tax rates
in Fiscal Year 2007 by five percent (5%).
Lr past sessions of the Florida Legislature, legislation has been introduced that, had it been
enacted, could have reduced the amount of Business Taxes to be collected by the County. Such proposed
legislation was not passed. No assurance can be given that sirnilar legislation will not be re-introduced in
the future.
Fuel Taxes
The County receives Constitutional Fuel Tax and County Fuel Tax Revenues which can only be
used for transportation pu{poses. Such taxes are not available for payment of the Series 2017 Bonds.
lntergovernmental Revenues
A11 revenues received by a local unit from federal, state, and other local govemment sources in
the form of grants, shared revenues, payments in lieu of taxes and payments in lieu of franchise fees
would be included in the intergovemmental revenues category. The category can be further classified
into eight subcategories: federal grants, federal payments in lieu of taxes ("PILOT"), state grants, state
shared revenues, state PILOT, if any,local grants, local shared revenues, and local PILOT. If a particular
grant is funded from separate intergovernmental sources, then the revenue is recorded proportionately.
At this time, the County does not receive any PILOT revenues from any other govemment. The largest
component is the Local Government Half-Cent Sales Tax.
Half-Cent Sqles Tax Reaenues
Section 212.05, Florida Statutes (the "Sales Tax Act") authorizes the levy and collection by the
State of a sales tax upon, among other things, the sales price of each item or artide of tangible personal
property sold at retail in the State, subject to certain exceptions and dealer allowances. In 1982, the
Florida Legislature created the Local Govemment Half-Cent Sales Tax Program (the "Half-Cent Sales
Tax Program") which distributes a portion of the sales tax revenue and money from the State's General
Revenue Fund to counties and municipalities that meet strict eligibility requirements. [n7982, when the
Half-Cent Sales Tax Program was created, the general rate of sales tax in the State was increase d from 4"/"
to 5o/o, and one-half of the fiJth cent was devoted to the Half-Cent Sales Tax Program, thus giving rise to
the name "Half-Cent Sales Tax." Although the amount of sales tax revenue deposited into the Half-Cent
Sales Tax Program is no longer one-half of the fifth cent of every dollar of the sales price of an item
subject to sales tax, the name "Half-Cent Sales Tax" has continued to be utilized. As of October 7,2001,
the Half-Cent Sales Tax Trust Fund (hereinafter defined) began receiving a portion of certain taxes
imposed by the State on communications services pursuant to Chapter 202, Florida Statutes.
Accordingly, moneys distributed from the Half-Cent Sales Tax Trust Fund now consist of funds derived
from both general sales tax proceeds and certain taxes imposed on the sales of communications services
required to be deposited into the Half-Cent Sales Tax Trust Fund.
The Half-Cent Sales Tax is collected on behalf of the State by businesses at the time of sale at
retail, use, consumption, or storage for use or consumption, of taxable property and remitted to the State
on a monthly basis. The Sales Tax Act provides for penalties and fines, including criminal prosecution,
for non-compliance with the provisions thereof.
The general rate of sales tax in the State is currently 6%. Section 212.20, Florida Statutes,
provides for the distribution of 8.97Mo/", reduced by 0.71", of sales tax revenues to the Half-Cent Sales
Tax Clearing Trust Fund (the "Half-Cent Sales Tax Trust Fund"), after providing for certain transfers to
the State's General Fund. Such amount deposited in the Half-Cent Sales Tax Trust Fund is earmarked
for distribution to the governing body of such county and each participating municipality within that
county pursuant the following distribution formula:
County Share
(percentage of total Half-Cent
Sales Tax receipts)
unincorporated * ,lZ incorporated
area population area population
total county population + 213 incolporated
area population
municipalig population
total county population * ,lg incorporated
area population
For purposes of the foregoing formula, "population" is based upon the latest official State
estimate of population certitied prior to the beginning of the local govemment fiscal year. Should the
County annex any area or should any area of the County de-annex from the County, the share of the
Half-Cent Sales Tax received by the County would be respectively increased or decreased according to
the foregoing formula.
The HalJ-Cent Sales Tax is distributed from the Half-Cent Sales Tax Trust Fund on a monthly
basis to participating units of local govemment in accordance with the Sales Tax Act and is deposited by
the County into the County's General Fr.rnd. The Sales Tax Act permits the County to pledge its share of
the Half-Cent Sales Tax for the payment of principal of and interest on any capital project. As of
November 2076, the County's Half Cent Sales Tax for Fiscal Year ending September 30,2017 is estimated
to be $8,847,287 by the FDOR.
To be eligible to participate in the HaU-Cent Sales Tax Program, each municipality and county is
required to have satisfied the Eligibility Requirements (defined below). Those requirements include, but
are not limited to, the following:
Municipality Share
(percentage of total Half-Cent
Sales Tax receipts)
24
(i) reported its finances for its most recently completed fiscal year to the Florida
Department of Banking and Finance ("FDBF") as required by Florida law;
(ii)
(iii)
made provisions for annual post audits of financial accounts in accordance with
provisions of law;
levied as shown on its most recent financial report, ad valorem taxes, exclusive of taxes
levied for debt service or other special millages authorized by the voters, to produce the
revenue equivalent to a millage rate of 3 mills on the dollar based upon 1973 taxable
values or, in order to produce revenue equivalent to that which would otherwise be
produced by sudr 3 mill ad valorem tax, to have received certain revenues from a
county (in the case of a municipality), collected an occupational license tax, utility tax, or
ad valorem tax, or any combination of those four sources;
certified that persons in its employ as law enforcement officers meet certain
qualifications for employment, and receive certain compensation;
certified that persons in its employ as firefighters meet certain employment
qualifications and are eligible for certain compensation;
certified that each dependent special district that is budgeted separately from the
general budget of such county or municipality has met the provisions for annual post
audit of its financial accounts in accordance with law; and
(iv)
(v)
(vi)
(vii) certified to the FDOR that it has complied with certain procedures regarding the
establishment of the ad valorem tax millage of the county or municipality as required by
law.
The requirements described in (i) through (vii) are referred to herein as the "Eligibitity
Requirements". If the County does not comply with the Eligibility Requirements, the County would lose
its Half-Cent Sales Tax Trust Fund distributions for twelve (12) months following a "determination of
noncompliance" by the FDOR. The County has continuously maintained eligibility to receive the Half-
Cent Sales Tax.
Although the Sales Tax Act does not impose any limitation on the number of years during which
the County can receive distribution of the Half-Cent Sales Tax revenues from the Half-Cent Sales Tax
Trust Fund, there may be amendments to the Sales Tax Act in subsequent years imposing additional
requirements of eligibility for counties and municipalities participating in the Half-Cent Sales Tax
Program, and it is not unusual for the distribution forrnulas in Sections 212.20(6)(d) or 278.62, Florida
Statutes, to be revised from time to time.
The amount of Half-Cent Sales Tax revenues received by the County is subject to increase or
decrease due to (i) increases or decreases in the dollar volume of taxable sales within the County, (ii)
legislative changes relating to the overall sales tax, which may include changes in the scope of taxable
sales, changes in the tax rate and changes in the amount of sales tax revenue deposited into the Half-
Cent Sales Tax Trust Fund, (iii) changes in the relative population of the County, which affect the
percentage of Half-Cent Sales Tax received by the County, and (iv) other factors which may be beyond
25
the control of the County, including but not limited to the potential for increased use of electronic
commerce and other intemet-related sales activity that could have a material adverse impact upon the
amount of sales tax collected by the State and then distributed to the County.
Coun4t Medicaid Contributions
Section 409.975, Florida Statutes, requires all counties in the State to pay a portion of the State
matching funds required for the federal Medicaid program. Pursuant to Section 409.975, Florida Statutes,
for the State Fiscal Years 2015-2016 through and including 2079-2020, the total amount of the Florida
counties' arutual contribution will be the total contribution for the prior fiscal year adjusted by 50 percent
of the percentage change in the State Medicaid expenditures as determined by the Social Services
Estimating Conference of the State ("SSEC"). For each State fiscal year thereafter, the total amount of the
Florida counties' arurual contribution shall be the total contribution for the prior fiscal year adjusted by
*re percentage change in the State Medicaid expenditures as determined by the SSEC. By ]r;ne 1 of each
year, the FDOR must notify each county of its individual required annual contribution which is
determined by a formula provided in Section 409.975, Florida Statutes.
For the County's Fiscal Year ended September 30, 2016, the County paid its required annual
contribution of $3,505,519.08 to the State from the County's General Fund and for the Fiscal Year ended
September 30,2077, the County has budgetedfi3,834,320 for its required annual contribution from the
County's General Fr.rnd. The County's arurual contribution is due in equal monthly installments by the 5th
day of each month. If the County fails to remit the payment by the 5ft of the month, the FDOR shall
reduce the monthly distribution to the Cor:nty from the Half-Cent Sales Tax Trust Fund pursuant to
Section 278.61,, Florida Statutes and, if necessary,by the amount of the monthly installment from the State
Revenue Sharing Trust Fund pursuant to Section 218.26, Florida Statutes. The County has continuously
made timely payments of its annual contribution from funds on deposit in the County's General Fund.
The County does not anticipate that its receipt of Half-Cent Sales Tax Revenues or State Revenue Sharing
Moneys will be affected by its obligation to make the annual contributions required by Section 409.915,
Florida Statutes.
In addition to the annual contributions described above, the State was required to certify to each
county by August 7, 2072, the amount of such county's Medicaid billings from Novemb er 7, 2007 through
April 30, 2012, which remained unpaid (the "Prior Disputed Amounts"). The State certified the County's
Prior Disputed Amounts in an amount equal to $5,355,000 after the State and County entered into a
settlement agreement on February 11,2013, which amount is being paid by the Cotmty from the County's
General Fund over a five year period. The balance remaining at |une 30, 2077 will be $262,277.26 and at
September 30,2017 such amount will be $0. In additioru certain federal funding to the State through the
Low Income Pool Program (the "LIP Program") is currently scheduled to expire in ]une, 2018. The LIP
Program provides federal funding to hospitals and other health providers that serve large numbers of
uninsured patients. Lr the event that federal funding for the LIP Program is not renewed or substitute
frodit g provided, the State Medicaid expenditures would increase. This could cause a material increase
in ttre amount of the Florida counties' required contributions based on the current statutory adjustments.
State Reaenue Sharing
A portion of certain taxes levied and collected by the State is shared with local govemments
under provisions of Section 278.275, Florida Statutes. The amount deposited by the FDOR into the State
Revenue Sharing Trust Fund for Counties is 2.0810% of available sales and use tax collections after
certain required distributions, and2.9"/o of the net collections from the cigarette tax.
26
The amount of revenues from the State Revenue Sharing Trust Fund for Counties distributed to
any one county is the average of three factors: an eligible county's percentage of the total population of
all eligible counties in the State; an eligible county's percentage of total population of the state residing in
unincorporated areas of all eligible counties; and an eligible county's percentage of total sales tax
collections in all eligibte counties during the preceding year. As of November 2076, the County's state
revenue sharing amount for State Fiscal Year Ending ]une 30, 2017 is estimated to be $4,463,123 by the
FDOR (which indudes "guaranteed entitlement", "second guaranteed entitlement", and Growth
Monies, as described below).
Each eligible county is entitled to receive a minimum amount of State Revenue Sharing Funds,
known as *re "guaranteed entitlement" and the "second guaranteed entitlement," the first of which is
correlated to amounts received by such county from certain taxes on cigarettes, roads and intangible
property in the State Fiscal Year 7977-7972 and the second of which is correlated to the amount received
by such county in State Fiscal Year 7987-7982 from the then-existing tax on cigarettes and intangible
personal property, less the guaranteed entitlement. The funds remaining in the Revenue Sharing Trust
Fund after the distribution of the Guaranteed Entitlement and Second Guaranteed Entitlement are
referred to as "growth monies" that are further distributed to eligible counties (the "Growth Monies").
There are no restrictions on the use of the Guaranteed Entitlement, Second Guaranteed
Entitlement or the Growth Monies revenues, however there are restrictions on the amount of funds that
can be pledged for bond indebtedness. Counties are allowed to pledge the Guaranteed Entitlemgnt and
the Second Guaranteed Entitlement revenues. Counties can assign, pledge, or set aside as a trust for the
payment of principal or interest on bonds or any other form of indebtedness an amount up to 50 percent
of the State Revenue Sharing Funds (including Growth Monies) received by it in the prior State Fiscal
Year.
To be eligible to participate in State Revenue Sharing in future years, the County must comply
with certain eligibility and reporting requirements. If the County fails to comply with such requirementg
the FDOR may utilize the best information available to it, if such in-formation is available, or take any
necessary action including disqualificatiory either partial or entire, and the County shall further waive
any right to challenge the determination of the FDOR as to its disbursemenl rt any.
The County's receipt of distributions from the State Revenue Sharing Trust Fund may also be
affected i-f the County fails to make required Medicaid contributions to the State. See "- County Medicaid
Contributions" above.
Franchise Fee Revenues
The County is authorized by Section \80.14, Florida Statutes, to grant nonexclusive, revocable
franchises to construct, reconstruct, operate and maintain, cable communications systems, telephone and
telegraph facilities, and natural gas and electricity transmission and distribution facilities.
Electric Franchise Fee Ret:,enues
The County imposes an electric franctrise fee upon and collected from the Fort Pierce Utilities
Authority ("FPUA") pursuant to Ordinance No. 97-30, enacted by the Board on September 23,7997 (the
"FPUA Franchise Fee Ordinance"), whereby the County granted to FPUA, a 30 year electric franchise
which is in effect until September 23,2027. Under the FPUA Franchise Fee Ordinance, FPUA is required
to pay the County an amount equal to 5 percent of FPUA's Gross Revenues (as defined in Ordinance No.
97-30) received from customers in the unincorporated areas of the County.
Additionally, the County imposes an electric franchise fee imposed upon and collected from
Florida Power & Light Company pursuant to Ordinance No. 97-29, enacted by the Board on September
23, 1,997 (the "FPL Franchise Fee Ordinance"), whereby the County granted to FPL, a thirty-year electric
franchise which is in effect until September 23,2027. Under the FPL Franchise Fee Ordinance, FPL is
required to pay the County a percentage of the revenues derived from the sale of electrical energy to
residential, commercial and industrial customers within the unincorporated areas of the County. The FPL
Franchise Fee Ordinance provides that commencing ninety (90) days after the effective date and each
month thereafter for the remainder of the term of the franchise, FPL, its successors and assigns, shall pay
to the County and its successors an amount which when added to the amount of all licenses, excises, fees,
charges and other impositions of any kind whatsoever (except ad valorem property taxes and non-ad
valorem assessments on property, radiological emergenry preparedness paid to or for *re benefit of the
County, and any charges to FPL for accepting wastewater) levied or imposed by the County against
FPL's property, business or operations, and those of its subsidiaries during FPL's monthly billing period
ending 60 days prior to each such payment will equal 5 percent of FPL's billed revenues, less actual write-
offs, from the sale of electrical energy to residential, commercial" and industrial customers within the
unincorporated areas of the County.
Licenses and Pennits
These are revenues derived from the issuance of occupational licenses, building permits,
cerffication fees, and special assessments. Such fees currently are a minor portion of the Cotrnty's Non-
Ad Valorem Revenues.
Charges for Services
Revenues resulting from a local unit's charges for services are reflected in this category and
include those charges received from private individuals or other governmental units. The following
functional areas include such charges:
(D General govemment;
(ii) Public safety;
(iii) Physical environment;
(iv) Human services;
(v) Transportation and parking;
(vi) Recreation and culture; and
("ii) Other.
Fines and Forfeitures
Fines and forfeitures reflect those penalties and fines imposed for the commission of statutory
offenses, violation of lawful administrative rules and regulations. Forfeitures include revenues resulting
from confiscation of deposits or bonds held as performance guarantees and proceeds from the sale of
contraband property seized by law enforcement agencies.
28
Miscellaneous Non-Ad Valorem Revenue
This is a broad category that includes a wide variety of revenues, including but not limited to
Licensing and regulatory fees, fees for services or publications, transfers from ottrer governmental units,
traffic and parking fines, interest eamings and other miscellaneous revenues.
Tourist Development Tax Revenues
Pursuant to Section 125.0104(3Xb), Florida Statutes, counties may levy and impose a tourist
development tax within their boundaries on the exercise of the taxable privilege described in Section
125.0104(3)(a), Florida Statutes. It is the intent of the Florida Legislature that every person who rents,
leases or lets for consideration any living quarters or accommodations i. *y hotef apartment hotel,
motel, resort motel, apartrnent apartment motel, rooming house, mobile home park, recreational vehicle
park, condominium or time share resort for a term of six months or less, subject to certain exemptions
described in Chapter 2l2,Florida Statutes, is exercising a taxable privilege.
The person receiving the consideration for such rental or lease shall receive, account for, and
remit the tax to the County Clerk (the "Clerk") at the time and in the manner provided for persons who
collect and remit taxes under Section 272.03, Florida Statutes. The same duties and privileges imposed by
Chapter 272, Florida Statutes, upon dealers in tangibte property, respecting the collection and remission
of tax, the making of retums, the keeping of books, records and accountq and compliance with the rules
of the FDOR in the administration of said drapter shall apply to and be binding upon all persons who are
subject to the provisions of Ordinance No. 11-028 enacted by the Board on September 27,2071, (the
"Ordinance"). Collections received by the Clerlg less ttre costs of administration shall be paid and
returned, on a monthly basis to County for use by the County and shall be placed in the County's Tourist
Development Trust Fund in accordance with the County's tourist development plan.
Any person who is taxable who fails or refuses to charge and collect from the person paying any
rental or lease such tourist development taxes, either by himself or through his agents or employees,
shall, in addition to being personally liable for the payment of such taxes, be guitty of a misdemeanor of
the first degree, punishable as provided in Sections 775.082 ot 775.083, Florida Statutes. Such tourist
development taxes shall constitute a lien on the property of the lessee, customer, or tenant in the same
manner as, and shall be collectible as are, liens authorized and imposed in Sections773.67,773.68 and
713.69, Florida Statutes.
Pursuant to Section 125.0104(3)(c), Florida Statutes, counties are authorized to levy a tourist
development tax at a rate of tp to 2o/o on the exercise of the taxable privilege described above if it was
approved by referendum, as required by Section 125.0104(6), Florida Statutes (the "First Cent and Second
Cent"). Pursuant to Section 125.0104(3Xd), Florida Statutes, counties are authorized to levy an additional
tourist development tax at a rate of 1% if there was either extraordinary approval of their respective
governing boardt or referendum approval (the "Third Cent"), provided the First Cent and the Second
Cent had been levied for at least three years prior to the imposition of the Third Cent.
Pursuant to Section 125.0104(3)(l), Florida Statuteg counties are authorized to levy an additional
tourist development tax at a rate of 1% if there is approval by a majority vote of such county's goveming
board (the "Fourth Cent," the proceeds of which are referred to herein as "Fourth Cent Revenues"). The
County has imposed such 1% additional tourist development tax. Fourth Cent Revenues may be used to:
29
(a) Pay the debt service on bonds issued to finance the construction, reconstruction, or
renovation of a professional sports franchise facility, or the acquisitiory construction, reconstruction, or
renovation of a retained spring training franchise facility, either publidy owned and operated, or publicly
owned and operated by the owrrer of a professional sports franchise or other lessee with sufficient
expertise or financial capability to operate such facility, and to pay the planning and design costs
incurred prior to the issuance of such bonds.
@) Pay the debt service on bonds issued to finance the construction, reconstruction, or
renovation of a convention center, and to pay the plarming and design costs incurred prior to the issuance
of such bonds.
(c) Pay the operation and maintenance costs of a convention center for a period of up to ten
(10) years. Only counties that have elected to levy the tax for the purposes authorized in paragraph (b)
above may use the tax for the purposes enumerated in this paragraph. Any county that elects to levy the
tax for the purposes authorized in paragraph (b) after |uly 1, 2000 may use the proceeds of the tax to pay
the operation and maintenance costs of a convention center for the life of the bonds.
(d) Promote and advertise tourism in the State and nationally and intemationally; however,
if Fourth Cent Revenues are expended for an activity, service, venue, or event, the activity, service, venue/
or event shall have as one of its main purposes the attraction of tourists as evidenced by the promotion of
the activity, service, venue, or event to tourists.
Any county that elects to levy the Fourth Cent for these purposes after fuly 7,2000 may use the
proceeds of the tax to pay the operation and maintenance costs of a convention center for the life of the
bonds. A county levying the Fourth Cent may not expend any ad valorem revenues for such
construction, reconstruction, or renovation.
Pursuant to Section 125.0104(3)(n), Florida Statutes, a county which has imposed the Fourth Cent,
is authorized to levy an additional tourist development tax at a rate up lo 1.% rt there is a majority plus
one vote of the governing board of such county (the "Fifth Cent," the proceeds of which are referred to
herein as "Fifth Cent Revenues"). The County has imposed such 1% additional tourist development tax.
Fifth Cent Revenues may be used for the following purposes:
(a)Pay the debt service on bonds issued to finance:
(i) The constructiory reconstruction, or renovation of a facility either publicly owned
and operated, or publicly owned and operated by the owner of a professional sports franchise or
other lessee with sufficient expertise or financial capability to operate such facility, and to pay the
planning and design costs incurred prior to the issuance of such bonds for a new professional
sports franchise as defined in Section 288.7762, Florida Statutes.
(ii) The acquisition, construction, reconstruction, or renovation of a facility either
publicly owned and operated, or publicly owned and operated by the owrler of a professional
sports franchise or other lessee with sufficient expertise or financial capability to operate such
facility, and to pay the planning and design costs incurred prior to ttre issuance of such bonds for
a retained spring training franchise.
30
(b) Promote and advertise tourism in the State and nationally and internationally; however,
if tax revenues are expended for an activity, service, venue, or event, the activity, service, venue/ or event
shall have as one of its main pulposes the attraction of tourists as evidenced by the promotion of the
activity, service, venue, or event to tourists.
A county that imposes the Fifth Cent may not expend any ad valorem tax revenues for the
acquisition, constructiory reconstructiorL or renovation of a facility for which such Fifth Cent Revenues
are used pursuant to subparagraph (a).
Pursuant to Section 125.0104(3)(0, the tourist development tax shall be charged by the person
receiving the consideration for the lease or rental, and it shall be collected from the lessee, tenant, or
customer at the time of payment of the consideration for such lease or rental.
The County levies each of the First Cent, the Second Cent, the Third Cenf the Fourth Cent and
the Fifth Cent. As of November 2076, the County's tourist development tax for Fiscal Year ending
September 30,2077 is estimated to be $3,814,362by the FDOR.
[Remainder of page intentionally teft blank]
31
Historical Receipt of Non-Ad Valorem Revenues
The following table shows the historical receipt by the County of significant sources of
certain Non-Ad Valorem Revenues for the five Fiscal Years ended September 30 prior to issuance of
the Series 2017 Bonds. The table does not include all of the Non-Ad Valorem Revenues of the County
which may be available to pay debt service on the County's debt secured by these revenues.
NON-AD VALOREM REVENUES OF ST. LUCIE COUNTY, FLORIDA
Local communication services taxes
Local business taxes
Tourist development taxes
Licenses and permits
Franchise fees
Intergovemmental revenues
Charges for services
Fines and forfeitures
Investrnent income
Contributions from property owners
Miscellaneous
Total Legally Available Non-Ad
Valorem Revenues
Source: St. Lucie County Clerk of the Circuit Court
2016
98s2,7s2
25,119
3,652,354
4,024,278
9,752,209
'1,2,593,975
1,581,158
754,862
49,756
6.345,680
$39.63L543
2015
$909,243
21,773
3,424,762
500
4,775,970
8,761,,096
72,560,347
1,,797,546
91.8,327
56,788
5.550.911
$3&120-603
2014
9927,660
24,967
3,039,203
s00
4,047,236
7,623,999
72,408,743
7,759,935
452,4U
700,639
5,773,697
ffi6lil3w
2013
$
25,393
2,577,525
2,795,968
70,747,662
8,74L,337
565,333
765,071.
738,369
5,975,320
$31fi1218
2072
$
24,9U
2,648,898
1,000
2,640,942
73,075,597
6,707,926
35,656
7,380,497
98,792
5,752.043
$2366325
[Remainder of page intentionally left blank]
32
Debt of County Secured by Non-Ad Valorem Revenues
The following table represents outstanding debt obligations of the County secured by specific
Non-Ad Valorem Revenue sources and or a covenant to budget and appropriate Non-Ad Valorem
Revenues. This table is exclusive of the debt of the County's business type activities such as in the water
and sewer and solid waste enterprise funds.
ST. LUCIE COUNTY, FLORIDA
NON-AD VALOREM REVENUE OBLIGATIONS
OUTSTANDING AS OF SEPTEMBER 30, 207614I
Issue
Sales Tax Revenue Refunding Bonds, Series 2013A
Sales Tax Revenue Refunding Bonds, Series 20138
Capital Improvement Revenue Bond, Series 2015
Transportation (Gas Tax) Revenue Bond, Series 20070)
Public lmprovement Revenue Note, Series 20028
Public lmprovement Revenue Note, Series 2008A
Capital Improvement Revenue Refunding Note, Series 2011
Capital Improvement Revenue Note, Series 2007
Tourist Development Tax Revenue Bond, $6dgs lQl1A{e)
Tourist Development Tax Revenue Bond, $s1lss lQll!{s)
Transportation Revenue Refunding Bond, Series 20150)
Capital Improvement Revenue Refunding Bond, Series 2014
Capital Improvement Revenue Bond, Series 2016
Special Assessment Bond, Series 2010A Lennard ftsad l{z)
Special Assessment Bond, Series 2010A Lennard Pead ltz)
Special Assessment Bond, Series 20104 Lennard Road 3(2)
Principal Amount
Issued
$47,295,000
9,405,ooo
2000,000
29,685,000
1,510,000
1,700,000
10,330,000
10,000,000
6,225,000
1,460,000
11,390,000
10,495,000
3,320,000
4,355,000
860,000
260,000
Principal Amount
Outstandins
$41,195,000
8,190,000
6,760,000
825,000
728,473
950,000
5,830,000
2,927,046
4,355,000
1,040,000
11,250,000
9,200,000
3,195,000
2,890,000
575,000
170,000
Source: Comprehensiae Annual Financial Report for the Fiscal Year Ended September 30, 20L6.
(1) Secured by fuel tax revenues and such revenues can only be used for transportation related prdjects.
(2) Secured by special assessments and a covenant to budget and appropriate Non-Ad Valorem
Revenues.
(3) Refinanced by the Taxable Capital Improvement Revenue RefundingNote, Series 20168 on December
22, 2076 in the amount of $4,832,000 payable from a covenant to budget and appropriate Non-Ad
Valorem Revenues. See table below.
(4) After September 30, 2076, the County issued its Capital Improvement Revenue Bond, Series 2016A on
November 22,2016 in the amount of $3,000,000 payable from a covenant to budget arrd appropriate Non-
Ad Valorem Revenues. See table below.
The County also has several capital leases outstanding totaling $10,001,268 as of September 30,
2076 payable from Non-Ad Valorem Revenues. Not included in this total is a Motorola Lease in the
amount of $8,967 ,207. The Motorola equipment was still being built as of Septemb er 30, 2076.
From time to time, the County has issued various obligations secured by either a covenant to
budget and appropriate from legally available Non-Ad Valorem Revenues or by a pledge of a specilic
JJ
non-ad valorem revenue source. Indebtedness of the County which is currently secured by a pledge of a
specific Non-Ad Valorem Revenue source (except Program Revenues) will have a claim and lien on such
source prior to any claim and lien of the Series 2017 Bonds. See below for various indebtedness secured
by non-ad valorem revenues and the debt service related thereto.
ST. LUCIE COUNTY, FLORIDA
NON-AD VALOREM REVENUE DEBT SERVICE SCHEDULEO)
2002B
Public 2007 Capital
Inprove- Imprcve-
Period ment ment
Ending Note Note@0)
7017/2077 $133,292 $1,016,315
101u2018 1,016,03s
101u2079 "1,0"15,746
"10l"t/2020
7011/2027
101712022
101712023
701112024
70/11202s
10/7/2026
101712027
701"112028
70ft/2029
10/712030
10ft2037
10/712032
701112033
10/1/?034
10/112035
2077
2008A Capital
Improve- Improve- 2013A,/B
ment ment Sales Tu
Note(3) Note(o Bonds(l
$161,360 $1.,063,178 $4,737,400
1_65,78 1,062,977 4,729,600
764,648 1,062,222 4,733,000
163,304 7,067,094 4,735,050
761_,71_6'\,059,532 4,736,800
164,884 7,062,537 4,736,550
162,564 4,734,050
4,734,050
4,737,050
3,469,800
3,467,800
3,474,800
3,470,050
3,467,050
3,469,650
3,472,450
3,470,250
2074 201s 2076
Caoital Caoital CaDital
ImLrcve- Imprcve- Imorove-
ment ment ment
Bond(5) Bond(r(lr) Bond(8)
97,281,720 $456,457 $273,070
1,276,774 458,785 273,^130
"t,285,146 455,907 273,060
7,278,275 457,824 277,860
7,280,921 459,467 2n,400
7,"122,845 455,905 276,870
952,90"1 457,137 ?76,090
897,452 458,095 275,240
890,967 458,779 274,260
454,257 273,750
454,530 276,91.0
454,529 275,470
454,254 273,780
453,705 2n,020
457,814
456,580
455,072
453,290
456,165
20768
2015A Taable
CaDital Capital
Imorove- Inorcve-
ment ment
Bond(e) Bond(lo) Aggregate
$245,73s $n5,668 $10,13&596
291.,258 774,71.5 "10,048,362
297,2M 773,080 10,054,053
297,721 770,900 9,035,428
290,889 n4,775 9,040,900
290548 770,723 8,880,802
290,098 772,725 7,645,565
289,539 6,648,376
288,877 6,643,927
288,094 4,485,307
287,208 4,486,44
297,273 4,495,952
4,798,0U
4,797,775
3,927,444
3,929,030
'ii:i:
9733,292 S3,048,097 $1,7M,224 $6,377,480 $70,363,400 $70,?60,40'.1 58,rJ68,ss2S3,8s3,190 W,436,2t8 $5,47"r,986 $112,690,84n
Source: St. Lucie County Clerk of the Circuit Court.
(1) Includes both principal and interest.
(2) Bears interest at the rate of 2.73Yo and is subject to acceleration upon an event of default.
(3) Bears interest at the rate of 4.88% and is subject to acceleration upon an event of default.
(a) Bears interest at the rateof2.7670/o and is subject to acceleration upon an event of default.
(5) Bears interest at the rate of 2.00-5.00% and is not subject to acceleration upon an event of default.
(6) Bears interest at the rate of 2.74"/" and is subject to acceleration upon an event of default for non-payment.
(z) Bears interest at the rate ol 2.74"/" and is subject to acceleration upon an event of default for non-payment of any debt and in the case
of bankruptry.
(8) Bears interest at the rate of 2.60"/" and is subject to acceleration upon an event of default for non-payment
(e) Bears interest at the rate of 2.78"/" and is subject to acceleration upon an event of default for non-payment.
(10) Bears interest at the rate of 3.03"/" and is subiect to acceleration upon an event of default for non-payment.
(u) Ror:nded to the nearest dollar.
34
INVESTMENT CONSIDERATIONS
The following discussion provides information relating to certain risks that could affect payments
of the principal of, redemption premium, if any, and interest on the Series 2017 Bonds. The order in
which the following information is presented is not intended to reflect the relative importance of the risks
discussed. The following ilformation is not and is not intended to be, exhaustive and shotrld be read in
conjunction with all of the other sections of this Official Statement, including its appendices. Prospective
purchasers of the Series 2017 Bonds should carefully analyze the information contained in this Official
Statement, including its appendices (and including the additional information contained in the form of
the complete documents referenced or summarized herein), for a more complete description of the
investment considerations relevant to purchasing the Series 2017 Bonds. Copies of any documents
referenced or summarized in this Official Statement are available from the County as described under
"INTRODUCTION" herein.
1. There is no assurance that any rating assigned to the Series 2017 Bonds by a rating
agency will continue for any given period of time or that such rating will not be lowered or withdrawn
entirely by such rating agency, if in its judgment circumstances warrant. A downgrade, change in or
withdrawal of any rating may have an adverse effect on the market price of the Series 2077 Bonds. See
"RATINGS" herein.
2. The County's covenant to budget and appropriate from Non-Ad Valorem Revenues for
the payment of the Series 2017 Bonds is limited by a number of factors. As indicated under the caption
"SECURITY FOR THE BONDS - General" hereiru the County is required to operate with a balanced
budget. hr additiorU the County is not required and does not covenant to maintain any services or
programs which generate Non-Ad Valorem Revenues. Cancellation of any services or programs which
are not essential services and that generate Non-Ad Valorem Revenues could have an adverse effect on
the County fulfilling its covenant obligations under the Resolution. Certain Non-Ad Valorem Revenues,
such as State revenue sharing, may be subject to modification or repeal by the State Legislature. Certain
matching Non-Ad Valorem Revenues, such as govemmental, foundation or corporate grants to the
County, also may be subject to modification or may be discontinued.
3. Continued consistent receipt of Non-Ad Valorem Revenues is dependent upon a variety
of factors, including greater or lesser growth in the unincorporated areas of the County could have
positive or negative effects on Non-Ad Valorem Revenues. The amounts and availability of any of the
Non-Ad Valorem Revenues to the County are also subject to change, including reduction or elimination
by change of State law or changes in the facts or circumstances according to which certain of the Non-Ad
Valorem Revenues are allocated. In additiorL the amount of certain of the Non-Ad Valorem Revenues
collected by the County is directly related to the general economy of the County. Accordingly, adverse
economic conditions could have a material adverse effect on flre amount of Non-Ad Valorem Revenues
collected by the County. The County may also specifically pledge certain of the Non-Ad Valorem
Revenues or, upon meeting the anti-dilution test described under "SECURITY FOR BONDS - Issuance of
Other Obligations," covenant to budget and appropriate legally available Non-Ad Valorem Revenues of
the County to future obligations. In the case of a specific pledge, such Non-Ad Valorem Revenues would
be required to be applied to such obligations prior to payrng the principal of and interest on the Series
2017 Bonds.
35
4. In the event of a default in the payment of principat of or interest on the Series 2017
Bonds, the remedies of the owners of the Series 2017 Bonds are limited under the Resolution. See
"APPENDX C - Form of the Resolution" herein.
GENERAL INFORMATION REGARDING ST. LUCIE COUNTY
Background
The County is located on the east south central coast of Florida, and encompasses an area of
approximately 581 square miles. It is bounded on the north by L:rdian River County, on the west by
Okeechobee County, on the south by Martin County and on the east by the Atlantic Ocean. Fort Pierce is
the County Seat and is located approximately 50 miles north of West Palm Beadr and 100 miles southeast
of Orlando. The estimated population of the County as of July 7, 2076, was 306,507. The principal
industries of the County include tourism, agriculture, services, and light manufacturing. Lrcorporated
areas within the County include the City of Fort Pierce, the City of Port St. Lucie and the Town of St.
Lucie Village. See "APPENDX A - General Information Conceming the County" attached hereto.
County Government
St. Lucie County is govemed by five elected Commissioners and an appointed County
Administrator. The Board operates as a non-charter govemment pursuant to Article VIII, Section (1)(f), of
the Constitution of the State of Florida.
The members of the County Commission and expiration of their current terms of office are:
Commission Members
Chris Dzadovsky, Chairman
Tod Mowery, Vice Chair
Linda Bartz
Framie Hutchinson
Cathy Townsend
Date Term Exoires
November 2020
November 2018
November 2020
November 2018
November 2020
The Board has entrusted the position of County Administrator to Howard N. Tipton. Mr. Tipton
supervises the day-to-day workings of the County, manages the annual budget and oversees the
County's operating departments and divisions. Mr. Tipton was appointed County Administrator by the
Board in November 2074, having now served a total of 34 years in four different Florida counties. His
previous assignments have included Deputy County Administrator for Orange County (Orlando),
President/COO for a golf course development company, Chief Administrative Officer for the Orange
County Clerk of Courts, and most recently County Manager for Brevard County. He eamed a Bachelor
of Science degree from James Madison University, a Masters of Public Administration from the
University of Central Florida and completed the program for senior executives in state and local
govemment at Harvard University's ]ohn F. Kennedy Sd:rool of Govemment.
His community service includes serving on ttre St. Lucie United Way Board of Directors, St. Lucie
EDC Board of Directors, and as an Allegany Franciscan Ministries Lincoln Park Council Member. Past
service indudes Board Chair of the United Way of Brevard and Chair of the Mental Health Association of
36
Central Florida, Board Member for Goodwill L:rdustries of Central Florida, Board Member for the Brevard
Cultural Alliance, and a Stephen Minister for St. Luke's Methodist Church.
The County's Finance Director is Shai Francis. Ms. Francis joined the St. Lucie County Clerk's
office in October 2007. She is responsible for overseeing the operations for the Board's finance functions,
which include flre investrnents, accounting, financial reporting, debt management, accounts payable,
accounts receivable, gralts and contracts, Board recording secretary, and Value Adjustment Board
administration. She also prepares the Clerk's annual budget and overseas the entire Clerk's finances.
Ms. Francis has worked for over twenty-six years in various facets of local governmental accounting and
budget. She has a B.A. in accounting from Soochow University, Taipei, Taiwan, and a MBA from Florida
Institute of Technology, Florida. She is a certified public accountant and a certified govemment finance
officer for the State. She is a member of AICPA (American Lrstitute of Certified Public Accountants),
FICPA (Florida Institute of Certified PubLic Accountant), GFOA (Govemment Finance Officers
Association), and FGFOA (Florida Govemment Finance Officers Association).
The Management and Budget Director, appointed by and serving at the pleasure of the County
Administrator, is responsible for preparing the County's annual budget and overseeing the County's
Procurement function. The County's Interim Management and Budget Director is ]enrrifer Hill. Ms. Hill
was appointed as Lrterim Management and Budget Director on May 5, 2017. She joined the St. Lucie
County Office of Management and Budget in December of 2003 and has worked for twenty-two years in
governmental budgeting. She eamed a Bachelor of Science degree from the University of Florida and a
Masters of Business Administration from Florida Atlantic University. She is also a Certitied Govemment
Finance Officer.
Management Discussion
The Fiscal Year 2076-2017 Budget for the County was adopted by the Board on September 19,
2016 tn the amount of $503,005,127 and was comprised of the General Fund, the Special Revenue Funds,
Debt Service Funds, Capital Project Fr:nds, Enterprise Funds, Intemal Service Funds and Trust and
Agency Funds. The General Fund Budget for Fiscal Year 2076-2077 was approximately $135,585,459 and
represented an increase of 4.03% from the Fiscal Year 2075-2076 adopted General Fund Budget
($130,335,187).
[Remainder of page intentionally left blank]
37
ST. LUCIE COUNTY, FLORIDA
Fiscal Year 20L6-20L7 Adopted Budget
Estimated Revenues
Estimated Be ginning Balances
Taxes:
Ad Valorem
Other Taxes & fees
Licenses and Permits
Intergovernmental Revenues
Charges for Services
Fines and Forfeits
Miscellaneous Revenues
Other Financing Sources
Interfund Transfers - In
Proceeds from LoanslBonds
Intemal Services & Other
Less 5%
Total Estimates Revenue Sources
Estimated Expenditures
General Govemment
Public Safety
Physical Environment
Transportation
Economic Environment
Human Services
Court Related
Culture & Recreation
Capital Outlay
Debt Service
Total Expenditures/Expenses
Other Financing Uses
L:rterfund Transfers
Transfer to Const. Officers
Total Expenditures and Uses
Estimated Ending Balance
Total Expenditures and Uses
$ 216,312,757
749,894,763
g,o33,1oo
76,759,037
44,347,766
45,706,630
7,0gg,gg7
9,230,074
1.5,1.86,523
7,965,379
732,672
11,053,515
$503,005,127
$50,777,507
22,263,699
39,510,703
26,489,363
9,795,049
12,366,875
5,9'1,2,894
20,734,208
95,878,623
75,697,672
$298,766,527
1.5,-1.86,523
88,257,241.
$402,270,291,
s700,794,836
$503,005,127
Source: St. Lucie County Board of County Commissioners Final Budget, Fiscal Year 20L7.
38
Reserves
Pursuant to Resolution No. 10-279 adopted on October 79, 201,0, as amended and supplemented,
the County established a reserve poliry. Such poliry provides that the County shall maintain a
designated Emergency Reserve Fund equal to 5"/" of the total operating budget excluding funds that have
a minimum of 70% or $2,000,000 in tesetves, whichever is greater. Such funds shall be used for natural or
manmade disasters.
Additionally, Resolution No. 10-279 provides that the County shall maintain a fund balance
reserve in the General Fund equal to 5% of the General Fund operating budget. Such funds may be used
to address unanticipated revenue shortfalls or any unforeseen expenditures not necessarily resulting
from a nafural or manmade disaster.
The County is in compliance with both of the above policies. Such policies may be modified from
time to time.
Debt Policy
By adoption of the Fiscal Year 2016-2077 Budget the County adopted its debt poticy which
establishes the following criteria:
. The County will not fund operations or normal maintenance from the proceeds of long-term
financing and will confine long-term borrowing and capital leases to capital improvements,
projects or equipment that carurot be financed from current or projected financial resources.
o The County's debt capacity will be maintained within the following generally accepted
benchmarks:
- Debt per capita shall remain below four hundred ($400) dollars. Direct debt includes
general obligations and governmental fund bond debt.
- Direct debt per capita as a percentage of income per capita should not exceed 2%.
- Direct debt as a percentage of the final assessment value of taxable property as provided
by the Office of the Property Appraiser shall not exceed 1%.
- The ratio of direct debt service expenditures as a percentage of general govemmental
expenditures will not exceed 10%.
o The County strives to maintain a minimum underlying bond rating equivalent to "Upper
Medium Grade" (Moody's "A" or S&P "A") and request an evaluation of their underlying
rating every five years or as deemed necessary by the Board.
e The County shall strive to keep the average maturity of general obligation bonds at or below
fifteen years.
o When financing capital projects or equipment by issuing bondq the County will amortize the
debt over a term not to exceed the useful life of the project or piece of equipment.
39
. Each year the County will review its outstanding debt for the purpose of determining the
feasibility of refunding an issue.
. To the maximum extent possible, the County will use special assessment or self-supporting
bonds in lieu of general obligation bonds.
Invesbnent Policy
Pursuant to Sections 125.31 and 218.415, Florida Statutes, the Board established an investment
policy applicable to all surplus funds held by or for the benefit of the County.
Purzuant to such investment policy, the authorized investments are as follows:
a. The lntergovemmental Investment Pool rated 'AAAm" by Standard & Poor's or the
equivalent by another nationally recognized self-regulatory organization (NRSRO) for a stable Net Asset
Value (NAV) furrd. If the stable NAV fund has no rating then the underlying securities must be either
FDIC insured; collaterali"ed under the Florida Security for Public Deposits Act, Chapter 280, Florida
Statutes; or have a long term rating of "A" or better by a nationally recognized rating agency. For a
floating NAV fund, the minimum rating wiII be AAf/S1 or the equivalent by a nationally recognized
rating agency.
b. Negotiable direct obligations of, or obligations the principal and interest of which are
unconditionally guaranteed by the United States Govemment. Such securities will include, but not be
limited to, the following:
1..
2.
J.
Treasury Bills
Treasury Notes
Treasury Bonds
c. Bonds, debenfures, notes or other evidence of indebtedness issued or guaranteed by
United States agencies provided such obligations are backed by the full faith and credit of the United
States Govemment. Such securities will include, but not be limited to, the following:
1. Farmers Home Administration
2. Govemment National Mortgage Association (GNMA)
d. Bonds, debentures, notes of or other evidence of indebtedness issued or guaranteed by
United States Govemment agencies (Federal Instrumentalities) which are not backed by the fulI faith and
credit of the United States Govemment. Such securities will include, but not be limited to, the following:
1. Federal Farm CreditBank (FFCB)
2. Federal Home Loan Bank or its district banks (FHLB)
3. Federal National Mortgage Association (FNMA)
4. Federal Home Loan Mortgage Corporation (Freddie-Mac)
e. Non-negotiable interest-bearing time cerfficates of deposit, money market accounts or
savings accounts in financial institutions organtzed under the laws of the United States, doing business
and situated in this state, provided that any such deposits are secured by the Florida Security for Public
Deposits Act, Chapter 280, Florida Statutes.
f. Repurchase agreements collateraLized by Treasury Bills or Notes having a maturity of
two (2) years or less.
g. Securities and Exchange Commission registered money market funds with the highest
credit quality rating from a nationally recognized rating agenry.
h. Corporate Obligations or Corporate Notes of U.S. Corporations with at least two of the
following three minimum ratings: A- by Standard & Poor's, A3 by Moody's, or A-by Fitch.
i. Commercial Paper denominated in United States dollars that is rated, at the time ol
purchase, Prime-1 by Moody's and A-1 by Standard & Poor's (Prime Commercial Paper). If the
Commercial Paper is backed by a letter of credit (LOC), the long-term debt of the LOC provider must be
rated A or better by at least two nationally recognized rating agencies.
j. Srpranational Agencies - Debt obligations issued by multilateral organization of
govemments of which the U.S. is a shareholder and voting member, and are denominated in U.S. dollars,
with highest Short-Term or Long-Term rating (A-7+lP-1, AAA/Aaa, or equivalent). Purchase
authorization includes, but is not limited to, obligations of the following multilateral organizations:
1. Intemational Bank for Reconstruction and Development (IBRD)
2. Intemational Finance Corporation (IFC)
3. European Balk for Reconstruction and Development (EBRD)
4. Inter-American Development Bank (IADB)
5. Asian Development Bank (ADB)
6. African Development Bank (AFDB)
Lrvestment in derivative products is not authorized. For the purposes of this policy derivative
products are defined as financial arrEu:rgements whose value are derived from changes in an underlying
variable such as a stock, bond, stock index, interest rate inde>; currenry, commodity, etc. Derivative
investments include, but are not limited to: fufures contracts, options contracts, forward contracts,
interest tate swaps, interest rate floor or ceiling contracts, and linked index investrnents.
k. Equities, Mutual Funds and/or exchange-traded funds (ETFs) - Equities, shares in
open-end and no-load equity and/or fixed-income mutual funds, and/or ETFs.
The County's investment policy may be modified from time to time.
See also "SECURITY FOR THE BONDS" herein for a description of the provisions which govem
the investment of moneys on deposit in funds and accounts established in the Resolution.
47
LIABILITIES OF THE COUNTY
Pension Plans
The County employees participate in the Florida Retirement System ("FRS"). FRS was created
pursuant to Chapter 121, Florida Statutes, to provide a defined benefit pension plan for participating
public employees. See "APPENDIX A-General Information Conceming the County-Pension Plans" for
additional information on the FRS.
Other Post Employment Benefits
Pursuant to the provision of Section 112.080T, Florida Statutes, former employees who retire from
the County and eligible dependents may continue to participate in the County's respective
medicaVprescriptiory vision, dental and life insurance plans as long as they pay the fulI premium
applicable to coverage elected. For the St. Lucie County Sheriff's Office employees, the County
subsidizes a portion of the premiums. See "APPENDX A-General InJormation Conceming the County-
Other Post Employment Benefits" for additional hformation on the County's post employment benefit
plans.
LEGAL MATTERS
Certain legal matters in connection with the issuance of the Series 2017 Bonds are subject to an
approving legal opinion of Nabors, Giblin & Nickersory PA, Tampa, Florida, Bond Counsel, whose
approving opinion (a form of which is attached hereto as "APPENDX D-Form of Bond Counsel
Opinion") will be available at the time of delivery of the Series 2017 Bonds. Certain legal matters will be
passed on for the County by Daniel S. Mclntyre, Esq., County Attomey, and Bryant Miller Olive P.A.,
Miami, Florida, Disclosure Counsel. Holland & Knight LLP, Lakeland, Florida, is serving as Counsel to
the Underwriters.
Bond Counsel has not been engaged to, nor has it undertaken to, review (1) the accurary,
completeness or sufficienry of this Official Statement or any other offering material relating to the Series
2077 Bonds; provided, however, that Bond Counsel will render an opinion to the Underwriters of the
Series 2017 Bonds (upon which opinion only the Underwriters may rely) relating to the correctness of the
presentation of certain statements contained herein under the heading "TAX EXEMPTION" and certain
statements which summarize provisions of the Resolutiory the Series 2017 Bonds and federal tax law, and
(2) the compliance with any federal or state law with regard to the sale or distribution of the Series 2017
Bonds.
LITIGATION
There is no pending or, to the knowledge of the County, any threatened Litigation against the
County of any nature whatsoever which io *y way questions or affects the validity of the Series 2017
Bonds, or any proceedings or transactions relating to their issuance, sale, execution, or delivery, or the
adoption of the Resolutiory or the collection of the Pledged Funds and the Non-Ad Valorem Revenues or
the pledge of the Pledged Revenues. Neither the creatiory organization or existence, nor the title of the
present members of the Board, or other officers of the County is being contested.
42
The County experiences claims, litigation, and various legal proceedings which individually are
not expected to have a material adverse effect on the operations or financial condition of the County, but
may, in the aggregate, have a material impact thereon. hr the opinion of the County Attomey, however,
the County will either successfully defend such actions or otherwise resolve such matters without any
material adverse consequences on the financial condition of the County.
DISCLOSURE REQUIRED BY FLORIDA BLLIE SKY REGULATIONS
Pursuant to Section 517.051,, Florida Statutes, as amended, no person may directly or indirectly
offer or sell securities of the County except by an offering circular containing fuII and fair disclosure of all
defaults as to principal or interest on its obligations since December 31, 7975, as provided by ruIe of the
Office of Financial Regulation within the Florida Financial Services Commission (the "Commission").
Pursuant to administrative rulemaking, the Commission has required the disclosure of the amounts and
types of defaults, any legal proceedings resulting from such defaults, whether a trustee or receiver has
been appointed over ttre assets of the County, and certain additional financial information, unless the
County believes in good faith that such information would not be considered material by a reasonable
investor. The County is not and has not been in default on any bond issued since December 3'1.,1975 that
would be considered material by a reasonable investor.
The County has not undertaken an independent review or investigation of securities for which it
has served as conduit issuer. The County does not believe that any in-formation about any default on
such securities is appropriate and would be considered material by a reasonable investor in the Series
2017 Bonds because the County would not have been obligated to pay the debt service on any such
securities except from payments made to it by the private companies on whose behalf such securities
were issued and no funds of the County would have been pledged or used to pay such securities or the
interest thereon.
TAXEXEMPTION
Opinion of Bond Counsel
In the opinion of Bond Counsel, the form of which is included as APPENDX D hereto, the
interest on the Series 2017 Bonds is excludable from gross income of the owners thereof for federal
income tax purposes and is not a specific item of tax preference for federal income tax purposes under
existing statutes, regulations, rulings and court decisions. However, interest on the Series 2017 Bonds is
taken into account in determining adjusted current eamings for purposes of computing the alternative
minimum tax imposed on corporations pursuant to the Internal Revenue Code of 7986, as amended (the
"Code"). Failure by the County to comply subsequently to the issuance of the Series 2017 Bonds with
certain requirements of the Code, including but not limited to requirements regarding the use,
expenditure and investment of bond proceeds and the timely payment of certain investment earnings to
the Treasury of the United States, may cause interest on the Series 2017 Bonds to become includable in
gross income for federal income tax purposes retroactive to their date of issue. The County has
covenanted in the Resolution to comply with all provisions of the Code necessary to, among other thing+
maintain the exclusion from gross income of interest on the Series 2017 Bonds for purposes of federal
income taxation. kr rendering this opinion, Bond Counsel has assumed continuing compliance with such
covenants.
43
Internal Revenue Code of 1986
The Code contains a number of provisions that apply to the Series 2017 Bonds, including, among
other things, restrictions relating to the use or investnent of the proceeds of the Series 2017 Bonds and the
payment of certain arbitrage earnings in excess of the "yield" on the Series 2017 Bonds to the Treasury of
the United States. Noncompliance with such provisions may result in interest on the Series 2017 Bonds
being included in gross income for federal income tax purposes retroactive to their date of issue.
Collateral Tax Consequences
Except as described above, Bond Counsel will express no opinion regarding the federal income
tax consequences resulting from the ownership of, receipt or accrual of interest on, or disposition of the
Series 2017 Bonds. Prospective purchasers of the Series 2017 Bonds should be aware that the ownership
of the Series 2017 Bonds may result in other collateral federal tax consequences. For example, ownership
of the Series 2017 Bonds may result in collateral tax consequences to various types of corporations
relating to (1) denial of interest deduction to purchase or carry such Series 2017 Bonds, (2) the branch
profits tax, and (3) the inclusion of interest on the Series 2017 Bonds in passive income for certain
Subchapter S corporations. Lr additioru the interest on the Series 2017 Bonds may be included in gross
income by recipients of certain Social Security arrd Railroad Retirement benefits.
PURCHASE, OWNERSHIP, SALE OR DISPOSITION OF THE SERIES 2017 BONDS AND THE
RECEIPT OR ACCRUAL OF THE INTEREST THEREON MAY HAVE ADVERSE FEDERAL TAX
CONSEQUENCES FOR CERTAIN INDIVIDUAL OR CORPORATE BONDHOLDERS, INCLUDING,
BUT NOT LIMITED TO, THE CONSEQUENCES DESCRIBED ABOVE. PROSPECTIVE
BONDHOLDERS SHOULD CONSULT WITH THEIR TAX SPECIALISTS FOR INFORMATION IN
THATREGARD.
Other Tax Matters
Interest on the Series 2017 Bonds may be subject to state or local income taxation under
applicable state or local laws in other jurisdictions. Purchasers of the Series 2017 Bonds should consult
their tax advisors as to the income tax status of interest on the Series 2017 Bonds in their particular state
or local jurisdictions.
During previous years legislative proposals have been introduced in Congress, and in some cases
enacted, that altered certain federal tax consequences resulting from the ownership of obligations that are
similar to the Series 2017 Bonds. hr some cases these proposals have contained provisions that altered
these consequences on a retroactive basis. Such alteration of federal tax consequences may have affected
the market value of obligations similar to the Series 2017 Bonds. From time to time, legislative proposals
are pending which could have an effect on both the federal tax consequences resulting from ownership of
the Series 2017 Bonds and their market value. No assurance can be given that additional legislative
proposals will not be introduced or enacted that would or might apply to, or have an adverse effect upon,
the Series 2017 Bonds. For example, proposals have been discussed in corurection with deficit spending
reduction, job creation and other tax reform efforts that could significantly reduce the benefit of, or
otherwise effect the exclusion from gross income oi interest on obligations such as the Series 2017 Bonds.
The further introduction or enactment of one or more of such proposals could affect the market price or
marketability of the Series 2017 Bonds.
M
Bond Premium
The diJference between the principal amount of the Series 2017 Bonds (collectively, the "Premium
Bonds") and the initial offering price to the public (excluding bond houses, brokers or similar persons or
organizations acting in the capacity of underwriters or wholesalers) at which price a substantial amount
of such Premium Bonds of the same maturity was sold constitutes to an initial purchaser amortizable
bond premium which is not deductible from gross income for Federal income tax purposes. The amount
of amortizable bond premium for a taxable year is determjned actuarially on a constant interest rate basis
over the term of each Premium Bond (or, in the case of certain Premium Bonds callable prior to maturity,
the amortization period and yield must be determined on the basis of the earliest call date that results in
the lowest yield on the Premium Bond). For purposes of determining gain or loss on the sale or other
disposition of a Premium Bond, an initial purchaser who acquires such obligation in the initial offering to
the public at the initial offering price is required to decrease such purchaser's adjusted basis in such
Premium Bond annuatty by the amount of amortizable bond premium for the taxable year. The
amortization of bond premium may be taken into account as a reduction in the amount of tax-exempt
income for purposes of determining various other tax consequences of owning such Premium Bonds.
Owners of the Premium Bonds are advised that they should consult with their own advisors with respect
to the state and local tax consequences of owning such Premium Bonds.
RATINGS
Moody's hrvestors Service ("Moody's") and S&P Global Ratings ("S&P") are expected to assign
their ratings of "Aa3" and "AA-" (stable outlook) respectively, to the Series 2017 Bonds.
Generally, a rating agency bases its rating on information and materials and on investigations,
studies and assumptions furnished to and obtained and made by the rating agenry. The rating reflects
only the view of said rating agency and an explanation of the rating may be obtained only from said
rating agency. There can be no assurance that such rating will continue for any given period of time or
will not be revised downward or withdrawn entirely by such rating agenry, if in its judgment
circumstances so warrant. Aoy such downward revision or withdrawal of the ratings of the Series 2017
Bonds may have an adverse effect on the market price of the Series 2017 Bonds. The County undertakes
no responsibility to oppose any such revision or withdrawal. An explanation of the significance of the
ratings can be received from the following: Moody's, 7 World Trade Center, 250 Greenwich Street, New
York, NY 10007 and S&P, 55 Water Street New York, New York 10041.
FINANCIAL ADVISOR
The County has retained Public Financial Management, Inc., Orlando, Florida, as Financial
Advisor irt corurection with the County's financing plans and with respect to the authorization and
issuance of the Series 2017 Bonds. The Financial Advisor is not obligated to undertake and has not
undertaken to make an independent verification or to assume responsibility for the accuracy,
completeness, or fairness of the information contained in the Official Statement. The Financial Advisor
did not participate in the underwriting of the Series 2017 Bonds.
45
INDEPENDENT ACCOUNTANTS
The Independent Auditors' Report of the County for the Fiscal Year ending September 30,2076
and report relating to the Basic Financial Statements contained therein of Berger, Toombs, Elam, Gaines &
Frank Certified Public Accountants PL, Fort Pierce, Florida (the "Independent Certified Public
Accountants") are attached hereto as "APPENDIX B - Lrdependent Auditors' Report of the County." Such
statements speak only as of September 30,2076.
The Independent Auditors' Report attached hereto as "APPENDX B - hrdependent Auditors'
Report" is presented for general inJormation purposes only.
The County covenanted and agreed in the Resolution to, immediately after the dose of each
Fiscal Year, cause the financial statements of the County to be properly audited by a recognized
independent certified public accountant or recognized independent firm of certified public accountants,
and shall require sudr accountants to complete their report on the annual financial statements in
accordance with applicable law. The annual financial statement shall be prepared in conformity with
generally accepted accounting principles consistently applied.
UNDERWRITING
The Series 2017 Bonds are being purchased by Wells Fargo Bank, National Association and
Citigroup Global Markets Inc. (the "Underwriters") at an aggregate purchase price of $55,255,764.85
(which indudes original issue premium of $8,459,446.00 and Underwriters' discount of $68,681.15). The
Underwriters' obligations are subject to certain conditions precedent contained in a contract of purchase
entered into with the County, and, it will be obligated to purchase all of the Series 2017 Bonds if *y
Series 2017 Bonds are purchased. The Series 2017 Bonds may be offered and sold to certain dealers
(including dealers depositing such Series 2017 Bonds into investnnent trusts) at prices lower than such
public offering prices, and such public offering prices may be changed, from time to time, by the
Underwriters.
Wells Fargo Securities is the trade name for certain securities-related capital markets and
investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Bank,
National Associatiory which conducts its municipal securities sales, trading and underwriting operations
through the Wells Fargo Bank, NA Municipal Products Group, a separately idenffiable department of
Wells Fargo Bank, National Associatiory registered with the Securities and Exchange Commission as a
municipal securities dealer pursuant to Section 15B(a) of the Securities Exchange Act of 1934. Wells Fargo
Bank, National Association, acting through its Municipal Products Group ("WFBNA"), the senior
underwriter of the Series 2077 Bonds, has entered into an agreement (the "WFA Distribution Agreement")
with its #filiate Wells Fargo Clearing Services, LLC (which uses the trade name "Wells Fargo Advisors")
("WFA"), for the distribution of certain municipal securities offerings, including the Series 2017 Bonds.
Pursuant to the WFA Distribution Agreement, WFBNA will share a portion of its underwriting
compensation with respect to the Bonds with WFA. WFBNA has also entered into an agreement (the
"WFSLLC Distribution Agreement") with its affiliate Wells Fargo Securities, LLC ("WFSLLC"), for the
distribution of municipal securities offering+ induding the Series 2017 Bonds. Pursuant to the WFSLLC
Distribution Agreement WFBNA pays a portion of \AIFSLLC's expenses based on its municipal securities
transactions. WFBNA, WFSLLC and WFA are each wholly-owned subsidiaries of Wells Fargo &
Company.
46
Citigroup Global Markets Inc., an underwriter of the Series 2077 Bonds, has entered into a retail
distribution agreement with UBS Financial Services Inc. ("L|BSFS"). Under this distribution agreemen!
Citigroup Global Markets Inc. may distribute municipal securities to retail investors through the financial
advisor network of UBSFS. As part of this arrangement, Citigroup Global Markets Inc. may compensate
LIBSFS for its selling efforts with respect to the Series 2017 Bonds.
CONTINGENT FEES
The County has retained Bond Counsel, the Financial Advisor and Disclosure Counsel with
respect to the authorizatron, sale, execution and delivery of the Series 2017 Bonds. Payment of the fees of
such professionals and an underwriting discount to the Underwriters (which includes the fees of
Underwriters' Counsel) are each contingent upon the issuance of the Series 2017 Bonds.
ENFORCEABILITY OF REMEDIES
The remedies available to the owners of the Series 2017 Bonds upon an event of default under the
Resolution, are in many respects dependent upon judicial actions which are often subject to discretion
and delay. Under existing constitutional and statutory law and judicial decisions, including specifically
the federal bankruptcy code, the remedies specified by the Resolution and the Series 2017 Bonds, may not
be readily available or may be limited. The various legal opinions to be delivered concurrently with the
delivery of the Series 2017 Bonds (including Bond Counsel's approving opinion) will be qualified, as to
the enforceability of the remedies provided in the various legal instruments, by limitations imposed by
bankruptcy, reorganizatiorL insolvency or other similar laws affecting the rights of creditors enacted
before or after such delivery. See "APPENDX C - Form of the Resolution" attached hereto for a
description of events of default and remedies.
CONTINUING DISCLOSURE
The County will covenant for the benefit of the owrrers of the Series 2017 Bonds to provide
certain financial information and operating data relating to the County (the "Annual Report"), and to
provide, or cause to be provided, notices of the occurrence of certain enumerated events. Annual
financial information and operating data of the County will be filed by the County with the Municipal
Securities Rulemaking Board's Electronic Municipal Market Access System ("EMMA"). The notices of
material events, when and if they occur, shall be timely filed by the Cor:nty with EMMA. The specffic
nature of the financial information, operating dafa, and of the type of events which trigger a disclosure
obligation, and other details of the undertaking are described in "APPENDX E - Form of Continuing
Disclosure Certificate" attached hereto. The Continuing Disdosure Certificate shall be executed by the
County prior to or upon the issuance of the Series 2017 Bonds. These covenants have been made in order
to assist the Underwriters in complying with the continuing disclosure requirements of Rule 1,50-12
promulgated by the Securities and Exchange Commission (the "Rule"). With respect to the Series 2017
Bonds, no party other than the County is obligated to provide any continuing disclosure information with
respect to the Rule.
\Atrhile not considered by the County to be a material failure to comply, at various times during
the past five yearg the County has inadvertently failed to file notices of events timely regarding the
ratings changes of the insurers of their respective indebtedness. Notices have since been filed indicating
the current ratings of the bond insurers which insure their currently outstanding indebtedness. All such
failures have been cured as of the date hereof. The County has aligned all of its EMMA filings to ensure
compliance under its continuing disclosure undertakings. The County fully anticipates satisfying all
future obligations required pursuant to the RuIe.
ACCURACY AND COMPLETENESS OF OFFICIAL STATEMENT
The references, excerpts, and summaries of all documents, stafutes, and information concerning
the County and certain reports and statistical data referred to herein do not purport to be complete,
comprehensive and definitive and each such zummary and reference is qualified in its entirety by
reference to each such document for full and complete statements of all matters of fact relating to the
Series 2017 Bonds, the security for the payment of the Series 2017 Bonds and the rights and obligations of
the owners thereof and to each such statute, report or instrument.
Any statements made in this Official Statement involving matters of opinion or of estimates,
whether or not so expressly stated are set forth as such and not as representations of fact, and no
representation is made that any of the estimates will be realized. Neither this Official Statement nor any
statement that may have been made verbally or in writing is to be construed as a contract with the
owrrers of the Series 2017 Bonds.
The appendices attached hereto are integral parts of this Official Statement and must be read in
their entirety together with all foregoing statements.
[Remainder of page intentionally left blank]
48
AUTHORIZATION OF OFFICIAL STATEMENT
The execution and delivery of this Official Statement has been duly authorized and approved by
the County. At the time of delivery of the Series 2017 Bonds, the County will furnish a cerfficate to the
effect that nothing has come to their attention which would lead it to believe that the Official Statement
(other than information herein related to DTC, the book-entry only system of registration and the
inJormation contained under the caption "TAX EXEMPTION" as to which no opinion shall be expressed),
as of its date and as of the date of delivery of the Series 2017 Bonds, contains an untrue statement of a
material fact or omits to state a material fact which should be included therein for the purposes for which
the Official Statement is intended to be used, or which is necessary to make the statements contained
therein, in the light of the circumstances under which they were made, not misleading.
BOARD OF COUNTY COMMISSIONERS
ST. LUCIE COUNTY, FLORIDA
By: lsl Chris Dzqdoaslcy
Chairman, Board of County Commissioners
Bv: lsl Howard N. Tiaton
County Administrator
49
ITHIS PAGE INTENTIoNALLY LEFT BLANK]
APPENDIXA
GENERAL INFORMATION CONCERNING THE COUNTY
THE FOLLOWING INFORMATION CONCERNING ST. LUCIE COUNTY, FLORIDA (THE
''COUNTY") IS INCLUDED ONLY FOR THE PURPOSE OF PROVIDING GENERAL BACKGROUND
INFORMATION. THE INFORMATION HAS BEEN COMPILED ON BEHALF OF THE COUNTY AND
SUCH COMPILATION INVOLVED ORAL AND WRITTEN COMMUNICATIONS WITH THE
VARIOUS SOURCES INDICATED HEREIN. THE INFORMATION IS SUBIECT TO CFIANGE,
ALTHOUGH EFFORTS HAVE BEEN MADE TO UPDATE THE INFORMATION WHERE
PRACTICABLE. CERTAIN OF THE TABLES THAT FOLLOW IN THIS APPENDX HAVE BEEN
DERTVED FROM THE STATISTICAL SECTION OF THE COUNTY'S COMPREHENSIVE ANNUAL
FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2076.
BACKGROUND
The County is located on the east south central coast of Florida, and encompasses an area of
approximately 572 square miles. It is bounded on the north by Indian River County, on the west by
Okeechobee County, on the south by Martin County and on the east by the Atlantic Ocean. Fort Pierce is
the County Seat and is located approximately 60 miles north of West Palm Beach and 100 miles southeast
of Orlando. As of ]u1y 1, 2076, population of the County was estimated at 306,507. The principal
industries of the County include tourism, agriculture, services, and light manufacfuring. Lrcorporated
areas within the County include the City of Fort Pierce, the City of Port St. Lucie and the Town of St.
Lucie Village.
EDUCATIONAL FACILITIES
The County public school district has 17 elementary schools grades kindergarten through 5, 9
kindergarten through 8 schools, 4 middle schools, 5 high schools, 1 school which combines a middle
school and a high school, 3 non-traditional schools which includes the Dale Cassens Education Complex
for the physically and emotionally handicapped students at all grade levels and 4 magnet schools serving
grades kindergarten through 8. Of these, there are two magnet schools serving grades kindergarten
through 5, one magnet school serving grades kindergarten through 8, and one magnet school which
combines a middle school and a high school.
There are ten private schools supplementing the public school system. Within the County, there
is one private institution of higher education - Keiser University, and four public institutions, Florida
Atlantic University (FAU), Fortis Lrstitute, Virginia College and Indian River State College (IRSC). Keiser
University focuses on vocational education, and associate, bachelor and graduate degrees for non-
traditional students. IRSC is a four-year state college whose main campus is located in Ft. Pierce and
offers a diverse range of bachelor degrees, some of which are biology, educatiorL nursing, and digital
media as well as associate degrees. The FAU campus located in Ft. Pierce is dedicated to exploring the
world's oceans and integrating the science and technology of the sea with the needs of humankind.
A-1
CTIMATE
St. Lucie County features a warrn humid subtropical climate, falling just short of having a true
tropical climate. Summers are usually hot, with temperatures averaging low 90s. Winters are usually
mild to warm, with average temperatures around 70oF. The average yearly precipitation is around 53.5
in.
AGRICULTURE
The County is the 7th largest aquaculture economy in the State, the 6th largest fruit-producing
county in the State, and 1't in grapefruit acreage. According to the 2012 census, the County has a total
area of approximately 572 square miles. Approximately fifty-three percent (53%) of the County's
land is classified as agriculture. According to the U.S. Department of Commerce's 2012 Census of
Agriculture, as of 2012 there were 406 counted farms in the County, encompassing approximately
795,755 acres. The market value of a1l agricultural products (i.e., crops and livestock) produced in
the County amounted to $168 million in sales.
TOURISM AND RECREATION
A combination of favorable climate and avai]able recreational assets such as 21 miles of beaches,
tennis courts, golf courses, world class fishing, and a thriving arts and culture scene has made tourism an
important industry in St. Lucie County. Within the County, there are 63 hotels, motels, RV parks, and
campgrounds with approximately 4,800 total units. The County also has over 319 licensed dining
establishments with an estimated seating capacity in excess of 27 ,000. The County has one inlet, located at
its northeast corner and is connected to the federally-maintained Intracoastal Waterway. County
residents have easy access to the ocean by way of the North Fork of the St. Lucie River through its
protected, tree-Lined waterway meandering through the County. Besides boating and fishing, the County
maintains Regional Parks, St. Lucie County Sports Complex, stadiums, ball fields, natural resource based
parks/preserves and a botanical garden. Community Parks have lighted facilities for organized athletic
programs. The County also owns and operates the Fairwinds Golf Course, an 18-ho1e championship golf
course.
TRANSPORTATION FACILITIES
The County is situated in an area where the Florida Turnpike, Interstate 95, US Highway 1, the St.
Lucie County Intemational Airport, the Port of Fort Pierce and the Florida East Coast Railway system are
in close proximity to each other. This provides for easy access to County amenities, commercial
opportunities, as well as access to other parts of the state.
A-2
POPULATION STATISTICS
The County has experienced rapid growth in recent decades which exceeds the state growth rate.
The following table presents historical population growth for the County for the period of 2007 to2076.
POPULATION STATISTICS FOR ST. LUCIE COUNTY AND STATE OF FLORIDA
Year
2007
2008
2009
2010
2071.
2072
2013
2074
2015
2076
ST. LUCIE COLiNTY
Population
277,961
276,595
272,964
277,789
279,696
280,355
28'.1,,1.5L
282,827
287,749
306,507
STATE OF FLORIDA
Population
78,277,888
78,423,878
1,8,537,969
78,901,,332
78,905,048
79,074,434
19,259,543
79,507,369
19,815,183
20,748,654
7" Chanse
4.9%
7.7
(1.4)
1.8
0.7
0.2
0.3
0.6
1.8
6.5
7" Chanee
7.7
0.8
0.6
1.4
0.6
0.9
1.0
1.3
7.6
7.7
Source:U.S. Department of Commerce, Bureau of
Administration, P op ulation Diaision, Bureau
Abstract 20L6.
Census; Uniaersity of Floridn, College of Business
of Economic and Business Research, Florida Statistical
A-3
ASSESSED VALUATIONS
ST. LUCIE COUNTY, FLORIDA
Fiscal
Year Real
P16Dg1tv(t)(:)
2007 935,297,381,,073
2008 35,927,342,207
2009 30,656,945,464
201.0 23,053,499,012
2011. 20,280,817,028
2072 79,773,039,636
2073 18,590,9s8,586
2074 78,278,465,727
201.5 19,129,945,370
201.6 20,798,536,263
Personal
Propertv
93,003,465,947
2,900,867,475
3,061.,594,950
3,278,060,429
3,228,764,567
3,293,34-1.,552
23,238,698,229
22,848,082,159
23,912,431.,713
25,998,770,329
Total
Assessed
Valuation 0XzXs)
$38,336,598,574
38,864,635,859
33,7W,284,975
26,377,942,906
23,543,369,979
22,507,557,897
22,238,606,523
22,970,680,s25
23,880,397,036
25,609,842,91.6
Exemotions
$13,923,788,784
13,310,554,702
72,218,435,134
9,340,839,671,
8,377,431,327
7,893,L66,317
7,899,097,097
7,793,183,273
8,252,543,413
9,346,234,656
Ta)(able(4)
Valuation
$24,412,809,790
2s,554,081.,757
21.,558,849,841.
17,031.,703,295
15,765,938,592
74,608,385,586
741339,509,426
75,177,497,252
1.5,627,853,623
76,263,608,260
Centrally
Assessed
P.oru11v€)
$34,7s7,554
42,426,777
58,744,561.
40,383,465
33,788,294
35,770,709
30,940,040
34,777,318
45,267,354
47,059,179
Source: Department of Reoenue, State of Florida, and St. Lucie County Properly Appraiser.
(1) Total assessed value based on approximately 80% of estimated actual value.
(2) Centrally assessed property that is assessed by the State of Florida rather than by the Property Appraiser
(property located in more than one county). Centrally assessed property is primarily railroad property.
(3) The breakdown of commercial and non-comrnercial real property assessed value is not available.
( ) The Taxable Valuation is the difference between the Total Assessed Valuation and the Exemptions.
A-4
TAXES LEVIED AND COLLECTED
ST. LUCIE COUNTY, FLORIDA
Fiscal Year
Ending
2007
2008
2009
2070
2077
2072
2013
2014
2075
2076
Tax Roll
Year
2006
2007
2008
2009
2070
2077
2012
2073
2074
2015
Total Tax
Leviedr)
$795,293,400
790,'1,u,760
760,477,667
729,397,667
727,7L4,008
723,794,325
121,326,274
737,375,253
735,356,839
746,099,632
Current Tax
Collectionse)
$1,87,777,075
1,82,74,255
753,137,U7
724,073,907
722,753,725
717,778,059
776,747,857
726,409,875
730,274,723
740,581.,398
Percentage of
Current Tax
Collections to
Tax Levy
96.15%
96.L0
95.42
95.U
96.72
95.72
95.73
96.26
96.24
95.22
Delinquent
Tax
Collections0t
$4,663
321,,783
335,188
86,720
122,577
256,258
799,245
706,870
782,794
52,463
Total
Tax
Collections
$187,781,678
183,086,038
753,467,029
724,700,627
722,876,296
777,434,317
776,347,096
726,576,745
730,456,377
1.40,633,861.
Percent
of Total Tax
Collections to
Total Tax
Levy
96.15%
96.27
95.63
95.97
96.21.
95.32
95.90
96.35
96.38
96.25
Source: St. Lucie Au ry Taa Colledor ond the Clc* of t}z Citcuit Court.
(1) Total tax levy amounts reflect property taJ@s collected on behrlf of St. Lu.ie County only. This amount represents the odginal levy plus addidons, Fnalties,e ors, and other adiustments.
(2) Current Tax cole.tions rePl€sents only the .ash .o[ected. A11 tares are due and payable on November 1, of each year or as soon thereafter as tfu
assessmmt ro1l is certified and delivered to the Tax Collector. A[ mpaid t xes become delinquent on Apdl 1 fo[owing the year in which they are assessed.
Discounts are allowed fol early paymmt at the rate oI4% in the month of November, 3% in Dec€mber, 2% in January and 1% m February. The taxes paid in
March are not discountred.
(3) The delinquent tar( .onedions indude delinquent taryible personal property taxes and County taJ< c€rtificates.
A-5
Taxpaygr
Florida Power & Light Corp.
Tropicana Manufacfuring Co. Inc.
Wynne Building Corp.
Wal-Mart Stores East LP
Bellsouth Telecommunications
HCA/Lawnwood Medical Center [rc.
Florida Gas Transmission Co. LLC
KRG Port St. Lucie Landing LLC
Sandpiper Resort Properties L:rc.
Florida East Coast Railway
ASSESSMENT OF
TEN LARGEST PRINCIPAL PROPERTY TAXPAYERS
ST. LUCIE COUNTY, FLORIDA
Total Taxable
Value
$ 2,687,324,996
725,828,t97
779,965,7ffi
83,932,485
69,U5,695
45,367,930
4,g75,ooo
39,956,150
37,U9,670
37,233,995
Percent of Total
Taxes Levied
70.49%
0.49
0.47
0.33
0.27
0.18
0.18
0.16
0.15
0.15
Source: St. Lucie County Tax Collector Olfice and St. Lucie County Property Appraiser.
MAIOR EMPLOYERS
ST. LUCIE COUNTY, FLORIDA
2015
Emplover
St. Lucie County Sctrool Board
Lrdian River State College
WaI-Mart Retail Stores and Distribution Center
HCA/Lawnwood & St. Lucie Medical Center [rc.
St. Lucie County Govemment
Publix
City of Port St. Lucie
Convey Health Solutions
Liberty Medical Supply
Martin Health System
Number of Emplovees
5,476
2,N0
2,253
2,'],89
1,,686
1,466
1,015
9s0
920
8s0
Source: Economic Deuelopment Council of St. Lucie County.
Note: St. Lucie County Govemment includes the Board of County Commissionerg Clerk of the Circuit
Courf Property Appraiser, Tax Collector, Sheriff and Supervisor of Elections.
A-5
UNEMPLOYMENT RATES
The unemployment rate for the County is generally higher than the unemployrnent rate for the
State due, in part to the greater dependence on agricultural and construction employment within the
County and seasonal variations related to such employment. hr the latest preliminary figures available, the
County's unemployment rate for February 2077 was 5.3%, while the overall unemployment rate for the
State was 4.7o/".
Labor Force
St. Lucie County, Florida
Year
2007
2008
2009
2010
2011
2072
2073
2014
2075
2076
Year
2007
2008
2009
2010
2077
2072
2073
2014
2075
201.6
Labor Force
724,273
724,433
723,358
124,666
725,297
125,942
729,282
730,594
731,774
734,379
Labor Force
9,206,000
9,224,000
9,066,000
9,732,000
9,249,000
9,249,000
9,467,000
9,590,000
9,619,000
9,839,000
Emplovment
117,335
773,699
707,729
1.07,327
708,959
712,077
776,348
720,7s3
722,Ul
126,779
State of Florida
Emolovment
8,839,000
8,&7,000
8,127,000
8,102000
9,279,000
9,279,000
9,777,000
9,979,000
9,099,000
9,359,000
Unemployment
Number
6,878
70,734
76,229
17,345
76,332
73,937
72,934
70,M7
8,273
7,607
Unemployment
Number
367,000
577,000
939,000
1,030,000
970,000
970,000
689,000
501,000
521,000
480,000
Unemployment
Rate
5.SYo
8.6
13.2
73.9
13.0
77.7
10.0
8.0
6.3
5.7
Unemployment
Rate
4.0%
6.3
10.4
11.3
10.5
10.5
/.3
6.3
5.4
4.9
A-7
Source: Florida Agency for Worlcforce Innouation.
PERSONALINCOME
(n07-z{i/rcl
Year
2007
2008
2W
Total Personal
Income (000s)
$7,623,ffi
7,g2g,g5g
7,W,937
8,269,U7
8,526,570
9,070473
9,943,912
9,932,393
10,636,320
N/A
Banks
93,139,422
3,71,6,9'1,6
3,573,495
3,11,4,130
294c.,698
3,15L,55g
3,28,78
3,395,9ffi
3,51L243
3,W,495
% Lrcrease
7.1o/o
4.00
(0.8)
5.1
4.3
4.5
(o.n
11.1
7.1
N/A
Savines & Loan
w9,709
458,455
389221,
370,672
332M7
174,767
74,628
75,40
80,392
52,68
Per Capita
Income
$30,112
31,165
29,gil
29,[365
31,64
32330
32,932
wze
35,625
N/A
Source: Comprehensioe Annual Financial Report for Fiscal Ymr Enileil Sqtmtber 30, 20L6.
BANKDEPOSITS
Laet 10 Fiecal Years
St Lucie County
(in thousands)
2010
2017
2012
2013
2014
2015
201.6
2017
2012
2013
2014
20L5
2076
Source: wttno.FDlC.soo -
Summmy of Depwih.
Year
2W7
2008
2009
2010
Total
$3,83&131
4,175,37'1,
3,952,706
3,&1,W2
3,276,739
3326,335
3363,41,6
3,47'1,,@0
3,692,635
3,927,lU
A-8
BUILDING PERMIT ACTIVITY
ST. LUCIE COUNTY, FLORIDA
(2007-20161
Total Value
($000)
$30&236
136,066
26,243
32,&2
49,941
57,505
95,383
747,599
196,774
736,697
Number of Units
Year
2007
2008
2009
2010
2077
2012
2013
2074
2015
201.6
Sinele Familv
7,690
6U
zil
265
266
279
587
682
945
225
Multi-Familv
353
345
10
28
49
36
45
2N
2M
0
Source: Florida Statistical Abstract 201.5, U.S. Bureau of Census; 2016 dnta from St. Lucie County, Florida.
A-9
PENSION PLANS
The information relating to the Florida Retirement System ("FRS") contained herein has been obtained
from the FRS Pension Plan and Other State Administered Systems Comprehensiue Annual Financial Reports
aaailable at www. dms.myflorida.comlworkforce_operations/retirementlpublicationsl annual_reports and the
Florida Comprehensiae Annual Financial Reports aaailable at wtxt. myfloridacfo.com/diaision/aalReportsl. No
representation is made by the County as to the accuracy or adequacy of such information or that there has not been
any materinl adaerse change in such information subsequent to the date of such information.
The Florida Retirement System (the "FRS") is a cost-sharing multiple-employer public-employee
retirement system with two primary plans - the FRS defined benefit pension plan (the "FRS Pension
Plan") and the FRS defined contribution plan (the "FRS lrvestrnent Plan").
Florida Retirement System
Membership. FRS membership is compulsory for all employees filling a regularly established
position in a state agency, county agency, state universiry state community college, or district school
board. Participation by cities, municipalities, special districts, charter schools, and metropolitan planning
organizations, although optionaf is generally irrevocable after election to participate is made. Members
hired into certain positions may be eligible to withdraw from the FRS altogether or elect to participate in
the non-integrated optional retirement programs in lieu of the FRS except faculty of a medical college in a
state university who must participate in the State University System Optional Retirement Program.
There are five general classes of membership, as follows:
. Regular Class - Members of the FRS who do not qualify for membership in the
other classes.
o Senior Management Seraice Class ("SMSC") - Members in senior management
level positions in state and local goverrurents as well as assistant state attorneys, assistant
statewide prosecutors, assistant public defenders, assistant attomeys general, deputy court
administrators, and assistant capital collateral representatives. Members of the Elected Officers'
Class may elect to withdraw from the FRS or participate in the SMSC in lieu of the Elected
Officers'Class.
. Special Risk Class - Members who are employed as law enforcement officers,
firefighters, firefighter trainers, fire prevention officers, state fixed-wing pilots for aerial
firefighting surveillance, correctional officers, emergency medical technicians, paramedics,
community-based correctional probation officers, youth custody officers (from July 7, 2007
through ]une 30, 2014), certain health-care related positions within state forensic or correctional
faciJities, or specified forensic employees of a medical examiner's office or a law enforcement
agency, and meet the criteria to qualify for this class.
. Special Risk Administratiae Support Class - Former Special Risk Class members
who are transferred or reassigned to nonspecial risk law enforcement fuefighting, emergency
medical care, or correctional administrative support positions within an FRS special risk-
employing agency.
A-10
orncers ,.0 *"'l',!'i* :f;::-":fl,,:,'3: [.YiTlil1,]f",':iij::':ir',,T.i:1 :ilL?
officials in this class.
Beginning fly L,2001, through June 30, 2011, the FRS Pension Plan provided for vesting of
benefits after six years of creditable service for members initially enrolled during this period. Members
not actively working in a position covered by the FRS Pension Plan on luly 7,2001, must retum to
covered employment for up to one work year to be eligible to vest with less service than was required
under the law in effect before l.iy 7,2001. Members initially enrolled on or after fuly 1.,2001, through
]une 30, 2011, vest after six years of service. Members initially enrolled on or after luly 7,2011, vest after
eight years of creditable service. Members are eligible for normal retirement when they have met the
requirements listed below. Early retirement may be taken any time after vesting within 20 years of
normal refuement age; however, there is a 5% benefit reduction for each year prior to the normal
retirement age.
-For,,"-o",,tilJjffi ,iil";K"{f:{;:::T';1:T:;:::irff :rrr:K':";#:;!::;
of creditable service and age 62, or lhe age after completing six years of creditable service if
after age 62. Thrty years of creditable service regardless of age before age 62. For members
initially enrolled in the FRS Pension Plan on or after ]uly 1, 2011, eight or more years of
creditable service and age 65, or the age after completing eight years of creditable service if
after age 65. Thirty-three years of creditable service regardless of age before age 65.
. Special Risk Class and Special Risk Administratioe Support Class Members - For
members initially enrolled in the FRS Pension Plan before ]uly 1, 2011, six or more years of
Special Risk Class service and age 55, or the age after completing six years of Special Risk Class
service if after age 55. Twenty-five years of special risk service regardless of age before age 55.
A total of 25 years of service including special risk service and up to four years of active duty
wartime service and age 52. Without six years of Special Risk Class service, members of the
Special Risk Administrative Support Class must meet the requirements of the Regular Class.
For members initially eruolled in the FRS Pension Plan on or after fuly 1.,2011, eight or more
years of Special Risk Class service and age 60, or the age after completing eight years of Special
Risk Class service if after age 60. Thirty years of special risk service regardless of age before age
60. Without eight years of Special Risk Class service, members of the Special Risk
Administrative Support Class must meet the requirements of the Regular Class.
Benefits. Benefits under the FRS Pension Plan are computed on the basis of age, average final
compensation, creditable years of service, and accrual value by membership class. Members are also
eligible for in-line-of-duty or regular disability and survivors' benefits. Pension benefits of retirees and
annuitants are increased each July 1 by a cost-of-living adjustment. If the member is initially enrolled in
the FRS Pension Plan before July 7,2011, and all service credit was accrued before lt;Iry 7,2011, the annual
cost-of-living adjustment is 3% per year. If the member is initially enrolled before }uly 7,2011, and has
service credit on or after luly 7,2011, there is an individually calculated cost-of-living adjustment. The
anrrual cost-of-living adjustment is a proportion of 3/" determined by dividing the sum of the pre-]uly
2011 service credit by the total service credit at retirement multiplied by 3%. FRS Pension Plan members
initially enrolled on or after ]uly 1, 2011, will not have a cost-of-living adjustment after retirement.
A-11
The Deferred Retirement Option Program ("DROP") became effective July 1, 1998. FRS Pension
Plan members who reach normal retirement are eligible to defer receipt of monthly benefit payments
while continuing employment with an FRS employer. An employee may participate in the DROP for a
maximum of 60 months. Authorized instructional personnel may participate in the DROP for up to 36
additional months beyond their initial 60-month participation period. Monthly retirement benefits remain
in the FRS Trust Fund during DROP participation and accrue interest. As of fune 30,2076, the FRS Trust
Fund held 92,322,967,354 in accumulated benefits for 34,760 DROP participants. Of these 34,760 DROP
participants, 29,602 were active in the DROP with balances totaling $7,877,732,532. The remaining 4,558
participants were no longer active in the DROP with balances totaling $451,234,822 to be processed after
]trne 30, 2016, pending a qualifying event. Of the total accumulated DROP benefits, $471.,260,077 was due
and payable as of ]une 30,2076.
Administration. The Department of Management Services, Division of Retirement administers
the FRS Pension Plan. The State Board of Administration (the "SBA") invests the assets of the Pension
PIan held in the FRS Trust Fund. Costs of administering the FRS Pension PIan are funded from earnings
on investments of the FRS Trust Fund. Reporting of the FRS Pension Plan is on the accrual basis of
accounting. Revenues are recognized when earned and expenses are recognized when the obligation is
incurred.
Contributions. All participating employers must comply with statutory contribution
requirements. Section 121.031(3), Florida Statutes, requires an arurual actuarial valuation of the FRS
Pension Plan, which is provided to the Legislature as guidance for funding decisions. Employer and
employee contribution rates are established in Section 727.77, Florida Statutes. Employer contribution
rates under the uniform rate structure (a blending of both the FRS Pension Plan and Investment Plan
rates) are recommended by the actuary but set by the Legislature. Statutes require that any unfunded
actuarial liability ('UAL") be amortized within 30 plan years. Pursuant to Section 121.031(3)(f), Florida
Statutes, any surplus amounts available to offset total retirement system costs are to be amortized over a
10-year rolling period on a level-dollar basis. The balance of legally required reserves for a1l defined
benefit pension plans at June 30, 2076, was $741,780,920,515. These funds were reserved to provide for
total current and future benefits, refunds, and administration of the FRS Pension Plan.
[Remainder of page intentionally teft blank]
A-12
Effective lluly 7, 2011, both employees and employers of the FRS Fare required to make
contributions to establish service credit for work performed in a regularly established position. Effective
]uly 1, 2002, the Florida Legislature established a uniform contribution rate system for the FRS, covering
both the FRS Pension Plan and the FRS Investment Plan. The uniform rates for Fiscal Year 2015-16 are as
follows:
Membership Class
Employee
Contribution Rate
Employer
Contribution f{2fs(t)
Total Contribution
Rate
Regular
Special Risk
Special Risk Administrative Support
Elected Officers - ]udges
Elected Officers -
Le gislators/Attomeys/Cabinet
Elected Officers - County, City,
Special Districts
Senior Management Service
Deferred Retirement Option Program
3.00"/"
3.00
3.00
3.00
3.00
3.00
3.00
N/A
5.56%
20.34
37.25
34.01
M.70
40.57
79.73
71.22
8.56Yo
23.34
34.25
37.07
47.10
43.57
22.73
1.7.22
(1) These rates include the normal cost and unfunded actuarial liability contributions but do not include
the 7.66% contribution for the HIS and the fee of 0.04% for administration of the FRS Investment Plan and
provision of educational tools for both plans.
Source: Florida Retirement System Pension Plan and Other State Administered Systems Comprehensiae Annual
Financial Report for Fiscal Year Ended lune 30, 2016.
[Remainder of page intentionally left blank]
A-13
Pension Amounts for the FRS Pension Plan.
Schedule of Changes in Net Pension Liability and Related Ratios(1)
(in thousands)
Total Pension Liability June 30, 2014 |une 30,2015 june 30,2016
Effect of assumption changes or inputs 7,256,045 0
Benefit payments (8,774,257) (10,201,501)
Service cost
Interest on total pension liabitity
Effect of plan changes
Effect of economic/demographic (gair'rs)
or losses
Net change in total pension liability
Total pension liability, beginning
Total pension liability, ending (a)
Fiduciary Net Position
Employer contributions
Member contributions
Lrvestment income net of investment
expenses
Benefit payments
Administrative expenses
Net change in plan fiduciary net position
Fiduciary net position, beginning
Fiduciary net position, ending (o)
Net pension liability, ending = (a) - (b)
Fiduciary net position as a o/o of total
pension liability
Covered payroll(2)
$756,715,763 $767,370,735 767,030,999
$2,256,738
71,489,927
0
(M8,878)
5,939,635
t50,276,728
$2,774,047
71,,721,,563
0
1,620,863
5,254,972
156,1,75,763
$2,732,906
72,709,774
32,370
980,792
7,030,667
(10,624,925)
5,660,264
t67,370,735
(18,352) (78,074) (78,507)
$2,1,90,424
682,507
22,872,286
(8,714,250)
16,952,675
't33,061.,677
$2,438,085
698,304
5,523,287
(10,201,s00)
(7,559,898)
t50,074,292
fi2,439,659
770,777
820,583
(1.0,624,925)
(6,673,473)
L48,454,394
$7s0,074,292 $1,48,454,394 $747,780,921
$6,101,477
96.09%
$24,723,565
24.68%
972,976,341
92.00%
$32,726,034
39.470/"
$25,250,078
84.88%
33,21,4,277
75.O2%Net pension liability as a !" of covered
payroll
(1) This schedule will fill in to a ten-year schedule as results for new fiscal years are calculated.
(2) For Iune 30, 201,4, covered payroll shown includes defined benefit plan actives and members in DROP,
but excludes the payroll for FRS hrvest Plan members and payroll on which only UAL rates are charged.
For ]une 30, 2075, and later, covered payroll shown includes the payroll for FRS L:rvestment Plan
members and payroll on which only UAL rates are charged.
Source: Florida Retirement System Pension Plan and Other State Administered Systems Comprehensiue Annual
Financial Report for Fiscal Year Ended June 30,201.6.
A-74
Actuarial Methods and Assumptions for the FRS Pension Plan. The total pension liability was
determined by an actuarial valuation as of the valuation date of |uly \, 2076, calculated based on the
discount rate and acfuarial assumptions below:
June 30,2014 |une 30,2015 ]une 30,2016
Discount rate 7.65% 7.65% 7.60%
Long-term expected rate of retum, net of investment 7.65% 7.65"/" 7.60"/o
expense
Bond Buyer General Obligation 2O-Bond Municipal N/A N/A N/A
Bond Index
Source: Florida Retirement System Pension Plan and Other State Administered Systems Comprehensioe Annual
Financial Rrport for Fiscal Year Ended lune 30, 201.6.
The plan's fiduciary net position was projected to be available to make all projected future benefit
payments of current active and inactive employees in the determining the projected depletion date.
Therefore, the discount rate for calculating the total pension liability is equal to the long-term expected
rate of refum.
The actuarial assumptions used to determine the total pension liability as of ]une 30,2076, were
based on the results of an actuarial experience study for the period July 1, 2008 - June 30,2013.
Valuation Date July 7,2076
Measurement Date ]une 30, 2016
Asset Valuation Method Fair Market Value
h:rflation 2.60%
Salary increase induding ffiation 3.25%
Mortality Generational RP-2000 with Projection Scale BB
Actuarial cost method Lrdividual Entry Age Normal
Source: Florida Retirement System Pension Plan and Other State Administered Systems Comprehensioe Annual
Financial Report for Fiscal Year Ended lune 30, 201.6.
Sensitivity Analysis for the FRS Pension Plan. The following presents the net pension liability of
the FRS, calculated using the discount rate of 7.60"/", as well as what the FRS's net pension liability would
be if it were calculated using a discount rate that is one percentage point lower (6.60%) or one percentage
point higher (8.60%) than the current rate.
Current
1% Decrease Discount Rate 1% Increase
6.60%7.60"/"8.60o/"
Total pension liability $788,268,024,512 $767,030,999,000 9749,353,979,968
Fiduciary net position 747,780,920,5'1.5 747,780,920,515 748,454,393,902
Net pension liability $46,487,703,997 $25,250,078,485 97,573,059,453
Source: Florida Retirement System Pension PIan and Other State Administered Systems Comprehensiae Annual
Financial Rrport for Fiscal Year Ended lune 30, 201.6.
A-15
Retiree Health Insurance Subsidy
The Retiree Health Insurance Subsidy ("HIS") Program is a cost-sharing multiple-employer
defined benefit pension plan established under Section 772.363, Florida Statutes. The benefit is a monthly
payment to assist retirees of state-administered retirement systems in paying their health insurance costs
and is administered by the Division of Retirement within the Department of Management Services. For
the State Fiscal Year ended ]une 30, 2016, eligible retirees and beneficiaries received a monthly HIS
payment equal to the number of years of creditable service completed at the time of retirement multiplied
by $5. The payments are at least $30 but not more than $150 per month, pursuant to Section 772.363,
Florida Statutes. To be eligible to receive a HIS benefit, a retiree under a state-administered retirement
system must provide proof of health insurance coverage, which can include Medicare.
The HIS Program is funded by required contributions from FRS participating employers as set by
the Legislature. Employer contributions are a percentage of gross compensation for all active FRS
members. For the State Fiscal Year ended ]une 30, 2016, the contribution rate was 7.66"/o of payroll
pursuant to Section 772.363, F.S. The state contributed 100% of its statutorily required contributions for
the current and preceding two years. HIS contributions are deposited in a separate trust fund from which
HIS payments are authorized. HIS benefits are not guaranteed and are subject to annual legislative
appropriation. In the event the legislative appropriation or available funds fail to provide fulI subsidy
benefits to all participants, the legislature may reduce or cancel HIS payments.
[Remainder of page intentionally left blank]
A-16
Pension Amounts for the HIS.
Schedule of Changes in Net Pension Liability and Related Ratios(1)
(in thousands)
Total Pension Liability
Service cost
L:rterest on total pension liability
Effect of plan changes
Effect of economic/demographic (gains) or
losses
Effect of assumption changes or inputs
Benefit payments
Net change in total pension liabiJity
Total pension liability, beginning
Total pension liability, ending (a)
Fiduciary Net Position
Employer contributions
Member contributions
Lrvestment income net of investment
exPenses
Benefit payments
Administrative expenses
Net change in plan fiduciary net position
Fiduciary net positiory beginning
Fiduciary net position, ending @)
Net pension liability, ending: (a) - (b)
Fiduciary net position as a "/" of total
pension liability
Covered payroll
Net pension liability as a l" of covered
payroll
]une 30, 2014 ]une 30,2015 ]une 30,2016
$790,377
409,907
0
0
386,383
$277,579
405,441
0
$256,770
390,757
0
0 (30,826)
607,698 1,352,459
(407,276) (425,086) (M9,857)
579,385 805,572 r,579,243
8,864,2M 9,443,629 70,249,207
$9,M3,629 $70,249,201. $71,769,M5
$342,566
0
219
(407,275)
(54)
$382,454
0
208
(42s,08s)
(188)
$572,564
0
565
(M9,857)
(188)
63,0U
50,774
(64,5M)
757,929
(42,617)
93,385
$93,38s $50,774 $113,859
$9,350,2M
0.99%
29,676,340
31.51%
70,798,427
0.50%
30,340,49
33.67%
77,654,586
0.97%
30,875,274
37.75"/"
(r) This schedule will fill in to a ten-year schedule as results for new fiscal years are calculated.
Source: Florida Retirement System Pension Plan and Other State Administered Systems Comprehensiue Annual
Financial Report for Fiscal Year Ended lune 30, 20L6.
A-77
Actuarial Methods and Assumptions for the HIS. The total pension liability was determined by
an actuarial valuation as of the valuation date, calculated based on the discount rate and actuarial
assumptions below, and then was projected to the measurement date. Any significant dranges during
this period have been reflected as prescribed by GASB 67. The same demographic and economic
assumptions that were used in the Florida Retirement System Actuarial Valuation as of July 7, 2076
("funding valuation") were used for the HIS program, unless otherwise noted. Lr a given membership
class and tier, the same assumptions for both FRS Investment Plan members and for FRS Pension Plan
members were used.
june 30,2014 ]une 30, 2015 Iune 30,2016
Discount rate
Long-term expected rate of retum, net of investment
expense
Bond Buyer General Obligation 20-Bond Municipal
Bond Index
Valuation Date
Measurement Date
Inflation
Salary increase including inflation
Mortality
Actuarial cost method
l:uJy 1,,2076
]une 30, 2016
2.60%
3.25%
Generational RP-2000 with Projection Scale BB
Individual Entry Age
4.29%
N/A
4.29%
3.80"/o
N/A
3.80%
2.85"/o
N/A
2.85%
Source: Florida Retirement System Pension Plan and Other State Administered Systems Comprehensiae Annual
Financial Rrport for Fiscal Year Ended June 30,201,6.
Lr general, the discount rate for calculating the total pension liability under GASB 67 is equal to
the single rate equivalent to discounting at the long-term expected rate of retum for benefit payments
prior to the projected depletion date. Because the HIS benefit is essentially funded on a pay-as-you-Bo
basis, the depletion date is considered to be immediate, and the single equivalent discount rate is equal to
the municipal bond rate selected by the plan sponsor. The discount rate used in the 2015 valuation was
updated from 3.80% to 2.85o/", reflecting the change in the Bond Buyer General Obligation 20- Bond
Municipal Bond Index as of ]une 30,2076.
The actuarial assumptions used to determine the total pension iiability as of ]une 30, 2016, were
based on the results of an actuarial experience study for the period lu[y 7,2008 - ]une 30, 2013.
Source: Florida Retirement System Pension Plan and Other State Administered Systems Comprehensiae Annual
Financial Report for Fiscal Year Ended lune 30, 2076.
Sensitivilv Analysis for the HIS. The following presents the net pension liability of the HIS,
calculated using the discount rate of 2.85o/o, as well as what the HIS's net pension liability would be if it
were calculated using a discount rate that is one percentage point lower (1.85%) or one percentage point
higher (3.85%) than the current rate.
A-18
1% Decrease
7.85%
Current Discount Rate
2.8s%
1% Increase
3.8s%
Total pension liability
Fiduciary net position
Net pension liability
$1,3,4U,31,6,752
1 13,859,055
$11,768,M4,807
113,859,05s
$70,344,364,746
113,859,055
$73,370,457,697 $77,654,585,746 $70,230,505,691)
Source: Florida Retirement System Pension Plan and Other State Administered Systems Comprehensiae Annual
Financial Report for Fiscal Year Ended June 30,201.6.
FRS Investment Plan
The State Board of Administration administers the defined contribution plan officially titled the
FRS Investrnent Plan. The Florida Legislature establishes and amends the benefit terms of the p1an.
Retirement benefits are based upon the value of the member's account upon retirement. The FRS
Investment Plan provides vesting after one year of service regardless of membership class. If an
accumulated benefit obligation for service credit originally earned under the FRS Pension Plan is
transferred to the FRS Lrvestment PIan, the years of service required for vesting under the Pension Plan
(including the service credit represented by the transferred funds) is required to be vested for these funds
and the earnings on the funds. The employer pays a contribution as a percentage of salary that is
deposited into the individual member's account. Effective I;.:Jy 1.,2011, there is a mandatory employee
contribution of 3.00%. The FRS Investment Plan member directs the investment from the options offered
under the plan. Costs of administering the plan, including the FRS Financial Guidance Program, are
funded through an employer assessment of payroll and by forfeited benefits of plan members. After
termination and applying to receive benefitt the member may rollover vested funds to another qualified
plan, structure a periodic payment under the FRS Investment Plan, receive a lump-sum distributiory or
Ieave the funds invested for future distribution. Disability coverage is provided; the employer pays an
employer contribution to fund the disability benefit which is deposited in the FRS Trust Fund. The
member may either transfer the account balance to the FRS Pension Plan when approved for disability
retirement to receive guaranteed li-fetime monthly benefits under the FRS Pension Plan, or remain in the
FRS Investment Plan and rely upon that account balance for retirement income.
As of |une 30, 2076, the State reported the following pension amounts related to the FRS
Lrvestment Plan:
Pension Expense(1)(2)
Forfeitures
Pension Liability
$56,'1,48,707
5,756,M7
133,881
(t) Pension expense excludes the required UAL which is recognized in the FRS statement of contributions.
(2) The amount of forfeitures is not reflected in pension expense recognized by the State and issued to
offset administrative costs.
Source: Florida Comprehensiae Annual Financial Report for Fiscal Year ended June 30, 20L6.
A-79
Schedule of Funding Progress
for the Florida Retirement System{r)
(000 omitted in dollar amounts)
Actuarial
Valuation
Date
7luo8
7lu09?)
71u70(d)
71u77
71u72
71u73
71u74
71u75
71u1.6
Unfunded
ML
(UAAL)
(b-a)
$(6,633,333)
77,670,905
78,722,71,1,
1.8,956,422
20,757,875
22,M5,339
27,509,307
22,353,397t6)
24,922,9976)
UAAL As
%of
Covered
Payroll
&-a)/c
(24.67)%
66.27
72.67
73.80
82.31.
97.36
87.00
68.30
74.96
Actuarial
Actuarial Accrued
Value Liability (AAL)
of Assets - Entry Age(a)o)
$730,720,547 $124,087,214
778,764,692 736,375,597
720,929,666 739,652,377
726,078,053 745,034,475
127,897,797 149,049,596
737,680,615 754,725,953
738,627,207 760,1,30,502
743,795,537G) 165,549,9296)
745,451.,6\2$) 770,374,6096)
Funded Covered
Ratio Payroll
(a/b) (c)tzr
10s.35% $26,897,340
87.09 26,573,796
86.59 25,765,362
86.93 25,686,1.39
86.38 24,497,377
85.M 24,568,642
86.57 24,723F65(s)
86.50 32,726,034
85.37 33,274,277
Source: The Floida Retirement System, Pension Plan €t Other State-Administered Systems, Annual Report: luly 1., 2072 - lune
30, 20L3; Annual Report: luly L, 201.3 - June 30, 2074; Annual Report: luly 1, 2014 - lune 30, 2075 nnd Annunl
Report: luly 1,2015 -lune 30,2015.
Source: The Florida Retirement System Pension Plan ActuarialValuation Report.tat
(1)Calculations are based on GASB 27 requirements including traditional funding of DROP.
(z) For the plan year beginning on the Actuarial Valuation Date shown, includes payroll for members in DROP,
Teachers' Retirement.
System and hstitute of Food and Agricultural Sciences.
(3) As rePorted in JuIy 1, 2009 actuarial valuation report, before impact of House Btll 479 (2009).
(a) As reported in July 1, 2010 actuarial valuation report, before impact of Senate Bill 2100 (2011).
(5)krcludes Deferred Retirement Option Program (DROP) payroll.
The information presented in the above schedule was determined as part of the actuarial
valuations performed at the dates indicated. Additional information as of the latest actuarial valuation is
as follows:
Florida Retirement System Assumptions
Valuation Date
Actuarial cost method
Amortization method
Equivalent Single amortization period(1)
Asset valuation method
Actuarial assumptions:
Investment rate of retum
Projected salary increases
Includes inflation at
Cost-of -Living Adjustments
luly 7,2076
Entry Age Normal
Level Percentage of Pay, Open
30 years
S-year Smoothed Method
7.60%
3.25o/o
2.60%
3.0Oo/"
(1) Used for GASB Statement 27 reporting purposes.
Source: The Floridn Retirement System, Pension Plan €t Other State-Administered Systems, Annual Report: July 1, 2015 -
lune 30,201.5.
A-20
The County's liability for participation in the FRS is limited to the payment of the required
contribution at the rates and frequencies established by law on future payrolls of the County. Effective
]uly 1, 2077, all members of FRS are required to contribute 3% of their gross compensation toward their
retirement. The County's contributioru induding employee contributions, to the Pension PIan totaled
$8,007,879 for the Fiscal Year ended September 30,2076.
Legislation Relating to FRS
The Florida Legislature passed Senate Bitl2100 ("SB 2100") during its 2011 session and was signed
by Govemor Rick Scott on May 20,2011. SB 2100 makes significant changes to the FRS with respect to
employee contributions and employer contributions, among other items. Effective luly 1, 2077, aJJ.
members of FRS were required to contribute 3o/" of their gross compensation toward their retirement. In
addition, the legislation reduced the required employer contribution rates for each membership dass and
subclass of the FRS. Additionally, the biil eliminated the cost of living adjustment for all FRS employees
for service eamed on or after luly 7, 2011, although the bill does contemplate reinstatement of the
adjustment in 2016 r:nder certain circumstances.
SB 2100 makes other changes to the FRS that only apply to employees who initially eruoll on or
after ]uly '1., 2077, including: (1) the average final compensation upon which retirement benefits are
calculated are based on the eight highest (formerly five highest) fiscal years of compensation prior to
retiremen! (2) the DROP is maintained but the interest accrual rate is reduced fuom 6.5o/o to 7.3"/"; (3) the
normal retirement age is increased from 62 to 65; and (4) the years of creditable service is increased from
30 to 33 and the vesting period is increased to eight years (formerly six).
During the Florida Legislature's 2013 session, the Florida Legislature passed Senate Bill 1810 ("SB
1810"). SB 1810 establishes the contribution rates paid by employers participating in the FRS. These rates
are intended to fund the full normal cost and amortization of the unfunded actuariat liabitity of the FRS.
The FRS will receive approximately $885 million of additional revenues on an annual basis beginning
ltly'),,2013. SB 1810 also increases the contributions paid by employers participating in the retiree health
insurance subsidy program. The Retiree Health Insurance Trust Fund will receive roughly $42 mi-llion of
additional revenues on an annual basis beginrting July 1, 2013. SB 1810 was signed into law by the
Govemor and became effective l;Jy L,2013. The new rates include the additional amount that employers
must contribute to the Retiree Health hrsurance Trust Fund and such amounts are included in the
County's budget.
During the Florida Legislature's 2014 sessiory the Florida Legislature passed Senate Bilt 2506 ("SB
2506"). SB 2506 establishes the contribution rates paid by employers participating in the FRS beginning
]uly 1, 2014. These rates are intended to fund the fulI normal cost and amortization of the UAL of the
FRS. These increased contribution rates will provide an additional $131.5 million of revenue on an
annual basis beginnin g luly 7, 2074.
During the Florida Legislature's 2016 session, the Florida Legislature passed Senate Bill 7012 ("SB
7012"). SB 7012 authorizes payment of death benefits to the surviving spouse or children of Special Risk
Class member killed in line of duty; establishes qualifications and eligibility requirementsi prescribes
method of calculating benefif speci-fies circumstances under which benefit payments are terminated;
requires the State Board of Administration to transfer moneys to fund survivor benefit payments; adjusts
employer contribution rates be ginnin g fly 1, 201 6.
A-27
Other Post Employment Benefits
Plan Description. The County has two single-employer benefit plans, the County plan (the
"County Plan") and the St. Lucie Sheriff's Office plan (the "Sheriff's Plan"), both administered by the
County. Pursuant to the provision of the Section 772.0807, Florida Statutes, under the County Plan,
former employees who retire from the County, and eligible dependents, may continue to participate in
the County's respective medicaVprescription, vision, dental and life insurance plans as long as they pay
the full premium applicable to coverage elected. The County amended its poliry on October 7,2004, for
employee retirements after that date, to provide for payment of the monthly single premium for the
employee and $100 toward the cost of eligible dependent coverage, if covered at the time of retiremen!
for employees who meet the following eligibility requirements:
. Active full-time employee with 10 years of continuous service with the County by the health plan
at the time of retirement;
o Either 30 years of service under the FRS, vested under the FRS and normal retirement age or 62
years old; and
. Monthly premiums will be paid until the retiree becomes Medicare/\{edicaid eligible. The $100
supplement for dependent coverage will continue until the dependent become eligible for
coverage under another group plan or becomes MedicareMedicaid eligible.
The County further amended its policy in Fiscal Year 2074 to limit the above post-employment
benefit to employees hired before October 1,2073.
Under the Sheriff's Plan, the County provides medical/prescription, vision and dental benefits for
employees and sworn officers upon retirement and subsidizes a portion of the premiums. Retirees with
at least 25 years or more of service under the Sheriff are offered free retiree health coverage until they
attain eligibility for Medicare benefits. The provisions of the Sheriff's Plan may be amended through
negotiations between the St. Lucie Sheriff's Office and its employee bargaining units.
The County subsidizes the premium rates for the medicafprescription plan paid by the retirees
by allowing them to participate in the plan at the blended group premium rates for both active and
retired employees. These rates provide an implicit subsidy for retirees because, on an actuarial basis, their
current and future claims are expected to result in higher costs to the plan on average than those of active
employees. Retirees are required to enroll in the Federal Medicare program for their primary coverage as
soon as they are eligible. The vision, dental and life insurance plans do not result in an implicit subsidy.
Funding Poligv. The County plans to fund this postemployment benefit on a pay-as-you go
basis. As of September 30,201.5,49 retirees received medical/prescription benefits in the County Plan and
61 retirees received medical/prescription benefits in the Sheriffs Plan. The County provided 92,254,994
toward the annual OPEB cost for the County Plan and $2,950,243 toward the annual OPEB cost for the
Sheriff's Plan.
Annual OPEB Cost and Net OPEB Obligation. The following table shows the Count5/s annual
OPEB cost for the year, the amount contributed to the plan, and changes in the County's net OPEB
obligation:
A-22
Description
County Plan
Amount
Sheriff's Plan
Amount
Annual Required Contribution
L:rterest on Net OPEB Obligation
Adjustment to Annual Required Contribution
Annual OPEB Cost (Expense)
Contribution Toward the OPEB Cost
Increase in Net OPEB Obligation
Net OPEB Obligation, Beginning of Year
NET OPEB Obligation, End of Year
$2,254,994
758,749
(728,974)
$ 2,950,243
638,138
(725,757)
2,2U,829
(82s,s26)
2,863,224
(929,006\
7,459,303
18,968,737
1,,934,278
1,5,953,455
$77,887,673
Source: Comprehensiae Annual Financial Report Fiscal Year Ended September 30, 20L6.
The Count/s annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and
the net OPEB obligation as of September 30,2076, were as follows:
County Plan:
Annual
OPEB Cost
92,522,545
2,\99,626
2,2U,U9
Annual
OPEB Cost
$2,947,936
3,@6,2ffi
2,863,224
$ 20,428,034
Percentage of
Annual
OPEB Cost
Contributed
20.81%
32.11.
36.13
Percentage of
Arurual
OPEB Cost
Contributed
32.M%
37.76
32.45
NetOPEB
Oblieation
$77,475,939
78,968,737
20,429,0u
NetOPEB
Oblisation
974,026,327
15,953,455
77,887,673
Fiscal Year
2013174
201.4115
2075176
Sheriff's Plan
Fiscal Year
2073174
2074175
201s11,6
Source: Comprehensiae Annual Financinl Report Fiscal Year Ended September 30, 2016.
Funded Status and Funding Progress. Funded Status and Funding Progress of the Countv
Plan as of October 7,201,4 is as follows:
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Actuarial accrued liability
Actuarial value of plan assets
Unfunded actuarial accrued liability (UAAL)
Fund ratio
Covered payroll (active plan members)
UAAL as a percentage of covered payroll
Actuarial accrued liability
Actuarial value of plan assets
Unfunded actuarial accrued liability (UAAL)
Fund ratio
Covered payroll (active plan members)
UAAL as a percentage of covered payroll
$24,165,595
0
$24,765,595
Source: Comprehensiae Annual Financial Report Fiscal Year Ended September 30,201.6.
Funded Status and Funding Progress of the Sheriff's Plan as of ]uly 7,2075 is as follows:
0Y"
$ 42,704,035
s7.40%
$ 31,,780,1,71,
0
$ 37,780,\77
0%
$ 34,393,1s3
92.40%
Source: Comprehensiae Annual Financial Report Fiscal Year Ended September 30,2016.
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts
and assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment and terminatiory mortality, and the healthcare cost trends.
Amounts determined regarding the funded status of the plan and the annual required contributions
of the employer are subject to continual revision as actual results are compared with past
expectations and new estimates are made about the future. The schedule of funding progress,
presented as required supplementary information following the notes to the financial statements,
presents multiyear trend information about whether the actuarial value of plan assets is increasing
or decreasing over time relative to the actuarial accrued liability for benefits.
Actuarial Methods and Assumptions. Projection of benefits for financial reporting
purposes are based on the substantive plan provisions, as understood by the employer and
participating members, and include the type of benefits provided at the time of each valuation and
the historical pattern of sharing benefit costs between the employer and participating members.
The actuarial methods and assumptions used include techniques that are designed to reduce the
effect of short-term volatility in actuarial accrued liabilities and the actuarial value of assets,
consistent with the long-term perspective of calculations.
Sherriff's PIan
In the report for the OPEB actuarial valuation performed as of ]uly 7, 2075, the results were
derived using the entry age actuarial cost method with an amortization of the unfunded actuarial
accrued liability as a level percent of expected payroll. The amortization period used is closed, and
the remaining amortization period at ]uly 1, 2075, is 22 years. Because the OPEB liability is currently
unfunded, the actuarial assumptions include a 4.75% ultimate trend rate, a 3.0 percent inflation rate,
a 4.0 percent investment return, and a4.0"/"-7.8% percent projected salary increase. Compared to
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the previous valuation, the unfunded actuarial accrued liability and the annual OPEB cost increased
moderately. The actuarial assumption annual healthcare cost trend rate for Fiscal Year 2075-76 is 7.0
percent.
FLORIDA CONSTITUTIONAL LIMITATIONS AND PROPERTY TAX REFORM
Several constitutional and legislative amendments affecting ad valorem taxes have been
approved by voters in the past including the following:
Saae Our Homes Amendment
By voter referendum held on November 3, 1992, Article VII, Section 4 of the State Constitution
was amended by adding thereto a subsection which, in effect, Iimits the increases in assessed just value of
homestead property to the lesser of (1) three percent of the assessment for the prior year or (2) the
percentage change in the Consumer Price Index for all urban consumers, U.S. City Average, all items
7967:700, or successor reports for the preceding calendar year as initially reported by the United States
Department of Labor, Bureau of Labor Statistics. Further, the amendment provides that (1) no
assessment shall exceed just value, (2) after any change of ownership of homestead property or upon
termination of homestead status such property shall be reassessed at just value as of ]anuary 1 of the year
following the year of sale or change of status, (3) new homestead property shall be assessed at just value
as of ]anuary 7 of the year following the establishment of the homestead, and (4) changes, additions,
reductions or improvements to homestead shall initially be assessed as provided for by general law, and
thereafter as provided in the amendment. This amendment is known as the "Save Our Homes
Amendment." The effective date of the amendment was |anuary 5, 7993 and, pursuant to a ruling by the
Florida Supreme Court, it began to affect homestead property valuations commencing |anuary 7, 1995,
with7994 assessed values being the base year for determining compliance.
Limitations on State Reoenue Amendment
In the 1994 general election, State voters approved an amendment to the State Constitution which
is commonly referred to as the "Limitation On State Revenues Amendment." This amendment provides
that State revenues collected for any fiscal year shall be limited to State revenues allowed under the
amendment for the prior fiscal year plus an adjustrnent for growth. Growth is defined as an amount
equal to the average annual rate of growth in State personal income over the most recent twenty quarters
times the State revenues allowed under the amendment for the prior fiscal year. State revenues collected
for any fiscal year in excess of this limitation are required to be transferred to a budget stabilization fund
until the fund reaches the maximum balance specified in the amendment to the State Constitution, and
thereafter is required to be refunded to taxpayers as provided by general law. The limitation on State
revenues imposed by the amendment may be increased by the State Legislature, by a two-thirds vote in
each house.
The term "State revenues," as used in the amendment, means taxes, fees, Licenses, and charges for
services imposed by the State Legislature on individuals, businesses, or agencies outside state
govemment. However, the term "State revenues" does not include: (1) revenues that are necessary to
meet the requirements set forth in documents authorizing the issuance of bonds by the State; (2) revenues
that are used to provide matching funds for the federal Medicaid program with the exception of the
revenues used to support the Public Medical Assistance Trust Fund or its successor progrErrn and with the
exception of State matching funds used to fund elective expansions made after lluly -)., D9a; Q) proceeds
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from the State lottery retumed as prizes; (4) receipts of the Florida Hurricane Catastrophe Fund; (5)
balances carried forward from prior fiscal years; (6) taxes, licenses, fees and drarges for seryices imposed
by loca| regional, or school district governing bodies, or (7) revenue from taxes, Licenses, fees and charges
for services required to be imposed by any amendment or revision to the Florida Constitution after July 1,
1994. This amendment took effect on |anuary 7, 7995, and was first applicable to the State's fiscal year
7995-7996.
Millas e Rollb ack Le s isl at io n
In2007, the Florida Legislature adopted Chapter 2007-321, Laws of Florida, a property tax plan
which significantly impacted ad valorem tax collections for Florida local governments. One component
of the adopted legislation required counties, cities and special districts to rollback their millage rates for
the 2007-2008 fiscal year to a level that with certain adjustnents and exceptions, would generate the
same level of ad valorem tax revenue as in fiscal year 2006-2007; provided, however, depending upon the
relative growth of each local govemment's own ad valorem tax revenues from 2001 to 2006, such rolled
back millage rates were determined after first reducing 2006-2007 ad valorem tax revenues by zero to
nine percent (0% to 9%). Lr additioru the legislation Iimited how mudr the aggregate amount of ad
valorem tax revenues may increase in future fiscal years. A local govemment may override certain
portions of these requirements by a supermajority, and for certain requirements, a unanimous vote of its
goveming body.
Constitutionql Amendments Related to Ad Valorem Exemptions
On january 29, 2008, in a special election held in conjunction with the State's presidential
primary, the requisite number of voters approved amendments to the Florida Constitution exempting
certain portions of a property's assessed value from taxation. These amendments were effective for the
2008 tax year (fiscal year 2008-2009 for local goverrunents). The following is a brief summary of certain
important provisions contained in such amendments:
7. Provides for an additional exemption for the assessed value of homestead property
between $50,000 and $75,000, thus doubling the existing homestead exemption for property with an
assessed value equal to or greater than $75,000.
2. Permits owrrers of homestead property to transfer their Save Our Homes Amendment
benefit (up to $500,000) to a new homestead property purchased within two years of the sale of their
previous homestead property to which such benefit applied if the just value of the new homestead is
Breater than or is equal to the just value of the prior homestead. ff the iust value of the new homestead is
less than the just value of the prior homestead, then owners of homestead property may transfer a
proportional amount of their Save Our Homes Amendment benefit, such proportional amount equaling
the just value of the new homestead divided by the just value of the prior homestead multiplied by the
assessed value of the prior homestead. As discussed above, the Save Our Homes Amendment generally
limits annual increases in ad valorem tax assessments for those properties with homestead exemptions to
the lesser of three percent (3%) or the annual rate of inflation.
3. Exempts from ad valorem taxation $25,000 of the assessed value of property subject to
tangible personal property tax.
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4. Limits increases in the assessed value of non-homestead property to 70% per year,
subject to certain adjustrnents. The cap on increases would be in effect for a 10-year period, subject to
extension by an affirmative vote of electors.
The Save Our Homes Amendment assessment cap and portability provisions described above
have been subject to legal challenge. The plaintiffs in such cases have argued that the Save Our Homes
Amendment assessment cap constifutes an unlawful residency requirement for tax benefits on
substantially similar property in violation of the equal protection provisions of the Florida Constitution
and the Privileges and Immunities Clause of the Fourteenth Amendment to the United States
Constitution. The plaintiffs also argued that the portability provision simply extends the
unconstitutionality of the tax shelters granted to long-term homeowners by the Save Our Homes
Amendment. The courts in each case have rejected such constitutional arguments and upheld the
constitutionality of such provisions; however, there is no assurance that any future challenges to such
provisions will not be successful.
In addition to the legislative activity described above, the constitutionally mandated Florida
Taxation and Budget Reform Commission (required to be convened every 20 years) (the "TBRC")
completed its meetings on April 25,2008 and placed several constitutional amendments on the November
4, 2008 General Election ballot. Three of such amendments were approved by the voters of Florida,
whictu among other things, do the following: (a) allow the Florida Legislature, by general law, to exempt
from assessed value of residential homes, improvements made to protect property from wind damage
and installation of a new renewable energy source device; (b) assess specified working waterfront
properties based on current use rather than highest and best use; (c) provide a property tax exemption for
(i) real property that is perpetually used for conservation &eBan in 2010), and (ii) land not perpetually
encumbered, require the Florida Legislature to provide classification and assessment of land use for
conservation purposes solely on the basis of character or use.
Exemption for DElolted Military Personnel
Lr the November 2010 General Election, voters approved a constitutional amendment which
provides an additional homestead exemption for deployed military personnel. The exemption equals the
percentage of days during the prior calendar year that the military homeowner was deployed outside of
the United States in support of military operations designated by the Legislature. This constitutional
amendment took effect on ]anuary 7,201,1,. Lr March of 2076, TIB 7023 was approved by the Govemor,
which updated the military operations specified for eligibility under this exemption. The bill also
extended the application deadline for qualifying service members.
Other Proposals Affectins AdValorem Taxation
During the Florida Legislature's 2011 Regular Session, it passed Senate ]oint Resolution 592 ("SfR
592"). SIR 592 allows totally or partially disabled veterans who were not Florida residents at the time of
entering mi.litary service to quality for the combat-related disabled veteran's ad valorem tax discount on
homestead property. The amendment took effect on |anuary 1,,2013.
During the Florida Legislature's 2012 Regular Sessiory it passed House ]oint Resolution 93 ("HfR
93"). HIR 93 allows the Florida Legislature to provide ad valorem tax relief to the surviving spouse of a
veteran who died from service-connected causes while on active duty as a member of the United States
Armed Forces and to the surviving spouse of a first responder who died in the line of duty. The amount
A-27
of tax relief, to be defined by general law, can equal the total amount or a portion of the ad valorem tax
otherwise owed on the homestead property. The amendment took effect on fanuary 7,2073.
Also during the Florida Legislature's 2012 Regular Sessiory it passed House |oint Resolution 169
("HIR 169") allowing the Florida Legislature by general law to permit counties and municipalities, by
ordinance, to grant an additional homestead tax exemption equal to the assessed value of homestead
property to certain low income seniors. To be eligible for the additional homestead exemption the county
or municipality must have granted the exemption by ordinance; the property must have a just value of
less than $250,000; the owner must have title to the property and maintained his or her permanent
residence thereon for at least 25 years; the owner must be age 65 years or older; and the owner's annual
household income must be less than $20,000. The additional homestead tax exemption authorizedby
HIR 169 would not apply to school property taxes. This bill was approved as an amendment to the
Florida Constitution by the voters on November 6,2072.
Dotiog the Florida Legislature's 2013 Regular Session, it passed Senate Bill 1830 ("SB 1830"),
which was signed into law by the Governor and creates a number of changes affecting ad valorem
taxation and which became effective ]uly 1, 2013. Firsf SB 1830 provides long-term lessees the ability to
retain their homestead exemption and related assessment Limitations and exemptions in certain instances
and extends the time for property owners to appeal value adjustment board decisions on transfers of
assessment Limitations to conform with general court filing timeframes. Second, SB 1830 inserts the term
"algaculture" in the definition of "agricultural purpose" and iaserts the terms "aquacultural crops" in the
provision specifying the valuation of certain annual agricultural crops, nonbearing fruit trees and nursery
stock. Third, SB 1830 allows for an automatic renewal for assessment reductions related to certain
additions to homestead properties used as living quarters for a parent or grandparent and aligns related
appeal and penalty provisions to those for other homestead exemptions. Fourth, SB 1830 deletes a
statutory requirement that the owner of the property must reside upon the property to qualify for a
homestead exemption. Fifth, SB 1830 clarifies the property tax exemptions counties and cities may
provide for certain low income persons age 65 and older. Sixth, SB 1830 removes a residency
requirement that a senior disabled veteran must have been a Florida resident at the time they entered the
service to qualify for certain property tax exemptions. Seventh, SB 1830 repeals the ability for certain
limited liability partnerships to qualify for the affordable housing property tax exemption. Eighth, SB
1830 exempts property used exdusively for educational purposes when the entities that own the property
and the educational facility are owned by the same natural persons.
During the Florida Legislature's 2013 Regular Sessiory the Florida Legislature passed House BilI
277 ("HB 277"), which was signed into law by the Govemor. HB 277 provides that certain renewable
energy devices are exempt from being considered when calculating the assessed value of residential
property. llB 277 only applies to devices installed on or after |anuary 1.,2013. HB 277 took effect on July
'1,, 2073. The 2016 Florida Legislature passed ]oint Resolution 193 (CS/HJR 193), which proposes an
amendment to the Florida Constitution to authorize the Legislature, by general law, to exempt the
assessed value of solar devices or renewable energy source devices subject to tangible personal property
tax from ad valorem taxation, and to prohibit the consideration of the installation of a solar device or a
renewable energy source device in determining the assessed value of real property for the purpose of ad
valorem taxatiory with a designated effective date of |anuary 1,201,8 and an expiration date of December
31,,2037. This CS/HIR 193 is tied to House Bill CS/195, approved by the Govemor on March 25,2076 and
the electors of Florida on August 30,2076.
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Also during the Florida Legislature's 2013 Regular SessiorL the Florida Legislature passed House
BiIl 1193 ("FIB 1193"), which was signed into law by the Governor. FIB 1193 eliminated three ways in
which the property appraiser had authority to reclassily agricultural land as non-agricultural land.
Additionally, HB 7793 relieves the value adjustment board of the authority to review the property
appraisers. HB 1193 is effective immediately and will apply retroactively to January 7,201,3.
At present, the impact of SB 7830, HB 277 and HB 1193 on the County's finances cannot be
accurately ascertained.
During the 2016 Regular Session, another |oint Resolution (CS/FIIR 1009) passed, proposing an
amendment to the Florida Constitution to grant a fuIl or partial property tax exemption on homestead
property to first responders who are totally and permanently disabled as a result of an injury or injuries
sustained in the line of duty. The amendment to the constitution was approved by more than 60% of the
voters in the 2016 General Election, the effective date is ]anuary 1,2077.
The 2016 Legislature further passed an amendment in ]oint Resolunon 275 (CS/HIR 275),
clarifying the calculation for use in determining the just value for purposes of homestead tax exemption
for certain senior, long-term, low-income residents. The amendment was approved by more than 60% of
the voters in the 2016 General Election, the amendment will take effect on ]anuary L,2017, and operates
retroactively to ]anuary L, 20'13, for persons who received the exemption prior to ]anuary 1, 2077. Tlte
CSAIIR 275 is tied to House 8i11,277, approved by the Govemor on March 25,2076, which states
essentially the same intent and purpose, and has the same effective date of CS|HIR271.
In the 2017 State legislative session, which concluded on May 8,2017, the State legislature passed
House ]oint Resolution 7105 which proposes an amendment to Section 6, Article VII of the State
Constitution that would increase the homestead exemption by exempting the assessed valuation of
homestead property greater than $100,000 and up to $125,000 for all levies other than school district
levies. If approved by the voters in November,2078, such amendment would be effective beginning with
the 2019 tax roll.
In the 2017 State legislative session, the State legislature passed House ]oint Resolution 21 which
proposes an amendment to Section 4, Article VII of the State Constitution to permanently retain the
current provisions which would limit the property tax assessment increases on specified non-homestead
real property, except for school district levies, to 70% each year. If approved by the voters in November,
2018, such amendment would be effective beginning with the 2019 tax roll.
Lesislatiae Provosals Relatins to Ad Valorem Taxation
During recent years, various other legislative proposals and constitutional amendments relating
to ad valorem taxation and revenue lirnitation have been introduced in the State Legislature. Many of
these proposals provide for new or increased exemptions to ad valorem taxation, Iimit increases in
assessed valuation of certain types of property or otherwise restrict the ability of local govemments in the
State to levy ad valorem taxes at recent, historical levels. There can be no assurance that similar or
additional legislation or other proposals will not be introduced or enacted in the future that would, or
might apply to, or have a material adverse effect upory the County's finances.
A-29
ITHIS PAGE INTENTIONALLY LEFT BI-ANT]
APPENDIXB
INDEPENDENT AUDITORS' REPORT OF TTIE COUNTY
[T}[IS PAGE INTENTIoNALLY LEFT BLANK]
COMPREHENS
ANNUAL FINANCIAL REPORT
St. Lucie County, Floridq
"', t,'"rt.r; li ,
JOSEPH E. SMITH
Clerk of the Circuit Court
St. Lucie County
&r
Comprehensive Annucrl Finqrciol Report
lor the Fisccrl Yecs Ended
September 30, 2016
ST. LUCIE GOUNTY, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2016
The Honorable Joseph E. Smith
Clerk of the Circuit Court
Prepared By
Clerk of the Circuit Court, Financial Operations Department
Shai Francis, CPA, CGFO, CGMA
Chief Operating Officer of Financial Services
THIS PAGE INTENTIONALLYLEFT BLANK
TABLE OF CONTENTS
LETTER OF TRANSMITTAL
ELECTED OFFICIALS
ORGANIZATIONAL CHART
CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE
IN FINANCIAL REPORTING
FINANCIAL SECTION
INDEPENDENT AUDITORS' REPORT
MANAGEMENT'S DISCUSSION AND ANALYSIS
BASIC FINANCIAL STATEMENTS:
Govern ment-wide Financial Statements :
Statement of Net Position
Statement of Activities
Fund Financial Statements:
Balance Sheet - Governmental Funds
Reconciliation of Total Governmental Fund Balances to Net
Position of Governmental Activities
Statement of Revenues, Expenditures, and Changes in Fund
Balances - Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures,
and Changes in Fund Balances of Governmental Funds
to the Statement of Activities
Statement of Revenues, Expenditures, and Changes in Fund
Balances - Budget and Actual - General Fund
Statement of Revenues, Expenditures, and Changes in Fund
Balances - Budget and Actual - Transportation Trust Fund
Statement of Revenues, Expenditures, and Changes in Fund
Balances - Budget and Actual - Fine and Forfeiture Fund
Paqe(s)
V
xiv
XV
xvi
1
5
17
18
20
22
24
28
26
27
29
TABLE OF CONTENTS - CONTINUED
FINANCIAL SECTION - CONTINUED
BASIC FINANCIAL STATEMENTS - CONTINUED:
Fund Financial Statements:
Statement of Fund Net Position - Proprietary Funds
Statement of Revenues, Expenses, and Changes in Fund
Net Position - Proprietary Funds
Statement of Cash Flows - Proprietary Funds
Statement of Fiduciary Fund Net Position - Agency Funds
Notes to Financial Statements
REQUIRED SUPPLEMENTAL INFORMATION :
Schedule of Funding Progress
Schedule of Proportionate Share of Net Pension Liability
Schedule of Contributions
COMBINING AND INDIVIDUAL FUND STATEMENTS:
Nonmajor Governmental Fund Descriptions
Combining Balance Sheet - Nonmajor Governmental Funds
Combining Statement of Revenues, Expenditures, and Changes
in Fund Balances - Nonmajor Governmental Funds
Budgetary Comparison Schedules - Governmental Funds
Nonmajor Enterprise Fund Descriptions
Combining Statement of Fund Net Position - Nonmajor Enterprise
Funds
Combining Statement of Revenues, Expenses, and Changes
in Fund Net Position - Nonmajor Enterprise Funds
Combining Statement of Cash Flows - Nonmajor Enterprise Funds
Paqe(s)
30
32
34
36
37
165
90
91
92
94
100
112
124
164
166
167
TABLE OF CONTENTS - GONTINUED
FINANCIAL SEGTION - CONTINUED
Combining Statement of Changes in Assets and Liabilities -
Agency Funds
Paqe(s)
169
180
182
184
186
Schedule 1
Schedule 2
Schedule 3
Schedule 4
Schedule 5
Schedule 6
Schedule 7
Schedule 8
Schedule 9
Schedule 10
Schedule 11
Schedule 12
Schedule 13
Schedule 14
Schedule 15
Net Position by Component - Last Ten Fiscal Years 172
Changes in Net Position - Last Ten Fiscal Years 174
Fund Balances, Governmental Funds - Last Ten FiscalYears 178
Changes in Fund Balances, Governmental Funds -
Last Ten Fiscal Years
Tax Revenues by Source, Governmental Funds -
Last Ten Fiscal Years
Assessed Valuation and Estimated Actual Values of Taxable
Property - Last Ten Fiscal Years
Direct and Overlapping Property Tax Rates - Last Ten Fiscal
Years
Principal Property Taxpayers - Current Year and Nine
Years Ago
Property Tax Levies and Collections - Last Ten Fiscal Years
Computation of Legal Debt Margin - September 30, 2015
Ratios of Outstanding Debt by Type - Last Ten Fiscal Years
Ratios of Net General Bonded Debt - Last Ten Fiscal Years
Direct and Overlapping Governmental Activities Debt -
September 30, 2016
Pledged-Revenue Coverage - Last Ten Fiscal Years
Demographic and Economic Statistics - Last Ten Years
188
189
190
192
194
195
196
200
iii
TABLE OF CONTENTS - CONTINUED
STATISTIGAL SECTION . GONTINUED
Paqe(s)
Schedule 16 Principal Employers - Current Year and Nine Years Ago 201
Schedule 17 Fulltime Equivalent County Government Employees by
Function/Program - Last Ten Fiscal Years 202
Schedule 18 Operating lndicators by Function/Program -
Last Ten FiscalYears 204
Schedule 19 Capital Asset Statistics by Function/Program -
Last Ten Fiscal Years 214
FEDERAL AND STATE GRANTS:
lndependent Auditor's Report on lnternal Control over Financial
Reporting and on Compliance and other Matters based on an
Audit of Financial Statements Performed in Accordance with
Government Auditing Standards 217
lndependent Auditor's Report on Compliance for each Major
Federal Program and Report on lnternal Control over
Compliance required by Uniform Guidance and Chapter
10.550 Rules of the Auditor General 219
Schedule of Expenditures of Federal Awards and State Projects 222
Notes to Schedule of Expenditures of Federal Awards and StateProjects 227
Schedule of Findings and Questioned Cost - Federal Awards
and State Projects 229
iv
JosBns E. Snats ' Cr,enx Or Tne Crncurr Courr Sr. Lucrn Coulcry
March 30,2077
To the Citizens of St Lucie County, Florida
and the Honorable Members of the
Board of County Commissionersr
The Comprehensiue Annual Financial Report (C,qFR] of St. Lucie County, Florida for the
fiscal year ended September 30, 2016, is submitted foryour review. State law requires that
a complete set of hnancial statements be published within nine months after the fiscal year
end and presented in conformance with Generally Accepted Accounting Principles ["GAAP')
as applicable to governmental entities and audited in accordance with generally accepted
auditing standards by Iicensed, independent certified public accountanh. This report is
issued to fulfill those statutory requirements.
The CAFR was prepared bythe Financial Operations Department of the Clerk of the Circuit
Court in accordance rvith Section 218-37., Florida Stahrtes. Responsibility for both the
accuracy ofthe data presented, and the completeness and hirness ofthe presentation,
including all disclosures, rests with the management ofthe county- We believe the financial
and statistical information presented is accurate in all material respects.It is set forth in a
manner designed to fairly present the financial position and results of operations of Su
Lucie County as measured by the financial activity of its various funds. The report contains
all of the disclosures necessary to enable the reader to gain the maximum understanding of
the county's [inancial affairs.
The county has established a comprehensive internal control framervork to provide
reasonahle, but not absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and ensure that the financial records for preparing
financial statements and maintaining accountability for assets are reliable. The concept of
reasonable assurance recognizes that the cost of controls should not e.rceed the benefrts
likely to be derived and that the evaluation of costs and beneflts requires judgments and
estimates by management. All internal control evaluations occur within the above
ftamework We believe that the county's internal controls adequately safeguard assets and
provide reas onable assurance of properly recorded fi nancial transactions.
ln accordance with Sections 1 1.45 and 1 25.01, Florida Statutes, the St. Lucie Coungr, Florida
financial statements were audited by Berger, Toombs, Elam, Gaines & Franh Certified
Public Accountants, PL. This firm is independently licensed to perform the functions of
certified public accountants.
In addition to meeting the requirements set forth in state statutes, the audit was also
designed to meet the requirements of the Single Audit Acts of the State of Florida and the
government of the United States of America. The standards governing single audit
engagements require the independent auditor to report on t}te government's internal
controls and compliance with legal requirements with specific emphasis on the
administration of federal awards and state projects. This report contains information
related to the single audit, including schedules of expenditures of federal awards and sate
projects and the independent auditor's reports. Generally accepted auditing standards and
the standards set forth in the General Accounting Office's Government AuditiW S?andords
were used bythe auditors in conducting the engagement.
The audit was performed to provide reasonable assurance that the financial statements are
free of material misstatement for the fiscal year ended September 30, 2016. The audit
involved examining on a test basis, evidence zupporting the amounts and disclosures in the
financial statements; assessing the accounting principles used and significant estimates
made by managemen$ and evaluating the overall financial statement presentation. The
confogiltv wlth GAAP. The independent auditor's report is presented as the first
component of the financial section of this report
Management's Discussion and Analysis (MD&AJ immediately follows the independent
auditor's report and provides a narrative inroduction, overview, and analysis of the basic
financial statements. The MD&A compliments this letter of transmittal and should be read
in conjunction with it.
PROFILE OF ST. L,UCIE COUNTY
The name "St. Lucie" was introduced by the Spanish in 1555 after the Roman Catholic Saint
I,ucia. The current St, Lucie Countywas lmown as East Florida in 1810. In 1821the area
was renamed St Johns County. St fohns was split into several counties in 1840 and this area
became Mosquito County. Fortyyears passed, and in 1880, the borders were again changed
and Brevard County became the name. On fuly 1, 1905, SL Lucie County was established
with Fort Pierce as the county seat. Portions were stripped away between 1-91-7 andL925
to become part of present-day neighboring counties.
St. Lucie County is located on the eastern edge ofthe south-centrd coast of Florida in the
heart of the Treasure/Research Coast region. It is bound on the north by Indian River
County, the west by Okeechobee County, the south by Martin County and tho east by the
environmentally rich Indian River lagoon and 21 miles of unspoiled beaches alongthe
Atlantic Ocean. The county is approximately 588 square miles with a diverse population
that includes two cities and one village: Fort Pierce, Port St. Lucie, and St. Lucie Village. The
City of Fort Pierce is located approximately 60 miles north of West Palm Beach and 100
miles southeast of Orlando.
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St, Lucie County is a political subdivision of t}e State of Florida, pursuant to the provisions
of Section 7 59, Florida Statutes. The Board of County Commissioners, is a five-member
board elected at-large from the five districts within the county. lt operates as a non-charter
governtnent pursuant to Atticle VIII, Section (1) (0, of the Constitution of the State of
Florida,
In addition to tle commissioners, there are five elected constitutional officers performing .
specifically designated governmental functionst Clerk of the Circuit Court, Property
Appraiser, Sherif[ Supervisor of Elections, and Tax Collecror. The county commissioners
exercise varying degrees of budgetary control, but not administrative control, over the
activities of the constitutional officers. During fiscal year 2015-16, the Sheriff and
Supervisor of Elections each operated their respective oflices as budget officers with
funding provided by the commissioners. In return, each budget officer is responsible forthe
collection of revenues within their jurisdictional area and for the subsequent remittance of
such collections to the commissioners.
The Tar Collector and Property Appraiser operate as fee officers while the Clerk operates a
portion of his office as a budget officer, with the rernainder being operated as a fee officer.
Fee officers are authorized to retain revenues generated within their oftices for the purpose
of defraying the costs of operation. The Clerk serves as ex-officio Clerk to the Board of
County Commissio ners, The duties of the Cler\ as set forth in th e Florida C onstitu tion,
include those of county auditor, accountant and custodian ofcounty funds.
The commissioners and the constitutional officers constitute the primary government. The
Board of County Commissioners serves as the ex-officio governingboard and maintains
accounting records for the Central Florida Foreign-TradeZone,lnc,, the county's Mosquito
Control District, Erosion District Water and Sewer District Sustainability District, the
Housing Finance Authority and the Treasure Coast Education Research and Development
Authority. These dependent districts and authorities are blended in with the financial
activity of the county in the general fund, special revenue fund and proprietary fund rypes,
The counly's financial statements also include the county's share of funding for the
operations of the Office of the Medical Examiner, 19rtr Judicial Circuit of Florida.
Pursuant to Section 200-06, Florida Statutes, budgets are prepared and adopted for the
Board of County Commissioners after public hearings for the governmental funds. At
varlous times, the constitutional officers submit a proposed operating budget to the
commissioners and to certain divisions within the State of Florida Department of Revenue.
The operating bu dget is for the fiscal year commencing the following October 1 and includes
proposed expenditures and the means of financingthem, as set forth in Chapter 129 Florida
SAtutes. The State of Florida Departrnent of Revenue has the fina! authority on the
operating budgets fo r the Tax Collector and Property Appraiser included i n the general
fund.
The county utilizes the same basis of accounting for budgets as it does for revenues and
expenditures in its various funds, The legal level of budgetary control is atthe fund leveL
All budgeted appropriations lapse at year end. Formal budgets are adopted fur the general,
special reverue, debtservice, and capital proiects funds atthe fund levet. As a result,
deficits in the budget columns of the accompanying financial statements may occur.
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The information presented in the financial statements is best understood when considered
from the broader percpective of the environment within which the county operates.
LOCAL ECONOMY
St Lucie County's population in 2015 was estimatedat292,826, which is largely
concentrated in the eastern poftion of the county within 5-10 miles of the Atlantic Coast.
This is aSZVo increase over figures from the 2000 Census poprrlation of 192,595 and a
considerable9SVoincrease since 1990 cen.sus population of 150,171.
Based on 2010 census, the county's median age was 42.4 and was ethnicdly comprised of
6\.2oh white, 18.5% blach L6.6Vo Hispanig 1.590 Asian, 0.2% American Indian and Alaskan
Natives andZo/o other races. The median age was 43.2 for 20L5.
Service, tourism, agriculnrre, construction and light manufachrring are the principal
industries within the county. While St Lucie County is poised to take advantage of its
location, climate and abundantworKorce; growth in employment opportunities has not
kept pace with the grourth in population. In 2010, the county's unemployment rate reached
L3.8o/o, the highest point for the past 10 years, while the State's rate wi$ LL.Lo/o. However,
the 2015 preliminary unemployment rate is estimated to be 5.6016 while the State's rate is
4.7%. This indicates significant improvement in the job market.
The countysaw tremendous growth between 2003 and 2008. From 2008 to 2013, Ule total
assessed real property value has decreased by a3%,lnZ0!4,the local economy started to
show gror,nth along with tlle rest of the country. 2015 is the 3.a straight year that we have
seen orlr propertyvaluations increase, this year by 8o/o countywide. New construction
permits for the unincorporated area of the county decreased from 1,078 in 2004, its highest
level, to 43 in 2009, its lowest level. For 2076,229 new construction permits were issued.
Compared to the 2015 permit number of l40,the 2016 figure reflects a 64Vo increase.
Calendar year end foreclosure property inventory was reduced tremendously from 1,835 in
2015 to 1,316 in 2016. The median single-farrily home sales price, including foreclosure and
short sdes, was $180,000, which is l6Yo higher than 2015 while the total single family home
sales volume (including foreclosure and short sale) reflects a slight decrease of l.6Yo.
RELEVANT FINANCIAL POLICIES
St. Lucie County has established a fund reserye policy to ensure that sufficient cash is
available in the coming year to mect obligations until fuh.rre anticipated revenues are
available. The county's goal is to protect essentid service programs during periods of
economic downhrrn or unforeseen catasfophic events. A reserve for contingenry may be
budgeted in each of the counqy's funds. At the discretion of the Board of county
Commissioners, these funds maybe allocated as needed during theyearto fund unexpected
operations or events.
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The following are the relevant financial policies currently in place:
1. A designated emergenry reserve in the General Fund - In line with GFOA guidelines,
L2.5oh of the General Fund operating revenues may be set aside for natural
disasters/issues that are not anticipated in the normal budget development
2. A designated fund balance reserve in the General Fund - $1+ million has heen set
aside for budget stabilization.
3. A designated fund balance reserve in the General Fund - $5 million has been set
aside for transportation in frastruchr re ne eds.
4. Maintaining direct debt per capita below four hundred dollars - Direct debt includes
general obligation and governmental fund bond debt.
5. Keeping the average mamrity of general obligation bonds at or below fifteen (15)
years.
6. Reviewing the outsumding debts on an annual basis for the purpose of the feasibility
of refunding.
LONG-TERM FINANCIAL PLANNING
The county adopts a five-year capital improvements plan annudlywhich includes requests
and input from all departrnents and the Constitutional Officers. Each request includes a
proposed funding source and estimated operating cost. The dramatic decrease in county
tax revenues and impact fees has forced some new proiects to be postponed. The guideline
has shifted to limit new projects to ones that will be either funded or matched with special
revenug new debt issuance, grants or contributions.
In fiscal year 2016, the county issued three capital related debts:
1. A capital lease with Bank of America in the amount of $9.3 million for the
acquisition and upgrade of certain energf efficient equipment
2. A eapital lease with Motorola Solutions, Inc. in the amount of $8.9 million for the
800 MHz infrastrucnrre upgrade.
3. A revenue bond in the amount of $3.3 million for the upgrade of the security control
system at the counQy's jail.
The following major capital projects were on going in fiscal year 2016:
o CountyTa:< Collector New Building - $7 million
o FPL Enerry Efficiency Project - $9.3 million
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. Rosser Blvd. Branch Library Renovation - $2.1 million
o Treasure Coast Education Research and DevelopmentAuthority Sunshine Kitchen
- $1.8 million
o Airport Parallel RunwayTaxiway Connection - $4 million
. Airport US Crrstoms Building Renovations - $2.2 million
o Port New North Entrance - $7.6 million .
e Rock Road Detention Center Security Upgrade - $3.3 million
o 800 MHz Infrastructure Upgrade - $8.9 million
r Midway Road (Selvie Rd. to 25o St.) - $ZZ million
o KinBs Highway/lndrio Road Intersection - $9 million
o Verada Ditch Phase II - $2.3 million
Funding for t}ese projects are from charges for services, grants, impact fees, and property
taxes and long-term debt.
l\4AloR tNITIATTVES
For the third year in a row, the countywide property value has shown a healthy increase.
The reversing trend has added $1.7 billion in taxable value for fiscal year 2016 alone and
the net increase for the three years is $3.37 billion or L5.L6o/o. Both the cities of Port St.
Lucie and Fort Pierce saw significant stronger growth in valuations over last year. Fiscal
Y ear 2016, overall, is a year of continued improvement. The pace of employment growttr
picked up slightly andthe unemploymentrate further eased. Personal income andtaxable
sales growth were also more robust With the national and state economies ccntinuing to
expand, the county is working diligently in partnership with the cities of Port St Lucie and
Fort Pierce, Chamber of Commerce and Economic Development Council on business growth
opportuniues.
The following are the other major initiatives taken bythe county:. Enerry efficiency - The county issued a $9.3 million capital lease in fiscal year 2016
to acquire/consr'uct certain enerry efficient equipmenL The return on investment
is 9 years (guaranteed by Florida Power & Light) and the enerrysavings will be
used to paythe debt.o Green 3 Energr - The county contracted with a private company that plans to invest
more than $200 million in funds to build a waste to energy production facility,
taking garbage that would otherwise be landfilled and hrrning it into synthetic
diesel fuel. This sustainability initiative not only extends the life of the landfill and
reduce the need for oil e:rploration, but also will create jobs when it is at full
production.
Tourism - The county is working with the New York Mets on a 2S-year confact
extension that would keep major leagrre spring training and minor league baseball
in our community for t}e next generation. This initiative, strategicallytied to our
tourist market will see the Mets contribute approximately $60 million to our local
economy over the life of the agreement.
Technolory - The implementation of GovQA Application allows citizens to report
service issues to the county and look up information via the internet
Culture and Recreation - The county restored all libraries to five day a week
serwices in fiscal year 2O16. The $2.1 million Rosser Blvd. library consrudion is
under way and is expected to be completed in early summer 2017.
Public safety - The countyissued a $8.9 million capital lease in fiscal year 20L6to
fundthe county's 800 MHz radio system upgrade. This upgrade will provide critical
and significant public safety communication infrastruchrre improvements to all
public safety, school boar4 county and cites'staff.
AWARDS AND ACKNOWLEDGEMENTS
The Government Finance Officers Association of the United States and Canada IGFOA)
awarded a Certificate of Achievement for Excellence in Financial Reporting to St Lucie
County for its Comprehensive Annual Financid Report for the fiscal year ended September
30, 2015. The Certificate of Achievement is a prestigious national award recognizing
conformance with the highest standards for preparation of state and local government
financial reports. In order to be awarded a Certificate of Achievement, a government must
publish an easily readable and efficiently organized comprehensive annual financial report.
This report must satisfy both U,S. generally accepted accounUng principles and applicable
legal requirements. This is the 12th consecutive year the county has received the award. A
Certificate of Achievement is valid for a period of one year. We believe that our current
comprehensive annual financial report continues to meet the Certificate of Achievement
Program's requirements and we are submitting this document to the GFOA to determine its
eligibility for another certifi cate.
The GFOA has also given an Award for Outstanding Achievement in Popular Annual
Financid Reporting to SL Lucie County, for its Popular Annual Financial Report (PAFR) for
the fiscal year ended September 30, 2015. The Award for Outstanding Achievement in
Popular Annual Financial Reporting is a prestigious national award recognizing
conformance with the highest standards for preparation of state and local government
popular reports. In order to receive an Award for Outstanding Achievement in Popular
Annual Financial Reporting a government unit must publish a Popular Annual Financial
Report, whose contents conform to program standards ofcreativity, presentation,
undersandability, and reader appeal An Award for OutstandingAchievement in Popular
Annual Financial Reporting is valid for a period of one year. This is the 6th consecutive year
the award was received.
Both publications are written and produced by the Clerk of the Circuit Court as the Chief
Financial Officer of St Lucie County,
In addition, the county also participates in GFO/fs Distinguished Budget Presentation
Award Program. In order to qualify for the Distinguished Budget Presentation Award a
budget document must be judged proficient in several categories including policy
documentation, financid planning and organization. The county has received this award for
eighteen fiscal years.
A Comprehensive Annual Financial Report of this magnitude would not be possible without
the dedicated service of our hard-working Financial Operations Departrnent professionals
of the Clerl(s office, and the accounting firm of Berger, Toombs, Elam, Gaines & Franlq
Certified Public Accountants, PL. Their efforts toward improving accounting and financial
reporting systems have led to the enhanced quality of information reported to the Board of
County Commissioners, state and federal agencies and most importantly, the citizens of SL
Lucie County.
It is a privilege to share this information with you by virtue of the authority granted to me
as the independently-elected Clerk of the Circuit Court in Article VIII, Section (1) (d) of the
Constitution ofthe State ofFlorida asauditor,recorder, and custodian ofoll coungrfunds.
e7
eHonorable Joseph E. Smith
Clerk of the Circuit Court
St. Lucie County, Florida
Shai Francis, CPA, CGFO, CGMA
COO of Financial Services
Clerk of the Circuit Court
St. Lucie County, Florida
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ST. LUCIE COUNTY, FLORIDA
BLECTED OFFICIALS
AS OF SEPTEMBER 30,2016
BOARD OF COUNTY COMMISSIONERS
Kim Johnson
County Commission Chairperson
District #5
Chris Dzadovsky
County Commission Vice Chairperson
District #1
Tod Mowery Paula A. Lewis Frannie Hutchinson
CountyCommissioner CountyCommissioner CountyCommissioner
District #2 District #3 District #4
ELECTED CONSTITUTIONAL OFFICERS
Joseph E. Smith Ken Pruitt
Clerk of the Circuit Court Property Appraiser
Ken Mascara Gertrude Walker Chris Craft
Sheriff Supervisor of Elections Tax Collector
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Government Finance Offi cers As sociation
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
St. Lucie County
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 2015
ffiirfrfu*
Executive Director/CBO
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#t Berger, Toombs, Elam,t=qJ Caines & Frank
Cenilic{, hjhlt ActouniEnts PL
600 Gtru5 Avenue
SuirB 200
fort Ficrce, florida 14950
77 2;451 -6110 tt 461 -1 1 5s
lfux: 772i468-9778
REPORT OF INDEPENDENT AUD]TORS
The Honorable Board of County Commissioners
St. Lucie County, Florida
Report on the Financial Statements
We have audited the accompanying basic financial statements of St. Lucie County, Florida (the
"County") as of and for the year ended September 30, 2016, as listed in the table of contents.
Managernent'e Rerponsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial
statements in accordance with accounting principles generally accepted in the United States of
America: this includes the design, implementation, and maintenance of internal control relevant
to the preparation and fair presentation of financial statements that are free from rnaterial
misstatement, whether due to fraud or enor.
Auditor's Responslb llity
Our responsibility is to express an opinion on lhese financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America, Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements, The proceduras selected depend on the auditofs
judgmerrt, irrcluding the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or enor. ln maklng those risk assessments, the auditor
considers internal control relevant to the entity's preparation and fair presentation of tlre
financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the eflectiveness of the
enti!/s intemal control. Accordingly, we express no such opinion. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Forf. Fir.rgs ,/ !tua,t
I
,llcrt',bor AICPA Divisiorr Ftrr CPA Firms
Priv.rle Grnrpanies Prar.lice Sertirrn
Merr,ber AICPA I,l.trnrhcr FICFA
S n'zu roomrx' Ehm'
The Honorable Board of County Commissioners
St. Lucie County, Florida
Opiniort
In our opinion, lhe basic financial statements refened to above present fairly, in all material
respects, the financial position of the governmental activities, the business-type activities, each
major fund and the aggregate fund information of St. Lucie County, Florida as of September 30,
2016, and the respective changes in financial position and the budgetary comparison for the
General, Transportation Trust and Fine and Forfeiture Funds for the year then ended in
conformity with accounting principles generally accepted in the United States of America.
Other Matters
Req u ired S upple me nt a ry I nf orm d ion
Accountirp principles generally accepted in the United States of America require that the
Management's Discussion and Analysis, Schedule of Funding Progress - Other
Postemployment Benefits Plan, Schedule of the County's Proportionate Share of the Net
Pension Liability - Florida Retirement System Pension Plan, Schedule of County Contributions
- Florida Retirement System Pension Plan, Schedule of the County's Proportionate Stpre of the
Net Pension Liabilily Health Insurance Subsidy Pension Plan, Schedule of County
Contributions - Health lnsurance Subsidy Pension Plan, and Notes to Required Supplementary
lnformation be presented to supplement the basic financlal statements. Such information,
allhough not a part of the basic financial statements, [s required by the Governmental
Accounting Standards Board who considers it to be an essential part of financial reporting for
placing the basic financial statements in an appropriate operational, economic or historical
context. We have applied certain limited procedures to the required supplementary information
in accordance with auditing standards generally accepted in the United States of America,
which consisted of inquiries of management about the methods of preparing the information and
comparing the information for consistency with management's responses to our inquiries, the
basic financial statements and other knowledge we obtained during our audit of the basic
financial statements. We do not express an opinion or provide any assurance on the
information because the limited procedures do not provide us with sufficient evidence to express
an opinion or provide any assurance,
Berger. ToombE, Elam,
Cai"nes & Frank
The Honorable Board of County Commissioners
St. Lucie County, Florida
Other Informalion
Our audit was conducted for the purpose of forming opinions on the basic financial statements
of St. Lucie County, Florida. The Non-major Budgetary Comparison Schedules, the Gombining
and lndividual Non-Major Fund Financiat Statements, Schedule of Expenditures df Federal
Awards and State Projects, as required by Office of Management and Budget Circular A-133,
Audits of States, Local Governments and Non-Frofit Organizations and the Florida Department
of Financial Services Projects Compliance Supplement and the other information. such as the
introductory and statistical sections are presented for purposes of additional analysis and are
not a required part of the basic financial statements,
The Non-major Budgetary Comparison Schedules, the Combining and lndividual Non-Major
Fund Financial Statements. Schedule of Expenditures of Federal Awards and State Projects, as
required by Office of Management and Budget Circular 4-133. Audits of States, Local
Govemments and Non-Profit Organizations and the Florida Department of Financial Services
Projects Compliance Supplement and the other information, such as the introductory and
statistical sections are the responsibi{ity of management and was derived frorn and relates
directly to the underlying accounting and other records used to prepare the basic financial
statements. Such information has been subjecled to the auditing procedures applied in the
audit of the baslc financial statements and certain additional proc€dures, including comparing
and reconciling such information dlrectly to lhe underlying accounting and other records used to
Prepare the basic financial statements or to the basic financial statements themselves, and
other additional procedures in accordance with auditing standards generally accepted in the
United States of America. ln our opinion, the Non-major Budgetary Comparison Schedules, the
Combining and lndividual Non-Major Fund Financial Statements, Schedule of Expenditures of
Federal Awards and State Pro,lects, as required by Qffice of Management and Budget Circular
A-133, Audits of States, Local Governments and Non-Profit Organizations and the Florida
Deparlment of Financial Services Projects Compliance Supplement and the other information,
such as the introductory and slatistical sections are fairly stated, in all material respects, in
relation to the basic financial slatements as a whole.
Other Reporting Required by Government Auditing Standards
ln accordance with Govemment Auditing Sfandards, we have also issued a report dated March
29,2017 on our consideration of the County's intemal control over financial reporting and on oLrr
tesls of its compliance with certain provisions of laws, regulations and contrac{s.
The purpose of that report is to describe the scope of our testing of internal control overfinancial
reporting and compliance and the results of that testing, and not to provide an opinion on
internal control over financial reporting or on compliance. That report is an integral parl of an
audit performed in accordance with Goyemment Auditing Standards in considering St. Lucie
Berger, Toombs, Elam, Gaines & Frank
Certified Public Accountants PL
Fort Pierce, Florida
March 29,2017
THIS PAGE INTENTIONALLYLEFT BLANK
St. Lucie County, Florida
Management's Discussion and Analysis
September 30,2016
St. Lucie County's (the "County") discussion and analysis is designed to (a) assist the reader in focusing on significant
financial issues, (b) provide an overview of the County's furancial activity, (c) identify changes in the County's financial
position, (d) identiff any material deviations from the financial plan, and (e) identify individual fund issues or concerns.
Since the Management's Discussion and Analysis (MD&A) is designed to focus on the current years activities, resulting
changes and currently known facts, please read it in conjunction with the Transmittal Letter (beginning on page v) and the
County's financial statements (beginning on page l7).
HIGHLIGHTS
Financial Highlights
o The assets of the County exceeded its liabilities at September 30,2016 by $613.7 million (net position). None of
this amount may be used to meet the government's ongoing obligations to citizens and creditors. This is the result
of increase in net pension liability.
. The County's total net position decreased by $6.1 million. The decrease is attributed to the increase in net pension
liability.
o At September 30,2016, the County's governmental funds reported a combined ending fiurd balance of $188.3
million, an increase of $4.7 million in comparison with the prior year.
. The County had a $3.1 million decrease in unassigned fund balance in the general fund. The decrease is mainly
attributed to the increase il emergency reserve.
USING THIS ANNUAL REPORT
The annual report consists of a series of financial statements. The government-wide financial statements (on pages I 7, l8
and 19) provide information about the activities of the County as a whole and present a longer-term view of the County's
finances. Fund financial statements begin on page 20. For governmental funds, these statements tell how these services
were financed in the short term as well as what remains for future spending. For proprietary firnds, these statements provide
the same type of information as the government-wide furancial statements, only in more detail. The County uses an internal
service frrnd to account for the management of its self-insurance activities. Because the self-insurance flrnd predominantly
benefits governmental rather than business-type functions, it has been included within governmental activities in the
government-wide financial statements. Fund financial statements also report the County's operations in more detail by
providing information about the County's most significant funds. The remaining statements provide financial information
about activities for which the County acts solely as a trustee or agent for the benefit of those outside of the government.
Reporting the County as a Whole
Our analysis of the County as a whole begins on page 17. The Statement of Net Position and the Statement of Activities
report information about the County as a whole and about its activities in a way that helps to assess the County's financial
health. These statements include all assets and liabilities using the accrual basis of accounting, which is similar to the
accounting used in most private-sector companies. All of the current year revenues and expenses are taken into account
regardless ofwhen cash is received or paid.
St. Lucie County, Florida
Management's Discussion and Analysis (continued)
September 30, 2016
These two statements report the County's net position and the changes in net positior. You can think of the County's net
position - the difference between assets plus deferred outflows of resources and liabilities plus the deferred inflows of
resowces - as one way to measure the County's financial health, or financial position. Over time, increases or decreases
in the County's net position may serve as a useful indicator of whether the financial position of the County is improving or
deteriorating. You will need to consider other nonfinancial factors, however, such as changes in the County's property tax
base and the condition of the County's roads, to assess the overall health of the County.
ln the Statement of Net Position and the Statement of Activities, we divide the County into two kinds of activities:
o Governmental activities - Most of the County's basic services are reported here, including the public safety, public
works, parks and recreation, and general administration. Taxes, franchise taxes, charges for services, grants, and
interest eamings finance most of these activities.
o Business-type activities - The County charges a fee to customers to help it cover all or most of the cost of certail
services it provides. The County's Bailing & Recycling, Water and Sewer District, South Hutchinson Utilities,
Golf Course, and Building Code operations are reported here.
Fund Financial Statements
Our analysis of the County's major funds begins on page 20. The fund financial statements provide detailed information
about the most significant funds - not the County as a whole. Some funds are required to be established by State law and
by bond covenants. However, the Corurty establishes many other funds to help it control and manage money and to show
that it is meeting legal responsibilities for using certain taxes, grants, and other monies such as fines and forfeitures.
Governmental Funds
Most of the County's basic services are reported in governmental funds, which focus on how money flows into and out of
those funds and the balances left at year-end that are available for spending. Those funds are reported using an accounting
method called modified accrual, which measures cash and all other financial assets that can readily be converted to cash.
The governmental frrnd statements provide a detailed short-term view of the County's general government operations and
the basic services it provides. Governmental fund information helps you determine whether there are more or fewer
financial resources that can be spent in the near future to finance the Counfy's programs. We describe the relationship (or
differences) between governmental activities (reported in the Statement of Net Position and the Statement of Activities) and
governmental funds in reconciliations presented on page 22 andpage 26.
The County maintains frfty-nine individual governmental funds. Information is presented separately in the govemmental
fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the
General Fund, Transportation Trust Fund, Fine and Forfeiture Fund, SHI Special Assessment Bond Fund, North Lennard
Road Bonds I&S Fund and Impact Fee Fund, all of which are considered to be major funds. Data from the other frfty-three
governmental flmds are combined into a single, aggregated presentation as "other governmental funds". lndividual fund
data for each nonmajor governmental fund is provided in the form of combining statements and begins on page 100.
Annual budgets are adopted for all governmental funds. The budgetary comparison statements have been provided for all
governmental funds to demonshate compliance with the budget.
The basic governmental fund financial statements can be fowrd on pages 20-29 of this report.
St. Lucie County, Florida
Management's Discussion and Analysis (continued)
September 30,2016
Proprietary Funds
When the County charges customers for the services it provides - whether to outside customers or to other units of the
County - these services are generally reported in proprietary funds. The County maintains two different types of proprietary
funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide
financial statements. The County uses enterprise funds to account for its Bailing & Recycling, Golf Course, Water & Sewer
and Building Code operations. The Internal Service Fund is an accounting device used to accumulate and allocate costs
internally among the County's various functions. The County uses its Internal Service Fund to account for its insurance
progmrns. Because these insurance programs predominantly benefrt governmental functions, it has been included within
governmental activities in the government-wide financial statements. Proprietary funds provide the same O?e of information
as the government-wide financial statements, only in more detail.
The basic proprietary fund financial statements can be found on pages 30 to 35 of this report.
Fiduciary Funds
The County holds deposits for various individuals and businesses for contract performance that are then returned when the
contract has been completed. The County also holds deposits for special assessment debt which the County is not obligated
to repay. These deposits are accounted for in an Agency fund, where assets equal liabilities. The basic fiduciary fund
financial statement can be found on page 36 of this report.
Notes to Financial Statements
The notes provide additional information that is essential to a fi,rll understanding of the data provided in the government-
wide and fi.rnd financial statements. The notes to financial statements can be found on pages 38 to 88 of this report.
Required Supplementary information
In addition to the basic financial statements and accompanying notes, this report also presents certain required
supplementary information highlighting the schedule of funding progress for other postemployment benefits, the County's
Proportionate Share of Net Pension Liability and the County's statutorily required contributions. The required
supplementary information can be found on page 90 to 92 of this report.
THE COUNTY AS A WHOLE
Financial Analysis of the County as a Whole
Over time, net position may serve as a useful indicator of a government's hnancial position. As of September 30, 2016, the
assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $613.7 million. Our
analysis focuses on net position (Table l) and changes in net position (Table 2) of the County's governmental and business-
type activities.
St. Lucie County, Florida
Management's Discussion and Analysis (continued)
September 30,2016
GOVERNMENT-WIDE STATEMENTS
The following table reflects the condensed Statement of Net Position:
Table I
Statement of Net Position
As of September 30, 2015 and 2016
(in millions)
Current and other assets
Capital assets
Total assets
Total deferred outflows of
resources
Cunent liabilities
Non-current liabilities
Total liabilities
Total deferred inflows of
resources
Net position:
Net investment in capital
assets
Restricted
Unrestricted
Total net position
2015 2016 20tS 2016
$ 23s.5 $ 238.3 $ 26.9 $ 25.s569.8 s'7 s.2 '77.3 78.0805.3 813.5 104.2 103.5
Governmental
Activities
Business-type
Activities Total
2015 2016
s 262.4 $ 263.8
647.1 653.2
909.5 917.0
Total
Percent
Change
0s3%
0.94%
0.82%
17.0 4'7 .8 1.0 2.7
49.5
18.0
45.2
252.t
297.3
1 80.56%
2.43%
21.38%
18.50%
-85.58%
r.41yo
1.78y;o
-235.94%
-0,98%
41.2 42.0209.5 260.8
250.7 302.8 46.6
46.3
306.0
352.3
10.4 I .5
523.6 531.0
89.8 9r.4
(8.7)
$ 619.8 $ 613.7
4.0
42.6
4.)
45.2
9.9 1.5 0.5
56.0
t.7
0.4
$ 58.1
467.6 473.9
88.1 89.5
57.r
1.9
(2.3)
$ s6.7
6.0 (6.4)
s 561.7 S 557.0
The largest portion (86.51%) of the County's net position reflects its investment in capital assets (i.e. land, buildings,
machinery, equipment, and infrastructure); less any related debt used to acquire those assets that is still outstanding. The
County uses these capital assets to provide services to citizens; consequently, these assets are not available for future
spending. Although the County's investment in its capital assets is reported net of related debt, it should be noted that the
resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used
to liquidate these liabilities.
The restricted portion of the County's net position (14.9%) represents resources restricted for purposes other than operations
such as debt service and other legally resticted purposes. The total change in net position was a $6.1 million decrease. More
detailed information concerning the County's net position is presented on page 17 of the government-wide financial
statements.
St. Lucie County, Florida
Management's Discussion and Analysis (continued)
September 30,2016
Totll l{cr Porfth Comparlron
lbr t'lscelY+er l0l5rnd l.kceltclr 1016
,lllrftnsrrrlla
ltt{frfii to.0 srm.o s8fito t3{tro s(tro s6f,t0
Amorul (lr nllllom)
$m.o
82015 12016
Major changes in the statement of net position are as follows:
o Current and other assets for governmental activities increased by $2.8 million. This is mainly attributed to the
positive change in fund balance at the fund level.
o Total deferred outflows of resources increased by $32.5 million ($30.8 million for governmental activities and
$ I .7 million for business-type activities). This is mainly attributed to pension liability adjusknents for pension
assumption, pension experience and the change of Cowrty's proportionate share of the net pension liability.
o The deferred inllows of resources decreased by $8.9 million ($8.4 million for governmental activities and $0.5
million for business-type activities) . This is mainly attributed to pension liability adjustments for pension
assumption, pension experience, pension investment and the change of County's proportionate share of the net
pension liability.
o Total liabilities increased $55 million ($52.1 million for governmental activities and $2.9 million for business-
type activities). This is athibuted to the pension and OPEB liabilities.
. Capital assets increased by $6. 1 million. Refer to the subsequent section on Capital assets for additional detail.
The following table shows the revenues and expenses of the total primary government:
St. Lucie County, Florida
Management's Discussion and Analysis (continued)
September 30,2016
Table 2
Changes in Net Position
For the Fiscal Years Ended September 30, 2015 and 2016
(in millions)
Governmental Business-type
Activities Activities
2015 2016 2015 2016 2015 2016 Change
Total Primary
Government
Total
Percent
5.6%
-41.90
-4t.9%
-1.7%
-1.0%
REVENUES
Program revenues:
Charges for services
Operating grants and contributions
Capital gants and contributions
General revenues:
Properfy taxes
Other taxes
Intergovemmental
Other
Total revenues
EXPENSES
General govemment
Public safety
Physical environment
Transportation
Economic environment
Human services
Court related
Culture and recreation
Bailing & recycling
Water and sewer
Golf Course
Building code
Interest and fiscal charges
Total expenses
Change in net position before transfers
Transfers
Change in net position
Net position - Beginning
Net position - Ending
$ 2\.7
12.6
15.0
125.7
8.5
18.3
1 1.5
2r3.3
45.5
87.0
6.3
z)- I
5.8
1t.7
21.r
17.7
$ 21.2
tt.2
20.8
136.0
8.5
19.5
12.8
230.0
s 26.9 $
0.1
1.0
28.0
$ 48.6
t2.6
15.1
r25.7
8.5
18.3
t2.5
24t.3
50.1 3.t%
11.2 -11.10h
20.9 38.4%
28.9
0.1
0.7
47.3
94.8
6.3
22.8
7.0
12.7
20.3
19.9
29.7
136.0
8.5
19.s
13.5
259.7
265.8
(6.1)
(6.1 )
619.8
$ 613.7
8.2%
0.0%
6.6%
8.0%
7.6%
4.00
9.0%
0.004
-3.8%
20,7%
8.s%
-3.8%
12.4%
4.0%
8.lYo
7.7%
t4.3%
0.0%
45.5 47.3
87.0 94.8
6.3 6.3
23.7 22.8
5.8 7.0
11.7 t2.7
2t.t 20.3
17 .7 19.9
17.5 t8.2
8.6 9.3
1.3 1.4
r.4 1.6
4.2 4.2
17.5
8.6
1.3
t.4
18.2
9.3
t.4
1.6
4.2
223.0
(e.7)
0.3
(e.4)
571 .1
$ 561.7
4.2
235.3
(s.3)
0.6
(4.7)
56r.7
$ 557.0
28.8
(0.8)
(0.3)
(1.1)
59.2
$ s8.1
(0.8)
(0.6)
(1.4)
58.1$ s6.7
2s 1.8
(10.s)
(10.s)
630.3
$ 619.8
305
Overall the total expenses exceeded revenues by $6.1 million. Program revenues are specific to the functions of the primary
govemment such as fees and charges for services, grants and capital conhibutions. The expenses of the primary govemment
were $265.8 million with public safety operations comprising the largest expense category at 35.670/o or $94.8 million.
Public safety activities include law enforcement, a correction/detention facility, and emergency management.
The County's primary govemment total revenues increased by $18.4 million and the total expenses increasedby $14 million
from FY 2015. The total revenues increase was primarily due to the increase in property tax, sales tax and capital grants
and contibutions categories. The largest expense increase occurred in public safety. The $7.8 million increase was mainly
due to increases in pension cost in FY 2016.
St. Lucie County, tr'lorida
Management's Discussion and Analysis (continued)
September 30,2016
Our analysis below separately considers the operations of govemmental and business-type activities.
Governmental Activities
Governmental activities expenses and transfers exceeded revenues and transfers by $4.7 million. Total revenues increased
about $16.7 million from the previous year. This was mainly due to increases in property tax revenues and capital grants
and contributions. Total expenses increased $12.3 million from the previous year. The increase was mainly due to the
increase in pension and OPEB liabilities.
The following is a graphic illustration of the comparison for governmental activities revenues and expenses.
Governmental ActMties Comparison
for FiscalYear 2015 and FlscalYear 2O16
gE
5Sc=
{a
s12:tr)
stmIl
flt0
tso0
sr5,0
s0J)
Business-type Activities
Revenues of the County's business-type activities (see Table 2) increased by $1.7 million and expenses also increased by
$1.7 million. The increase in revenues was mainly due to increases in charges for services. The increase in expenses was
primarily due to an increase in pension and OPEB liabilities.
Following is a graphic comparison of the County's business-type activities.
St. Lucie County, Florida
Management's Discussion and Analysis (continued)
September 30, 2016
Business-Tnle Activities Comparison
for FiscalYear 2015 and Fiscal'lleal 2016
r:EIE
trE(e g
s2s.0
s20.0
sl5-0
sl(t0
$5.0
$.0 t'*d
.$s*
Revenue/Erpense types
FINANCIAL ANALYSIS OF THE COUNTY'S FUNDS
As noted earlier, the County uses fimd accounting to ensure and demonstrate compliance with finance-related legal
requirements.
Governmental Funds
The focus of the County's govemmental funds is to provide information on near-term inflows, outflows, and balances of
spendable resources. Such information is useful in assessing the County's financing requirements. In particular, unassigned
fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal
year.
As the County completed the fiscal year, its governmental funds (as presented in the balance sheet on pages 20 to 2l)
reported a combined fund balance of $188.3 million, which is an increase of $4.7 million over the prior year of $183.6
million. The fund balance section is presented in classifications that comprise a hierarchy based primarily on the extent to
which the County is bound to honor constraints on the specific purposes for which amounts in those fi.mds can be spent. As
of September 30,2016, the County had fund balance in I ) a nonspendable category for inventory, prepaid items and advance
to other funds ($7 million), 2) a restricted category for resources that are either restricted externally by creditors, grantors,
contributors, or law or regulations of other government or imposed by law through constitutional provisions or enabling
legislation ($ I 19.7 million), 3) a committed category for contractual obligations that the County has allocated fi.rnding ($ 11.4
million), 4) an assigned category for constraints by the County's intent to use the balance for specific purposes ($46 million),
and 5) an unassigned category is available for spending at the County's discretion. As of September 30,2016, the County
has $4.2 million in the unassigned category.
The Genersl Fundis the chief operating fund of the County. At the end of the fiscal year, the total fund balance was $56.4
million, while the unassigned fund balance was $4.2 million. As a measure of the general fund's liquidity, it may be useful
to compare both unassigned fund balance and total fund balance to total fund expenditures. Unassigned fund balance
represents 2.91% of total general fund expenditures, while total fund balance represents 38.69% of that same amount. The
General Fandhad a $3.5 million increase in total fi.md balance and a $3.1 million decrease in unassigned fund balance
during the current fiscal year. The increases in total fund balance was caused by an increase in tax revenues and reduction
12
St. Lucie County, Florida
Management's Discussion and Analysis (continued)
September 30,2016
in interfund transfers out. The decrease in unassigaed flmd balance was caused by an increase in the amount assigned for
emergency reserve.
The Transporlation Trust Fund fund balance reflects a $0.6 million decrease from the prior fiscal year. The total fund
balance was $8.7 million, of which, $0.3 million is nonspendable and $8.4 million is restricted. The decrease of the total
fund balance from the prior year is mainly due to an increase in road maintenance expenditures.
The Fine and Forfeiture Fand fund balance reflects a $6.8 million decrease from the prior fiscal year. The total fund
balance was $14.9 million, all of which is restricted for the law enforcement and court related functions. The decrease of
the total fund balance from the prior year is due to the increases in operating expenditures and interfund transfers out.
The SHI Special Assessmenl Bond Fand accounts for the special assessment revenues pledged to pay the South Hutchinson
Island 1998 special assessment debt. The total fund balance was $2.2 million, all of which is restricted for debt service. The
total fund balance reflects a $0.6 million increase from the prior fiscal year. The increase is due to no early bond calls in
fiscal year 2016.
The N. Lennard Road Bonds I&S Fund accounts for the special assessment revenues pledged to pay the N. Lennard Road
Phase I, II, and III special assessment debts. It has a total fund balance of $2.2 million, all of which is restricted for debt
service. The total fund balance reflects a $0.16 million increase from the prior fiscal year. The increase reflects the
elimination of administrative charges from the general fund.
The Impacl Fee Fund accounts for the impact fees used for parks, libraries, public buildings and correctional facilities. It
has a total fund balance of $26 million, most of which is restricted for capital projects. The total fund balance reflects a $ 1.3
million increase from the prior fiscal year. The increase is due to an increase in impact fees collections.
Proprietary Funds
The County's proprietary funds provide the same type of information found in the government-wide financial statements,
but in more detail.
The total net position of the Bailing & Recycling Facility Fund atthe end of the fiscal year totaled $27.5 million, while the
total unreshicted net position was negative $6.9 million. Compared to the prior year, the total net position had a decrease of
$1.1 million while the unrestricted net position had a decrease of $3.3 million. This is mainly due to the recognition of the
net pension liability.
The total net position of the Golf Course Fund at the end of the fiscal year totaled a negative $5 million. Compared to the
prior year, the net position had a slight decrease of $58,855. This is attributed to the recognition ofthe net pension liabilify.
The total net position of the lilakr and Sewer District Fund at the end of the fiscal year totaled $ 17.9 million, while the
unrestricted net position amounted to $3. I million. In comparison to the prior year, the total net position had a decrease of
$519,578. This is attributed to the recognition of the net persion liability.
Other factors concerning the finances of these funds have already been addressed in the discussion of the County's business-
type activities.
St. Lucie County, Florida
Management's Discussion and Analysis (continued)
September 30,2016
General Fund Budgetary Highlights
Variance between Original Budget and Final Budget
The General Fund includes activities of the Board of County Commissioners as well as all of the Constitutional
Offices. After the original budget is approved, it may be revised for a variety of reasons such as unforeseen circumstances,
correctionsoferrors,newbondorloanproceeds,newgrantawards,andotherrevenues. Duringfiscalyear20l6,thebudget
for the general fund was amended from its original budget; which consists of total expenditures, transfers out, and ending
fund balance; of $197.4 million to its final budget of $202.2 million.
The original budget for revenue and other financing sources, which consists oftotal revenues, transfers in, lease pwchase
proceeds, and proceeds from the sale of capital assets; was $154.6 million. Throughout the year, changes were made that
increased the total revenues by $1.5 million to $156.1 million.
The budget for expenditures and financing uses was originally adopted at $159.8 million. The final budget was $164.5
million, which was a $4.7 million increase. The final budget for the General Fund's beginaing fund balance increased by
$3.2 million compared to the original budget.
Variance Between Final Budget and Actual
The actual revenue and other financing sources came in under the final budget by $0.4 million primarily due to
intergovernmental revenues coming in under the budgeted amount. Timing of grant revenues caused the intergovernmental
revenue variance. Many of the grants the County received were paid on a reimbursement basis. Because not all of the grant
projects had been completed by year-end, the associated revenues were not received during the fiscal year. It is anticipated
that these grant revenues will be received in fuhre periods.
The actual expenditures and other financing uses came in under the final budget by $12.3 million. General government
expenditwes came in $4.4 million below the final budget. This was due to the timing of the Veterans' Nursing Home
project, funds being carried into fiscal year 2017 related to All Aboard Florida, and variances in operating budgets. Public
Safety came in $3.1 million less than the final budget mostly due to the timing of inmate medical expenses. Economic
environment came in $1.5 million less than the final budget primarily due to the timing of grant projects and the County's
job incentive progam. Human Services came in $0.7 million less than the final budget. This was mainly due to the timing
of grant projects. Culture and Recreation came in $ I . I million less than the final budget. This was caused by variances in
operating budgets. Capital Outlay expenditures were $1.3 million less than the final budget primarily due to the timing of
capital projects.
Operating transfers out came in at the frnal budget level, while operating transfers in came in under the final budget by $ 1.5
million. The actual net change in fund balances was $3.5 million.
St. Lucie County, Florida
Management's Discussion and Analysis (continued)
September 30,2016
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
At the end of fiscal year 2016, the County had $653.2 million invested in a broad range of capital assets, including land,
law enforcement and public works equipment, buildings, park facilities, roads, bridges, and stormwater drainage structures.
This amount represents a net increase (including additions and deductions) of $6.1 million, or 0.9o/o, over the prior year.
The following table illustrates the changes in capital assets. See pages 57 to 58 in the notes to financial statements for
detailed changes in capital assets.
Capital Assets
(net of depreciation, in millions)
Land
Buildings and improvements, net of
accumulated depreciation
Equipment, net of accumulated
depreciation
Construction in progress
Total
201s 2016
$ 160.5 $ 161.1
365.8 355.3 58.1
$ 569.8 $ s7s.2 g 77.3
Total
Total Percent
2015 2016 Change
$ 1709 $ 171J M%
55.5 423.9 410.8 -3.r%
Governmental
Activities Business-typ e Activities2015 2016$ 10.4 s 10.4
s 78.0
23.5 21.8 3.7 3.8 27.2 25.6
20.0 )7.0 5.1 8.3 25.1 45.3
-5.9%
80.s%
Governmental activities had a major increase in the construction in progress category mainly due to the increase in planned
capital project expenditures for the Midway Road project and jail security system upgrade.
Business-type activities had a major increase in the construction in progress category mainly due to the recyclables
processing facility proj ect.
Debt
On September 30,2016, the County had $ 133.9 million in bonds, notes and capital leases outstanding versus $129.8 million
on September 30, 2015 - an increase of 3.14o/o- as shown in Table 4:
The increase in debt is the net result ofthe issuance ofnew debt and scheduled principal payments on long-term debt. See
pages 63 to 65 in the notes to financial statements for detailed changes in long-term debt.
$ 647.1 $ 653.2 0.9%
Total
Totals Percent
Governmental
Activities
Table 4
Business-type
Activities
2015
$ 290,000
60,320,000
41,026,trs
6,739,690
t,110,962
2016$ 20,000
56,960,000
40,357,751
6,s88,054
10,001 ,268
2015$-$ 290,000
60,320,000
41,026,115
6,739,690
1,r10,962
20,295,000
s 129,781,767
2016$ 20,000
56,960,000
40,35'7,751
6,588,054
10,001 ,268
19,925,000
$ 133,852,073
Change
-93.10%
-5.5'7%
-r.63%
a a<o/
800.23%
-1.82%
3.14%
2016 2015
General obligation debt
Revenue bonds
Revenue notes
Special assessment bonds
Capital leases
Water & sewer debt
Totals
20,295,000
$ 20,295,000
1 9,925,000
$ 19,925,000$ 109,486,767 $ t13,927,073
'15
St. Lucie County, Florida
Management's Discussion and Analysis (continued)
September 30,2016
Additional information on the County's long-term debt can be found on pages 66 to 69 in the notes to financial statements.
ECONOMIC FACTORS AND NEXT YEAR'S BTIDGETS AND RATES
The County's elected officials considered many factors when setting the fiscal year 2017 budget, tax rates, and fees. One of
those factors is the economy. St. Lucie Count5r's local economy consists of services, tourism, agriculture, construction and
light manufacturing industries. Employment, income and housing are the three broad indicators that provides the best picture
of economic development.
Im20l6, St Lucie County's unemployment rate continued its post-recession decline, reaching 5.6%o, signifrcantly lower than
rhe 6.2% in previous year. Although these values are still far from the low unemployment rates of the pre-recession period,
this decline is consistent with the rest of the economy.
Personal income is another good indicator of the local economy. In 2015, St Lucie County personal income increased at a
rate of 6.60/o compared to the State of Florida's 5.5%.
New construction in the unilcorporated area decreased from 908 new homes :-r;.2004 to 229 in20l6. ln comparison to 2015,
the 2016 figure reflects a 640/o increase. Total single family home sales decreased l.60/o from 5,404 in 2015 to 5,3 15 in
2016, while the State is experiencinga0.9o/o increase. The median sale price for an existing single-family home in the area
was $180,000, which reflects an increase of l6.lYo from 2015. The State median sale price reflects a 12.2o/o increase.
These indicators were taken into account when adopting the county's budget for fiscal year 2017. The economic impacts
of the past few years have provided many challenges to the County. The County continues its aggressive assessment of
operations of its current and future fiscal position. The adopted budget was established on a combined total operating millage
rate of 7.7004 mills (one mill: $1 per $1,000 of assessed properly value) to support the County's operating budget and
dependent districts. The rate reflects a 0.4o/o decrease from the prior year. The utilization of reserves remains a budget
balancing factor for the general fund. Amounts available for appropriation in the Board of County Commissioners' General
Fund budget in2017 are $135.6 million, an increase of 4.03% from the original f,rscal year 2016 budget of $130.3 million
and an increase of 0.28o/o from the final fiscal year 2016 budget of $135.2 million.
REQUEST FOR INFORMATION
This financial report is designed to provide our citizens, taxpayers, customers, investors and creditors with a general
overview of the County's finances and to show the County's accountability for the money it receives. If you have questions
about this report or need additional information, contact the County's Finance Deparfment, 2300 Virginia Avenue, Fort
Pierce, Florida 34982.
16
THIS PAGE INTENTIONALLYLEFT BLANK
St. Lucie County, Florida
Statement of Net Position
September 30, 2016
Govermental
ActiYities
Business-type
Activities
ASSETS
Cuent assets:
Cash and investmflts
Restricted assets:
Cash md investments<ustomer deposits
Accomts receivable, net
Assessments receivable
Interest receivable
Due fiom otho govemmts
IntemI balmces
Inventories
Prepaid item
Total cwent assels
Non-crent ssets:
Restricted assels:
Cash md investrnents-lmdfill closre
Cash and invesheDts-renewal md replacement
Capihl 6sets, Dot being depreciated:
Iand
Construction in progess
Capital assets, being depreciated:
Buildings and improvements
Machinery md equipment
Accmulated depreciation
Total non-cuent assets
Total assets
DEFERRED OUTFLOWS OF RESOURCES
Defened amout on refunding
Defened outflows related to pereion plao
Totsl defe[ed outflows of resomes
LIABILITIES
Cuent liabilities:
Accouts payable
Mahred bonds payable
Mahled interest payable
Claim payable
Deposis payable from restricted assets
Acmed interest
Due to other govemetrts
Bonds md notes payable - net
Spmial assessment debt - govement comihnmt
Capital lBse paFble
Accrued omlrcnsated absences
Unamed revenues
Total cuent liabilities
Non-cuent liabilities:
Liabilities payable from resticted assets
Bonds od notes payable - net
Special assessment debt - govement comitment, net
Capital lease payable - net
Accrued compensated absences - net
landfill long-tem maintenance liabilities
OPEB liability
Net pension liability
Total non-cEent liabilities
Total liabilities
DEFERRSD INFLOWS OF RESOURCES
DeGred inflows related to pension plan
NET POSITION
Net investment in capital assets
Restricted for:
Traroportation
Physical mviroment
Humn senices
Enviromental Imd acquisition
Debt service
ReDewa[ md replaceEent
Capital projects
Other purposes
Urcstricted
Total net Fsition
23,979,112 $ 235,347,708
161,078,1 l6
36,998,798
510,092,494
88,t22,533
(28r,060,083) (67,927,139)
57s,231,858 83,207,516 6s8,439,374
813,s17,585 t03,s2s,146 9t'7,042,',731
3,014,212 29E,682 3,312,894
44,7s9,404 2,366,378 47,t25,',182
47,7'13,616 2,665,060 s0,438,676
$ 211,368,596
1,319,559
I,364,',789
9,874,471
503,249
6,'750,962
6,087,904
543,363
472,834
238,28s,72't
439,160
1,658,837
79,988
36,',715
(6,087,904)
21t,334
388
20,317,630
3,'725,4t'7
I,489,124
t0,356,397
8,304,897
1t4,024,907
13,214,513
1,758,719
3,021,626
9,814,41t
583,231
6,787,617
'754,697
473,222
2s8,603,351
3,725,411
1,489,124
111,434,s13
45,303,695
684,1t7,401
101,357,046
(348,987,822)
309,127 10,267 319,394
42,007,742 4,252,099 46,2s9,841
3,304,953 3,304,953
1,439,330
6s9,238
1,319,s59
515,030
2,090,232
8,026,91 l
360,934
1,0r9,823
6,980,s99
93,411,s55
6,227,t20
8,981,,145
7,926,8'1',7
36,610,87s
473,8s2,620
13,264,250
4,809,944
5,070,r80
692,6ss
21,651,089
40,655,552
3,37 t,971
(6,3s8,167)
$ 557,016,100
478,t75
439,160
12,83 I
515,000
2',72,3s'l
14,086,631
1,104,832
1,489,124
420,464
(2260,9r't)
$ s6;142,415
20,312,913 113,730,468
- 6,227,120
- 8,981,,145
308,471 8,235,348
14,6s3,573 2,1s4,31s
4,633,386 370,000
r 6,807,888
5,003,386
1,91 7,505
659,238
I,158,7t9
5 15,030
2,103,063
8,541,9r r
360,934
1,019,823
7,252,950
14,086,63 I
38,315,707
13,264,250
4,809,944
5,070,180
692,6ss
21,657,089
1,489,124
40,655,552
3,'792,441
(8,619,084)
s 613,758,515
107,620,582 5,470,891 113,09t,479
260,784,4s4 45,188,697 305,973,151
302;192,196 49,440,'196 3s2,232,992
1,482,90s 6,995 1,489,900
57,093,744 530,946,364
The accompanying notes to fmancial statements are an integral part ofthis frnancial staternent.
17
St. Lucie County, Florida
Statement of Activities
For the Year Ended September 30,2016
Program Revenues
Functions/Programs
Charges for
Services
Operating
Grants and
Capital
Grants and
Contributions Contributions
Primary Government:
Govemmental activities :
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Court related
Interest on longterm debt
Total govemmental activities
Business-type activities:
Bailing & recycling
Golf course
Water & sewer
Building code
Toral business-type activities
Total primary government
Expenses
4'.7,318,679
94,870,7s0
6,314,624
22,789,966
6,978,s00
12,666,374
l 9,880,606
20,289,582
4,207,622
235,316,703
I 8, I 85,680
1,415,595
9,3t5,t47
r,620,227
30,536,649
$ 265,8s3,352
8,707,858
2,6s6,847
493,955
1,807,s56
7,535,935
994,487
3,05 r,89s
865,042
2,425,275
2,208,706
r93,s39
423,118
1,058,s60
s64,406
628,614
6,072,564
rr,384,965
388,834
t,787,887
21,202,t5t
17,318,92t
r,236,384
8,282,856
2,068,30t
28,906,462
1,220,622
$ 50,108,613 S rr,220,622
9t,378
$ 20,918,708
20,827,330
9r,378
General revenues:
Taxes:
Property taxes, levied for general purposes
Property taxes, levied for debt purposes
Sales taxes
Franchise taxes
State shared revenues
Investment income
Miscellaneous
Total general revenues
Transfers
Total general revenues and transfers
Change in net position
Net position - beginning ofyear
Net position - end ofyear
The accompanying notes to financial statements are an integral part ofthis financial statement.
Net @xpense) Revenue and
Chanqes in Net Position
Primary Government
Governmental
Activities
Business-type
Activities
$ (37,0s1,928)
(88,533,334)
622,982
(8,485,77 1)
(4,380,960)
(12,472,83s)
(l s,862,045)
(l 1,695,087)
(4,207,622)
(r 82,066,600)
(1 82,066,600)
(866,759)
(t79,2rr)
(940,9 r 3)
448,074
(1,538,809)
(1,538,809)
(37,0s1,928)
(88,533,334)
622,982
(8,485,771)
(4,380,960)
(t2,472,83s)
(15,862,045)
(1 1,695,087)
(4,207,622)
( 1 82,066,600)
(866,7se)
(r79,211)
(940,913)
448,074
( r,538,809)
(r 83,605,409)
135,745,043
236,359
3,652,354
4,876,430
19,49r,917
2,560,840
t0,227,6s3
t76,790,596
6t0,694
363,s07
377,500
74r,007
(610,694)
r35,745,043
236,3s9
3,652,354
4,876,430
19,491,9t7
2,924,347
10,605,1 53
177,s3r,603
177,40r,290 130,313 177,531,603
(4,66s,310) (1,408,496)(6,073,806)
6t9,832,321561,681,410 58,150,91 I
$ 557,016,100 $ 56,742,415 $ 613,758,s15
't9
St. Lucie Comty, Florida
Balance Sheet
Governmental Funds
September 30, 2016
Transportation Fine and SHI Special
General Trust Forfeiture Assessment Bond
ASSETS
Cmh md investments
Accouts receivable
Assessments receivable
Interest receivable
Due from other fimds
Due from otha govemments
hventories
Prepaid items
Advmces to other funds
Total assets
LIABILITIES
Accomts payable and other cuent liabilitis
Matured bonds payable
Mahued interest payable
Deposits payable
Due to other funds
Due to oitrer govemeDts
Unemed revenues - other
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - spoial assessm€nts
Unavailable revenues - grmts
Total defened inflows ofresouces
FT'ND BALANCES
Nonspendable:
lnventories of supplies
Prepaid items
Advmces to other fiuds
R6tricted:
Port development
Erosion Conrol Distict
Paks improvernents
Court related
Court Administator, mediation
Tmsportation
Debt sewice
Enviromencal land acquisition
law enforcement
Court modemiztion
Mosquito Control District
Judicial expenditues
Housing assistmce progm
Boating related prcjects
Art in public places
Other capital projects
Other purposes
Committed to:
Street lights, roads, drainage imp. to special district
Unincorporated Sewices
Iaw enforcement
Other purposes
Assigned to:
Emergency resewes
Prcjected budget deficit for fiscal ya 2017
Unassigned
Total firnd balmces
Total liabilities, defened inflows ofresources md
fund balmces
$ 58,581,594
452,300
5,054
126,176
709,248
5773&
91,306
6,087,904
$ 66,63t,446
s 8,395,?78
t4,459
23,17 5
t7
614,1't0
357,560
62r
$ 14,493,269
28,87t
39,563
606,740
536,495
$ 2,148,2'10
5,430,418
4,974
$ 9,405,780 $ 15,704,938 $ 7,583,662
5,660,906
1,307,041
873,984
r,918,591
49,805
9,8t0,32',1
557,1 I I
105,032
4,90r
49
664,887
81,751
56,692
667,093 803,330
393,059
393,059
9 1,306
6,087,904
17,270
36,500,000
9,s00,000
4,231,580
56,428,060
38,22',1
5,430,418
38,221 s,430,418
357,560
621
8,380,506
442,871
r4,420,5t0
2,t53,244
8,738,687
s 66,631,446 S 9,405,780
The accompanying notes to financial statements re m integral part ofthis finmcial statement.
20
14,863,381 2,t53,244
$ 15,704,938 $ 7,s83,662
N Lenngrd Road
Bonds I and S Impact Fee
$ 2,195,353 S
Other
Governmentel
Funds
$ 86,086,7s0
761,236
215,t58
204,964
258,280
4,282,819
159,576
271,703
Total
Governmentrl
Funds
$ 199,184,928
1,269,846
9,874,4'n
469,466
1,583,232
6,592,266
517,136
363,857
6,087,904
s 225,943,t06
13,102,240
4,633,3 86
1,439,330
1,319,559
1,583,232
2,090,232
24,462,'102
4,223,841
4,433
3,973
2'.1,283,9t4
I 2,980
71,155
580,9 I 8
227
$ 6,42't,600 $ 27,949,194 s 92,240,486
1,841,460 4,377,8'16
4,528,3s4
t,434,429
12,518
709,248
89,841
188,226
1,841,460 \ 1,340,492
4,223,841 2t5,158
I 16,820
9,869,4t72,7s4,7t4 3,302,820
2,969,8',12 t3,t'12,2374,223,84t l 16,820
2,203,759
2s,990,687
2,203,759 25,990,914 7',|930,t22
s 92,240,486
5t7,t36
363,857
6,087,904
3,305,541
5,770,007
1,840,867
442,81r
2,10s,092
l 3, l 93,804
'1,399,2s9
692,655
15,651,8s8
632,029
6,25t,291
1,369,386
95,042
I,097,894
72,582
55,989,548
3,833,45 r
230,216
9,252,330
481,133
1,400,834
36,s00,000
9,500,000
4,231,580
r 88,308, l 67
s 22s,943,106
1s9,s76
271,703
3,305,541
5,7',|0,00'7
1,840,867
2,105,092
4,8 13,298
3,042,256
692,6ss
1,231,348
632,029
6,251,291
r,369,386
95,042
1,097,894
't2,582
29,998,86 I
3,833,45 r
230,2t6
9,2s2,130
48 1,1 33
1,383,564
s 6,427,600 S 21,949,194
St. Lucie County, Florida
Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities
September 30,2016
Total governmental fund balances
Amounts reported for govemmental activities in the statement of net position
are different because:
$ 188,308,167
Capital assets used in governmental activities are not financial resources, and
therefore, are not reported in the funds. 574,971,597
Accrued other post employment benefits and net pension liability are not
financial uses, and therefore, are not reported in the funds. (143,981,880)
Long-term liabilities are not due and payable in the current period, and
therefore, are not reported in the funds. (128,829,515)
Bonds premiums are not financial resources, and therefore, are not reported
in the funds. (4,106,715)
Deferred charges on refunding are not financial uses, and therefore, are not
reported in the funds. 3,014,212
Accrued long term debt interest expenses is not a current use of resources,
and therefore, is not reported in governmental funds. (515,030)
Special assessment receivables are not financial resources in the cr.rrrent
period, and therefore, are reported as deferred inflows in the funds.
Grant revenues are not recognized in the funds statement because the
resources are not available; however, these amounts are reflected as
revenues at the government-wide level, and therefore, deferred inflows
are no longer applicable.
9,869,411
3,302,920
Intemal service funds are used by management to charge the costs of
insurance activities to individual funds. The assets and liabilities of the
internal service funds are included in governmental activities in the 11,789,753
statement of net position.
Deferred outflows and deferred inflows related to the pension plan are not
financial resources or hnancial uses, and therefore, are not reported at
the fund level. 43,193,274
Net position of governmental activities $ 557,016,100
The accompanying notes to hnancial statements are an integral part of this financial statement.
22
THIS PAGE INTENTIONALLY LEFT BLANK
St. Lucie Counfy, Florida
Statement of Revenues, Expenditures,
and Changes in Fund Balances
Governmental Funds
For tle year ended September 30, 2016
General
Trsnsportation
Trust
Fine and
Forfeiture
SHI Special
Assessment Bond
REVENUES
Taxes:
Property
Tourist
Motor fuel
I-ocal communication
lncal business
Licenses and permits
Franchise fees
Impact fees
SpeciaI assessments
Intergovemmental
Charges for services
Fines and forfeitures
Investment income
Contributions fiom propert5r owners
Miscellaneous
Total revenues
E)GENDITTJRES
Current:
General govemment
Public safety
Physical environment
Transportation
Economic enviroment
Human seruices
Culture and recreation
Court-related
Capital outlay
Debt service:
Principal retirement
Interest
Other
Total expenditures
Excess (defi ciency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
kase purchase proceeds
Proceeds from sale of capital assets
Issuance of long-tem debt
Total other financing sources (uses)
Net change in fund balalces
Fund balances - beginaing
Changes in inventories of supplies
Fund balances - endilg
64,',l08,344
852,r52
25,1t9
4,024,278
12,432,s32
12,593,97 5
1,581,158
'154,862
49,756
6,345,680
3',7,522,604
'11,t72,329
2,327,589
r 87,03 I
3,3 88,549
'1,440,534
10,991,1 I 9
| 1,123,441
1,68 r,349
I 3,530
601
5t,291,710
t,897 ,737
1,3 81,936
302,608
2',19,966
2,64t,020
8,866,699
1,499,892
3,944,092
584,682
r92,t62
7,560
788,446
1,5 l0
137,000
1,t43
138,143
651,813
(r0,?95)
1,881,014 1,193,016
3, r 25,1 55
700
43,824
4,335,955
99,471
219,069
782,234
8,502,912
7 s4,700
209,382
t0,484
103,367,8s6 9,70s,188 s6,346,973 ',189,9s6
145,848,676
(42,480,820)
51,524,483
(6,34'.7,220)
782,t53
10,259,7 t2
(ss4,s24\
87,643
( 144,5 I 0)
17,736,10',1
3 8,6 1 0,866
3,692,631
(49,098,9 10)
4s,9s9,416 (56,867)(4s,406,273't (10,795)
3,478,s96
s2,949,464
(61 1,391)
9,320,006
30,072
(6,79s,40'.1)
2 1,658,788
641,018
1,512,226
s 56,428,060 $ 8,738,687 $ 14,863,381 $ 2,153,244
The accompanying notes to financial statements are an integral pan of *ris financial statement.
24
N Lennard Road
Bonds I and S
629,739
20,915
650,654
Other
Governmental
Funds
Total
Governmental
Funds
l 35,98 1,402
3,652,354
4,271,932
852,1s2
82,622
t82,745
4,024,2',78
7,t02,056
1,7 1 3,1 80
32,299,138
1 8,1 85,270
2,898,407
2,404,958
r,865,010
7,058,232
12,980
298,4',10
r91,9t6
7,56 I,598
19,981,348
3,652,354
I,146,777
57,503
182,04s
294,995
13,619,934
4,209,359
1,014,641
949,764
1,596,185
t,'748,832 l1,360,458
48,453,737 226,875,962
289,r16
5,35 1,813
2,2'14,783
6,010,413
2,687,277
8,021,414
r,947,932
3,107,431
4,s6s,426
2,209,073
l 3,900,9s3
'1,620,464
3,730,788
96,736
s6,172,690
(7,7 l 8,953)
r0,903,221
(9,337;72t)
9,305,379
22,359
3,505,468
t4,398,'.l06
6,679,7s3
43,220,641
86,049,441
5,0 14,866
16,711,357
6,836,3 73
10,547,965
I 5,845,66r
t7,276,606
22,213,49't
8,3 70,s38
4,033,323
97,879
236,278,t47
(9,402, l 85)
66,20',t,984
(6s,s97,290)
9,305,379
804,s l 2
3,505,468
14,226,051
4,823,868r,271,15',t
24;719,757
33s,000
146.890
481,890 s,640,929
168,764 t,920,669
(8,622)(649,s12)
(8,622\ (649,sr2)
t60,142
2.043.617
$ 2,203,7s9 25.990.9t4
71,413,761 183,617,619
(163,392) (133,320)
s '17,930,122 $ 188,308,167
St. Lucie County, Florida
Reconciliation of the Statement of Revenues,
Expenditures, and Changes in Fund Balances ofGovernmental Funds
to the Statement of Activities
For the Year Ended September 30, 2016
Net change in fund balances - total govemmental funds
Amount reported for governmental activities in the statement of activities are different
because:
Governmental funds report capital outlay as expenditures. However, in the statement of
activities, the cost ofthose assets are allocated over their estimated useful lives as
depreciation.
Expenditures for capital assets
Less current year depreciation
Capital asset contributions from private sources
Governmental funds only report the disposal ofassets to the extent proceeds are received
from the sale or transfer. In the statement ofactivities, a gain or loss is reported for each
disposal.
Debt proceeds provide current financial resources to govemmental funds, but debt
increases long-term liabilities in the statement ofnet position.
Debt proceeds
Repayment ofbond principal, notes principal, and capital lease principal are expenditures
in the governmental funds, but the repayment reduces long-term liabilities in the
statement of net position.
Bond principal payment
Notes payable principal payment
Capital lease principal pa)rrnent
Some expenses reported in the statement ofactivities do not require the use ofcurrent
financial resources , and therefore, are not reported as expenditures in govemmental funds.
Change in accrued interest expense
Change in accrued arbitrage estimate
Amortization of bond premium
Amortization of defened amount on refunding
Change in compensated absences
Change in other post ernployment benefits
Change in net pension expense
Governmental funds report non-exchange transactions when the applicable eligibility
requirements have been met and resources are available. However, in the statement of
activities, non-exchange kansactions are recognized when the eligibility requirements
are met.
Some revenues (special assessments) reported in the govemmental funds have been
recognized as revenues in the prior fiscal year in the statement ofactivities.
Change in inventories is reflected as an deduction in fund balance; however, on the
statement ofactivities, it is recorded as an increase in expense.
Internal service funds are used by management to charge the costs of insurance
services to individual funds. The change in net position is reported with governmental
activities on the statement ofactivities.
Change in net position of govemmental activities
$ 22,273,497
(20,064,293)
$ 3,967,t04
3,988,364
4ts,073
$ (137,879)
19,0'79
326,448
(264,990)
4t6,256
(3,242,342)
(6,1 16,2s0)
4,823,868
2,209,204
3,232,877
47,482
(12,810,847)
8,370,541
(8,999,678)
t,751,689
(778,63s)
(1 33,320)
(2,378,49t)
The accompanying notes to financial statements are an integral part of this financial statement.
St. Lucie County, Florida
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
General Fund
For the Year Ended September 30, 2016
Budgeted Amounts
REVENUES
Property
Local communication
Local business
Franchise fees
Intergovernmental
Charges for services
Fines and forfeitures
Investment income
Contributions from property owners
Miscellaneous
Total revenues
EXPENDITIIRES
General govemment
Public safety
Physical environrrent
Transportation
Economic environment
Human services
Culture and recreation
Court-related
Capital outlay
Principal retirement
Interest
Total expenditures
Excess of revenues over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Proceeds from sale of capital assets
Total other financing sources (uses)
Net change in fund balances
Fund balances - beginning
Fund balances - ending
Original Final
64,708,344
852,r52
25,119
4,024,279
t2,432,532
12,593,975
1,581,l5 8
7s4,862
49,7s6
6,34s,680
102,313,072 103,367,856
41,902,877 37,522,604
74,260,929 11,172,329
2,327,589
187,03 I
3,388,549
7,440,s34
10,991, 1 19
tl,147,897 11,123,44r
3,016,955 1,681,349
13,530 13,530
601 601
154,174,546 158,119,839 t45,848,676 t2,27t,163
(s3,2s3,4s2) (ss,806,767) (42,480,820) r3,32s,947
53,623,954 52,984,667 5t,524,483 (1,460,184)
(5,632,48s) (6,397,43s) (6,347,220) s0,21s
30,565 812,391 782,153 (30,238)
48,022,034 47,399,623 45,959,416 (1,440,207)
(5,231,418) (8,407,144) 3,478,s96 11,885,740
42,275,486 4s,474,073 s2,949,464 7,475,39t
$ 37,044,068 $ 37,066,929 $ s6,428,060 $ 19,361,131
63,237,923
925,000
25,000
3,879,800
t3,45t,476
1 1,91 8, 15 1
1,759,300
s69,4ss
71,150
s,083,839
100,921,094
40,326,t69
73,496,342
2,509,1 13
280,000
4,501,545
7,894,r56
12,463,109
1r,474,446
1,169,394
60,282
$ 63,237,923
92s,000
25,000
3,879,800
14,407,526
1t,632,239
1,598,387
600,467
76,650
s,930,080
2,396,323
300,000
4,907,833
8,129,701
12,043,t93
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)
$ 1,470,421
(72,848)
119
144,418
(1,974,994)
961,736
(r1,22e)
I s4,395
(26,894)
41s,600
1,0s4,784
4,380,213
3,099,600
68,734
1t2,969
1,5r9,284
689,167
1,052,074
24,456
1,335,606
The accompanying notes to financial statements are an integral pan of this financial statement.
27
St. Lucie County, Florida
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
Transportation Trust
For the Year Ended September 30, 2016
Budseted Amounts
Original
Variance with
Final Budget
Actual Positive
Amounts (Negative)
REVENUES
Motor fuel
Licenses and permits
Impact fees
lntergovernmental
Investment income
Contributions from property owners
Miscellaneous
Total revenues
EXPENDITT]RES
General govemment
Transportation
Capital outlay
Principal retirement
Interest
Total expenditures
Excess of revenues under expenditures
oTrrER FTNANCTNG SOURCES (USES)
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fimds balances
Fund balances - beginning
Change in inventories of supplies
Fund balances - ending
219,069 219,069
15,856 1,721,884 1,881,014 157,130
6,422,621 8,130,649 9,705,188 1,574,539
782,234
$ 2,442,050 S
3,926,9'78
37,737
828,2r4
I I,l 18,676
t,467,789
208,0t2
2,442,050 g
3,926,978
37,',737
3,125,155 S
700
683,1 05
700
828,214
13,010,024 8,502,912
1,373,867 7 s4,7 00
208,012 209,382
43,824 43,8244,33s,9ss 408,97799,471 6t,734
4s,980
4,s07,112
619,t67
(1,370)
tr,844 t1,844 10,484 1,360
13,634,535 t5,431,961 10,259,7t2 5,172,249
(7,211,914) (7,301,3t2) (ss4,s24) 6,746,788
64,075 15 1,7 l9 81,643 (64,076)
(218,1ss) (218,1s5) (144,510) 73,64s
(154,080) (66,436) (56,867) 9,s69
(7,36s,994) (7,367,748) (611,391) 6,7s6,357
8,73 l , r l0 8,990,998 9,320,006 329,008
- 30,072 30,072
$ 1,365,1 16 $ 1,623,250 $ 8,738,687 $ 7,1 15,437
St. Lucie County, Florida
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
Fine and Forfeiture
For the Year Ended September 30, 2016
Budseted Amounts
Original
Variance with
Final Budget
Actual Positive
Amounts (Negative)
REVENUES
Property
lntergovernmental
Charges for services
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
E)(PENDITURES
General government
Public safety
Economic environment
Court-related
Capital outlay
Principal retirement
Interest
Total expendihres
Excess of revenues under expenditures
oTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
kase purchase proceeds
Total other financing sources (uses)
Net change in funds balances
Fund balances - beginning
Fund balances - ending
1,029,453 1,029,4s3 1,193,016 163,563
ss,266,874 55,913,495 s6,346,973 433,478
$ s0,514,520 s
2,O32,741
1,269,893
3 t 1,067
109,200
50,5 I 4,520
2,672,16s
1,269,893
118,264
r09,200
$ s1,291,710
t,891,737
1,381,936
302,608
279,966
2,64t,020
8,866,699
t,499,892
3,944,O92
s84,682
192,162
7.560
s 777,190
('774,428)
112,043
(15,656)
t70,766
3,777,138
9,520,787
1,5 13,000
4,262,862
I 0,985,905
2t4,422
15,076 15,076
21,263,098 30,289,190
25,624,30s
4,t68,2s0
3,958,622
9,461,472
1,5 I 3,000
4,0r2,6'73
2,08 l,833
2t4.422
17,736,107
38,6 10,866
3,692,637
(49,098,9 l 0)
l,l36,l l8
654,088
13,108
3 l 8,770
10,40r,223
22,260
7,516
1 2,553,083
t2,986,56134,003,776
4.168,250 (47 s,613)
1,429,644
(8,967,201 )
(8,013, l 70)
4,913,391
(49,'774,608) (s0,s28,s54)
- 8,967,20t
(4s,606,3s8) (37,393,103) (4s,406,213)
(lt,602,s82) (11,768,798)(6,795,407)
2t,229,884 2r,67r,728 21,658,788 (12,940)
s 9,627,302 $ 9,902,930 S 14,863,381 S 4,960,451
29
St. Lucie County, Florida
Statement of Fund Net Position
Proprietary Funds
September 30, 20'16
Business Tvoe Activities
Bailing &
Recycling
Facility
Golf
Cource
Water &
Sewer
District
Nonmajor
Enterprise
Funds
ASSETS
Cunenl assets:
Cash and investments
Restric'ted assets:
Cash and investments-customer deposits
Accounts receivable, net
lnterest receivable
Due from other governments
lnventories
Prepaid items
Total cunent assets
Non-cunent assets:
Restricted assets:
Cash and investments-landfill closure
Cash and investments-renewal and replacement
Land
Buildings and improvements
Machinery and equipment
Accumulated depreciation
Construction in progress
Total non{unent assets
Total assets
DEFERRED OUTFLOWS OF RESOURCES
Deferred amount on refunding
Defened outflows related to pensions
Total deferred outflows of resources
LIABILITIES
Cunent liabilities:
Accounts payable and other current liabilities
Matured bonds payable
Matured interest payable
Claims and judgements payable
Deposits payable from restricted assets
Due to other governments
Bonds and notes payable, net
Accrued compensated absences
Uneamed revenues
Total current liabilities
Non-cunent liabilities:
Advances from other funds
Liabilities payable from restricted assets
Bonds and notes payable, net
Accrued compensated absences, net
Landfill long{erm care liabilities
OPEB liability
Net pension liability
Total non-current liabilities
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Defened inflows related to pensions
NET ASSETS
Net investment in capital assets
Restricted for:
Landfill closure
Renewal and replacement
Unrestricted
Total net position
$ 9,986,011 $206,448 $
201,450 2,000
978.590 32.201
37,1 3s 1,735
36,715
4,U2,173 $
221,399
443,905
1 3,346
9,744,480
14,311
204,141
27,772
781,187
1,729,310
184,388 26,e46
1; 37;
11,424,289 269,330 4,720,841 9,991,074
3,725,417
4,905,601 1.268.050 2.453.436
40,1 50,788
12,071,268
3,577,069 50,348,423 19,948,627
407,944 281,0U 474,257
(30,302,430) (3,583,888) (19,001,177) (15,040,244)
7jU,785 3,228 946,988 159,896
37 ,745/29 1,672,403 35,736,6s't 8,053,033
49,169,718 1,941,733 40,457,492 18,044j07
298,682
- 707,937
- 6,087,904
3,304,953
1U,629 69,020
77,445
2,000
23,297
507,622
370,000
478,17s
221,399
777
5 1 5,000
22,236
20,312,913
26,988
318,570
14,311
12,O54
82,273
77,834
14,086,631
791,941 271,557 122,117 519,2173,078,268 614,195 4'13,316 1,365,118
21,396,422 7,U2,676 20,875,3U 1,962,169
22,993,095 7,155,685 22,990,543 2,389,377
(10,996) 3,144 8, 167 6,680
u,020,012 1.672.403 14,129,483 7,271,846
420,4U
707,937 781,187(6,901,s12) (6,626,974) 3,088,6s2 8,178,917
$ 27,538,964 $ (4,954,571) $ 17,926,072 $ 16,231,950
1,3s1,345 262,525 168,608 583,9001,351,345 262,525 467 ,290 583,900
1,250,678
201,450
1M,54s
The accompanying notes to flnancial statements are an integral part of this financial statement
10,267
1 ,596,673 1 13,009 2j15209 427 ,20A
30
Govemmsntal
Acdvftles
lntemal
S6rvice
Total Funds
$ 23,979,112
439,160
1,658,837
79,988
36,715
211,3U
388
$ 13,503,227
94,943
33,783
158,636
26,227
108,977
26,405,534 13,925,85s
3,725,417
1.489,124
1 0,356,397
114,024,907
13.234.s13
(67 ,927,739)
216,388
102,926
('t13,722\
2,1sr'.,315
370,000
478,'t75
439,160
12,431
515,000
272,351
't,55't,333
659,238
5,034
6,087,904
3,304,953
20,312,913
308,471
14,086,631
1,7U,832 49,597
5,470,897 199,980
51,276,601 249,577
55,528,700 2,479,586
6,995 1,550
57,093,744 260,261
420,464
1,489,124(2,260,9171 11,529,492
$ 56,742,415 $ 11,789,753
2,366,378 U,7752,665,060 U,ns
10,267 14,404
4,252,099 2,230,009
31
St. Lucie County, Florida
Statement of Revenues, Expenses, and Changes in Fund Net Position
Proprietary Funds
For the Year Ended September 30, 2016
Business
Bailing &
Recycling
Facility
$ 17,318,921
133,63'l
Golf
Course
Water &
Sewer
District
Nonmajor
Enterprise
Funds
Operating revenues:
Charges for services
Charges for services, pledged for revenue bonds
Miscellaneous
Miscellaneous, pledged for revenue bonds
Tolal operating revenues
Operating expenses:
Salaries, wages and employee beneflts
Contractual services, materials and supplies
Depreciation
Total operating expenses
Operating income (loss)
Nonoperatin g revenues (expenses):
lnveslment income
lnveslment income, pledged for revenue bonds
lnterest expense
Total nonoperating revenues (expenses)
lncome (loss) before contributions and transfers
Capital contributions
Transfers out
Change in net position
Net position - beginning
Net position - ending
- 77,144
17,452,552 1,s6s,063 6,000,449 4,465,898
1,236,384 $
128,679
-$
5,923,305
4,427,852
38,046
4,0s5,623
12,637.960
1 85,1 70 7,4U
719,435 474,726 1,5U,221
639,344 3,662,716 1,901,409
56,953. (872,039)
185,'170 7,4U (8'15,086) 113,920
(547,9s8)(43,068)(610,9s6)312,802
(594,907) (15,787)
91,378
(1,1 42,865)(s8,855) (s19,578) 312,802
28,68r,829 (4,895,716) 18,445,650 15,919,148
$ 27,5s8,964 $ (4,954,571) $ 17,926,072 $ 16,231,9s0
1 I 3,920
The accompanying notes to financial statements are an integral part of this flnancial statement.
32
Govemmental
Activities
lnternal
ServiceTotal Funds
$ 22,98s,'157 $ 12,369,s86
5,923,305
300,356 763,842
77,144
29,283,962 13,133,428
6,834,005 11,944,542
18,841,429 3,704,190
3,989,176 19,070
29,664,610 15,667,802
(380,648) (2,sv,374\
306,554
56,953
(872,039)
15s,883
(s08,s32) 155,883
(889,180) (2,s78,491)
91,378
(610,694)
(1,408,496) (2,378,491)
s8,150,91 1 14J682M
$ s6,742,415 $ 11,789,753
St Lucie County, Florida
Statement of Cash Flows
Proprietary Funds
For the year ended September 30, 20 16
Business Tw€ Activities
Baillng &
Recycling Golf
Facility Course
$ 17,324,889 $
(12,005,924)
(3,750,145)
'133,631
(3,663,535)
(3,663,535)
1 90,579
(733,128) $
1,492,097
533,593
(9,927)
(2,105)
(18,721\
133,751
12,927
18,000
79,863
1,205,933
(s99,636)
(u2,2U\
(3,228],
(3,228\
7,O14
Water &
Sewer
District
$ 5,923.817
(3,873,047)
(431,586)
77,144
Nonmalor
Enterprise
Funds
$ 4,429,772
(1,804,738)
(1,425,4261
38,046
Cash flows from operating activities
Cash received from customers
Cash paid to suppliers
Cash paid for employee services
Other receipts
Net cash provided by (used for) opeEting activities
Cash flows from noncapital financing activities
Transfers out
Advances ftom other funds
Net cash used for nonc€pital linancing activities
Cash flours from capltal and related flnanclng activities
Capital contributions
Principal paid on capital debt
lnterest paid on capital debt
Purchases of capital assets
Net cash used for capital and related
financing activities
Cash flows from investing actlvltles
lnterest on investments
Net increase (decrease) in cash and investments
Cash and investments at beginning ofyear
Cash and investments at end of year
Cash and investments classilied as:
Cunent assets
Restricted assets
Total cash and investments at end of year
Reconciliation of net op€rating income (loss) to
net cash provided by (used for) operating activities
Operating income (lms)
Adjustments to reconcile operating income (loss) to
net cash provided by (used for) operating activities:
Depreciation
Landfill closure expense
Changes in assels and liabilities:
Accounts receivable
Due from other governments
lnventories
Prepaid ltems
Accounts payable and accrued liabilities
Claims payable
Accrued compensated absences
Deposits payable
Uneamed revenues
oPEB liability
Pension liability
Net cash provided by (used for) op€rating activities
'1.702.451'l ,702,451 92,722 1 ,696,328 1,237,654
(594,907) (1s,787)
(342,s00)(ss4,907) (358,287)
91,378
(360,000)
(ess,e50)(908,89s) (86,s06)
(2,137,467\ (86,s06)
57,510 1 09.81 0
(2,365,412) (261,77e\ (383,629) 1,260,95816,278,290 470,227 5,355, 138 9,279,020$ '13,e12,878 $ 208,448 $ 4,971,s09 $ '10,s39,978
9,986,0'11 206,448 4,042j73 9,744,4803,926,867 2,000 929,336 795,498$ 13,912,878 $ 208,448 $ 4,971,s09 $ 10,s39,978
(s0,532) $
56,816
(30,982)
2,747
6,122
36,145
13,117
530
21,713
2U130 $
1,658,877
12,500
82
(212,511)
7,674
(5,480)
8,485
'198,882
781,386
.1,673
(370)
111,887
23,807
244
37,686196,101 37,M6 22,571 82,459$ 1,702,451 $ 92,722 $ 'l,696,328 $ 1,237,654
The accompanying notes to flnancial statements are an integral part of this financial statement.
34
Gowmmental
Activi6es
28,88/',411 $ 12,394,595(18,283,345) (2,839,4s6)(6,249,411) (12,634,2941
lnternal
S€illce
Funds
31,382,675 15,658,921
$ 29,6s2,813 $ 13,503,227
23,979j12 13,503,227
5,653,701
$ 29,632,813 $ 13,503,227
(380,648) $
3,989,176
5Si,593
(26,736)
(2,105)
(15,974)
5,834
69,272
57,525
12,7il
530
147,747
(2,534,374)
19,070
40,962
(30,3s7)
(13,284)
63,626
31s,875
(206.,7621
197
14/U
3,4323s8,177 '11,858
$ 4,729,1ss $ (2,315,35s)
377,500 763,U2
4,729,1s5 (2,315,353)
(610,694)
(342,500)
(9s3,194)
91,378
(360,000)
(959,950)
(4,662,164)
(5,890,736)
364,913
(1,749,862)
(2,1341
(2,'t3/.l
'161,793
(2,1s5,694)
35
St. Lucie County, Florida
Statement of Fiduciary Net Position
Fiduciary Funds
September 30,2016
ASSETS
Cash and investments
Accounts receivable
Due from other governments
Interest receivable
Total assets
LIABILITIES
Accounts payable and other current liabilities
Deposits payable
Due to other governments
Agency funds on hand
Total liabilities
Agency
$ 24,237,721
798
49,838
14.094
$ 24,302,451
67,764
491,563
4,506,969
19,236,255
$ 24,302,451
The accompanying notes to financial statements are an integral part of this financial statement.
St. Lucie County, Florida
Notes to Financial Statements
Year Ended September 30, 2016Note Paqe1. Summary of Significant Accounting Policies 38
Reporting Entity 38
Measurement Focus and Bases of Accounting 39
Bases of Presentation 43
Assets, Liabilities, Deferred Outflows/lnflows of Resources and Net Position/Fund Balance 45
Cash and lnvestments 45
Restricted Assets 45
lnterfund Receivables and Payables 45lnventories 45
Prepaid lnsurance 46CapitalAssets 46Pensions 46
Deferred Outflows/lnflows of Resources 46
Unamortized Bond Discounts and Premiums 47
Unearned Revenues 47
Accrued Compensated Absences 47
Obligation for Bond Arbitrage Rebate 47
Landfill Closure Costs 48
lndirect Costs 48Budgets 482. Reconciliation of Government-wide and Fund Financial Statements 483. Cash and lnvestments 53Deposits 53lnvestments 534. Property Tax Revenues 575. Capital Assets 586. Restricted Cash and lnvestments 607. lnterfund Balances 608. lnterfund Transfers 619. Receivables, Payables and Advances 61Receivables 61Payables 62Advance 63
10. Longterm Liabilities 64
Schedule of Changes in Long-Term Debt 64
Schedule of Outstanding Debt 65
Deferred Amount on Refunding 67
Debt Service Requirements 67
Bond Covenants 68
Summary of Defeased Debt Outstanding 69
SpecialAssessment Debt 69
Capital Leases 69
11. Landfill Closure and Postclosure Care Costs 71
12. Defined Benefit Pension Plans 72
13. Operating Leases 80
14. Conduit Debt 81
15. Fund Balances 8216. Fund Equity Deficit 8317. Risk Management 83
18. Post Employment Benefits 84
19. Commitments and Contingencies 87
20. Subsequent Events 88
St. Lucie County, Florida
Notes to Financial Statements
Year Ended September 30,2016
NOTE 1 _ SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the County have been prepared in accordance with generally accepted
accounting principles (GAAP) as applied to governmental units. The Governmental Accounting
Standards Board (GASB) is the standard-setting body for governmental accounting and financial
reporting. The GASB periodically updates its codification of the existing Governmental Accounting and
Financial Reporting Standards that which, along with subsequent GASB pronouncements (Statements
and Interpretations), constitutes GAAP for governmental units.
A. Reporting Entity
St. Lucie County, Florida (The "County"), is a non-charter govemment pursuant to Article VIII, Section
(1X0, of the Constitution of the State of Florida. The County financial statements contained herein
include and combine the operations of the Board of County Commissioners (the "Board") and the Clerk
of the Circuit Court, Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector (the
"Constifutional Officers").
The Clerk of the Circuit Court serves as ex-officio Clerk of the Board in accordance with Article VIII,
Section (1Xd), of the Constitution of the State of Florida, and Section 125.17, Florida Statutes.
ln evaluating the County as a reporting entity, management has addressed all potential component units.
To be includable within the County's financial statements, the component unit must be financially
accountable or the exclusion of the nature and significance of their relationship with the County would
cause the financial statements to be misleading or incomplete. Blended component units must be
financially accountable to the County; there must be a financial burden/benefit relationship and the
entity, although legally separate, must operate like a fund or department of the County.
Based on applying the above criteria, the County included the following component units in the financial
statements as blended component units.
1. St. Lucie County Mosquito Control District - The District was created by Chapter 29502, Laws of
Florida, Acts of 1953. The District controls mosquitoes and other arthropods of public health
importance for the County and is governed by a Board comprised of the County's elected
Commissioners. The Board establishes the ad valorem millage for the District. The District is
reported as a special revenue fund and does not issue separate financial statements.
2. Erosion Control District - The District was created by Chapter 67-200I, Laws of Florida. The
District re-nourishes critically-eroded beaches impacted by inlet management and natural processes
in order to protect coastal resources, public and private properties and public infrastructures and is
governed by a Board comprised of the County's elected Commissioners. The Board establishes the
ad valorem millage for the District. The District is reported as a special revenue fund and does not
issue separate financial statements.
3. St. Lucie County Water and Sewer District - The District was created by Section 153.53, Florida
Statutes. The District provides water, wastewater and reclaimed water service to customers within
the unincorporated areas of the County and is govemed by a Board comprised of the County's
elected Commissioners. The rates for user charges and bond issuance authorizations are approved by
St. Lucie County, tr'lorida
Notes to Financial Statements (continued)
Year Ended September 30,2016
the Board and the County is legally obligated to provide resources in case there are deficiencies in
debt service payments and resources are not available from any other remedies. The District is
reported as an enterprise fund and does not issue separate financial statements.
4. St. Lucie County Housing Finance Authority - The Authority was created by Section 159.601,
Florida Statutes. The Authority provides administrative services for housing assistance within the
County. The main revenue source is the residual funds from loan progmms. The Authority is
financially dependent on the County and the Board of County Commissioners appoint a majority of
the Authority's Board. The Authority is reported as a special revenue fund and does not issue
separate financial statements.
5. Central Florida Foreign-Trade Zone,Inc. (the "Trade Zone") - The Trade Zone was created by
Sections 288.35 through 288.38, Florida Statutes h 1997 to facilitate the economic development of
the County. The Board of County Commissioners appoint a majority of the Trade Zone's Board. The
Trade Zone is reported as part of the general fund and does not issue separate financial statements.
6. St. Lucie County Sustainability District - The District was created by Article VII, Section 10 of the
Florida Constitution, Chapter 125, F.S., and Chapter 189, F.S. for the purpose of encouraging,
accommodating, and financing energy efficiency and renewable energy improvements on residential
and commercial properties in the County through non-ad valorem assessments. The District is
reported as a special revenue fund and does not issue separate financial statements.
7. Treasure Coast Education Research and Development Authority - The Authority was created by
Section 159.703, Florida Stafutes to foster economic development and broaden the economic base of
St. Lucie County. . The Authority is financially dependent on the County and the Board of County
Commissioners appoint a majority of the Authority's Board. The Authority is reported as part of the
general fund and does not issue separate financial statements.
Other Entities
St. Lucie, lndian fuver, Martin and Okeechobee counties jointly fund the Office of the Medical
Examiner, 19th Judicial Circuit. The County partially funds the Indian fuver Crime Laboratory, which is
supported by various local law enforcement agencies. Books and records are maintained by the Sheriff.
The Govemor of the State of Florida appoints the Medical Examiner. The County's only financial
responsibility for the Medical Examiner is to fund its required percentage of the operating costs of that
office out of the General Fund. The other counties participate in funding the Medical Examiner's office
in the same manner. lndian River State College maintains the accounting records for the Medical
Examiner's office.
B. Measurement F ocus and Bases of Accounting
The basic financial statements of the County are composed of the following:
o Government-wide financial statements
o Fund financial statements
39
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
o Notes to financial statements
1. Government-wide Financial Statements
The govemment-wide financial statements are reported using the economic resources measurement
focus and the accrual basis of accounting. This means that revenues are recorded when earned and
expenses are recorded when a liability is incurred, regardless of the timing of the related cash flows.
Property taxes are recognized as revenues in the year for which they are levied. Grants and similar
items are recognized as revenues as soon as all eligibility requirements imposed by the provider have
been met.
In applying the "susceptible to accrual" concept to intergovernmental revenues pursuant to GASB
Statement No. 33, as amended by
GASB Statement No. 36, Recipient Reportine of Certain Shared Nonexchange Revenues (the County
may act as either provider or recipient), the provider should recognize liabilities and expenses and the
recipient should recognize receivables and revenues when the applicable eligibility requirements
including time requirements, are met. Resources transmitted before the eligibility requirements are
met should, under most circumstances, be reported as advances by the provider and unearned
revenues by the recipient.
As a general rule the effect of interfirnd activity has been eliminated from the govemment-wide
financial statements.
The statement of activities demonstrates the degree to which the direct expenses of a given function
or segment are offset by program revenues. Direct expenses are those that are clearly identifiable
with a specific function or segment. Program revenues include 1) charges to customers or applicants
who purchase, use, or directly benefit from goods, services, or privileges provided by a given
function or segment arrd 2) grants and contributions that are restricted to meeting the operational or
capital requirements of a particular function or segment. Taxes and other items not properly included
among program revenues are reported instead as general revenues.
Business-type activities distinguish operating revenues and expenses from nonoperating items.
Operating revenues and expenses generally result from providing services and producing and
delivering goods in connection with a proprietary fund's principal ongoing operations. Operating
expenses for enterprise funds include cost of sales and services, administrative expenses, and
depreciation on capital assets. All revenues and expenses not meeting this definition are reported as
nonoperating revenues and expenses.
The government-wide financial statements do not include the fiduciary funds of the County.
2. tr'und f inancial Statements
The underlying accounting system of the County is organized and operated on the basis of separate
funds, each of which is considered to be a separate accounting entity. The operations of each fund are
accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
equity, revenues and expenditures (or expenses), as appropriate. Governmental resources are allocated
to and accounted for in individual funds based upon the constraints placed by the revenue sources.
Fund financial statements for the primary government's governmental and proprietary funds display
information about major funds individually and nonmajor funds in the aggregate. The fiduciary
statement includes financial information for the agency fund, which represents assets held by the County
in a custodial capacity for other individuals or governments.
Governmental Funds
Governmental fund financial statements are reported using the current financial resources measurement
focus and the modified accrual basis of accounting. Revenues are considered to be available when they
are collected within the current period or soon thereafter to pay current period liabilities.
For this purpose, the County considers revenues to be available if they are collected within 45 days of
the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as
under accrual accounting. Franchise fees, licenses, sales taxes, gas taxes, operating and capital grants,
and interest associated with the current fiscal period are all considered to be accrual items and so have
been recognized as revenues of the current fiscal period. All other revenue items are considered to be
measurable only when the County receives cash.
Under the current financial resources measurement focus (modified accrual basis), only current assets
and current liabilities are generally included on the balance sheet. The reported fund balance is
considered to be a measure of "available spendable resources". Govemmental fund operating statements
present increases (revenues and other financing sources) and decreases (expenditures and other
financing uses) in net current assets. Accordingly, they are said to present a summary of sources and
uses of"available spendable resources" during a period.
The non-current portion of long-term receivables (special assessments) due to govemmental funds are
reported on their balance sheets because of their spending measurement focus. The non-current portions
of other long-term receivables are offset by fund balance reserve accounts. Because of their spending
measurement focus, expenditure recognition for governmental fund types excludes amounts represented
by non-current liabilities. Since they do not affect net current assets, such long-term amounts are not
recognized as govemmental fund type expenditures or fund liabilities.
Amounts expended to acquire capital assets are not recorded as fund assets; they are recorded as
expenditures in the fund financial statements. The proceeds of long-term debt are recorded as an "other
financing source". Debt service, compensated absences, and claims and judgments expenditures are
recorded when the payment is made.
a) Fund Balance Category
GASB Statement 54 - Fund Balance Reporting and Governmental Fund Tlpe Definitions requires the
fund balance for governmental funds to be reported in classifications that comprise a hierarchy based
primarily on the extent to which the government is bound to honor constraints on the specific purposes
St. Lucie County, Florida
Notes to tr'inancial Statements (continued)
Year Ended September 30,2016
for which amounts in those funds can be spent. There are five categories of fund balance for
governmental funds under Statement 54:
Nonspendable f,'und Balance - This category includes amounts that cannot be spent because they are
either (1) not in spendable form or (2) legally or contractually required to be maintained intact.
Restricted Fund Balance - This category includes amounts that have externally imposed restrictions or
restrictions imposed by laws.
Committed Fund Balance - This category usually includes the amount that can only be used for
specific pulposes adopted by the Board of County Commissioners with an ordinance. This category also
includes contractual obligations which require a formal approval from the Board of County
Commissioners or a Constitutional Officer and the funding has been set aside for the purpose. This type
of fund balance can only be removed by the Board of County Commissioners or a Constitutional Officer
through the same approval process.
Assigned Fund Balance - This category usually consists of the Board of County Commissioners' intent
to be used for specific purposes, but are neither restricted nor committed. The assigned fund balances
can also be assigned by the County Administrator pursuant to Board action. For fund balance reserye
assignments, see the fund balance policy below. Other assigned fund balances are approved by the
Board as part ofthe budget approval process through budget resolutions.
Unassigned Fund Balance - Residual amounts in the general fund that do not meet any of the other
fund balance classifications.
b) Fund Balance Policy
The County has a fund balance and reserve policy that set forth the following reserves of fund balance:
Reserve Policy - The County's financial policy requires the Board of County Commissioners to
establish an emergency reserve in the general fund. The amount should be 5o/o of the total operating
budget excluding funds that have a minimum of l0%o of the fund's operating budget or $2,000,000 in
reserves, whichever is greater. The amount can only be utilized for natural and manmade disasters. The
amount is presented as an assigned fund balance of the general fund.
Budget Deficit Reserve Policy - The Board of County Commissioners established a budget deficit
reserve policy during fiscal year 2010. The intent of the reserve is to assign the needed amount from
unassigned fund balance for the following year's budget purposes. The amount may be adjusted by the
County Administrator and can only be utilized for budget balancing needs. The amount is presented as
an assigned fund balance of the general fund.
c) Fund Balance Spending Hierarchy
For all governmental funds except special revenue funds, when resfricted, committed, assigned, and
unassigned fund balances are combined in a fun{ qualified expenditures are paid first from restricted or
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
committed fund balance, as appropriate, then assigned and finally unassigned fund balances. Qualifred
expenditures reduce the appropriate fund balances when the expenditure is incurred.
For special revenue funds, when restricted and committed fund balances are combined in a special
revenue fund, expenditures are paid first from committed fund balance, as appropriate, then restricted
fund balances.
Proprietary Funds
The County's enterprise funds and internal service fund are proprietary funds and are presented
using the economic resources measurement focus (accrual basis of accounting). Revenues are
recognized when they are earned and expenses are recognized when the related goods or services
are delivered. All current and non-current assets and liabilities are included on the Statement of
Net Position. Revenues represent increases and expenses represent decreases in total net position
on the Statement of Revenues, Expenses, and Changes in Net Position.
Proprietary fund operating revenues, such as charges for services, and operating expenses, such as
salaries, supplies, and contracted sewices, result from exchange transactions associated with the
principal activity of the fund. Exchange transactions are those in which each party receives and gives up
essentially equal values. Non-operating revenues, such as subsidies, taxes, and investment earnings, and
non-operating expenses, such as interest expense, loss on sale ofassets, and arbitrage expense, result
from nonexchange transactions or ancillary activities. Amounts paid to acquire capital assets are
recorded in the fund as assets. The proceeds of long-term debt are recorded as a fund liability. Amounts
paid to reduce long-term indebtedness are reported as a reduction ofthe related liabilities.
Fiduciary Fund
The agency fund reports only assets and liabilities; therefore, it does not have a measurement focus.
However, it uses the accrual basis of accounting to recognize receivables and payables.
C. Bases of Presentation
GASB Statement 34 sets forth minimum criteria (percentage of the assets, liabilities, revenues, or
expenditures/expenses of either fund category and the governmental and proprietary combined)
for the determination of major funds. The County has elected to use GASB 34 minimum criteria
for major fund determination. The nonmajor funds are combined in a column titled, Other
Govemmental Funds. The details of the nonmajor funds are listed in the combining section
under supplemental information.
1. Governmental Major Funds
General Fund - The General Fund is the general operating fund of the County. It is used to
account for all financial activity not accounted for in another fund.
Transportation Trust Fund - The Transportation Trust Fund accounts for the operations of the
road and bridge and engineering departments. Financing is provided primarily by gas taxes.
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,,2016
The Transportation Trust Fund did not meet the GASB 34 minimum criteria for major fund
determination for fiscal year 2016. However, the County elected this firnd to be a major fund to
enhance consistency from the prior fiscal year.
Fine and Forfeiture Fund - The Fine and Forfeiture Fund accounts for law enforcement and
court-related projects that are funded by ad valorem taxes, fines, filing fees, and proceeds from
confiscated property.
SHI Special Assessment Bond Fund - The SHI Special Assessment Bond Fund accounts for
debt service assessment revenues pledged to pay the South Hutchinson Island 1998 special
assessment debts.
N.LennardRoadBondsI&SFund-TheN.LennardRoadBondsI&SFundaccountsfordebtservice
assessment revenues pledged to pay the N. Lennard Road Phase 1,2 & 3 special assessment debts.
Impact Fee Fund - The Impact Fee Fund is used to account for impact fees used for parks, libraries,
public buildings and correctional buildings.
2. Proprietary Major tr'unds
Bailing & Recycline Facility Fund - The Bailing & Recycling Facility Fund provides funding
to operate the County's landfills, a recycling division and the hazardous waste division. In
addition, estimated costs of closure and long-term care of the landfill operations are included in
this fund.
Golf Course Fund - The Golf Course Fund accounts for the operation of a high quality, low
cost, service oriented public golfcourse for the County.
Water & Sewer District Fund - The Water &Sewer District Fund accounts for the operation of a
in various sections of the County.water and sewer facility for certain residents
3. Other Fund Types
Internal Service Fund - The Intemal Service Fund accounts for the payment of countywide health
and property and casualty liability insurances. Funding is provided by user charges to the various
departments of the Board and Constitutional Officers (except the Sheriff).
Fiduciary Funds - The Agency Funds are used to account for the collection and disbursement of
monies by the County on behalf of other govenrments and individuals, such as Constitutional
Officer investments, public law library funds, certain sales tax revenues, various Municipal
Service Benefit Units (MSBU), cash bonds, traffic fines, motor vehicle fees, ad valorem taxes,
delinquent taxes, and process serving within the County.
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
4. Non-current Governmental Assets/Liabilities
GASB Statement 34 requires non-current governmental assets (such as land, buildings, and
improvements) and non-current governmental liabilities (such as general obligation bonds and
capital leases) to be reported in the governmental activities column in the government-wide
Statement of Net Position.
D. Assets, Liabilities, Deferred Outflowsflnflows of Resources and Net Position/Fund
Balance
1. Cash and Investments
The County maintains a cash and investment pool that is available for use by all funds. Eamings from
the pooled investments are allocated to the respective funds based on applicable cash participation by
each fund. The investment pool is managed such that all participating funds have the ability to deposit
and withdraw cash as if they were demand deposit accounts. Therefore, all balances representing
participants' equity in the investment pool are classified as cash and investments for financial statement
purposes. For the statement of cash flows, the County considers cash and investments to include the
Local Govemment Surplus Funds Trust Fund (Florida State Board of Administration) and the Florida
Local Government Investment Trust Fund.
In accordance with Sections 125.3I and 218.415, Florida Statutes, and the Board's investment policy,
the Board is authorized to invest in negotiable direct obligations of, or obligations the principal and
interest of which are unconditionally guaranteed by, the United States Government, obligations of US
corporations, commercial papers, the State lnvestment Pool, Florida Local Government Investment
Trust, nonnegotiable interest-bearing time certificates of deposit, money market accounts, repurchase
agreements, equities and mutual funds. All investments are reported at fair value.
2. Restricted Assets
Certain assets of the County are classified as restricted assets on the Statement of Net position because
their use is limited either by law through constitutional provisions or enabling legislation; or by
restrictions imposed extemally by creditors, grantors, contributors, or laws or regulations of other
governments.
3. Interfund Receivables and Payables
Activities between funds that are representative of lending/borrowing arrangements outstanding at the
end of the fiscal year are referred to as "due tolfrom other funds". Long term lending/borrowing
alrangements between funds are classified as advances. Any residual balances outstanding between the
governmental activities and business-type activities are reported in the govemment-wide financial
statements as "intemal balances".
4. Inventories
Inventories of supplies in the special revenue funds are recognized as expenditures at the time of
purchase. Inventories on hand are recorded at cost on a first in-first out or weighted average basis. In
addition, a colresponding entry is made for a non-spendable fund balance. Inventories in the proprietary
fund types are recorded at cost using the weighted average method and recognized as expenses as they
are consumed.
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
5. Prepaid Insurance
Normal operating prepaid insurance is expensed when paid. Prepaid bond insurance is capitalized as
prepaid insurance and amortized over the life of the bonds.
6. Capital Assets
Capital assets, which include land, buildings, improvements, equipment and construction in progress,
are reported in the applicable governmental or business-type activities column.
The County defines software and equipment as capital assets with an initial, individual cost of $1,000 or
more and an estimated useful life in excess of one year. ln addition, the County defines land, building,
infrastructure, and improvements other than buildings as capital assets with an initial cost of $25,000 or
more and an estimated useful life in excess of one year. The valuation basis for all assets is historical
cost.
Donated capital assets are recorded at estimated fair market value at the date of the donation. The costs
of normal maintenance and repairs that do not add to the value of the asset, or materially extend its
useful life, are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest
incurred during the construction phase of capital assets of business-type activities is included as part of
the capitalized value of assets constructed.
Depreciation of capital assets is computed and recorded by utilizing the straight-line method. Estimated
useful lives of the various classes of depreciable capital assets are as follows: buildings, 7-39 years;
improvements, 5-50 years; and equipm ent, 2-10 years.
The County holds legal title to the capital assets (except the equipment of the Sheriff) used in the
operation of the Board, Clerk of the Circuit Court, Property Appraiser, Sheriff, Supervisor of Elections
and Tax Collector, and is accountable for them under Florida Law. The Sheriff holds legal title to the
equipment used in its operations and is accountable for them under Florida law.
7. Pensions
In the government-wide statement of net position, liabilities are recognized for the County's
proportionate share of each pension plan's net pension liability. For purposes of measuring the net
pension liability, deferred outflows of resources and deferred inflows of resources related to pensions,
and pension expense, information about the fiduciary net position of the Florida Retirement System
(FRS) defined benefit plan and the Health Insurance Subsidy (HIS) defined benefit plan and additions
to/deductions from the FRS and the HIS fiduciary net position have been determined on the same basis
as they are reported by the FRS and the HIS plans. For this purpose, defined benefit payments (including
refunds of employee contributions) are recognized when due and payable in accordance with benefit
terms. Investments are reported as fair value.
8. Deferred Outflows/Inflows of Resources
Deferred outflows of resources represent a consumption of net position/firnd balance that applies to a
future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
then. The deferred amount on refunding and deferred outflows related to the pension plan reported on
the Statement of Net Position. A deferred amount on refunding results from the difference in the
carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over
the shorter of the life of the refunded or refunding debt. Deferred outflows related to the pension plan
represent the County's share of the FRS (Florida Retirement System) and HIS (Health Insurance
subsidy) pension liabilities.
Deferred inflows of resources represent an acquisition of net position/fund balance that applies to a
future period(s) and so will not be recognized as an inflow of resources (revenue) until then. The
unavailable revenues are reported only in the govemmental funds balance sheet. The sources of the
unavailable revenues are special assessments on road paving, utility projects and grant reimbursements.
This amount is deferred and recognized as revenues in the period the amounts become available. The
deferred inflows related to the pension plan represent the County's share of the FRS and HIS pension
liabilities, which is only reported on the Statement of Net Position.
9. Unamortized Bond Discounts and Premiums
Proprietary firnd revenue bond discounts and premiums are presented on the government-wide and fund
financial statements. The costs are amortized over the life of the bonds using the appropriate method of
accounting. For financial reporting, the unamortized bond discounts and premiums are netted against
the applicable long-term debt. The governmental fund bond discounts and premiums are presented on
the government-wide financial statements. The costs are amortized over the life of the bonds using the
appropriate method of accounting. For financial reporting, the unamortized bond discounts and
premiums are netted against the applicable long-term debt.
10. Unearned Revenues
Unearned revenues reported in government-wide financial statements will be recognized as revenues in
the fiscal year they are earned in accordance with the accrual basis of accounting.
11. Accrued Compensated Absences
The County accrues unused portions of vacation pay and comp time in the period the fund liability is
incurred. As permitted by Governmental Accounting Standards Board Statement No. 16, the vesting
method is used to accrue the sick leave liability. The liability is based on the sick leave accumulated at
year-end by those employees who are currently eligible to receive termination payments as well as other
employees who are expected to become eligible to receive such payments.
Even though the County has appropriated, accumulated and earmarked expendable available fund
resources for these amounts, the portion not normally expected to be liquidated with expendable
available financial resources is not reported as a fund liability (in accordance with Interpretation No. 6
of the Governmental Accounting Standards Board - Recognition and Measurement of Certain Liabilities
and Expenditures) in governmental fund financial statements. The accrued compensated absence
liabilities payable from available resources are recognized as expenditures in governmental funds if they
have matured.
12. Obligation for Bond Arbitrage Rebate
Pursuant to Section 148(f) of the U.S. lnternal Revenue Code, the County must rebate to the United
States Govemment the excess of interest eamed from the investment of certain debt proceeds and
47
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
pledged revenues over the yield rate ofthe applicable debt. This approach treats the rebate as an
expense when it is actually payable to the federal government.
13. Landfill Closure Costs
Under the terms of current state and federal regulations, the Bailing & Recycling Facility is required to
place a final cover on closed landfill areas, and to perform certain monitoring and maintenance functions
for a period of up to 30 years after closure. The Bailing & Recycling Facility recognizes these costs of
closure and post-closure maintenance over the active life of each landfill area, based on landfill capacity
used during the period. Required obligations for closure and post-closure costs are recognized in the
Bailing & Recycling Facility Fund.
14. Indirect Costs
The County utilizes a pre-determined automatic indirect cost distribution formula to distribute its annual
indirect costs. Certain indirect costs are included in the program expense reported for individual
functions and activities.
E. Budgets
Pursuant to Section 129.03, Florida Statutes, budgets are prepared and adopted for the Board after public
hearings for the govemmental funds, in accordance with Section 200.65, Florida Statutes. The
Constitutional Officers submit, at various times, to the Board and to certain divisions within the
Department of Revenue, State of Florida, a proposed operating budget for the fiscal year commencing
the following October 1. The operating budget includes proposed expenditures and the means of
financing them, as set forth in Chapter 129 Florida Statutes. The Department of Revenue, State of
Florida, has the final authority on the operating budgets for the Tax Collector and Property Appraiser
included in the General Fund. The Florida Court Clerk Operations Corporation has the final authority on
the court related operating budget for the Clerk of the Circuit Court included in the general fund.
The County utilizes the same basis of accounting for budgets as it does for revenues and expenditures in
its various funds. All budgeted appropriations lapse at year end. Formal budgets are adopted for the
general, special revenue, debt service and capital projects funds. The legal level of budgetary control is
at the fund level. As a result, deficits in the budget columns of the accompanying financial statements
may occur in individual expenditure line items.
NOTE 2 _ RECONCILIATION OF GOVERNMENT-WIDE AND FTJND FINANCIAL
STATEMENTS
A. Explanation of Differences between the Governmental Fund Balance Sheet and the
Government-wide Statement of Net Position
The governmental fund balance sheet includes a reconciliation betu,eenfund balance-total
governmental funds and net position-governmental activities as reported in the government-wide
statement of net position. "Total fund balances" of the County's governmental funds
(S188,308,167) differs from "net position" of governmental activities ($557,016,100) reported in
the statement of net position. This difference primarily results from the long-term economic
focus of the statement of net position versus the current financial resources focus of the
governmental fund balance sheet. The effect of the differences is illustrated below.
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
Capital related items
When capital assets (land, building and improvements, equipment, and construction in progress)
that are to be used in the govemmental activities are purchased or constructed, the costs of those
assets are reported as expenditures in govemmental funds. However, the statement of net
position included those capital assets among the assets of the County as a whole.
Other post-employment benefi ts/net pension liabilitv
Accrued other post-employment benefits are not financial uses, and therefore, are not reported in
the funds.
Cost of capital assets
Less: Accumulated depreciation
Total
Other post-employment benefi ts
Net pension liability
Total
Bonds payable
Notes payable
Special assessment bonds
Capital lease payable
Compensated absences
Total
Deferred amount on refundins
The deferred amount on refunding of bonds, net of accumulated
deferred outflows of resources in the statement of net position.
Deferred amount on refunding
Les s : Amort ization expense
Total
Bond premiums
Less : Amort ization expense
Total
$ 855,917,958
(280,946,36t)
$ s74,97r,s97
$ (56,980,000)
(40,357,751)
(6,588,054)
(10,001,268)
(r4,902,442)
$ (128,829,515)
amortization, is reflected in the
$ 3,279,201
(264,999)
$ 3,0t4.2t2
$ (4,433,163)
326,448
$ (4,106,715)
Long-term debt transactions
Long-term liabilities applicable to the County's governmental activities are not due and payable
in the current period and accordingly are not reported in the funds. Balances at September 30,
2016 were:
Bond premiums
Certain premiums are reflected net of accumulated amortization in the notes and bonds payable in
the statement of net position.
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
Accrued interest
Accrued interest is not a current financial use, and therefore, is not reported in govemmental funds.
Bonds interest payable $ (195,614)
Notes interest payable (167,729)
Capital interest payable (151,687)
Total $ (515,030)
Deferred inflows of resources
Unavailable revenues:
Governmental fund financial statements report uneamed revenues or revenues which are
measurable but not available as deferred inflows of resources - unavailable revenues. However,
unavailable revenues in governmental funds are susceptible to full accrual on the government-
wide financial statements.
Unearned revenues $ 9,869,417
Deferred inflows related to pension:
This represents the County's share of the FRS and HIS pension liabilities. It is an acquisition of
net position by the County that is applicable to a future reporting period, and therefore, is not
reported in govemmental funds.
Deferred inflows related to the pension plan $ (1,481,355)
Deferred outflows of resources - deferred outflows related to the pension plan
This represents the County's share of the FRS and HIS pension liabilities. It is a consumption of
net position by the County that is applicable to a future reporting period and therefore, is not
reported in governmental funds.
Deferred outflows related to the pension plan $ 44,674,629
Accrued grant revenues
Some grant revenues are not recognized in the current period because the resources are not
available; therefore, these revenues are not reported in the governmental funds financial
statements.
Accrued grant revenues $ 3,302,820
Internal service fund
Management uses the intemal service fund to charge the costs of insurance activities to
individual funds. The assets and liabilities of the intemal service fund are included in
governmental activities in the statement of net position because they serve the governmental
activities of the County.
lntemal service fund net position $ t 1,789,753
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
Elimination of interfrrnd receivable/payable
Interfund receivables and payables in the amount of $1,583,232 between governmental activities
have been eliminated for the statement of net position.
B. Explanation of Differences Between the Governmental Fund Statement of Revenues,
Bxpenditures, and Changes in Fund Balances and the Government-wide Statement of
Activities
The "net change in fund balances" for governmental funds (an increase of $4,823,868) differs
from the "change in net position" for governmental activities (a decrease of $4,665,310) reported
in the statement of activities. The differences arise primarily from the long-term economic focus
of the statement of activities versus the current financial resources focus of the governmental
funds. The effect of the differences is illustrated below.
Capital related items
When capital assets that are to be used in govemmental activities are purchased or constructed,
the resources expended for those assets are reported as expenditures in governmental funds.
However, in the statement of activities, the costs of those assets are allocated over their estimated
useful lives and reported as depreciation. As a result, fund balances decrease by the amount of
financial resources expended, whereas net position decrease by the amount of depreciation
charged for the year.
In the statement of activities, the gain and loss on the disposal of capital assets are reported.
However, in the governmental funds, only the proceeds from those sales increase financial
resources.
Capital outlay
Depreciation
Difference
Gain on disposal of capital assets
In the statement of activities, the capital assets contributions are
However, in the governmental funds, this type of activity is not
financial resources focus.
$ 22,273,497
(20,064,293)
2.209.204
47.482
reported as program revenues.
reported because ofthe current
$ 3,232,811Capital asset contributions from private sources
Long-term debt transactions
Debt proceeds provide current financial resources to governmental funds, but debt increases long-
term liabilities in the statement of net position.
Debt proceeds $ (12,810,847)
Repayments of bond principal, note principal, and capital lease principal are reported as
expenditures in the govemmental funds and, thus, have the effect of reducing fund balance
51
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
because current financial resources have been used. However, the principal payments reduce the
liabilities in the statement of net position and do not result in an expense in the statement of
activities.
Some expenses reported in the statement of activities do not require the use of current financial
resources, therefore, are not reported as expenditures in governmental funds.
Bond principal payments made
Note principal payments made
Capital lease principal payments made
Total
Net change in compensated absences
Net change in accrued arbitrage estimate
Net change in accrued interest expense
Amortization of bond premiums
Amortization of deferred amount on refunding
Net change in other post-employment benefits
Net change in net pension liability
Net adjustment
$ 3,967,104
3,988,364
415,073
$ 8,370,541
$ 416,256
19,079
(r37,879)
326,447
(264,989)
(3,242,342)
(6,176,250)
s (8,999,678)
Accrued grant revenues
Some grant revenues are not recognized in the current period because the resources are not
available; therefore, these revenues are not reported in the fund financial statements. The amount
listed below is the net of the prior and current fiscal years and is included in the statement of
activities.
Net change in accrued grant revenues 1,7s 1,689
Assessment revenues
Governmental funds report initial special assessments as uneamed revenues. Revenues are
recognized when they are collected. However, in the statement of activities, initial special
assessments are set up as receivables and recognized as program revenues. This is the amount
collected in fiscal year 2016.
Assessment revenues $ (778,635)
Chanse in inventories
@riesisreflectedasareductiontofundba1anceatthefundlevel'However,
in the statement of activities, it is recognized as an expense.
Change in inventories
52
$ (133,320)
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
Intemal service firnd change in net position
The assets and liabilities of the intemal service fund are included in governmental activities in
the statement of net position because they primarily serve governmental activities of the County.
The change in net position is reported with governmental activities on the statement of activities.
lntemal service fund change in net position $ (2,378,497)
Reclassifi cation and eliminations
Transfers in and transfers out in the amount of $65,597,290 between govemmental activities are
eliminated in the government-wide financial statements.
NOTE 3 _ CASH AND INVESTMENTS
The County maintains a cash and investment pool that is available for use by all funds except those
whose cash and investments must be segregated due to bond covenants or other legal restrictions.
A. Deposits
All deposits are held in qualified public depositories and are included on the accompanying balance
sheet as cash and investments. The carrying amount of these deposits at September 30, 2016 was
$50,724,315 and the bank balance was $54,954,490. All the deposits were covered by the Federal
Deposit lnsurance Corporation (FDIC) or collateralized in accordance with the "Florida Security for
Public Deposits Act". Under the Act, every qualified public depository shall deposit with the State
Treasurer eligible collateral having a market value equal to a percentage of the average daily balance for
each month that all public deposits are in excess of any applicable deposit insurance. The collateral
percentage ranges from 25%o to 200%o, depending on the credibility of the qualified public depository.
B. Investments
Section 218.415, Florida Statutes, the County's Investment Policy, and various bond covenants
authorize permitted investments, asset allocation limits and issuer limits, credit ratings requirements and
maturity limits to protect the County's cash and investment assets. The permitted investments include
the following:
o Certificates of deposit
o Money market accounts
o Savings accounts
o 2 year Repurchase agreements
. Local Government Surplus Funds Trust Fund administered by the Florida State Board of
Administration (SBA), also known as Florida Prime
. Florida Local Government Investment Trust administered by the Florida Association of Court
Clerks, also known as Florida Trust
. Obligations of the U.S. Govemment
. Obligations of govemment agencies unconditionally guaranteed by the U.S. Govemment
. Obligations of the Federal Farm Credit Banks
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
. Obligations of the Federal Home Loan Mortgage Corporation, including Federal Home Loan
Mortgage Corporation participation certificates
. Obligations of the Federal Home Loan Bank
o Obligations of the Government National Mortgage Association
o Obligations of the Federal National Mortgage Association
o Obligations or Notes of U.S. corporations with at least two of the following three minimum
ratings: A- by Standard and Poor's, ,{3 by Moody's, or A- by Fitch
o Commercial paper of any United States company that is rated, at the time of purchase, - Prime-1
by Moody's and -A-1 by Standard & Poor's (prime commercial paper). If the commercial paper
is backed by a letter of credit (-LOC), the long-term debt of the LOC provider must be rated A or
better by at least two nationally recognized rating agencies
. Securities of any management type investment company or investment trust registered under the
Investment Company Act of 1940, 15 U.S.C. ss.80a-1 et seq., provided the portfolio is limited to
U.S. Govemment obligations and to repurchase agreements fully collateralized by U.S.
Government obligations
o Supranational Agencies issued by multilateralorganization of governments of which the U.S. is a
shareholder and voting member, and are denominated in U.S. dollars
o Equities, shares in open-end and no-load equity and./or fixed-income mutual funds and exchange-
traded tunds (EFTs)
At September 30,2016, the County had the following investments and effective duration presented in
terms of years:
lnvestment Maturity (Year)
lnvestment Type
United States Treasuries
United States Agencies
Supranational Agencies
Corporate Obligations
Equities
Exchange Traded Funds
Florida Trust
Florida Prime
Mutual Fund Money Market
Collateralized Money Market Fund
Certificate of Deposits
Fair Value Less Than I From l-3 From 4-6
80,t04,231 $
58,857,438
5,4s3,628
48,720,036
4,976,060
843,685
3,064,146
3,710,623
997,721
98s,914
10,399,606 $
12,583,055
2,499,250
s,740,900
4,976,060
843,68s
3,064,146
3,770,623
991,721
98s,9t4
s7,388,921 $
4r,723,006
2,954,378
19,055,920
12,315,704
4,551,377
23.923.216
8,000,000 8,000,000
$ 21s,713,482 $ 53,860,960 s 121,122,22s $ 40,790,297
Investment holdings consist of $80, 104,23 1 in direct obligations of the United States Treasury
Securities, $58,857,438 in direct debt issued by agencies of the U.S. Government which are backed by
the full faith and credit of the United States, $5,453 ,628 in debt issued by multilateral organization of
governments of which the U.S is a shareholder,$48,720,036 in Corporate Obligations and $5,819,745 in
equities and ETFs. These types of investment are reported at fair value in accordance with GASB
Statement No.31 "Accounting and Financial Reporting for certain Investments and for Extemal
Investment Pools". These inyestments are held in trust by US Bank, a depository, in the County's name.
Investments are reported at fair value based on the average price obtained from an independent source.
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
The Corlnty categories its fair value measurements within the fair value hierarchy established by the
GASB Statement 12 - Fair Value Measurement and Application. The fair value is the price that would
be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market
participants at the measurement date. The hierarchy is based on the valuation inputs used to measure the
fair value of the asset. The County uses a market approach in measuring fair value that uses process and
other relevant information generated by market transactions involving identical or similar assets,
liabilities, or groups of assets and liabilities.
Assets or liabilities are classified into one of three levels. Level I is the most reliable and is based on
quoted price for identical assets, or liabilities, in an active market. Level2 uses significant other
observable inputs when obtaining prices for identical or similar assets or liabilities, in markets that are
not active. Level 3 is the least reliable and uses significant unobservable inputs that uses the best
information available under the circumstances. Based on the criteria in the preceding paragraph, the
investments listed above are all Level 1 assets except the Florida Trust, Florida Prime and certificate of
deposits. Florida Trust and Florida Prime are 2a7 -llke extemal investment pools. They are measured at
the net asset value per share determined by the pool. Certificate of deposits are interest bearing
investment contracts with banking institutions and secured by the Florida Security for Public Deposits
Act, Chapter 280, Florida Statutes.
lnterest receivable on the County's investment portfolios amounted to $597,331 as of September 30, 2016.
The amount recorded in the Statement of Net Position was $583,237 and $14,094 was recorded in the
Agency Fund.
1. Interest Rate Risk
The County's investment policy limits interest rate risk by attempting to match investment maturities
with known cash needs and anticipated cash flow requirements. In an effort to minimize interest rate
risk, the County's investment policy requires that no individual security can have a maturity greater than
five and one-halfyears.
2. Credit Risk
Authorized investments include only those securities with the highest credit ratings. The money market
funds are rated AAAm by Standard & Poors. The FLGIT Day to Day Fund has an investment rating of
AAAm by Standard & Poors. The U.S. Treasuries and the Agencies are rated AA+ by Standard &
Poor's and Aaa by Moody's Investor Services. Two exceptions are Corporate Obligations and
Commercial Papers. Corporate Obligations are rated with at least two of the following three minimum
ratings: A- by Standard and Poor's, ,A,3 by Moody's, or A- by Fitch. Commercial Papers are rated with
A-1 by Standard and Poor's or Prime-1 by Moody's at the time of purchase.
3. Custodial Credit Risk
The County's investment policy pursuant to Section 218.415(18), Florida Statutes requires that
securities, with the exception of certificates of deposits, Florida Trust, Florida Prime and money market
accounts, shall be held with a third party custodian; and all securities purchased by, and all collateral
obtained by the Board should be properly designated as an asset of the Board. The securities must be
held in an account separate and apart from the assets of the financial institution. A third party custodian
is defined as any bank depository chartered by the Federal Government, the State of Florida, or any
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
other state or territory of the United States which has a branch or principal place of business in the State
of Florida as defined in Section 658.12, Florida Statutes, or by a national association organized and
existing under the laws of the United States, which is authorized to accept and execute trusts and which
is doing business in the State of Florida.
As of September 30,2016, the County's investrnents were held with a third-party custodian as required
by the County's investrnent policy.
4. Concentration of Credit risk
The County's investrnent policy has established asset allocation and issuer limi15 ea the investments,
which are designed to reduce concentration of credit risk of the County's investment portfolio.
Florida Prime 40%N/A N/A
Florida Trust 35%N/A N/A
Certificates of Deoosit 40%t0%2 vears
Ireasuries 7s%N/A 5.5 vears
United States Government Agencies s0%2s%5.5 vears
Federal Instrumentalities (United States Govemment
Soonsored Asencies)s0%2s%5.5 years
Repurchase Agreement rc%10%I year
Monev Market Funds 80o/o 25%N/A
Corporate Oblieations or Corporate Notes 2s%s%5 years
Commercial Paper 25%5%270 davs
Suoranational Asencies 2s%t0%5.5 years
Equities and ETFs N/A N/A
As of September 30, 2016, all the County's investments were below the maximum allowed limits and
the County had the following issuer concentrations based on fair value:
Issuer
United States Treasuries
United States Agencies
Supranational Agencies
Corporate Obligations
Equities
Exchange Traded Funds
Florida Trust
Florida Prime
Mutual Fund Money Market
Collateralized Money Market Fund
Certificate of Deposits
Total
Amount
$ 80,104,231
58,857,438
5,453,628
48,720,036
4,976,060
843,685
3,064,146
3,770,623
997,721
985,914
8,000,000
$ 215,773,482
Percentage of
Portfolio
37.11%
27.28%
253%
22.58yo
2.31%
0.39%
t.42yo
r.75%
0.46%
0.46%
3.71o/o
100%
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 3012016
NOTE 4 _ PROPERTY TAX REVENUES
Taxable values for all property are established as of January 1, which is the date of lien, for the fiscal
year starting October 1. Properly tax revenues recog:nized for the 2015-2016 fiscal year were levied in
October 2015. A11 taxes are due and payable on November I or as soon as the assessments roll is
certified and delivered to the Tax Collector. Discounts are allowed for early payment at the rate of 4%o
in November,3o/o inDecember, 2o/o in January, and l%o in February. Taxes paid in March are without
discount.
All unpaid taxes become delinquent as of April 1. Virtually all unpaid taxes are collected via the sale of
tax certificates on or prior to June 1; therefore, there were no material taxes receivable at fiscal year end.
57
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
NOTEs_CAPITALASSETS
Capital asset activity for the year ended
Governmental Activities:
Governmental fund:
Capital assets, not depreciated:
Land
Construction in progress
Total capital assets, not depreciated
Capital assets, depreciated:
Buildings
Improvements
Equipment
Total capital assets, depreciated
Less accumulated depreciation for:
Buildings
Improvements
Equipment
Total accumulated depreciation
Total capital assets depreciated, net
Govemment Activities capital assets, net
lnternal service fund:
Capital assets, not being depreciated:
Construction in progress
Capital assets, depreciated:
Buildings
Equipment
Total capital assets, depreciated
Less accumulated depreciation for:
Buildings *
Equipment *
Total accumulated depreciation
Total capital assets depreciated, net
Intemal service fund capital assets, net
September 30,2016, was as follows:
Beginning Increases & Decreases &
Balance Transfers in Transfers out
Ending
Balance
$ 160,488,649 $s89,467
17,76s,64119,93s,269
180,423,918 1 8,3ss, u4
$-
(756,781)
(7s6,787)
$ 161,078,1 16
36,944,129
198,022,245
218,262,929
3s1,613,177
88,019,607
657 ,895,113
(90,735,786)
(123,984,702)
(66,22s,873)
(280,946,361)
376,949,352
$ s74,971,s97
$ s4,669
218,239,230
348,403,732
84,572,597
651,215,559
(84,786,s79)
(116,245,28r)
(61,125,583)
(262,1s7,443)
389,058,1 16
s 569,482,034
$ 54,669
23,699
3,209,445
4,730,524
7,963,668
(s,949,207)
(7,739,421)
(6,375,665)
(20,064,293)
(12,r00,62s)
s 6,2s4,489
$-
(l,283,5 r4)
(1,283,514)
1,275,375
1,275,375
(8, l3e)
$ (764,926)
$-
216,388
t00,792 2,134
317,180 2,134
216,388
102,926
319,314
(21,742)
(85,980)
(113,722)
20s,s92
$ 260,261
(22,194)(5,548)
$-
* The beginning balances for accumulated depreciation are adjusted. The total amount is not affected.
58
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
Depreciation was charged to the following functions:
Govemmental Activities:
General Govemment
Public Safety
Physical Environment
Transportation
Human Services
Culture/Recreation
Court Related
Economic Environment
Total Govemmental Activities Depreciation Expense
2,894,984
3,791,050
1,022,273
5,454,951
1,603,318
3,336,s44
1,979,861
382
$ 20,083,363
Beginning
Balance
Increases &
Transfers in
Decreases &
Transfers out
Ending
Balance
Business-Twe Activities:
Capital assets, not depreciated:
Land
Construction in progress
Total capital assets, not depreciated
Capital assets, depreciated:
Buildings
Improvements
Equipment
Total capital assets, depreciated
Less accumulated depreciation for:
Buildings
Improvements
Equipment
Total accumulated depreciation
Total capital assets depreciated, net
Business-Type activities capital assets, net
$ 10,356,397
5,lll,760
15,468,157
41,3ts,s73
71,782,484
12,673,955
12s,832,012
(21,037,221)
(34,011,358)
(8,93 1,603)
(63,980,1 82)
61,851,830
s 17,3r9,987
$-
3,681,437
3,681,437
866,8s0
602,177
1,469,027
(1,326,062)
(2,081,29s)
(581,8 l e)
(3,989,176)
(2,s20,149)
(41,619)
(41,619)
41,619
41,619
$ r 0,356,397
8,304,897
18,661,294
41,375,573
12,649,334
t3,234,513
127,259,420
(22,363,283)
(36,092,6s3)
(9,471,803)
(67,927,739)
s9,331,681
$ (488,300) $ 77,992,97s
Depreciation was charged to the following functions:
Business-T-'rpe Activiti es :
Bailing & Recycling Facility
Water and Sewer
Golf Course
Total Business-Type Activities Depreciation Expense
$ 1,492,097
2,440,263
56,816
$ 3,989,176
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
NOTE 6 - RESTRICTED CASH AND INVESTMENTS
Various bond covenants, resolutions and state regulations require that the County restrict cash and
investments. Restricted cash and investments are as follows:
Governmental Activities Business-tyo e Activities
Nonmajor Bailing &Water & Nonmajor
General Governmental Recycling Golf Sewer Enterprise
Assets Fund Funds Facility Course District Funds Total
Landfill closing costs $
Landfill postclosure
$ $ 3,302,068 $ -$ -$ $ 3,302,068- 420,464 - 420,464
C&D Processing Facility - 2,885 - 2,885
customer deposits 1,301,041 12,518 201,450 2,000 221,399 l4,3ll 1,758,719
Renewal and replacement 701 ,937 181,187 1,489,124
Total $ 1,307,041 $ 12,518$3,926,867 $2,000$ 929,336 $ 795,498$6,973,260
Liabilities payable from restricted assets are as follows:
Governmental Activities Business-tvpe Activities
Nonmajor Bailing &Water & Nonmajor
General Governmental Recycling Golf Sewer EnterpriseLiabilities Fund Funds Facilitv Course District Funds Total
Landfillclosingcosts $ - $ $ 3,302,068 $ - $ $ $ 3,302,068
C&D Processing Facility 2,885 - 2,885
customer deposits 1,307,041 12,518 201,450 2,000 221,399 l4,3ll 1,758,719
Total $ 1,307,041 $ 12,518 S 3,506,403 $ 2,000 $ 221,399 $ l4,3ll $ 5,063,672
NOTE 7 _ INTERFTIND BALAIICES
Interfi.rnd balances at September 30,2076, consisted of the following:
Pavable Fund
Nonmajor
General Govemmental
Receivable Fund Fund Funds Total
General Fund
Transportation Trust Fund
Fine and Forfeiture Fund
N. Lennard Road Bonds I&S Fund
Nonmajor Govemmental Funds
Total
$ -$ 709,248$ 709,248
SHI Special Assessment Bond Fund 4,974
t1
606.740
3,973
2s8,280
_t7
- 606,740
- 4,974
- 3,973
- 258,280
$ 873,984 $ 709,248 $ 1,583,232
The General Fund due to other frrnds total balance represents the excess fees from the Property
Appraiser, Tax Collector, and Sheriff, which are expected to be paid within 31 days after the fiscal year
end as required by Florida State Statutes. The General Fund due from the nonmajor governmental funds
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
represents temporary cash flow loans, which are expected to be repaid within 45 days after the fiscal
year end.
NOTE 8 _ INTERT'UND TRANSFERS
Interfund transfers for the year ended September 30,2016, consisted of the following:
Transfers In:
Transportation Fine and Nonmajor
General Trust Forfeiture Govemmental
Transfers Out:Fund Fund Fund Funds Total
General Fund
Transportation Trust Fund
Fine and Forfeiture Fund
GolfCourse Fund
Total
SHI Special Assessment Bond Fund 10,795
N. Lennard Road Bonds I & S Fund 8,622 - 8,622
Impact Fees Fund 649,5t2 649,512
Nonmajor Govemmental Funds 2,589,656 148 3,432,637 3,315,280 9,337,721
Bailing & Recycling Facility Fund 315,907 - 260,000 19,000 s94,907
$ -$ 87,495$ $ 6,2s9,72s$ 6,347,220
48,599,503
- 144,sr0 144,s10-_ 499,407_
^tn?rr,,1;?
1s.787 1s.787
s 51,524,483 $ 87,643 $ 3,692,637 $ t0,903,221 $ 66,207,984
Customer Miscellaneous Total
$ 418,708 $ 33,592 $ 452,300
14,459
28,871
- 12,980 12,980
Transfers are used to 1) move revenues from the fund that is required to collect them by Florida Statutes
and/or budgetary requirements to the fund that is required to expend them by those requirements,
including amounts provided as matching funds for various programs, aldZ) move revenues from the
fund with collection authorization to the debt service fund as debt service principal and interest
payments become due.
NOTE 9 _ RECEIVABLES, PAYABLES, AND ADVANCES
A. Accounts Receivable
Accounts receivable at September 30,2016, were as follows:
Governmental Funds:
General Fund
Transportation Trust Fund
Fine and Forfeiture Fund
Impact Fee Fund
- 14,459- 28,871
Other governmental funds 66,833 694,403 761,236
Total govemmental funds $ 528,871 $ 740,975 $ 1,269,846
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
Bailing&RecyclingFacilityFund $ 978,590 $ - $ 978,590
Proprietarv Funds:
Golf Course Fund
Water & Sewer District Fund
Total enterprise funds
Intemal Service Fund
Customer Miscellaneous Total
Nonmajor enterprise funds 204,141
32,201
443,90s
1,658,83 7
94,943
- 32,201
- 443,90s
- 204,141- 1,6s8,837
- 94,943
Totalproprietarytunds $ 1,753,780 $ - $ 1,753,780
B. Special Assessments Receivable
Special assessments receivable at September 30,2016 were as follows:
General Fund - Special Lighting District $ 5,054
SHI Special Assessment Bond Fund
N. Lennard Road I & S Bond Fund
Nonmajor funds
Total
5,430,418
4,223,841
2 15,158
$ 9,8'74,471
The receivables for the SHI Special Assessment Bond Fund, N. Lennard Road I&S Bond Fund and non
major fund (SLC Sustainability District Fund) have been reported as Deferred Inflows (Unavailable
Revenues) on the Governmental Funds Balance Sheet.
C. Payables
Payables at September 30,2016, were as follows:
AccountsPayableandOlllel_C_rgle_qll,jlbilities
Vendors Retainage and Benelits Total
Governmental funds:
General Fund
Transportation Trust Fund
Fine and Forfeiture Fund
Impact Fee Fund
s 2,694,176 $ 26,47s $ 2,940,25s $ 5,660,906
Nonmajor govemmental tunds 3,055,861 1,099,198 222,817 4,377,876
Total govemmental tunds $ 7,757,795 $ 1,870,771 $ 3,473,674 fi 13,102,240
424,029
487,367
1,096,362 74s,098
133,082 557,1 I lr77,s20 664,887- 1,84r,460
62
St. Lucie County, Florida
Notes to f inancial Statements (continued)
Year Ended September 30,2016
Proprietarv funds:
Accrued Salaries
Enterprise funds Vendors Retainage and Benefits Total
Bailing&RecyclingFacilityFund $ 1,158,829 $ $ 91,849 $ 1,250,678
Fiduciarv Funds:
Agency fund
D. Deposits Payable
Deposits payable at September 30,2016, were as follows:
18,707 77,44513,880 s07,62244,957 3 18,s70
$ 1,953,558 $ 31,364 $ 169,393 $ 2,154,315
2,023,742 - 6,829 2,030,s71
s 67,764 $ $- $ 67,764
Golf Course Fund
Water & Sewer District Fund
Nonmajor enterprise funds
Total enterprise funds
Intemal Service Fund
Governmental Funds:
General Fund
s8,73 8462,378 31,364
273,613
Total proprietary tunds $ 3,977,300 $ 31,364 $ 176,222 $ 4,184,886
Vendor
Rental Security Customer Total
Deposits Deposits Deposits Deposits
$ 1,272,891 $ 30,500 $ 3,6s0 $ 1,307,041
Nonmajor govemmental funds 12,518 - 12,518
Total govemmental tunds $ 1,285,409 $ 30,500 $ 3,650 $ 1,319,559
Proprietarv Funds:
Bailing&RecyclingFacilityFund $ - $ - $ 201,450 $ 201,450
Golf Course Fund
Water & Sewer District Fund
Nonmajor enterprise funds
2,000 _ 2,000221,399 221,399
- 14,371 t4,311
Totalproprietarytunds $ 2,000 $ - $ 437,160 $ 439,160
Fiduciarv Funds:Agencytund S $ - $ 491,563 $ 491,563
E. Claims Payable
Claims payable, $659,238, represents actuarially determined health insurance claims incurred but not yet
reported atyear end in the lntemal Service Fund and are expected to be paid within one year.
F. Advances
Advances at September 30,2016, were as follows:
Receivable Fund Pavable Fund Amount
General Fund Golf Course Fund $ 6,087,904
The $6,087,904 advance to the Golf Course Fund is for a land lease of airport property.
63
St. Lucie County, tr'lorida
Notes to tr'inancial Statements (continued)
Year Ended September 30,2016
NOTE 10 _ LONG-TERM LIABILITIES
A. Schedules of Changes in Long-Term Debt
Long-term liability activity for the year ended September 30,2076, was as follows:
Beginning
Balance Additions
Ending
Reductions Balance
Due within
One Year
Govemmental Activities:
Govemmental Funds:
Bonds and notes payable:
General obligation debt
Revenue bonds
Revenue notes
Special assessment bonds
Plus issuance premiums
Total bonds and notes payable, net
Capital leases
Compensated absences
Govemmental funds liabilities
Intemal Service Fund:
Compensated absences
Internal Service Fund liabilities
Business-tvpe Activities:
Bonds and notes payable:
Water and sewer revenue bonds/notes
Plus issuance premiums
Total bonds and notes payable, net
Compensated absences
I-andfill long-term care liability
Business-type activities liabilities
$ 290,000 $
60,320,000
41,026,t15 3,320,000
6,739,690 185,468
4,433,163
1 12,808,968 3,505,468
1,110,962 9,305,379
1s,318,698 6,929,242
$ t29,238,628 $ 19,740,089
$ 4,837 $ 10,i67
$ 4,837 $ 10,167
$ (270,000) $ 20,000
(3,360,000) s6,960,000
(3,988,364) 4o,3s7,751(337,104) 6,588,0s4(326,448) 4,t06,71s
(8,281,916) 108,032,s20
(41s,073) 10,001,268
(7,34s,498) 14,902,442
$ (16,042,487) $ 132,936,230
$ 20,000
3,520,000
4,160,463
360,934
326,448
8,387,845
1,0 19,823
6.9't5,565
$ 16,383,233
$ (e,e70)
$ (9,e70)
$ s,034 $5,034
$ 5,034 s 5,034
$ 20,29s,000
1,028,901
21,323,901
523,29'1
t3,860,720
s 3s,707,91 8
329,87s
225,911
$ 555,786
s (370,000)
(12s,988)
(49s,e88)
(272,3s0)
$ (768,338)
$ 19,925,000
902,9r)
20,82'7,9t3
580,822
14,086,631
$ 35,49s,366
$ s1s,000
125,988
640,988
)'t) 1\n
$ 913,338
For governmental activities, claims and judgments and compensated absences are generally liquidated
by the General Fund.
The County has general obligation, revenue, and special assessment bonds and revenue notes
outstanding at year end. Payments on the general obligation and revenue bonds are made by the debt
service funds. Revenue notes such as: South County Regional Stadium, Tourist Development Tax
Revenue, Rock Road Jail Security, Fairgrounds, and both special assessment bonds are also paid from
debt service funds. The Parks Referendum line of credit, Port Deepening, MSBU interim line of credit
and the Energy Efficiency Revenue Nole, all part of the revenue notes, are paid from special revenue
funds. In addition, three capital leases are paid from special revenue funds.
The following debts were issued in FY 2016:
1. On December 8, 2015, the Board entered into an Equipment Lease/Purchase Agreement with banc of
America Public Capital Corp. The lease amount was $9,305,379 with an annual interest rate of 2.37%o.
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
The proceeds were used to acquire certain energy efficient equipment. The lease expires on April 1,
2031.
2. On December 31,2015, the Board entered into a Communication System Lease/Purchase Agreement
with Motorola Solutions, Inc. The equipment leased is being manufactured and installed by Motorola
Solutions, Inc. The lease amount was $8,967,201 with an annual interest rate of 3.547%. The lease
expires on January 1,2031. As of September 30, 2016,the equipment was still being built by Motorola
Solutions, Inc. No debt proceeds have been recorded.
3. On January 29,2016, the Board issued a Capital Improvement Revenue Bond, Series 20164 in the
amount of $3,320,000. The proceeds were used to finance the upgrade of the security control system at
the County's Rock Road Jail. The loan has a final maturity of October 1,2030.
4. A Not To Exceed $1,000,000 Taxable Special Assessment Bond, Series 2014 was issued in
FY20I4. The Bond is a non-revolving line of credit to pay the costs of certain solar and energy
improvements for qualified borrowers (home or business owners of St Lucie County). The loan is
paid back by the borrowers through a special assessment progmm. The total amount disbursed to
the borrowers is $185,468 in FY 2016.
B. Schedule of Outstanding Debt
The following is a schedule of bonds outstanding at September 30,2016:
Amount Amount Interesl
Purpose of Issue Issued Outstanding Rates
Governmental Funds:
General Obligation Bonds:
Port and Airport Authority, Series I 997 Port ofFort Pierce
Revenue Bonds:
Sales Tax Revenue Refimding Bonds, Countyprojects
Series 2013A
Sales Tax Revenue Refunding Bonds, County projects
Series 20138
Transportation (Gas Tax) Revenue Bond, Countyprojects
Series 2007
Capital Improvement Revenue Bond, Tax Collector building project 7,000,000 6,760,000 2.74yo
Series 201 5
Total Revenue Bonds
Plus: Net Premiums
Net Revenue Bonds
Revenue Notes:
Amy Corps of Engineers, Series 1997 Port deepening
Florida Power and Light, Series 2001 S. County Regional Stadium
lighting system
Special Assessment lrnprovementNote, Interim financing ofconstniction 10,000,000 - variable (2)
Series 2006 costs for vmious MSBU projects
Public Improvement Revenue Bond, Fairgrounds
Series 2002B
Public Improvement Revenue Bond, South county regional
Note, Series 2008A
Capital Improvement Revenue Refunding Parks referendum MSTU
Note, Series 201 I
$ 3,500,000 $ 20,000 s.00%-s.37sok
47,28s,000 4i,18s,000 2.00%-5.00%
9,40s,000 8,r 90,000 2.00%-5.00%
29,685,000 825,000 4.00%4.2s%
s6,960,000
4,106,715
61,066,715
797,960 433,822 6.125% (t)
t34,966 54,470 8.82%
1,510,000 128,413 3.80%
1,700,000 950,000 4.88%
10,330,000 6.830,000 2.r7%
65
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
Purpose of Issue
Amount
Issued
Amount
Outstanding
Interest
Rates
40357,75r
(l) The Amy Corps ofEngineers, Series 1997 was issued with a variable rate. The initial rate was 6.125% and the interest rate is subject to
change once every five (5) years. The interest rate has not been changed since issuance.
(2) The Special Assessment lmprovement Note, Series 2006 was issued as a line of credit. The interest rate is determined at the t'ime of each draw.
Governmental Funds (continued):
Capital Improvement Revenue Note,
Series 2007
Tourist Development Tax Revenue Bond,
Series 201 1A
Tourist Development Tax Revenue Bond,
Series 201 1B
Transportation Revenue Refunding Bond,
Series 2015
Capital Improvement Refunding Bond
Series 2014
Capital Improvement Refunding Bon4
Series 2016
Total Revenue Notes
Soecial Assessment Bonds:
Series 1998
Series 2010A
Series 2010B
Series 2010C
Series 2014 (Taxable)
Total Special Assessment Bonds
$10 Million Cap Imp Note
Mets stadium iniprovements
Mets stadium improvements
Partially refimding Transportation
Revenue Bond, Series 2007
Refunding Public knprovement
Revenue Refimding Bon Series 2004
and State Revenue Sharing
Improvement Revenue Bond. Series
2005
Jail Security Upgrade
South Hutchinson Island 98
Lennard Rd I
Lennard Rd 2
Ipnnard Rd 3
Sustainability District
Water Conseryation Equipment
Heary Road & Bridge Equipment
ATT Capital Fat Pipe
Energy Efficient Equipment
Communication Equipment
s 10,000,000
6,225,000
1,460,000
1 1,390,000
10,495,000
1,400,000
1,062,889
27,153
9,30s,379
8,967,20r
$ 2,92r,046 2.r3%
4,355,000 2.37%
1,040,000 3.31%
I1,250,000 2.29%
9.200.000 2.41%
3,320,000 3,195,000 2.600/o
14,920,000 2,740,000 3.6s%-4.90%
4,3ss,000 2,890,000 3;70%
860,000 575,000 3.70%
260,000 170,000 3.70yo
1,000,000 213,054 variable (1)
6,s88,054
(1) The Sustainability District Taxable Special Assessment Bond, Series 2014 was issued as a line ofcredit. The interest rate is
determined at the time of each draw.
Caoital kases:
Water Consewation Prcject -
Rock Road Jail
Master Equipment Lase
Property Appmiser Capital Icase
FPL Equipment Lease/Purchme Agreement
Motorola Lese/Pucbme Agreement (1 )
Total Capital Leases
r9,92s,000
902,913
20,827,913
42,985
644,766
8,1 38
9,305,379
10,001,268
$ r18,033,789
4.03%
1.03%
3.88%
2.37%
3.55%
(l) The Motorola commication equipment is still being built m of September 30, 2016
Total Outstanding Debt- Govemmental Funds
Proprietary Funds:
Revenue Bonds:
Utility System knprovement ad Refimding Acquiring plant and
Revenue Bonds, Series 2013 plmt expmsion
Total Revenue Bonds
Plus: Premiums
N€t Revenue Bonds
Total Outstanding Debt - Proprietary Funds
21,105,000 $ 19,92s,000 2.0%-5.25%
$ 20,827,913
The revenue bonds, revenue notes, and special assessment bonds noted above are all secured by pledged
revenues. The pledged revenues include special assessments, sales tax, state revenue sharing,
transportation gas tax, tourist development tax, impact fees, charges for services, and other special taxes.
The revenues are pledged through various commitments through 2034. The pledged revenues are the full
amounts of the required annual debt payments. Special assessment debt service costs representedg4%o of
bb
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
the pledged revenues collected during the year. The percentage for Sales Tax Bonds was 772o/o and
Utility Bonds was 16l%u
Business-type activities interest expense totaling $872,039 was expensed in the current year.
C. Deferred Amount on Refunding
In accordance with GASB Statement No. 63 - Financial Reporting of Deferred Outflows of Resources,
Defened Inflows of Resources, and Net Position, GASB Statement No. 65 - Item Previously Reporled
as Assets and Liabilities, the deferred charge on refunding is presented as deferred outflows of resources
on the statement of net position.
The following is a schedule of the deferred amount on refunding outstanding at Septemb er 30, 2016:
Beginning
Balance Additions Reductions
Ending
Balance
Due within
One Year
Govemmental Funds
Proprietary Funds
Total
3,279,201
340,3s9
$ (264,e8e)
(4r,677)
$ (306,666)
3,014,212
298,682
$ 3,312,894
$ 263,408
41,677
$ 305,085$ 3,619,560 $-
D. Debt Service Requirements
The following schedule shows debt service requirements to maturity for the County's governmental
activities obligations :
Fiscal
Year
General
Oblisation Bonds Revenue Bonds Revenue Notes
2017
201 8
2019
2020
2021
2022-2026
2027-2031
2032-2035
Total
Principal
$ 20,000 $
lnterest
s38 $
Principal
3,520,000 $
2,800,000
2,930,000
3,065,000
3,215,000
17,24s,000
15,975,000
Interest
2,525,856 $
2,3 88,385
2,259,907
2,727,874
1,981,267
7,444,671
3,649,182
Principal
4,t60,463 $
4,985,042
5,t13,659
4,212,470
4,309,989
15,258,984
2,317,163
Interest
97s,60s
872,070
751,209
627,073
522,010
1,187 ,945
99,482
$ 20,000 538
8,210,000 553,805
$ 56,960,000 $ 22,929,941 $ 40,3s7,753 $ s,035,394
67
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
Fiscal
Year
Special Assessment
District Bonds Capital Leases Total
2017
201 8
2019
2020
2021
2022-2026
2027-2031
2032-2035
Total
Principal
$ 360,934 $
372,005
398,1 50
409,371
42s,671
4,621,917
Interest
28s,097 $
271,314
2s7,093
241,874
226,207
673,s71
Principal
1,019,823 $
901,41r
934,151
747,40r
779,s32
3,082,888
2,s36,002
Interest Principal Interest
299,233 $ 9,081,220$ 4,086,329
207,563 9,058,518 3,739,332
188,472 9,37s,960 3,4ss,681
169,356 8,434,242 3,166,177
151,643 8,730,179 2,881,127
496,110 40,208,789 9,802,297
186,128 20,828,165 3,934,792
8,210,000 553,805
$ 6,588,054 $ l,9s5,rs6 $ 10,001,268 $ 1,698,505 $ 113,927,073 $ 31,619,540
The following schedule shows debt service requirements to maturity for the County's business-type
activities obligations :
Fiscal
Year
Water and Sewer
Revenue Bonds
2017
201 8
2019
2020
2021
2022-2026
2021-2031
2032-2035
Total
5,695,000
7,1 oo,ooo
3,339,250
I ,930,9 r 3
Principal Interest
$ 515,000 $ 945,250
600,000 924,650
795,000 900,6s0
895,000 860,900
980,000 825,100
3,345,000 26s,6s0
19.925.000 $9,992,363
E. Bond Covenants
Water & Sewer District
The Utility System Improvement and Refunding Revenue Bonds, Series 2013 require that monies on
hand in the revenue fund be applied on a monthly basis; first to pay operating expenses and next to
deposit into the sinking fund one-sixth of the interest and one-twelfth of the principal accruing on the
next payment dates. Money must next be deposited into the renewal and replacement fi.rnd equal to one-
twelfth of the renewal and replacement requirement. The balance of any money remaining shall be
deposited in to the surplus fund and may be used for any lawful purposes of the District.
The County has agreed on the above bonds to establish and maintain rates that will provide net revenues
in each fiscal year equal to one hundred ten percent 110% of the debt service requirement. The net
revenues after payment of the debt service requirement should equal to one hundred percent (100%) of
the reserve fund and the renewal and replacement fund requirements during the year
St. Lucie County, Florida
Notes to tr'inancial Statements (continued)
Year Ended September 30,2016
The following table indicates the degree of compliance with the bond resolution covenants in the Water
& Sewer Dishict at September 30,2016.
Gross revenues available for compliance g 6,057,402
Operating and maintenance expenses (does not include
depreciation, amortization, and debt payments) 4,221,753
Amount ofrevenues over direct operating expenses $ 1,835,649
Debt service requirement
Percent coverage for the year ended September 30, 2016
$ 1,326,350
138%
F. Summary of Defeased Debt Outstanding
In prior years, the County defeased certain debt, the proceeds of which were placed in an irrevocable
trust to provide for all future debt service payments on the defeased bonds. As such, the trust assets and
related liability are not included in the accompanying financial statements. Following is a schedule of
defeased debt at September 30,2016:
Bond lssue Balance
Utility Series 1990 $ 14,345,000
Utility Series 1993 13,030,000
Transportation Revenue Bond Series 2007 10,230,000
Total defeased debt $ 37,605,000
G. Special Assessment Debt
The County is acting as the agent for the property owners in several municipal service benefit units
located within the County. The County is not liable for the repayment of the debt and is only collecting
the assessments and forwarding the collections to the paying agent. As such, the debt related to these
bond issues is not reflected in the accompanying financial statements. The amount of the debt
outstanding at September 30,2016, is as follows:
Description Amount
Special Assessment Improvement Bond, Series 20068, $168,000 (Greenacres MSBU)
Special Assessment Improvement Bond, Series 2007A, $16,000,000 (Indian fuver Estates MSBU)
Special Assessment Improvement Bond, Series 2008A, $150,000 (Lake Drive MSBU)
$ 59,558
6,s02,022
74,871
Special Assessment Improvement Bond, Series 20098, $3,130,000 (Sunland Gardens Phase II MSBU) 1,500,280
Total $ 8,136,731
H. Capital Leases
1. The County has entered into a lease agreement as lessee with CitiCapital to construct water
conservation equipment through Florida Power and Light. This lease agreement qualifies as a capital
lease for accounting purposes and, therefore, has been recorded at the present value ofits future
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
minimum lease payments as of the inception date.
The property being leased has a cost of $1,400,000 and a carrying value of $175,000. The future
minimum lease obligation and the net present value of these minimum lease payments as of September
30,2076 were as follows:
Year Ending September 30,
Governmental
Activities
2017
Less: amount representing interest
Present value of minimum lease payments
$ 44,288
(l,304)
$ 42,984
2. The County entered into a lease/purchase agreement as lessee with Banc of America Corp. to
acquire certain road & bridge heavy equipment in f,rscal year 2015. This lease agreement qualifies as a
capital lease for accounting purposes and, therefore, has been recorded at the present value of its future
minimum lease payments as of the inception date.
The property being leased has a cost of $ 1,062,889 and a carrying value of $854,052. The future
minimum lease obligation and the net present value of these minimum lease payments as of September
30,2016 were as follows:
Year Endins September 30.
Governmental
Activities
2017
201 8
2019
Total minimum lease payments
Less: amount representing interest
Present value of minimum lease payments
$ 219,865
2r9,865
2r9,86s
6s9,59s
(14,827)
644.768
3. The County entered into a lease/purchase agreement as lessee with AT&T to acquire certain
intemet communication equipment in fiscal year 2015. This lease agreement qualifies as a capital lease
for accounting purposes and, therefore, has been recorded at the present value of its future minimum
lease payments as of the inception date.
The property being leased has a cost of $27,153 and a carrying value of $14,331. The future minimum
lease obligation and the net present value of these minimum lease payments as of September 30,2016
were as follows:
Year Endine September 30.
Governmental
Activities
2017
Less: amount representing interest
Present value of minimum lease payments
$ 8,243
(106)
s 8,137
4. The County entered into a lease/purchase agreement as lessee in the amount of $9,305,379,with
Banc of America Corp. to construct certain energy savings improvements to County facilities in fiscal
year 2015 . As of September 30, 2016, the improvements are still under construction and $3,73 8,43 8 has
been recqrded as construction in progress with no amortization recorded as of September 30, 2016.
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
NOTE 11 _ LANDFILL CLOSURE AND POSTCLOSURE CARE COSTS
Federal and state laws and regulations require the County to incur various estimated costs of closing
landfill sites and to provide for the long-term care and maintenance of the landfill sites for up to 30 years
after closure.
The amounts amortized are placed in interest bearing accounts in accordance with state regulations. The
County utilized the landfill capacity used method to determine the amortization expense and
accumulated amortization of these estimated costs. As of the balance sheet date, the estimated capacity
used was 60.32% for the existing construction debris (C&D) landfill and 62.260/o for the Class I Phase
IIIB site, which began accepting waste in March 2010.
All capacity has been used for the Class I Phase I site, Class 1 Phase II site, Class 1 Phase IIIA site, and
C&D Processing Facility. The Class I Phase 1, Phase II, and Phase IIIA are permanently closed.
The County is required by state and federal laws and regulations to fund the liabilities associated with
the estimated costs of closure and long-term care and maintenance of its landfill sites.
The County has restricted cash in an amount equal to the liability from restricted assets below. The
federal and state regulations also require the County to provide for the estimated long-term care and
maintenance costs for the next year at the Class I Phase I, Phase II, and IIIA sites.
The remaining estimated costs at the existing landfills, which total $2,985 ,477,willbe recognized in
future years as the remaining estimated capacity is filled. The amounts are based on the cost estimates
for closure and postclosure care as ofthe balance sheet date.
The liabilities included in the balance sheet for these estimated costs at September 30, 2016, are as
follows:
Liability From
Restricted
Assets
Other
Non-Current
Liabilities Total
Existing landfi 11 sites:
C&D closure costs
C&D Processing Facility closure costs
C&D long-term maintenance
Class I Phase IIIB closure costs
Class I Phase IIIB long-term maintenance
Total existing landfill sites
Previous landfi ll sites:
Phase I long-term maintenance
Phase II long-term maintenance
Phase IIIA long-term maintenance
$ 1,56s,738
2,88s
1,736,330
3,304,9s3
s (22,s67)
220,407
50,609
1,224,260
1,472,709
6,233,529
4,410,749
1,909,644
12,613,922
$ 14,086,63 r
$ 1,s43,171
2,885
220,407
l,7g6,939
1,224,260
4,777,662
6,233,529
4,470,749
1,909,644
12,613,922
$ 17,391,584
Class
Class
Class
Total previous landfill sites
Total liabilities $ 3,304,953
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
Federal and state regulations require $1,565,738 to be set aside in the restricted cash and liabilities from
restricted assets for C&D closure costs. GAAP requires the liabilities to reflect the capacity used, which
is $1,543,171. Therefore, a negative amount of $22,567 is presented in the other non-current liability
column.
The County currently expects to close the existing C&D site in 2058 and the existing Class 1 Phase IIIB
site in 2021. Acnnl costs may be higher due to inflation, changes in technology, or changes in
regulations. The County has established liabilities for the estimated postclosure care and maintenance
on the closed landfill sites. The estimated costs for the postclosure care and maintenance of these sites
are reflected as landfill closure liabilities in the accompanying balance sheet.
NOTE 12 _DEFINED BENEFIT PENSION PLANS
Florida Retirement System:
General Information - All of the County's employees participate in the Florida Retirement System
(FRS). As provided by Chapters l2l and 112, Florida Statutes, the FRS provides two cost sharing,
multiple employer defined benefit plans administered by the Florida Department of Management
Services, Division of Retirement, including the FRS Pension Plan ("Pension Plan") and the Retiree
Health Insurance Subsidy ("HIS Plan"). Under Section 12I.4501, Florida Statutes, the FRS also
provides a defined contribution plan ("Investment Plan") alternative to the FRS Pension Plan, which is
administered by the State Board of Administration ("SBA"). As a general rule, membership in the FRS
is compulsory for all employees working in a regularly established position for a state agency, county
govemment, district school board, state university, community college, or a participating city or special
district within the State of Florida. The FRS provides retirement and disability benefits, annual cost-of-
living adjustments, and death benefits to plan members and beneficiaries. Benefits are established by
Chapter 121, Florida Statutes, and Chapter 605, Florida Administrative Code. Amendments to the law
can be made only by an act of the Florida State Legislature.
The State of Florida annually issues a publicly available financial report that includes financial
statements and required supplementary information for the FRS. The latest available report may be
obtained by writing to the State of Florida Division of Retirement, Department of Management Services,
P.O. Box 9000, Tallahassee, Florida32315-9000, or from the Web site:
The County's pension expense totaled $16,394,711 for the fiscal year ended September 30,2016.
Pension Plan
Plan Description - The Pension Plan is a cost-sharing multiple-employer defined benefit pension plan,
with a Deferred Retirement Option Program ("DROP") for eligible employees.
Benefits Provided - Benefits under the Pension Plan are computed on the basis of age, average final
compensation, and service credit. For Pension Plan members enrolled before July 1, 2011, Regular class
72
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
members who retire at or after age 62 with at least six years of credited service or 30 years of service
regardless of age are entitled to a retirement benefit payable monthly for life, equal to l.60/o of their final
average compensation based on the five highest years of salary, for each year of credited service.
Vested members with less than 30 years of service may retire before age 62 and receive reduced
retirement benefits. Special Risk Administrative Support class members who retire at or after age 55
with at least six years of credited servic e or 25 years of service regardless of age are entitled to a
retirement benefit payable monthly for life, equal to 1 .6% of their final ayerage compensation based on
the five highest years of salary, for each year of credited service. Special Risk class members (swom law
enforcement officers, firefighters, and correctional officers) who retire at or after age 55 with at least six
years of credited service, or with 25 years of service regardless of age, are entitled to a retirement benefit
payable monthly for life, equal to 3.0% of their final average compensation based on the five highest
years of salary for each year of credited service. Senior Management Service class members who retire
at or after age 62 with at least six years of credited service or 30 years of service regardless of age are
entitled to a retirement benefit payable monthly for life, equal to 2.0o/o of their final average
compensation based on the five highest years of salary for each year of credited service. Elected
Officers' class members who retire at or after age 62 with at least six years of credited service or 30
years of service regardless of age are entitled to a retirement benefit payable monthly for life, equal to
3.0% (3 .33% for judges and justices) of their final average compensation based on the five highest years
of salary for each year of credited service.
For Plan members enrolled on or after July 1, 2011, the vesting requirement is extended to eight years of
credited service for all these members and increasing normal retirement to age 65 or 33 years of service
regardless of age for Regular, Senior Management Service, and Elected Offrcers' class members, and to
age 60 or 30 years of service regardless of age for Special Risk and Special Risk Administrative Support
class members. Also, the final average compensation for all these members will be based on the eight
highest years of salary.
As provided in Section I2l .l0l , Florida Statutes, if the member is initially enrolled in the Pension Plan
before July 1, 20 1 1, and all service credit was accrued before July 1 , 201 I , the annual cost-of- living
adjustment is three percent per year. If the member is initially enrolled before July 1, 2011, and has
service credit on or after July 1, 2011, there is an individually calculated cost-of-living adjustment. The
annual cost-of-living adjustment is a proportion of three percent determined by dividing the sum of the
pre-July 2011 service credit by the total service credit at retirement multiplied by three percent. Plan
members initially enrolled on or after July 1, 2011, will not have a cost-of-living adjustment after
retirement.
In addition to the above benefits, the DROP program allows eligible members to defer receipt of
monthly retirement benefit payments while continuing employrnent with a FRS employer for a period
not to exceed 60 months after electing to participate. Deferred monthly benefits are held in the FRS
Trust Fund and accrue interest. There are no required contributions by DROP participants. The net
pension liability does not include amounts for DROP participants as these members are considered
retired and are not accruing additional pension benefits.
Contributions - Effective July 1, 2071, all enrolled members of the FRS, other than DROP participants,
are required to contribute three percent of their salary to the FRS. In addition to member contributions,
governmental employers are required to make contributions to the FRS based on state-wide contribution
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
rates established by the Florida Legislature. These rates are updated as ofJuly 1 ofeach year. The
employer contribution rates by job class for the periods from October 1, 2015 through June 30, 2016 and
from July 1,2016 through September 30,2076, respectively, were as follows: Regular -7.260/o and
7.52%; Special Risk Administrative Support - 32.95% ard28.06%o; Special Risk - 22.04% and22.57oh;
Senior Management Service - 21.43% and2l.7lo/o; Elected Officers' - 42.27% and 42.47o/o; and DROP
participants - 12.88% and 12.99o/o. These employer contribution rates include 1.66o/o and 1.66% HIS
Plan subsidy for the periods October 1,2015 through June 30,2016 and from July 1,2016 through
September 30, 2016, respectively.
The County's contributions, including employee contributions, to the Pension Plan totaled $8,001,879
for the fiscal year ended September 30,2016.
Pension Liabilities. Pension Expense. and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions - At September 30,2016, the County reported a liability of $8 i,865,847
for its proportionate share of the Pension Plan's net pension liability. The net pension liability was
measured as of June 30,2016, and the total pension liability used to calculate the net pension liability
was determined by an actuarial valuation as of July I , 2016. The County's proportionate share of the net
pension liability was based on the County's 2015-16 fiscal year contributions relative to the 2015-16
fiscal year contributions of all participating members. At June 30,2016, the County's proportionate
share was 0.324220168 percent, which was an increase of 9.38 percent from its proportionate share
measured as of June 30,2015.
For the fiscal year ended September 30,2016, the County recognized pension expense of $13,620,307.
In addition the County reported deferred outflows of resources and deferred inflows of resources related
to pensions from the following sources:
Description
Differences between expected and actual experience
Change of assumptions
Net difference between projected and actual
eamings on Pension Plan investments
Changes in proportion and differences between
County Pension Plan contributions and
proportionate share of contributions
County Pension Plan contributions subsequent to the measurement date
Total
Deferred Outflows Deferred [nflows
ofResources ofResources
$ 40,766,sr4 $ (1,303,9s0)
The deferred outflows of resources related to the Pension Plan, totaling $2,563,492 resulting from
County contributions to the Plan subsequent to the measurement date, will be recognized as a reduction
of the net pension liability in the fiscal year ended September 30, 2017 . Other amounts reported as
deferred outflows of resources and deferred inflows of resources related to the Pension Plan will be
recognized in pension expense as follows:
$ 6,268,280 $(162,226)
4,952,638
21,161323
s,820,781
2,563,492
(s41,724)
74
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
Fiscal Year Ending
September 30: Amount
$ 5,493,000
5,493,000
13,742,998
9,565, l8 I
1,9s2,798
Thereafter 652,095
Total $ 36,899,072
Actuarial Assumptions - The total pension liability in the June 30, 2016 acttaial valuation was
determined using the following actuarial assumption, applied to all period included in the measurement:
2017
201 8
2019
2020
2021
Inflation
Salary increases
Investment rate of retum
2.60%
3.25Yo, average, including infl ation
7.600/o, net of pension plan investment
expense, including inflation
Compound
Annual AnnualTarget Arithmetic (Geometric) Standard
Allocation (1) Return Return Deviation
0 3.0% 3.0% 1.7%0 4.7yo 4.6% 4.6%7 8.to/o 6.9% l7.2%0 6.4% s.8% 12.0%0 t1.s% 7.8% 30.0%0 6.toA 5.6% tt.t%
Mortality rates were based on the Generational RP-2000 with Projection Scale BB tables.
The actuarial assumptions used in the July 1,2016, valuation were based on the results of an acfuarial
experience study for the period July 1, 2008 through June 30, 2013.
The long-term expected rate of return on Pension Plan investments was not based on historical retums,
but instead is based on a forward-looking capital market economic model. The allocation policy's
description of each asset class was used to map the target allocation to the asset classes shown below.
Each asset class assumption is based on a consistent set of underlying assumptions and includes an
adjustment for the inflation assumption. The target allocation and best estimates of arithmetic and
geometric real rates of return for each major asset class are summarizedinthe following table:
Asset Class
Cash
Fixed Income
Global Equities
Private Equities
Strategic Investments
Real Estate
Total
Assumed Inflation - Mean 2.6% 1.9%
(l) As outlined in the Pension Plan's investment policy
75
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
Discount Rate - The discount rate used to measure the total pension liability was I .60/o. The Pension
Plan's fiduciary net position was projected to be available to make all projected future benefit payments
of current active and inactive employees. Therefore, the discount rate for calculation the total pension
liability is equal to the long-term expected rate of retum.
Rate - The following represents the County's proportionate share of the net pension liability calculated
using the discount rate of 7 .60/o, as well as what the County's proportionate share of the net pension
liability would be if it were calculated using a discount rate that is one percentage point lower (6.6%) or
one percentage point higher (8.6%) than the current rate:
County's proportionate share of
the net pension liability
Current
1oZ Decrease Discount Rate 1%o Increase
(6.6%) (7.6%) (8.6%)
$ 150,720,567 $ 81,865,847 $ 24,553,386
Pension Plan Fiduciary Net Position - Detailed information regarding the Pension Plan's fiduciary net
position is available in the separately issued FRS Pension Plan and Other State-Administered Systems
Comprehensive Annual Financial Report.
Payables to the Pension Plan - At Septemb er 30,2016, the County reported a payable in the amount of
$531,670 for outstanding contributions to the Pension Plan required for the fiscal year ended September
30,2016.
HIS Plan
Plan Description - The HIS Plan is a cost-sharing multiple-employer defined benefit pension plan
established under Section 112.363, Florida Statutes, and may be amended by the Florida legislature at
any time. The benefit is a monthly payment to assist retirees of State-administered retirement systems in
paying their health insurance costs and is administered by the Florida Department of Management
Services, Division of Retirement.
Benefits Provided - For the fiscal year ended September 30,2016, eligible retirees and beneficiaries
received a monthly HIS payment of $5 for each year of creditable service completed at the time of
retirement, with a minimum HIS payment of $30 and a maximum HIS payment of $150 per month. To
be eligible to receive these benefits, a retiree under a State-administered retirement system must provide
proof of health insurance coverage, which may include Medicare.
Contributions - The HIS Plan is funded by required contributions from FRS participating employers as
set by the Florida Legislature. Employer contributions are a percentage of gross compensation for all
active FRS members. For the fiscal year ended September 30,2016, the HIS contribution for the period
October I,2015 throughJune 30,2016ardfromJuly I,2016 through September 30,2016was7.66oh
a;ad I .66%o, respectively. The County contribute d 100% of its statutorily required contributions for the
current and preceding three years. HIS Plan contribution are deposited in a separate trust fund from
which payments are authorized. HIS Plan benefits are not guaranteed and are subject to annual
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
legislative appropriation. In the event legislative appropriation or available funds fail to provide full
subsidy benefits to all participants, benefits may be reduced or cancelled.
The County's contributions to the HIS PIan totaled $1,376,328 for the fiscal year ended September 30,
20t6.
Pension Liabilities. Pension Expense. and Deferred Outflows of Resources and Deferred lnflows of
Resources Related to Pensions - At September 30, 2016, the County reported a liability of $31 ,225 ,637
for its proportionate share of the HIS Plan's net pension liability. The net pension liability was
measured as of June 30,2016, and the total pension liability used to calculate the net pension liability
was determined by an actuarial valuation as of July 7,2016. The County's proportionate share of the net
pension liability was based on the County's 2015-16 fiscal year contributions relative to the 2015-16
fiscal year contributions of all participating members. At June 30,2016, the County's proportionate
share was 0.267925759 percent, which was an increase of 2.32 percent from its proportionate share
measured as of June 30,2015.
For the fiscal year ended September 30,2016, the County recognized pension expense of $2,714,404.In
addition the County reported deferred outflows of resources and deferred in flows of resources related
to pensions from the following sources:
Description
Differences between expected and actual experience
Change of assumptions
Net difference between projected and actual eamings
on Pension Plan investments
Changes in proportion and differences between
County Pension Plan contributions and proportionate
share ofcontributions
County Pension Plan contributions subsequent to the measurement date
Total
Deferred Outflows Deferred Inflows
ofResources ofResources
(r14,829)
$ 6,3s9,267 $ (18s,9s0)
The deferred outflows of resources related to the HIS Plan, totaling $351,989 resulting from County
contributions to the HIS Plan subsequent to the measurement date, will be recognized as a reduction of
the net pension liability in the fiscal year ended September 30,2017 . Other amounts reported as
deferred outflows of resources and deferred inflows of resources related to the HIS Plan will be
recognized in pension expense as follows:
$ (7t,t2t)
4,900,096
15,788
r,091,394
3s 1,989
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
Fiscal Year Ending
September 30: Amount
2017 $ 1,047,49s2018 1,047,49s2019 1,044,4892020 1,043,046202t 89s,878Thereafter 7 42,925Total $ 5,821,328
Actuarial Assumptions - The total pension liability in the July 1,2016, actuarial valuation was determined
using the following actuarial assumptions, applied to all periods included in the measurement:
Inflation 2.60%
Salary increases 3.25%o, average, including inflation
Municipal bond rate 2.85%
Mortality rates were based on the Generational RP-2000 with Projection Scale BB tables.
The acfuarial assumptions used in the July 1,2016, valuation were based on the results of an actuarial
experience study for the period July 1, 2008 through June 30, 2013.
Discount Rate - The discount rate used to measure the total pension liability was 2.85%o.In general, the
discount rate for calculating the total pension liability is equal to the single rate equivalent to
discounting at the long-term expected rate of return for benefit payments prior to the projected depletion
date. Because the HIS benefit is essentially funded on a pay-as-you-go basis, the depletion date is
considered to be immediate, and the single equivalent discount rate is equal to the municipal bond rate
selected by the HIS Plan sponsor. The Bond Buyer General Obligation 20-Bond Municipal Bond lndex
was adopted as the applicable municipal bond index.
Rate - The following represents the County's proportionate share of the net pension liability calculated
using the discount rate of 2.85o/o, as well as what the County's proportionate share of the net pension
liability would be if it were calculated using a discount rate that is one percentage point lower (1.85%)
or one percentage point higher (3.85%) than the current rate:
lolo Decrease ,,r"tJlrit"" loz Increase(1.85%) (2.8s%) (3.8s%)
County's proportionate share of
the net pension liability $ 35,822,900 $ 31,225,637 $ 27,410,160
HIS Pension Plan Fiduciary Net Position - Detailed information regarding the HIS Plan's fiduciary net
position is available in the separately issued FRS Pension Plan and Other State-Administered Systems
Comprehensive Annual Financial Report.
78
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
Payables to the HIS Pension Plan - At September 30, 2076, the County reported a payable in the amount
of $ I 10,455 for outstanding contributions to the HIS Plan required for the fiscal year ended September
30,2016.
Investment Plan
The SBA administers the def,rned contribution plan officially titled the FRS Investment Plan. The
lnvestment Plan is reported in the SBA's annual financial statements and in the State of Florida
Comprehensive Annual Financial Report.
As provided by Section 121.4501, Florida Statutes, eligible FRS members may elect to participate in
the lnvestment Plan in lieu of the FRS defined benefit plan. County employees participating in DROP
are not eligible to participate in the Investment Plan. Employer and employee contributions, including
amounts contributed to individual member's accounts, are defined by law, but the ultimate benefit
depends in part on the performance of investment funds. Benefit terms, including contribution
requirements, for the Investment Plan are established and may be amended by the Florida Legislature.
The Investment Plan is funded with the same employer and employee contribution rates that are based
on salary and membership class (Regular Class, Elected County Officers, etc.), as the Pension Plan.
Contributions are directed to individual member accounts, and the individual members allocate
contributions and account balances among various approved investment choices. Costs of administering
the Investment Plan, including the FRS Financial Guidance Program, are funded through an employer
contribution of 0.04 percent of payroll and by forfeited benefits of plan members. Allocations to the
investment member's accounts during the 2015-16 fiscal year, as established by Section I21.72, Florida
Statutes, are based on a percentage of gross compensation, by class, as follows: Regular class 6.300/o,
Special Risk Administrative Support class 7.95o/o, Special Risk class 14.00oA, Senior Management
Service class 7 .67Y, and County Elected Officers class 1 1.34%.
For all membership classes, employees are immediately vested in their own contributions and are vested
after one year of service for employer contributions and investment earnings. If an accumulated benefit
obligation for service credit originally eamed under the Pension Plan is transferred to the Investment
Plan, the member must have the years of service required for Pension Plan vesting (including the
service credit represented by the transferred funds) to be vested for these funds and the earnings on the
funds. Nonvested employer contributions are placed in a suspense account for up to five years. If the
employee returns to FRS-covered employment within the five-year period, the employee will regain
control over their account. If the employee does not return within the five-year period, the employee
will forfeit the accumulated account balance. For the fiscal year ended September 30, 2016, the
information for the amount of forfeitures was unavailable from the SBA; however, management
believes that these amounts, if any, would be immaterial to the County.
After termination and applying to receive benefits, the member may rollover vested funds to another
qualified plan, structure a periodic payment under the Investment Plan, receive a lump- sum
distribution, leave the funds invested for future distribution, or any combination of these options.
Disability coverage is provided; the member may either transfer the account balance to the Pension Plan
when approved for disability retirement to receive guaranteed lifetime monthly benefits under the
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
Pension Plan, or remain in the Investment Plan and rely upon that account balance for retirement
income.
The County's contributions, including employee contributions, to the lnvestment Plan totaled
$4,398,866 for the fiscal year ended September 30,2016. The County's Investment Plan pension
expense totaled $3,621,808 for the fiscal year ended September 30,2016, which is included in the
pension plan expense.
Payable to the Investment Plan - At September 30, 2016,the County reported a payable in the amount
of $302,028 for outstanding contributions to the Investment Plan required for the fiscal year ended
September 30,2016.
NOTE 13 - OPERATING LEASES
A. Operating Leases - Governmental Activities
The County has entered into various operating leases both as lessor and lessee. Lease revenues totaled
$1,250,341 and lease expenditures totaled $2,088,658 for the current fiscal year.
The following is a schedule, by year, of the fufure minimum lease receipts and payrnents of the various
non-cancelable operating leases in which the County is involved:
Year Ending September 30,Receipts Payments
2017
2018
2019
2020
2021
2022 -2026
2027 -2031
2032 - 2036
2031 -204t
2042 - 2046
2047 -2051
2052 - 2056
20s6 - 2061
2062 - 2066
2067 -2071
Total
$ s67,143 $
s6s,793
560,993
53 8,033
438,747
1,899,987
1,734,793
1,6s8,864
t,6s7,002
t,657,002
t,611,243
1,523,206
510,735
647,146
355,403
)41 o1')
I 59,8 14
153,066
464,275
t5,375
15,375
t2,975
12,07s
7,575
4,500
1 qoo
2,400
900
$ 14,923,s41 $ 2,098,7s1
Most leases provide for future increases based upon the consumer price index. Those increases are not
reflected in the computation of future lease receipts. The property being leased included in the
Statement of Net Position has a cost of $6,248,91 6 and a carrying value $2,366,107 . For fiscal year
2016,total depreciation for depreciable property being leased is $148,519.
80
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
B. Operating Leases - Business-type Activities
1. The County is obligated under an airport land lease for the Golf Course Fund. The lease does not
give rise to property rights or lease obligations. Total costs for such lease was $82,500 for fiscal year
2016. The following is a schedule by year of the future minimum lease payments of the airport land
lease in which the County is involved:
Year Ending September 30, Payments
2017 82,s00
2018 82,500
20t9 82,s00
2020 82,500
Total $ 330,000
2. The County is obligated under various operating leases for the proprietary funds. The leases do not
give rise to property rights or lease obligations. Total costs for such leases were $72,906 for fiscal year
2016. The following is a schedule by year of the future minimum lease payments of the operating leases
in which the County is involved:
Year Ending September 30,
2017
201 8
2019
Total
Gotf Carts OffifC XSgtp-941
66,720
66,720
180,480
$ 313,920 $ 36,488
17,283
t5,645
3,s60
NOTE 14 _ CONDUIT DEBT
From time to time, the County has issued Industrial Revenue Bonds to provide financial assistance to
private-sector entities for the acquisition and construction of industrial and commercial facilities deemed
to be in the public interest. The County has also participated with other counties in the issuance of
Housing Authority Bonds to provide down payment and other financial assistance to low and moderate
income individuals and families. The bonds are secured by the property financed and are payable solely
from payments received on the underlying debt. Upon repayment of the bonds, ownership of the
required facilities transfers to the private-sector entity, or individuals, served by the bond issuance.
Neither the County, the State, nor any political subdivision thereof is obligated in any manner for
repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanyrng
financial statements.
As of September 30, 2016 there were two Industrial Revenue Bonds Series outstanding. The aggregate
outstanding principal amount for these series as of September 30,2016, was $320,995,000.
The St. Lucie County Housing Finance Authority has participated with other authorities on four Housing
Finance Authority bonds. The aggregate outstanding principal amount for these series as of September
30, 2016, was $32,089,7 I 2.
81
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
The Reserve Community Development District outstanding conduit debt totaled $2,345,000.
The Reserve Community Development District II outstanding conduit debt was $2,025,000.
NOTE 15 _ F'UND BALANCES
A. Restricted Fund Balances for Other Capital Projects
The following nonmajor governmental funds have restricted fund balances in the restricted fund
balances for other capital projects category as of September 30, 2016:
Restricted Fund Balances for Other Capital Projects
County Capital Fund
County Capital State Revenue Share Bond Fund
County Capital Transportation Bond Fund
Jail Security Upgrade Fund
Capital Improvement Revenue Bonds 2015 Fund
Energy Efficiency FPL 2015 Fund
Sports Complex Improvements Fund
MSBU Intemal Financed Projects Fund
MSBU External Financed Projects Fund
Total Nonmajor Govemmental Funds
Restricted Fund Balances for Other Purposes
Grants and Donation Fund
Library Special Fund
Drug Abuse Fund
Plan Maintenance RAD Fund
Tourist Development lst, 2nd, 3rd & 5th Cent Fund
SLC Housing Finance Authority Fund
Bluefield Ranch Improvements Fund
Florida Housing Grant Fund
Sports Complex Fund
SLC Sustainability District Fund
Total Nonmajor Govemmental Funds
6,457,151
2,850,642
4,693,447
1,893,942
6,720,s77
5,551,944
419,348
605,262
806,548
$ 29,998,861
B. Restricted Fund Balances for Other Purposes
The following nonmajor governmental funds have restricted fund balances in the restricted fund
balances for other purposes category as of September 30, 2016:
$ 266,805
205
120,598
29,736
2,093,709
81,589
135,999
8,548
t,091,101
4,556
$ 3,833,451
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
C. Committed Fund Balances for Other Purposes
The following nonmajor governmental funds have committed fund balances in the committed fund
balances for other purposes category as of September 30,2016:
Law Enforcement MSTU Fund
Impact Fee Collections Fund
Law Enforcement Fund
SLC Economic Development Fund
Supervisor of Elections
Total Nonmajor Govemmental Funds $ 1,383,564
NOTE 16 - FrrND EQUITY DEFTCTT
The Golf Course Fund has a deficit net position balance of $4,954,571 at September 30,2016.
NOTE 17 _ RISK MANAGEMENT
General Liability, Property and Worker's Compensation
The County is exposed to various risks of loss related to torts, theft of, damage to and destruction of
assets, errors or omissions, injuries to employees, and nafural disasters. The Board and other
Constitutional Officers (other than the Sheriffl comprising the primary govemment, participate in a
public entity risk pool - Treasure Coast Risk Management Program (TRICO) for the purpose of
obtaining various insurance coverage other than health and life insurance. Other members of the pool
consist of Martin County, Florida, City of Port St. Lucie, Florida and City of Stuart, Florida. The pool
was created by an interlocal agreement under the provisions of Section 1 63.01 , Florida Statutes. The
goveming Board of Directors of the pool, which is comprised of representatives of each of the members,
has the authority to contract for claims servicing and risk management and loss prevention services. The
Board and other Constitutional Officers (other than the Sheriff) pay their share of contributions into the
pool based on the value of covered property, prior claims experience, and allocated expenses. Required
contributions are considered expenditures when the liability is incurred. Members of the pool are
responsible for deficiencies arising from specific claims if claims are in excess of reinsurance limits.
The County has no other costs, other than deductible amounts, in connection with the risk pool.
TRICO issues a publicly available financial report that includes financial statements and required
supplementary information for the program. That report may be obtained by writing to the Employers
Mutual Inc., 700 Central Parkway, Stuart, Florida 34994.
The County is self insured for group health insurance covering employees and their eligible dependents.
As required by Section 1 12.08 1 , Florida Statutes, retirees and their eligible dependents are provided the
same health care coverage as is offered to active employees; however, the retirees are responsible for
payment of the premiums. Medical claims are paid from premiums contributed by employees, retirees,
and the County. Premiums and contributions are determined by projected claims based on historical
and actuarial experience. The self insurance plan assumes all risk for claims up to $135,000 per
individual, per year, and has purchased a reinsurance policy to cover claims in excess of this amount.
$ I,176,309
tt2,tt4
81,733
13,373
35
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
There were eight claims in excess of the limit for fiscal year 2016, nine claims in excess of the limit for
fiscal year 2015, and five claims in fiscal year 2014.
The IBNR (incurred but not reported) claims liability of $659,23 8, reported at September 30, 20 16, is
based on the requirements of generally accepted governmental accounting standards, which require that
a liability for claims be reported if information prior to the issuance of the financial statements indicates
that it is probable that a liability has been incurred at the date of the financial statements, and the amount
of the loss can be reasonably estimated. Estimates for claims incurred but not reported are actuarially
determined and recorded and are generally payable within the next year. Nonincremental claims and
adjustment expenses have been included as part of the claims liability.
Changes in
Fiscal Beginning Estimates and Claim Ending
Year Balance Claims Incurred Payments Balance
2013-2014 $ 1,000,000$ 10,107,100$ 10,117,100$ 990,000
2014-201s $ 990,000$ 10,696,964 $ 10,820,964$ 866,0002015-2016$866,000$10,530,228$10,736,990$6s9,238
The Sheriffjoined with other Sheriffs in the State to form the Florida Sheriff Self Insurance Fund, a
public entity risk pool, under the provision of state statutes. The Sheriff pays its share of contributions
into the pool based on the value of the property covered, prior claims experience and allocation of
experience. These contributions are considered expenditures when the liability is incurred. The Sheriff
has no other costs other than deductible amounts in connection with the risk pool.
The Sheriff also participated in a group health insurance risk pool and a workman's compensation risk
pool together with other sheriffs in the state. These plans are administered by the Florida Sheriff s
Association Multiple Employer Trust and the Florida Sheriff s Association respectively. An expenditure
is recognized for contributions made by the Sheriff into the pools based on historical claims information.
The Sheriff also continues to carry commercial insurance for the risk of loss on watercraft and aviation
equipment.
NOTE 18 _ POST EMPLOYMENT BENEFITS
The County has two single employer defined benefit healthcare plans, the County Plan and the St. Lucie
Sheriff Plan.
The County Plan allows its employees and their beneficiaries to continue obtaining health, dental, and
other insurance benefits upon retirement. The County amended its policy effective October 1,2004, for
employee retirements after that date, to provide for payment of the monthly single premium for the
employee and $ 100 toward the cost of eligible dependent coverage, if covered at the time of retirement,
for employees who meet the following eligibility requirements:
o Active fulI time employees with 10 years of continuous service with the County covered by the
health plan at the time of retirement.
o Either 30 years of service under the Florida Retirement System (FRS), or vested under the FRS and
St. Lucie County, f,'lorida
Notes to Financial Statements (continued)
Year Ended September 30,2016
reach normal retirement age or 62 years old.
o Monthly premiums will be paid until the retiree becomes MedicareAyledicaid eligible. The $ 100
supplement for dependent coverage will continue until the dependent becomes eligible for
coverage under another group plan or becomes Medicare/Medicaid eligible.
The County further amended its policy in fiscal year 2074 to limit the above post-employment benefit to
employees hired before October 1,2013.
The St. Lucie Sheriff Plan provides postemployment health insurance benefits for employees and sworn
officers upon retirement and subsidizes a portion of the premiums. Retirees with at least 25 years or
more of service under the Sheriff are offered free retiree health coverage until they attain eligibility for
Medicare benefits. The provisions of the plan for the St. Lucie Sheriff Office may be amended through
negotiations between the St. Lucie Sheriff and its employee bargaining units.
The benefits of both the County Plan and the Sheriff Plan conform to Florida Statutes, which are the
legal authority for the plan. Both plans have no assets and do not issue separate financial reports.
The numbers of plan participants for the County Plan and the St. Lucie Sheriff Plan are as follows:
St. Lucie
County Plan SheriffPlan
Active employees
Retirees and spouses
Total participants
986
49
s99
6t
1,03s
The County and St. Lucie Sheriff annual other postemployment benefit (OPEB) cost for the plan is
calculated based on the annual required contribution of the employer, aL amount actuarially determined
in accordance with the parameters of GASB Statement No. 45. The annual required contribution
represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each
year and to amortize any unfunded actuarial liabilities over a period not to exceed thirty years. Neither
plan funds its OPEB plan in a trust. The annual OPEB cost for the County and the St. Lucie Sheriff for
the current year and the related information are as follows:
St. Lucie
County Plan Sheiff Plan
Required contribution rates:
Employer Pay-as-you-go Pay-as-you-go
Active plan members N/A N/A
Annual required contribution S 2,254,994 S 2,950,243
Interest on net OPEB obligation 758,749 638,138
Adjustment to annual required contribution (728,914) (725,157)
Annual OPEB cost 2,284,829 2,863,224
Employer contributions (825,526) (929,006)
Increase in net OPEB obligation 1,459,303 1,934,218
Net OPEB obligation at beginning of year 18,968,731 15,953,455
Net OPEB obligation at end of year $ 20,428,034 $ 17,887,673
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
The annual OPEB cost, the percentage of annual OPEB cost contributed and the net OPEB obligation
for 2014,2015, and2016 for each of the plans were as follows:
Fiscal Year
Ending
Annual Percentage
OPEB Cost Contributed
Net OPEB
Oblisation
County Plan:
September 30,2014
September 30, 2015
September 30,2016
St. Lucie Sheriff Plan:
September 30,2014
September 30,2075
September 30,2016
$
$
$
$
$
$
2,522,545
2,198,626
2,284,829
2,941,936
3,096,283
2,863,224
20.8r%
32.1r%
36.13%
32.04%
37.76%
32.450h
17,475,939
18,968,731
20,428,034
14,026,327
15,9s3,45s
17,887,673
Funded Stafus and Funding Progress
The funding status of the County Plan as of October 1,2014 was as follows:
Actuarial accrued liability
Actuarial value ofplan assets
Unfunded actuarial accrued liability
Funded ratio
Covered papoll
Unfunded actuarial accrued liability as a
percentage of covered payoll
$ 24,165,595
$
$ 24,165,595
0%
$ 42,104,035
s7.40%
The funding status of the St. Lucie Sheriff Plan as of July 1,2015 was as follows:
3t,780,171
31,780,171
0%
$ 34,393,153
92.40%
Actuarial valuations involve estimates of the value of reported amounts and assumptions about the
possibility of events in the future. Amounts determined regarding the funded status of the plan and the
annual required contributions of the employer are subject to continual revision as actual results are
compared to past expectations and new estimates are made about the fufure. The required schedule of
funding progress presented as required supplementary information (page 90) is designed to provide
multi-year trend information to show whether the actuarial value of plan assets is increasing or
decreasing over time relative to the actuarial liability for benefits. However, neither plan has contributed
assets to its plan at this time.
The schedule of funding progress, presented as required supplementary information following the notes
to the financial statements, present multi-year trend information about whether the actuarial value of
plan assets is increasing or decreasing in time relative to the actuarial accrued liability.
Actuarial accrued liability
Actuarial value of plan assets
Unfu nded actuarial accrued liability
Funded ratio
Covered payroll
Unfunded actuarial accrued liability as a
percentage of covered palroll
$
$
$
86
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
Actuarial Methods and Assumptions
Projections of benefits are based on the substantive plan (the plan as understood by the employer and
plan members) and include the types of benefits in force at the valuation date and the pattem of sharing
benefit costs between the County and the plan members to that point. Actuarial calculations reflect a
long-term perspective and employ methods and assumptions that are designed to reduce short-term
volatility in actuarial accrued liabilities and the actuarial value of assets. Significant methods and
assumptions were as follows:
St. Lucie
County Plan Sheriff Plan
Actuarial valuation date
Actuarial cost method
Amortization method
Remaining amortization period
Asset valuation method
Actuarial assumptions:
Investment rate of refurn *
Projected salary increases *
Payoll growth assumptions
Health inflation rate - initial
Ultimate trend rate
* Includes inflation at
10fit20t4 7 fit20t5
Entry age Entry age
Level percent Level percent
ofpay, open ofpay, closed
30 years 22years
Unfunded Unfunded
4% 4%
3.7% -7.8% 4% -7.8%
3% 4%
8% 7%
4.s% 4.7s%
3% 3%
NOTE 19 _ COMMITMENTS AND CONTINGENCIES
A. Litigation
Various suits and claims arising in the ordinary course of County operations are pending. The County is
aparty to litigation under which in the opinion of the County Attorney the potential amount of the
County's liability will not be material to the financial statements. Accordingly, no provision has been
made in the financial statements for these contingencies.
B. Construction Contracts
At September 30,2016, the County has various contracts for engineering and construction projects in
process totaling $ 18,837,43 I for which goods and services have not been received.
Governmental Funds:
General Fund S 17,270
Transportation Trust Fund 468,688
Impact Fee Fund 6,852,501
Other govemmental funds 11,078,625
Total govemmental funds $ 18,417,084
Proprietarv Funds:
Water & Sewer District Fund $ 420,341
Total proprietary tund S 420,347
St. Lucie County, Florida
Notes to Financial Statements (continued)
Year Ended September 30,2016
C. Grants
Amounts received, or receivable, from grantor agencies are subject to audit and adjustment by grantor
agencies. If any expenditure is disallowed as a result of these audits the claims for reimbursement to the
grantor agency would become a liability of the County. In the opinion of management, any such
adjustrnent would not be significant.
NOTE 20 - SUBSEQUENT EVENTS
1. On December 22,2016, the County issued a Taxable Capital Improvement Revenue Refunding
Note, Series 20168 in the amount of $4,832,000. The proceeds were used to pay off the County's
Tourist Development Tax Improvement and Refunding Revenue Bond, Series 2011A and Tourist
Development Tax Refunding Revenue Bond, Taxable Series 2011B. The loan has a final maturity
of November 1,2023.
REQUIRED SUPPLEMENTAL INFORMATION
89
Actuarial
Valuation
Date
ST. LUCIE COUNTY, FLORIDA
OTHER POSTEMPLOYMENT BENEFITS
Schedule of Funding Progress
For the Fiscal Year Ended September 30,2016
(Ln Thousands)
Actuarial Actuarial Unfirnded
Value of Accrued AAL Funded
Assets Liability (AAL) (UAAL) Ratio(a) (b)(b-a) (a/b)
UAAL as a
Percentage
Covered ofCovered
Payroll Payroll(c) ((b-a)/c)
County Plan:
October l,20lO
October 1,2012
October 1,2014
St. Lucie Sheriff Plan:
July 1,2011
July 1,2013
July l, 2015
$
$
$
$
$
$
$
$
$
$
$
$
22,061
23,835
24,166
27,367
32,337
31,780
s 22,061
$ 23,835
$ 24,166
$ 27,367
s 32,337
$ 31,780
0% $ 40,227
0% $ 38,910
0% $ 42,104
0% $ 31,378
0% $ 31,808
0% $ 34,393
s4.84%
6t.26%
s7A0%
87.22%
t01.66%
92.40%
ST. LUCIE COT]NTY, FLORIDA
SCHEDULE OF PROPORTIONATE SHARE OF NET PENSION LIABILITY
Florida Retirement System
Last 10 Fiscal Years* (1)
2014 20t5 2016
County's proportion of the net pension liability
County's proportionate share of the net pension
County's covered-employee payroll
County's proportionate share of the net pension
liability
liabilify as a percentage
0.286699638%
$ 17,492,894
$ 76,135,364
22.98 %
96.09 %
0.296434600%
38,288,s04 $
77,028,679 $
49.71%
92.00 %
0.324220168%
81,865,847
82,847,038
49.7t %
92.00 %
$
$
* The amounts presented for each fiscal year were determined as of June 30.
(l) - GASB 68 requires information for 10 years. However, FY 2007 through FY 2013 information is not available.
(2) - Information came from FRS Pension Plan and Other State Administered Systems CAFR for each respected year.
SCHEDULE OF PROPORTIONATE SHARE OF NET PENSION LIABILITY
Health Insurance Subsidy Program
Last 10 Fiscal Years*(l)
2014 20ts
of its covered-employee payroll
Plan fiduciary net position as a percentage ofthe total pension liability (2)
County's proportion of the net pension liability
County's proportionate share of the net pension liability
County's covered-employee payroll
County's proportionate share of the net pension liability as a percentage
of its covered-employee payroll
Plan fiduciary net position as a percentage of the total pension liability (2)
2,016
0.256871781%
24,018,699 $
76,135,364 $
31.55 %
0.99 %
0.2618s0034%
26,704,585 $
'17,028,679 $
34.67 %
0.50 %
0.26792s7s9%
31,225,637
82,847,038
37.69 %
0.97 %
* The amounts presented for each fiscal year were determined as of June 30.
(1) - GASB 68 requires information for 10 years. However, FY 2007 through FY 2013 information is not available.
(2) - Information came from FRS Pension Plan and Other State Administered Systems CAFR for each respected year.
ST. LUCIE COUNTY, FLORIDA
SCHEDULE OF CONTRIBUTIONS
Florida Retirement System
Last 10 Fiscal Years* (1)
20t4 2015 2016
Contractually required contribution
Contributions i relation to the contractually req ired contribution
Contribution defi ciency (excess)
County's covered-employee payroll
Contributions as a percentage of covered-employee payroll
$ 8,493,239
$ 8,493,239
$-
$ 9,358,753 $ 10,063,078
$ 9,358,753 $ 10,063,078
$ -$
* The amounts presented for each fiscal year were determined as of September 30.
(l) - GASB 68 requires information for 10 years. However, FY 2007 through FY
2013 information is not available.
74,229,560
11.44%
SCHEDULE OF CONTRIBUTIONS
Health Insurance Subsidy Program
Last 10 Fiscal Years* (1)
20r4
903,402
903.402
80,243,983 $ 83,487,575
rt.66% 12.06%
Contractually required contribution
Contributions in relation to the contractually required contribution
Contribution deficiency (excess)
County's covered-employee payroll
Contributions as a percentage of covered-employee payroll
* The amounts presented for each fiscal year were determined as of September 30.
(1) - GASB 68 requires information for 10 years. However, FY 2007 through FY
2013 information is not available.
$
$
$
S
20ts
1,093,673
1,093,673
20t6
$ 1,376,328
$ 1,376,328
$-
$ 83,487,515
1.6501n
74,229,560 $ 80,243,983
_ 136%
NONMAJOR GOVERNMENTAL FUNDS
ST. LUCIE COUNTY, FLORIDA
Nonmaior Governmental Fund Descriptions
Special Revenue Funds
Special Revenue Funds are used to accountfor specitic tevenue soarces that are legaUy
restricted to expenditures for specijic purposes.
Unincorporated Services Fund - The fund is used to account for Ad Valorem taxes, fees and
fines that are restricted to the Unincorporated District for economic development expenditures.
Law Enforcement MSTU Fund - The fund is used to account for Ad Valorem taxes that are
transferred to the Fine & Forfeiture Fund for the Unincorporated Area Road patrol expenditures.
Grants and Donations Fund - The fund is used to account for Federal, State, Local and other
grant revenue sources.
Librarv Special Fund - The fund is used to account for State grants and donations made to the
library.
Drug Abuse Fund - The fund is used to account for Drug Abuse Court fines.
Special Assessment District Fund - The fund is used to account for Ad Valorem taxes that are
restricted to Unincorporated District for economic development.
Parks MSTU Fund - The fund is used to account for Ad Valorem taxes that are restricted to
capital improvements to recreational facilities.
SLC Public Transit MSTU Fund - The fund is used to account Ad Valorem taxes that are used
for local public transportation expenditures.
Port Fund - The fund is used to account for Special Assessments, Federal and State grants used
for Port development.
Airport Fund - The fund is used to account for Federal and State grants used for expansion and
operations of the Airport.
Mosquito Control Fund - The fund is used to account for the operations of the Mosquito Control
District, which are funded by Ad Valorem taxes.
Impact Fee Collections Fund - The fund is used to account for the administration of impact fee
collections.
Plan Maintenance RAD Fund - The fund is used to account other contributions and State grants
for the radiological planning and exercises.
Tourism Development 1$-2nd, 3!d & 51h Cent Fund - The fund is used to account for Tourism
Development taxes which are used for Sports Complex parks and to pay for capital facilities that
promote tourism at the St. Lucie County Fairgrounds and the area north of Midway Road.
Court Facility Fund - The flrnd is used to account for Court Fees restricted to Judicial
maintenance & capital improvements.
SLC Housing Finance Authoritv Fund - The fund is used to account for residual funds from loan
programs.
Environmental Land Acquisitions Fund - The fund is used to account for the purchase of
environmentally sensitive land.
Court Administrator Fund - The fund is used to account for Court Administration, Mediation
through fines and forfeitures, other Circuit Counties Share and Grant funding.
Erosion Control Fund - The fund is used to account for Ad Valorem taxes restricted to erosion
control operations, maintenance and construction.
Housing Assistance SHIP Fund - The fund is used to account for Grant funding for Housing
Assistance Programs.
Boating Improvement Projects Fund - The fund is used to account for Vessel fees used for
boating improvements.
Bluefield Ranch Improvements Fund - The fund is used to account for private contributions and
Campsite User fees for property management and restoration.
Florida Housing Grant Fund - The fund is used to account for Federal, State and other grant
funding that provide housing related assistance for eligible County residents.
Sports Complex Fund - The fund is used to account for operating revenues and the 2-cent
tourism tax revenues to pay for the operation and maintenance of the facility.
SLC Sustainabilitlr District Fund - The fi,rnd is used to account for bond proceeds and special
assessment revenues for sustainability and renewable energy improvement programs.
Law Enforcement Fund - The fund is used to account for the proceeds from the sale of
confiscated property through the Sheriff s office.
SLC Art in Public Places Fund - The fund is used to account for art work per local ordinance
through various capital projects.
SLC Economic Development Fund - The fund is used to account for local business taxes and
delinquent taxes.
Clerk of the Circuit Court Fund - The fund is used to account for Clerk's Court Modemization
Trust Fund.
Sheriff Fund - The fund is used to account for grant funds and other revenue received for
specific ptu?oses.
Supervisor of Elections Furd - The fund is used to account for the receipt of grant funds.
Debt Service Funds
Debt Service Funds are used to accountfor the accumulation of pledgedfands that are legally
restricted to pay debts.
Impact Fees I & S Fund - The fund is used to account for the accumulation of Special
Assessments and Impact Fees pledged to pay the principal, interest, and fiscal charges on the
Rock Road Jail security system.
Sales Tax Revenue Bonds I&S - The Sales Tax Revenue Bonds I&S Fund accounts for
the accumulation of sales tax revenues pledged to pay the principal, interest, and other
fiscal charges on the Sales Tax Refunding Revenue Bonds.
Countv Capital I & S Fund - The fund is used to account for the accumulation of interfund
transfers pledged to pay the principal, interest, and fiscal charges on the Capital Improvement
Revenue note.
Transportation I & S Fund - The fund is used to account for the accumulation of interfund
transfers pledged to pay the principal, interest, and fiscal charges on the Transportation Revenue
note.
Capital Improvement Revenue Refundins 2014 Fund - The fund is used to account for the State
Revenue Sharing revenue and lntergovernmental Radio Communication surcharges pledged to
pay the principal, interest and fiscal charges on the Capital Improvement note.
Capital Improvement Revenue Bonds Series 2016 Jail Fund - The fund is used to account for the
accumulation of interfund transfers pledged to pay the principal, interest, and fiscal charges on
the Capital Improvement note.
Capital Improvement Revenue Bonds 2015 Fund - The fund is used to account for the
accumulation of Tax Collector debt reimbursement revenue pledged to pay the principal, interest,
and fiscal charges on the Capital Improvement Revenue bond.
Lease Purchase FPL 2015 Fund - The fund is used to account for the accumulation of interfund
transfers pledged to pay the principal, interest, and fiscal charges on the purchasing ofcertain
energy equipment.
Lease Purchase Motorola Fr.rnd - The fund is used to account for the accumulation of interfund
transfers pledged to pay the principal, interest, and fiscal charges on the purchasing ofa
communication system.
Port I & S Fund - The fund is used to account for the accumulation of Ad Valorem taxes pledged
to pay the principal, interest, and fiscal charges on the purchasing of land in the Port of Fort
Pierce Bond.
Capital Projects I & S Fund - The f,rnd is used to account for the accumulation of Interfund
Transfers pledged to pay the principal, interest, and fiscal charges on the line of credit for the
MSBU's.
Sports Complex Fund - The fund is used to account for the accumulation of Sales, Use and Fuel
taxes pledged to pay the principal, interest, and fiscal charges on the Improvement of the Thomas
J. White Stadium bond.
Capital Proiects Funds
Capital projects funds are used to accountfor the acquisition and construction of major
capital projects other than those financed by proprietary funds.
Countv Capital Fund - The fund is used to account for the transpoftation and park capital
projects, which are funded by gas tax and franchise fees.
Count-v Capital State Revenue Share Bond Fund - The fund is used to account for state revenue
sharing monies used for capital improvements.
Countv Capital Transportation Bond Fund - The fund is used to account for the
transportation capital projects funded by bond proceeds pledged by gas tax revenues.
Jail Securitv Uperade Fund - The fund is used to account for the upgrade of security
system at the Rock Road Correction Center projects funded by proceeds from the
issuance of debt.
Capital Improvement Revenue Bonds 2015 Fund - The firnd is used to account for bond
proceeds used for the construction of the Tax Collector Building.
Energ.v Efficiency FPL 2015 Fund - The fund is used to account for the FPL upgrade of
energy efficiency funded by capital lease proceeds.
Sports Complex Improvements Fund - The fund is used to account for cash balances from bond
proceeds used for sports complex projects.
Environmental Land Capital Fund - The fund is used to account for cash balances from bond
proceeds used for land acquisitions.
97
MSBU Internal Financed Projects Fund - The fund is used to account for the assessment
proceeds from property owners and to pay for capital project related expenditures.
MSBU External Financed Projects Fund - The fund is used to account for the assessment
proceeds from properly owners and debt proceeds to pay for capital projects and project related
expenditures.
98
THIS PAGE INTENTIONALLY LEFT BLANK
99
St. Lucie County, Florida
Combining Balance Sheet
Nonmajor Governmental Funds
September 30, 2016
Soecial Revenue
Unincorporated
Services
Lew Enforcement
MSTU
Grants
and Library
Donstions Special
2s7,820 $ 6,464
810 30
8,1 7s
ASSETS
Cash and investments
Accounts receivable
Assessments receivable
lnterest receivable
Due from other firnds
Due from other governments
Inventories
Prepaid items
Total assets
LIABILITIES
Accounts payable and other current liabilities
Matured bonds payable
Matured interest payable
Deposits payable
Due to other funds
Due to other govemments
Unearned revenues - other
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - special assessments
Unavailable revenues - grants
Total deferred inflows ofresources
FUND BALANCE
Nonspendable:
Inventories of supplies
Prepaid items
Restricted:
Port development
Erosion Control District
Parks improvements
Court Administrator, mediation
Transportation
Debt service
Environmental land acquisition
Public safety
Court modemization
Mosquito Control District
Judicial expenditures
Housing assistance program
Boating related projects
Art in public places
Other capital projects
Other purposes
Commltted to:
Street lights, roads, drainage imp. to special district
Unincorporated Services
Law enforcement
Other purposes
Total fi:nd balances
Total liabilities and fi:nd balances
9,s88,482 $
221,138
2s,914
63,725
742,s66
967
r , r 43,808
3,334
4,635
24,s32
$ 10,642,792 $ 1,176,309 $ 266,805 $ 6,494
628,640 $
628,640
760,855
760,85s
6,289
6,289
967
266.805 205
9,252,330
l, l 76,309
l, l 76,309
s 1,176,309
9,253,297
s 10,642,792
266,805
$ 266,805
205s 6,494
Special Revenue
Drug
Abuse
Special
Assessment
District
Parks
MSTU
SLC Public
Transit
MSTU Port Airport
3,s80,009 $ 2,2s9,r 15
90,136 127,809
9,s99 6,049
28s
l15,13l $
299
5,1 68
236,006 $
663
1,547
136
1,92r,594 $
5,042
27,677
752
2,816,270 $
7,t16
15,143
874,342 315,128 3s 1,863
$ 120,s98 $ 238,3s2 $ 1,95s,065 $ 3,712,871 $ 3,995,157 $ 2,744,836
-$8,136 $30,856 $
83,342
737,182 $371,833 $285,512
12,518
8,136 114,198 737,182 374,334 298,030
423,469 315,282 185,728
423,469 315,282 185.728
120,598
230,216
1,840,867
2,5s2,220
3,305,541
2,26r,078
120,598 230,216 1,840,867 2,552,220 3,305,541 2,261,078
$ 120,598 $ 238,3s2 $ 1,95s,065 $ 3,712,871 $ 3,99s,157 $ 2,744,836
Continued
St. Lucie County, Florida
Combining Balance Sheet
Nonmajor Governmental Funds
September 30, 2016
Special Revenue
Mosquito
Control
Impact
Fee
Collections
PIan
Maintenance
RAD
Tourism
Development
lst 2nd,3rd
& 5th Cent
t,941,395
1,000
5,104
21,403
t49,536
ASSETS
Cash and investrnents
Accounts receivable
Assessments receivable
Interest receivable
Due from other funds
Due from other govemments
lnventories
Prepaid items
Total assets
LIABILITIES
Accounts payable and other current liabilities
Matured bonds payable
Matured interest payable
Deposits payable
Due to other fimds
Due to other goverfinents
Uneamed revenues - other
Total liabilities
DEFERRED INFLOWS OF' RESOURCES
Unavailable revenues - special assessments
Unavailable revenues - grants
Total deferred inflows ofresources
FTJND BALANCE
Nonspendable:
Inventories of supplies
Prepaid items
Restricted:
Port development
Erosion Control District
Parks improvements
Court Administrator, mediation
Transportation
Debt service
Environmental land acqui sition
Public safety
Court modemization
Mosquito Control District
Judicial expenditures
Housing assistaoce program
B oating related projects
Art in public places
Other capital projects
Other purposes
Committed to:
Steet lights, roads, drainage imp. to special district
Unincorporated Services
Law enforcement
Other purposes
Total fund balances
Total liabilities and firnd balances
$ 7,192,926 $ 118,871
$ 2s9,183 $ 6,7s7
$ 52,743 $ 2,118,438
6,428,997 $
5l
17,433
28,s23
5s8,346
1s9,576
118,511 $
360
s2,469 $
274
6,757
$ I 1,943 $
1 1,064
23,007
24,710
259,1 83
522,876
522,876
t59,576
6,251,291
6,410,867
$ 7,192,926
24,730
29,736 2,093,'.l08
tt2,tt4
112,114 29,736 2,093,708
$ 118,871 $ s2,743 $ 2,118,438
Special Revenue
SLC
Housing
Court Finance
Environmental Housing
Land Court Erosion Assistance
322,538 $2,025,406 $_ 4s0
836 4,287
Fecility Authority Acquisitions Administrator Control SHIP
$ 1,320,126 $
49,49t
3,369 213
8l,376 $
I 08,639
_ t79
s,816,160 $ 302,683
1s,4s6 688
I 1,039339,413 6s,074
$ t,3'72,986 $ 82,089 S 123,314 $ 2,138,961 $ 6,182,068 $ 368,445
3,600 s -$-$
3,013
30,67',1 $72,954 $4t,280
95,042
- 167,049
3,600 33,690 72,9s4 208,329
339,t07 6s,074339,107 6s,074
r,369,386
323,374
t'79
2,105,092
5,770,007
s00
8r,589
1,369,386 82,089 323,3'14 2,105,271 5.770,007 95,042
$ 1,372,986 $ 82,089 S 323,374 $ 2,138,961 $ 6,182,068 $ 368,445
'103
Continued
St. Lucie County, Florida
Combining Balance Sheet
Nonmajor Governmental Funds
September 30,2016
Snecial Revenue
ASSETS
Cash and investrnents
Accounts receivable
Assessments receivab Ie
lnterest receivable
Due from other funds
Due from other governments
Inventories
Prepaid items
Total assets
LIABILITIES
Accounts payable and other current liabilities
Matured bonds payable
Matured interest payable
Deposits payable
Due to other funds
Due to other governments
Uneamed revenues - other
Total liabilities
DEFERRED INT'LOWS OF RESOI.]RCES
Unavailable revenues - special assessments
Unavailable revenues - grants
Total deferred inflows ofresources
FTJND BAIANCE
Nonspendable:
Inventories of supplies
Prepaid items
Restricted:
Port development
Erosion Control District
Parks improvements
Coun Administrator, mediation
Transportation
Debt service
Environmental land acquisition
Public safety
Court modemization
Mosquito Control District
Judicial expenditures
Housing assistance program
Boating related projects
Art in public places
Other capital projects
Other purposes
Committed to:
Street lights, roads, drainage imp. to special districl
Unincorporated Sewices
Law enforcement
Other purposes
Total firnd balances
Total liabilities and fund balances
$ 135,999 $ 76,154 $ 1,203,884
$ 25,012 $
Boating
Improvement
Projects
$ 1,001,743
Bluefield
Ranch
Improvements
s 135,646
Florida
Housing
Grant
$ 294
Sports
Complex
$ 1,200,414
206
3,2042,6t5
99,036
3s3 45
75,815
s,s00 $
I 5,500
r,323
41,835
r 08,863
3,314
t12,t775,500
_ 25,'771
1,097,894
25,771
8,548r35.999 t,091,707
1,097,894 135,999
$ 1,103,394 $ 135,999
8,548 1,091,'.107
$ 76,rs4 $ 1,203,884
Special Revenue
SLC
Sustainability SLC Art in Public SLC Economic
District Law Enforcement Places Development Clerk of Cour(
4,517 $
21 5,158
8t,s2t $
212
72,194 $
188
12,540 $
2l
14,654
6s5,19r $
19,439
1,870,377
299,769
66,821
290,976
l1
27
$ 219,714 $ 81,733 $ 72,582 $ 27,215 $ 674,630 $ 2,527,943
-$-s -$13,842 $42,429 $
172
23,915
693,748
t3,842 42,60t 71'.1,663
215,158
97,799
97,799215,158
4,556
_ 81,733 - 13,373
1,23t,348
- 481,133
72,582
632,029
81,733 72,s82 t3,373 632,029 1,712,48t4,556
$ 2t9,714 $ 81,733 $ 72,s82 27,2ts $ 674,630 $ 2,s27,943
Continued
St. Lucie County, Florida
Combining Balance Sheet
Nonmajor Governmental Funds
September 30, 2016
Special Revenue
Supervisor of
Elections
Debt Service
Impact
Fees
I&S
Sales Tax
Revenue Bonds
I&S
County
Capital
I&S
ASSETS
Cash and investments
Accounts receivable
Assessments receivable
lnterest receivable
Due from other funds
Due from other govemments
lnventories
Prepaid items
Total assets
LIABILITIES
Accounts payable and other current liabilities
Matured bonds payable
Maflred interest payable
Deposits payable
Due to other funds
Due to other govemments
Uneamed revenues - other
Total liabilities
DEFERRED INFLOWS OF RESOTJRCES
Unavailable revenues - special assessments
Unavailable revenues - grants
Total defened inflows ofresources
FUND BAIANCE
Nonspendable:
Inventories of supp lies
Prepaid items
Restricted:
Port development
Erosion Control District
Parks improvements
Court Administrator, mediation
Transportation
Debt service
Environmental land acquisition
Public safety
Court modemization
Mosquito Control District
Judicial expenditures
Housing assistance program
B oating related proj ects
Art in public places
Other capital projects
Other purposes
Committed to:
Street lights, roads, drainage imp. to special district
Unincorporated Services
Law enforcement
Other purposes
Total fund balances
Total liabilities and fi.rnd balances
3s$135,864 $
35 $ 135,864
3,984,562
10.362
270,057
$ 4,264,981
r,335,333
3,645
$ 1,338,978
-$
I 10,000
25,864
2,330,000
1,200,400
933,354
41,734
135,864 3,s30,400 975,088
270,057
464,524 363,890
35
734,581 363,890
$ 4,264,981 $ r,338,978
106
$ 135,864
Debt Service
$ 214,089 $ 1,279,4s6 $ 168,906 $ 4,451 $ - $ I
-$-$
1,030,000
t23,271
-$
125,000
43,160
-$-$
1,t53,271 168,160
126,185 746 4,451 - I2t4,089
214,089 126,185 746 4,45r - 1$ 214,089 $ 1,279,4s6 $ 168,906 $ 4,4s1 $ - $ I
Continued
107
St. Lucie County, Florida
Combining Balance Sheet
Nonmajor Governmental Funds
September 30, 2016
Debt Service
Port
I&S
Capital
Projects
r&s
Sports Complex
Debt
6,5t2,0t9
17,t42
1 13,306
ASSETS
Cash and investrnents
Accounts receivable
Assessments receivable
lnterest receivable
Due from other fimds
Due from other governments
lnventories
Prepaid items
Total assets
LIABILITIES
Accounts payable and other current liabilities
Matured bonds payable
Matured interest payable
Deposits payable
Due to other funds
Due to other governments
Unearned revenues - other
Total liabilities
DEFERRI,D INFLOWS OF RESOTJRCES
Unavailable revenues - special assessments
Unavailable revenues - grants
Total deferred inflows ofresources
FUND BALANCE
Nonspendable:
Inventories of supplies
Prepaid items
Restricted:
Port development
Erosion Control District
Parks improvements
Court Administrator, mediation
Transportation
Debt service
Environmental land acquisition
Public safety
Court modemization
Mosquito Control District
Judicial expenditures
Housing assistance program
Boating related projects
Art in public places
Other capital projects
Other purposes
Committed to:
Street lights, roads, drainage imp. to special district
Unincorporated Services
Law enforcement
Other purposes
Total firnd balances
Total liabilities and flmd balances
$ t92,654 $ 26,465 s 1,649,2s1 $ 6,642,467
166,563
r66,563
I 8,753
l 8,7s3
t92,654 26,465 r,649,25t
6,457,1sr
t90,241
499
1,863
5l
26,397
68
t,ss9,792
3,733
t0,7J3
74,993
t92,654 26,465
$ r92,6s4 $ 26,46s
t,649,25t 6,457,t51
$ 1,649,2sr $ 6,642,467
Capital Proiects
County
Capital
State Revenue
Share Bond
County Capital
Transportation Jail Security
Bond Upgrede
Energy Efficiency
Sports
Complex
FPL 2015 Improvements
5,551,944 $9r0,r06
2,369
$ 5,ss1,944 $ 912,4'75
s - s 493,127
493,127
Capital
Improvement
Revenue
Bonds 2015
2,874,816 $
7,477
5,t62,199 $
13,615
2,339,838 $
6,2t4
6,72t,495 S
17,479
$ 2,882,293 $ s,17s,814 $ 2,346,0s2 $ 6,738,974
$ 18,397s 31,651 s 482,36'7 $ 4s2,110
3 l,6s l 482,367 452,tt0 18,397
2,850,642 4,693,447 1,893,942 6,720,577 5,551,944 4t9,348
2,850,642 4,693,447 1,893,942 6,720,577 5,55t,944 4t9,348
$ 2,882,293 $ 5,175,814 $ 6,738,974 $ s,s51,944 $ 9t2,475
Continued
St. Lucie County, Florida
Combining Balance Sheet
Nonmajor Governmental Funds
September 30,2016
Canitel Proiects
MSBU MSBU
Environmental Internal External
Land Finance Financed
Capital Proiects Proiects
Total
Nonmajor
Governmental
Funds
ASSETS
Cash and investments
Accounts receivable
Assessments receivable
lnterest receivable
Due from other funds
Due from other govemments
Inventories
Prepaid items
Total assets
LIABILITIES
Accounts payable and other current liabilities
Matured bonds payable
Maored interest payable
Deposits payable
Due to odrer funds
Due to other govemrnents
Uneamed revenues - other
Total liabilities
DEFERRED INFLOWS OF RESOI,JRCES
Unavailable revenues - special assessments
Unavailable revenues - grants
Total deferred inflows ofresources
FT]ND BALAI\CE
Nonspendable:
Inventories of supplies
Prepaid items
Restricted:
Port development
Erosion Control District
Parks improvements
Court Adminishator, rnediation
Transportation
Debt service
Environmental land acquisition
Public safety
Court modernization
Mosquito Control District
Judicial expenditures
Housing assistance program
Boating related projects
Art in public places
Other capital projects
Other purposes
Committed to:
Street lights, roads, drainage imp. to special district
Unincorporated Services
Law enforcement
Other purposes
Total fund balances
Total liabilities and fund balances
$ 369,433 $ 605,927 $
r52 S
$ 367,241 $
|,238
604,074 $
l,605
248
86,086,750
7 61,236
2l 5,1 58
204,964
258,280
4,282,819
159,576
1 59,576
271,703
3,305,541
5,770,007
1,840,867
2,105,092
4,8 r3,298
3,042,256
692,655
1,231,348
632,029
6,251,291
1,369,386
95,042
I,097 ,894
72,582
29,998,86 1
3,833,451
230,216
9,2s2,330
48 1,1 33
r,383,564
77,930,122
$ 92,240,486
799,882
2,031
4,61t
24
271,703
$ 92,240,486
s 4,377,816
4,s28,3s4
1,434,429
12,518
709,248
89,84 1
188,226
tr,340,492
215,158
2,754,714
2,969,872
r52 665
369,281
60s,262 806,548
369,28t 605,262
$ 369,433 S 60s,927
806,548
$ 806,548
THIS PAGE INTENTIONALLY LEF'T BLANK
St. Lucie County, Florida
Combining Statement of Revenues,
Expenditures and Changes in Fund Balance
Nonmajor Governmental Funds
For the Year Ended September 30,2016
Soecial Revenue
Unincorporated LawEnforcement
Services MSTU
Grants
and
Donations
109,776
204
REVENUES
Taxes:
Property
Tourist
Motor fuel
Local business
Licenses and permits
Special assessments
Intergovernmental
Charges for services
Fines and forfeitures
Investrnent income
Contributions from property owners
Miscellaneous
Total revenues
EXPENDITURES
Crlrrent:
General govemrnent
Public safety
Physical environment
Jpansportation
Economic environment
Human services
Culture and recreation
Court-related
Capital outlay
Debt service:
Principal retirement
Interest
Other
Total expendihues
Excess (deficiency) of revenues
over (under) expenditures
oTHER FTNATICTNG SOURCES (USES)
Transfers in
Transfers out
Lease purchase proceeds
Proceeds from sale of capital assets
Issuance of long-term debt
Total other financing sources (uses)
Net change in fund balances
Fund balances - beginning
Change in inventories ofsupplies
Fund balance - ending
s,424,940 S
'77,384
24,5t0
r90,440
124,325
i99,583
1 19,343
3,514,322 s
2l ,895
20,847
74,080
105,068
3,683
196,3 l l
6,3 s6,836 3,557,064 1 82,83 1 109,980
i,665,783
684, I 96
l,537,758
41,080
505,8 1 7
3 1,661
867,833
2,051
74,080
1,233
96,438
13,33 7
s,334,).28 2,051
t,022,708 3,555,013 107,518
75,313 109,775
205
(l rs,000)(2s'7;708)(3,419,718)
(2s7,708) (3,419,718) (11s,000)
765,000 135,295
8,488,297 1,041,014
(7,482)
274,287
$ 9,2s3,297 $ 1, r 76,309 $ 266,805 $ 205
Special Revenue
Drug
Abuse
69,163
1,164
Special
Assessment
District
Parks
MSTU
SLC Public
Transit
MSTU
-$
- 24s,26t
3,072
-$3,636,7 t5 $
9,924
28,198
1,990,05s $
2,479,032
53,41l
32,814
Port Airport
-$
752
rss,642
1,402,237
27,r2s
28,233
962,307
733,649
20,82; -
662,925 400,264
- 440,544
43,t27 t9,963- 3,750- 283,t77 - 28,223 1t4,'/8870,327 248,333 3,958,014 4,ss9,062 7ss,095 975,559
t,892
210,626
2,0t9,827
s33,779
895,000
157,703
4,670,9s2
3,384
1,892 210,626 3,606,309 4,674,336 1,613,989 t,695,956
68.435 37,707 3sl,70s (115,274\ (858,894) (720,397)
(40,000) (5,s1s) (103,707) (s6,72s) 42,013 936,031
28,435
92,163
32,192
198,024
24'.7,998
t.s92,869
(17 t,999)
2,724,219 4,122,422 2,045,444
(816,881) 2t5,634
$ 120,598 $ 230.2t6 $ 1,840,867 $ 2,552,220 $ 1,305,541 $ 2,261,078
Continued
St. Lucie County, Florida
Combining Statement of Revenues,
Expenditures and Changes in Fund Balance
Nonmajor Governmental Funds
For the Year Ended September 30,2016
Special Revenue
Mosquito
Control
Impact
Fee
Collections
Plan
Maintenance
RAD
Tourism
Development
lst 2nd,3rd
& 5th Cent
2,432,468
19,594
17,287
2,469,349
REVENUES
Taxes:
Property
Tourist
Motor fuel
Local business
Licenses and permits
SpeciaI assessments
Intergovernmental
Charges for services
Fines and forfeitures
Investment income
Contributions from property owners
Miscellaneous
Total revenues
EXPENDITURI,S
Current:
General govemment
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Court-related
Capital outlay
Debt service:
Principal retirement
Interest
Other
Total expendirures
Excess (defi ciency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Lease purchase proceeds
Proceeds from sale of capital assets
Issuance of long-term debt
Total other financing sources (uses)
Net change in fiurd balances
Fund balances - beginniag
Change in inventories ofsupplies
Fund balance - ending
3,3 14,591 53,1 5 8
1,145,386 (35,1 18)
427,080 771,s80
1,208 t,697,769
s 3,719,67 |
523,15 t
89,6s3
127,502
4,459,977
I,635
16,405
1 8,040
1,1 l6
42'.1,1'12
428,288
223,779
2,600,38 l
490,431
s3,15 8
427,080
61,868
709,712
(108,504)
(108,s04)
1,036,882
s,s37,3'77
( 1 63,392)
s 6,410,867
(1,128,985)
(3s, r l 8)
t47,232
1,208
28,528
(1,128,985 )
s68,784
t,524,924
$ 2,093,708
Special Revenue
Court Finance Land
Facility Authority Acquisitions
SLC
Housing
-$
625,983
16,392 891
Environmental
3,418
-$
- 5,625
- 440,2'18
- 169,905
20,937
23,9t3
1,142,268
Housing
Assistance
SHIP
432,677
24,39t
s02,753
Court
Administrator
Erosion
Control
-$-$1,450,727 $
403,9t9
67,437
64n7; il,l3i 11,?11 $6,74; ------Bd;;. ----+i#
_ |,428
51,095
1,109,266
261,199
34,000
24,240
42.868
r,898
53
101,108 53 1,166,181 t,421,560 s02,753
541,267 16,796 52,306 (529,436) sO2,027 (34,454)
(s rs,34r)
439,329
(74,314)(24t,3s4)
(5 1s,341)
1,143,460
365,015 (24t,354\
25,926 16,796
65,291
52,306
27t,068
(164,42r)
2,269,692
260,673
s,s09,334
(34,4s4)
129,496
$ 1,369,386 $ 82,089 $ 323,374 g 2,t0s,271 $ 5,770,007 $ 9s,042
Continued
St. Lucie County, Florida
Combining Statement of Revenues,
Expenditures and Changes in Fund Balance
Nonmaj or Governmental Funds
For the Year Ended September 30,2016
Special Revenue
Boating Bluefield
Improvement Ranch
Projects Improvements
Florida
Ilousing
Grant
263,826
736,551
t2,744
3t9,299
1,332,420
REVENUES
Taxes:
Property
Tourist
Motor fuel
Local business
Licenses aad permits
Special assessments
Intergovernmental
Charges for services
Fines and forfeitures
Investnent income
Contributions from property owners
Miscellaneous
Total revenues
EXPENDITURES
Current:
General govemment
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Court-related
Capital ouflay
Debt service:
Principal retirement
Interest
Other
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
oTHER FTNANCTNG SOURCES (USES)
Transfers in
Transfers out
kase purchase proceeds
Proceeds from sale of capital assets
Issuance of long-term debt
Total other financing sources (uses)
Net change in fund balances
Fr:nd balances - begiming
Change in inventories of supplies
Fund balance - ending
110,390 t,'133 546,998
99,036
I t,354
21t
I,512
l0
546,802
196
40,107
20,745
735,467
1,090
2,r76,730
60,852
49,538 r,733
736,557 2,176,730
(189,s59) (844,3101
t,077,387
49,538
1,048,356
1,733
134,266
( 1 89,s59)
1 98,1 07
1,077,387
231,077
8s8,630
$ i,097,894 $ 13s,999 $ 8,s48 $ 1,091,707
116
Special Revenue
SLC
Sustainability SLC Art in Public SLC Economic
District Law Enforcement Places Development Clerk ofCourt
-$
4,404
3,709
75,000
478
-$
s7,503
56,1 98
6,t6s
4,825,057
630,390
-$-$-s
- 2,t22,3s0
682,009 t,372,7r1
32s,033
201 *o: r: 2,s22_
32, l 088,314 7s,478 806 s7,583 1,041,672 3,50r,226
176,800
2,104
s,316
s,s64
t89,784
(61)
185,468
18s,407
3,937
619
r,042,s6s
13,757
(181,470) '75,478 806 1,38s (14,6s0) (1,9s4,221)
s6,198 t,0s6,322 s,455,447
3,139,97 t
(1,10s,379)
- 2,034,592
75,478
6,255
806
71,776
r,38s
I 1,988 646,679 1,632,1 10
(14,650) 80,371
$ 4,556 $ 81,733 $ 72,582 $ 13,373 $ 632,029 $ 1,712,48t
Contlnued
't17
St. Lucie County, Florida
Combining Statement of Revenues,
Expenditures and Changes in Fund Balance
Nonmajor Governmental Funds
For the Year Ended September 30,2016
Special Revenue
Supervisor of
Elections
Debt Service
Impact
Fees
I&S
Sales Tax
Revenue Bonds
I&S
County
Capital
r&s
REVENUES
Taxes:
Property
Tourist
Motor fuel
Local business
Licenses and permits
Special assessments
Intergovernmental
Charges for services
Fines and forfeitures
Investment income
Contributions from property owners
Miscellaneous
Total revenues
EXPENDITURES
Current:
General govemment
Public safety
Physical environment
Transportation
Economic environment
Human sewices
Culture and recreation
Court-related
Capital outlay
Debt service:
Principal retirement
Interest
Other
Total expenditures
Excess (deficiency) of revenues
over (ulder) expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Lease purchase proceeds
Proceeds from sale of capital assets
Issuance of long-term debt
Total other financing sources (uses)
Net change in fund balances
Fund balances - beginning
Change in inventories ofsupplies
Fund balance - ending
38,t2'.1 3,953,807
36,611 8,864
38,r27
42.71,0
3,990,418 8,864
1.071
l 10,000
51,'728
2,330,000
2,400,800
18,325
4,7 50,196
t,066,235
98,284
42,710 r,t64,sl9
(4,583) (161,728) (1s9,778) (1,15s,6s5)
4,s83 ts2,002 865,34 r 1,1 55,97 1
4,s83 rs2,002 86s,341 1,155,971
- (e,726)
35 9,726
I 05,563
629,018
316
363,574
15$$ 734,s81 $ 363,890
Debt Service
Transportation
I&S
Capital
Improvement
Revenue
Refunding 2014
Cap Impr Rev
Bds Series 2016
Jail
Capital Imp Rev Lease Purchase
Bonds 2015 FPL 2015
Lease Purchase
Motorola
-$
) )<)
-$
946,000
240,794
13,366 745 443
433,307
433,7502,252 1,200,160 745
930,000
325,431
1,717
1,030,000
246,543
240,000
193,307
12s,000
58,026
3t,278 20,000 10,569
t83,027 s,000
r 5,000
10,570
- 31,278
t,r70,842
(82,337)
296,426
- 214,305 - 20,000 10,s70
(78,100)
204,285
443
4,008
t,2ss,43t 1,278,260 2r4,3M 433,307 20,000 10,569
(1,2s3,179) (78,100) (213,s59)(20,000) (10,569)
t,170,842
$214,089$126,18s$746$4,4s1$-$
'1 19
Continued
R.E\'ENUES
Taxes:
Property
Tourist
Motor fuel
Local business
Licenses and permits
Specia[ assessments
lntergovemmental
Charges for sewices
Fines and forfeitures
Investment income
Contributions from propert5r owners
Miscellaneous
Total revenues
EXPENDITURES
Current:
General govemment
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Court-related
Capital outlay
Debt service:
Principal retirement
Interest
Other
Total expenditures
Excess (defi ciency) of revenues
over (under) expenditures
oTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Lease purchase proceeds
Proceeds from sale of capital assets
Issuance of long-term debt
Total otler financing sources (uses)
Net change il fund balances
Fund balances - beginning
Change in inventories ofsupplies
Fund balance - ending
St. Lucie County, Florida
Combining Statement of Revenues,
Expenditures and Changes in Fund Balance
Nonmajor Governmental Funds
For the Year Ended September 30,2016
Debt Service
Capital
Projects
I&S
244,918
661
2,136
Port
r&s
Sports Complex
Debt
$
293
1,219,886
16,556
313,342
1,t46,771
78,322
75,000
1,300,099247,7t5 293 t,s49,784
2,460
270,000
8,331
1,000
28r,791
(34,076\ 293
- 48,434
- 40,200
- 66r,217
- t,t62,421
- 595,000
- t45,205
740,205 1,912,274
809,579 (612,175)
(779,s27)
884,7 r 8
(1,204,s l 6)
(6,985)
(41,061)
231,7t5
(779,s27) (319,798)
293
26,t72
30,0s2
1,619,199
(931,973)
7,389,124
s 192,654 $ 26,46s $ 1,649,2s1 $ 6,457,151
120
Capital Proiects
County
Capital
State Revenue
Share Bond
County Capital
Transportation
Bond
Jail Security
Capital
Improvement
Revenue Energy Efficiency
Upgrade Bonds 2015 FPL 2015 Improvements
Sports
Complex
-$
32,009
-$
64,339
-$
2s,848
-$
76,713 s,690
32,009 64,339 25,848 76,713 5,690
1,15 8
200,663
42t,8993 1,6s0 2,060,586 1,33s,830 396,630 3,738,435
31,650 2,060,586 1,335,830 396,630 3,738,435 623,720
3s9 (1,996,247) (1,309,982) (319,917) (3,738,43s) (618,030)
- (84,798)
- 9,290,379
- 3,288,722
753,651
_ 3,203,924 - 9,290,379 753,651
359
2,850,283
(1,996,247)
6,689,694
r,893,942 (3 19,9 1 7)
7,040,494
5,55r,944 l 35,62 I
283,727
$ 2,8s0,642 $ 4,693,447 $ 1,893,942 $ 6,720,577 $ 5,ss1,944 $ 419,348
Continued
121
St. Lucie County, Florida
Combining Statement of Revenues,
Expenditures and Changes in Fund Balance
Nonmajor Governmental Funds
For the Year Ended September 30,2016
CaDital Proiects
MSBU
Environmental Internal
Land Finance
Capital Projects
REvENUES
Taxes:
Property
Tourist
Motor fuel
Local business
Licenses and permits
Special assessments
Intergoverrunental
Charges for sewices
Fines and forfeitures
Investment income
Contributions from property owners
Miscellaneous
Total revenues
EXPENDITURES
Current:
General govemment
Public safety
Physical environment
Transportation
Economic environment
Human sewices
Culture and recreation
Coud-related
Capital outlay
Debt service:
Principal retirement
Interest
Other
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
kase purchase proceeds
Proceeds from sale of capital assets
Issuance of long-term debt
Total other financing sources (uses)
Net change in fund balances
Fund balances - beginning
Change in inventories ofsupplies
Fund balance - ending
t4,692 12,682
145,346 70,713 693,438
26,73s 854,856
l r,881
10,000
864,856846 38,616
(687)
22.359
(1 77,s30)
984,078
$ 369,28r $ 60s,262 $ 806,s48
144,500 32,097 (171,418) (7,718,953)
3,013
t27,64r
l 8,673
39,358
MSBU
External
Financed
Pro_iects
$-
9,954
683,484
Total
Nonmajor
Governmental
Funds
r 9,981,348
3,6s2,3s4
t,t46,777
57,503
t82,045
294,995
13,619,934
4,209,359
1,0t4,641
949,'164
1,596, I 85
1,748,832
48,4s3,737
2,274,783
6,0I0,413
2,687,277
8,021,414
t,947,932
3,r07,431
4,s6s,426
2,209,073
l 3,900,9s3
7,620,464
3,730,788
96,736
56,r72,690
(6, r 12)
(6s7) (6,1;) ,i,l3i,i8l
10,903,221
(9,33',7,72t)
9,30s,379
22,359
6,679,753
7t,4r3,76t
(163,392)
$ 77,930,t22
22,359
166,8s9
202,422
3 1,410
573,852
122
THIS PAGE INTENTIONALLY LEFT BLAIIK
123
St. Lucie County, Florida
Budgetary Comparison Schedules
Governmental Funds
For the Year Ended September 30, 2016
Unincorporated Services
Final
Budget
1s0,88 1
I,7 6t,3t3
'702,236
2,t54,805
101,308
5t6,327
30.933
8,878,969
Variance
Positive
(Negative)
89,1 3 3
15,799
24,5t0
(l,883, l 07)
29,651
8s,233
69,343
Actual
REVENUES
Property
Licenses and permits
Special assessments
Intergovemmental
Charges for services
Fines and forfeitures
Investment income
Miscellaneous
Total revenues
EXPENDITURES
General govemment
Public safety
Physical environment
Transportation
Human services
Culture and recreation
Capital outlay
Total expendihres
Excess (defi ciency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances - beginning
Change in inventories of supplies
Fund balances - ending
7,880,844 6,356,836 (r,524,008)
$ 5,335,807 $
61 ,s85
2,073,547
94,674
114,350
50,000
s,424,940
7'7,384
24,5t0
190,440
t24,325
199,583
l 19,343
196.3 1 1 45.430
12,288,908 5,334,128 6,9s4,780
(4,408,064) 1,022,708 s,430,772
'7,02t,986 867,833
(2s7 ,708) 4t,679
(2s7 ,708) 4t,6',79
1,665,783
684,196
1,537,758
41,080
505,8 17
3 1,661
765,000
8,488,297
95,530
18,040
617,047
60,228
10,510
(728)
6.154,153
5,4'72,4st
(390,672)
r'71 $ 9,253,297 S 5,081,779518
Law Enforcement MSTU Grants and Donations
Variance
Final Actual Positive Final
Budget Amounts (Negative) Budqet
3,47r,4'15 $
2t,024
533
3,514,322 $
2 1,895
20,847
-$
69,880
140,000
1,100
-$
74,080
105,068
3,683
Variance
Positive
(Negative)
4,200
(34,932)
2,583
Actual
Amounts
42,847 $
871
20,314
3,493,032 3,ss'7,064 64,032 210,980 182,831 (28,149)
2,051 2,0st
74,080
r0s,672
655
74,080
1,233 t04,439
655
2,05t 2,0st - 180,407 7s,313 105,094
3,490,981 3,555,013 64,032 30,573 107,518 76,945
(3,448,896) (3,4t9,718) 29,t78 (175,343) (11s,000)
(3,448,896) (3,419,718) 29,t78 (175,343) (l1s,000) 60,343
42,085
1,041,014
13s,295
r,041,014
93,2t0 (r44,770)
274,287
(7,482)
274,287
r 37,288
$ 1,083,099 $ 1,176,309 $ 93,210 $ r29,5r7 $ 266,805 $t37,288
125
St. Lucie Count5i, Florida
Budgetary Comparison Schedules
Governmental Funds
For the Year Ended September 30, 2016
Librarv Special
Finel
Budget
238,41'1
Actual
Amounts
Variance
Positive
(Negadve)
(128,641)
204
REVENI]ES
Property
Special assessments
Intergovemmental
Fines and forfeitures
Investnent income
Total revenues
EXPENDITURES
General government
Transportation
Culture and recreation
Capital outlay
Total expenditures
Excess (defi ciency) of revenues
over (under) expenditures
oTIIER FTNANCING SOURCES (USES)
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances - beginning
Change in inventories ofsupplies
Fund balances - endirg
109,776
204
238,417
2r7,614
t3,4r2
231,026
'1,391
109.980 (128,437)
96,438
t3,337
t2t,t76
75
t09,77 5 l2l,25l
205 (7,1 86)
'7,39t 205 (7,1 86)
$ 7,391 $205 $ (7,186)
Drus Abuse Special Assessment District
Variance
Final Actual Positive Final
Budget Amounts (Negative) Budget
Variance
Actual Positive
Amounts (Negative)
-$
48,001 69,1 63
-s
2t,162
1.164
-$
25t,48'7
-$
245,26t (6,226)
48,001 70,327
4,is; 3,oi; (r,687'l
22,326 2s6,246 248,333 (7,913)
249,060 210,626 38,434
t,t64
1,892 1,892
(40,000) (40,000)
(40,000) (40,000)
249,060 210,626 38,434
7.1 86 3'.7,707 30,521
(9,195) (s,sls) 3,680
(e,1e5) (s,sls)3,680
1,892 t,892
46. l 09 68.435 22,326
6,1 09
92,163
28,435
92,t63
22,326 (2,009)
198,024
32,192
t98,024
34,201
$ 98,272 S 120,598 S 22.326 S 196,015 $230.2r6 $ 34,201
127
St. Lucie County, Florida
Budgetary Comparison Schedules
Governmental Funds
For the Year Ended September 30,2016
Parks MSTU
Fioal
Budget
Actual
Amounts
Variance
Positive
(Negative)
REVENUES
Property
Special assessments
Intergovemmental
Charges for services
Investment income
Contributions from property owners
Miscellaneous
Total revenues
EXPENDITURES
General government
Transportation
Culture and recreation
Capital outlay
Principal retirement
Interest
Total expenditures
Excess (defi ciency) of revenues
over (under) expenditures
oTHER FTNANCTNG SOURCES (USES)
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances - beginning
Change in inventories of supplies
Fund balances - ending
3,933,866 3,958,014 24,t48
3,591,38 r
q 5rq
s0,000
282,956
3,63 6,71 5 $
9,924
28,198
45,334
395
(21,802)
221283.1'77
2,239,896 2,019,827
533,7'79
895,000
220,069
1,096,098r,629,877
895,000
r57.703 157.703
4,922,4'76 3,606,309 1,316,167
(988,6 l 0)351 705 I ,340,3 1s
(134,307) (103,707) 30,600
(134,30'7) (103,707) 30,600
1,370,915
s 469,952 $ 1,840,867 $ 1,370,91s
(1,122,9t7)
|,592,869
247,998
t,s92,869
SLC Public Transit MSTU
Variance VarianceFinal Actual Positive Final Actual Positive
Budget Amounts (Negative) Budget Amounts (Negative)
1,966,561 $
5,429,743
50,000
4,000
3,750
1,990,05s $
2,479,032
53,411
32,8r4
3,750
(2,9s0,7tr\
3,411
28,814
-$
20,820
662,92s
43,t27
1,868
(3,293,867)
39,62'1
46
23,494 $ - $
18,9s2
3,956,'192
3,500
- 28,177 28,223
7,4s4,054 4,ss9,062 (2,894,992) 4,007,421 755,095 (3,252,326)
8,860,21 3
298,553
4,670,9s2
3,384
4,t89,261
29s,t69
155,642
1,402,237
27,125
(8 16,88 l )
4,122,422
rr4,022
6,433,879
- 752 752
269,664
7,836,1 l6
- 27,125
- 28,233 28,233
9,t58,766 4,674,336 4,484,430 8,161,890 1,613,989 6,547,90t
(t,704,7t2\ (11s,274) 1,s89,438 (4,154,469) (8s8,894) 3,29s,s7s
- +L|Z>O +ZrZy6
19,785 (805) (28s)
42,298 42,298
2,372,810
56,725 520
r9.78s 4t,493 42,013
(t1r,999)
2,724,219
t,609,223
351,409
(4,r12,976)
4,346,493
3,296,09s
(224,07 t)
s s91,588 $ 2,ss2,220 $ 1,960,632 $ 233,517 $ 3,30s,541 $ 3,072,024
St. Lucie County, Florida
Budgetary Comparison Schedules
Governmental Funds
For the Year Ended September 30, 2016
Airnort
Final
Budget
Variance
Positive
Amounts (Negative)
REVENUES
Property
Intergovemmental
Charges for services
Investment income
Miscellaneous
Total revenues
EXPENDITURES
General govemment
Transportation
Human services
Capital outlay
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
oTHER FTNANCTNG SOURCES (USES)
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances - beginning
Change in inventories ofsupplies
Fund balances - endilg
'7,999,t'75 733,649 7,265,526
9,185,234 1,69s,9s6 7,489,278
(2,249;798) (720,397\ 1,s29,401
1,018,53 I r,018,531
(82,s00) (82,500)
936,031 936,031
$-
(5,966,199)
(42,e2e)
r6,963
32,288
(s,9s9,877)6,93s,436
1,186,059
(1,3t3,7 67)
r,947,t6s
6,366,463
483,473
3,000
82.500
400,264
440,544
t9,963
1 14.788
975 55q
962,307
2t5,634
2,04s,444
223;752
r,529,40r
98,279
s 633,398 $ 2,26r,018 $ 1,627,680
130
Mosouito Control Impact Fee Collections
Final
Budget
$ 3,67r,4s3 $
r 97,883
223,779
3,526,932
(59s,288)
6, l 35,903
Variance
Positive Final
(Negative) Budget
Actual
Amounts
Actual
Amounts
Variance
Positive
(Negative)
1,635
3,7t9,6'71 $ 48,218 $
523,151 325,268
89,653 84,653
-$-$
1,63 55,000
2'7,872
3,902,208 4,4s9,977
t27.502 99,630 1,500 16,405 14,905
557,'769 1,500 18,040 t6,540
595,585 490,431
223,'7'19
2,600,381
1,036,882
5,s37,3't't
926,551
tt9,77s 53, I s8 66,617
105.1 54
4,346,296 3,3r4,59t 1,031,70s tt9;17s 53, I 58 66,6t',|
(444,088) 1,145,386 t,s89,474 (118,275) (35,118)
(1s1,200) (108,s04) 42,696
(151,200) (108,504) 42,696
83.1 57
t,632,t70
(5e8,526)
(l 18,275)
t47,232
(35,1 1 8)
r47,232
83,1 57
- (t63,392) (163,392)
$ s,s40,615 $ 6,410,867 $ 870,252 $ 28,957 $ 112,114 $83.r57
St. Lucie County, Florida
Budgetary Comparison Schedules
Governmental Funds
For the Year Ended September 30, 2016
Plan Maintenance RAD
Final
Budget
-$
374,769
-$
1,1 16
427,t72
Variance
Positive
(Negative)
l,l l6
52,403
Actual
Amounts
REVENIJES
Property
Tourist
Charges for services
Investment income
Contributions from property owners
Miscellaneous
Total revenues
EXPENDITURES
General government
Public safety
Economic environment
Court-related
Capital ouflay
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
oTHER FTNAITCTNG SOURCES (USES)
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances - begiming
Change in inventories ofsupplies
Fund balances - ending
374,769 428,288 53,519
453,565 427,080 26,485
4s3,565 427,080 26,485
('18,796) 1,208 80,004
('78,796)
82,s93
1,208 80,004
28,s28 (54,06s)
3.797 $29,736 $ 25,939
Tourism Development Ist. 2nd.3rd and 5th Cent Court Facilify
Final
Budget
Actual
Variance
Positive Final
Amounts (Negative) Budget
Actual
Amounts
Variance
Positive
(Negative)
-s
t,'745,707
850
-$
2,432,468
t9,594
-$
686,76t
t8;744
-$
787,9s0
1 1,000
-$
62s,983
t6,392
(16t,967)
s,392
- t'7,287 t'7.28'7
1,746,ss7 2,469,349 722,792 798,950 642,375 (156,575)
6 1,868
715,278
61,868
709,712 5,566
34,000
24,240
42,868
443,8s4
43,000
- 4'7'7,8s4
67,240
- t46,275 103.407
717,146 771,580 5,s66 69t,369 101,108 590,26t
969,411 1,697,769 728,3s8 107,s81 s4t,267 433,686
(1,117,560) (1,128,98s) (11,425) (s18,034) (515,341) 2,693
(l,r 17,s60) (1,128,98s) (r 1,42s) (518,034) (s15,341) 2,693
(148,14e)
1,s24,924
568,784
1,s24,924
716,933 (410,4s3)
t,343,460
25,926
t,343,460
436,379
$ 1,376,7'75 $ 2,093,708 $ 716,933 $ 933,007 S 1,369,386 $ 436,379
St. Lucie Count5r, Florida
Budgetary Comparison Schedules
Governmental Funds
For the Year Ended September 30, 2016
SLC Housine Finance Authoritv
Finel
Budget
Actual
Amounts
Variance
Positive
Olegative)
$-
664
13,064
t3,'728
REVENI]ES
Property
Licenses and permits- lntergovemmental
Charges for services
lnvestment income
Miscellaneous
Total revenues
EXPENDITURES
General government
Physical environment
Courl-related
Capital outlay
Total expenditures
Excess (defi ciency) of revenues
over (under) expendihres
orHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances - beginning
Change in inventories of supplies
Fund balances - ending
4,739 17,803
4,966 18,694
-$
227 89r
14,369 1,898 12,471
t4,369
(9,403)
1,898 t2,471
16;796 26,t99
(9,403)
6s,293
16,796
6s,293
26,t99
$ 55,890 $ 82,089 $ 26,199
Environmental Land Acquisitions Court Administrator
Variance
Positive
Variance
PositiveFinal
Budget
Actual Actual
Amounts (Negative) Budget Amounts (Negative)
15,000 48,94t
233,84s 52,359 ( 181,486) s70,513
-$
218,745
100
30,000
-$
3,418
-$
(2t8,74s)
3,3 18
33,941
-$
379,652
184,361
6,500
-$
5,625
440,278
169,905
20,937
5,625
60,626
(14,4s6)
t4,437
636,74s 66,232
53 29,947
- 23,913
1,341,130
23,9t3
t,142,268 l 98,862
345.447 - 345,447
37s,447 s3 375,394 1,36s,043 1,166,181 198,862
(14r,602) s2,306 193,908 (794,s30) (s29,436) 26s,094
570,269 439,329 (130,940)
(20s,2s4) (74,3t4) 130,940
365,015 36s,015
(141,602)
271,068
52,306
271,068
193,908 (429,sls)(t64,421)
2,25t,594 2,269,692
26s,094
18,098
$ 129,466 $323.374 $ 193,908 $ 1,822,079 $ 2,105,271 $ 283,t92
135
St. Lucie County, Florida
Budgetary Comparison Schedules
Governmental Funds
For the Year Ended September 30, 2016
Erosion Control
Final
Budget
t,433,262 $
2,6t7,505
7,000
1,428
1,450,727 $
403,919
67,437
1,428
76
Variance
Positive
(Negative)
17,465
(2,2t3,s86)
60,437
'76
Actual
Amounts
REVENI]ES
Property
Licenses and permits
lntergovemmental
lnvestment income
Contributions from propert5r owners
Miscellaneous
Total revenues
EXPENDITURES
General govemment
Physical environment
Transportation
Economic environment
Culnrre and recreation
Capital ouflay
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
oTHER FTNANCTNG SOURCES (USES)
Transfers in
Transfers out
Intrafirnd Transfers
Total other financing sources (uses)
Net change in fund balances
Fund balances - beginning
Change in inventories ofsupplies
Fund balances - ending
4,0s9,19s 1,923,s87 (2,135,608)
51,095
6,100,682
3t4,842
51,09s
t,t09,266
26t,199
4,991,416
53,643
6,466,619 1,42t,s60 s,045,059
(2,407,424) s02,027 2,909,4st
162,913
(417,s25)(241,3s4)
(t62,913)
t7 6,171
(254,6t2) (241,3s4\13,258
(2,662,036)
5,511,54',7
260,673
5,509,334
2,922,709
(2,213)
$ 2,849,511 $ 5,770,007 $ 2,920,496
136
Housins Assistance SHIP Boatin g Improvement Proiects
Final
Budget
$-
1,30s,69s
20,0r 1
t,394,595
-$
432,677
24,391
502,'753
-$
(8 73,0 I 8)
4,380
Actual
Amounts
Variance
Positive Final
(Negative) Budget
Actual
Variance
Positive
Amounts (Negative)
66,425
1,500
99,036
l 1,354
32,61t
9,854
88,900 rr,23t (77 ,669)
468,299 (946,307)6'7.925 110,390 42,465
891,842
66,064 40,101 ,5 057
477,t06 20,'745 456,361
1,394,595 502,7s3 891,842 543,170 60,852
20,01I (34,4s4) (s4,46s) (47s,24s) 49,538 524.783
482.31 8
(20,0r r)
(20,011)
- (s,800)5,800
(5,800)
20,011
(34,4s4)
t29,496
5,800
530,583(34,4s4)
129,496
(481,045)
1,048,356
49,538
1,048,356
$ -$95.O42 $ 9s,042 $ s67,3rt S 1,097,894 $ 530,s83
St. Lucie County, Florida
Budgetary Comparison Schedules
Governmental Funds
For the Year Ended September 30, 2016
Bluefield Ranch Imorovements
REVENTJES
Properly
htergovemmental
Charges for services
lnvestment income
Contributions from property owners
Miscellaneous
Total revenues
EXPENDITURES
Physical environment
Economic environment
Culture and recreation
Capital outlay
Total expenditures
Excess (dehciency) of revenues
over (under) expenditures
oTHER FTNANCTNG SOURCES (USES)
Transfers in
Total other financing sources (uses)
Net change in fund balances
Fund balaoces - beginning
Change in inventories ofsupplies
Fund balances - ending
Final
Budget
s-
33
1,500
Variance
Positive
200'133533
108 108
108108
t,425 /11 308
t,425
t34,266
t,733
t34,266
308
$ l3s,69l $r3s.999 $308
138
Florida Housins Grant Sports Complex
Variance
Final Actual Positive Final
Budget Amounts (Negative) Budget
Actual
Amounts
263,826 93,204
Variance
Positive
(Negative)
$-
228,0s1
11,444
('70,267)
-$
1,254,t96
205,246
-$
546,802
196
-$
(707,394)
196
722,647
238
-$
170,622
s08,s00
r,300
736,5s1
12,744
- (20s,246) 276,901 319,299 42,398
1,459,442 546,998 (912,444) 957,323 1,332,420 3'75,097
1,458,114 735,467
2,t06,463 2,t76,730
1,328 r,090
1,459,442 736,55'1 722,88s 2,106,463 2,176,730 (70,267)
- (189,5s9) (189,559) (844,310) 304,830
- 1,07'7,387 t,07'1,387
- t,077,387 r,07't,387
( 1 89,559)
198,107
(1 89,5s9)
1 98,1 07
(71,7s3)
858,630
233,077
8s8,630
304,830
$ 8,548 $ 8,548 $ 786,877 $ 1,091,707 $ 304,830
St. Lucie CounQr, Florida
Budgetary Comparison Schedules
Governmental Funds
For the Year Ended September 30, 2016
SLC Sustainabilitv District
Variance
Actual Positive
Budget Amounts (Negative)
REVENIIES
Property
Special assessments
Charges for services
Fines and forfeitures
Investment income
Total revenues
EXPENDITURES
Transportation
Culture and recreation
Principal retirement
Interest
Other
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
oTHER FTNANCTNG SOURCES (USES)
Transfers in
Transfers out
Issuance of long-term debt
Total other financing sources (uses)
Net change in fund balances
Fund balances - beginning
Change in inventories of supplies
Fund balances - ending
20,800 8,314 (t2,486)
$-
20,800
-$
4,404
3,709
20t
( 16,396)
3,'709
20r
184,664 r76,800
2,104
s,316
- (61)
- 619
7,864
(2,r04)
(5,3 16)
(61)
s,564 (5,s64)
184,664 189,784 (s,120)
(163,864) (181,470) (17,606)
172,964 185,468 12,504
172,964 185,407 12,443
9,100 3,937 (s,1 63)
619
$ 9,100 $ 4,s56 $ (4,s44)
140
Law Enforcement SLC Art in Public Places
Variance VarianceFinel Actual Positive Final Actual positive
Budget Amounts (Negative) Budget Amounts (Negative)
9s,47s
-$
94,9',75
s00
75,000
478
-$
47
-$
806 7s9
75,478 80647 '759
t0,047
- t0,047
9s,4'7s 7s.478 (19,997\ (10,000)806
10,047
(r01,730)r01,730
t7s,t28 ( l 75,128)
(10r,730)
(6,2ss)
6,255
l0l .730 175,128 (1 75, l 28)
(t64,322)75,478
6,25s
8 1,733 I 65,128
71,'176
806
'7 r,776
81.733 $8 r.733 $_______2!p94 L_12;u $__!5!;22L
St. Lucie Count5r, Florida
Budgetary Comparison Schedules
Governmental Funds
For the Year Ended September 30, 2016
SLC Economic Develooment
Final Actual
Variance
Positive
Budget Amounts Grlegative)
REVENIIES
Propefty
Local business
lntergovemmental
Charges for services
Fines and forfeitures
lnvesfonent income
Miscellaneous
Total revenues
EXPENDITURES
General government
Public safety
Court-related
Capital outlay
Total expendih.res
Excess (defi ciency) of revenues
over (under) expenditures
oTHER FTNANCTNG SOURCES (USES)
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances - beginning
Change in inventories of supplies
Fund balances - ending
55 s7,s83 2,388
56, l 98 56,1 98
56,198 56,198
(1,003) 1,385 2,388
s-
55,195
-$
57,503
80
2,308
80
l9s
(1,003)
11,988
1,3 85
11,988
2,388
$ 10,98s $ 13,373 2.388
Clerk of Court Sheriff
Final
Budget
-$
682,009
325,033
2s22
-$
682,009
325,033
) <))
-$
2,972,350
1,372,711
6,1 6s
-$
2,122,350
t,3'72,'7t1
6,165
Variance
Positive
(Negative)
(8s0,000)
Actual
Amounts
Variance
Positive Final
(Negative) Budget
Actual
Amounts
-$
32,108 32,108
t,041,672 t,041,672 4,351,226 3,50r,226 (850,000)
I,056,322 1,056,322
(14,6s0) (r4,6s0)
4,825,057
630,390
4,825,057
630,390
5,455,447 5,4ss,447
(1,104,221) (r,9s4,22r) (850,000)
2,387,770 3,139,9'71 752,201
(r,10s,379) (1,105,379)
1,282,391 2,034,s92 7 s2,201
1,042,565
t3,7 57
1,042,565
t3.757
(r4,650)
579,24'1
(14,6s0)
646,679 67,432
t78,t'10
t,632,1t0
80,371
r,632,r l0
(97,79e)
$ 564,597 $ 632,029 $67.432 $ __tIt92!q_$______l42A8l_$______:plt22l
143
St. Lucie Count5r, Florida
Budgetary Comparison Schedules
Governmental Funds
For the Year Ended September 30, 2016
Supervisor of Elections
Final
Budget
$ 38,127
38,t27
42,7t0
Actual
Amounts
Variance
Positive
(Negative)
REVENTJES
Intergovemmental
Total revenues
EXPENDITURES
General government
Total expendifwes
Excess (defi ciency) of revenues
over (under) expenditures
oTHER FINANCTNG SOURCES (USES)
Transfers in
Total other financing sources (uses)
Net change in fund balances
Fund balances - beginning
Change in inventories of supplies
Fund balances - ending
$ 38,t27 $
38.t27
42,7 t0
42,7t0 42,7t0
(4,583) (4,583)
4,583 4,583
4,583 4,583
35 35
35$
't44
THIS PAGE INTENTIONALLY LEFT BLANK
St. Lucie County, Florida
Budgetary Comparison Schedule
Governmental Funds
For the Year Ended September 30, 2016
-$
1 10,000
51,728
lmpactFeesl&S
Variance
Final Positive
Budget Actual (Negative)
REVENUES
Propefi
lntergovernmental
lnvestment income
Miscellaneous
Total revenues
EXPENDITURES
General government
Principal retirement
lnterest
Other
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
oTHER FTNANCTNG SOURCES (USES)
Transfers in
Total other financing sources (uses)
Net change in fund balances
Fund balances - beginning
Fund balances - ending
161,728 161,728
(161,728) (161,728\
1s2,OO2
152,002
152,002
152,002
(e,726)(s,726)
9,726 9,726
-$
110,000
51,728
Sales Tax Revenue Bonds I & S CountvCapital l&S
Variance
Final Positive Final
Budget Actual (Negative) Budget
3,755,78;
6,s88
3,953,80;
36,61'1
-$
198,020
30,023
-$
14,348
Variance
Positive
(Negative)
(s,484)
-$
8,864
3,762,375 3,990,418 228.O43 14,348 8,864 (s,484)
(971,496) (759,778)
865,341 865,341
865,341 865,341
1,066,235
98,284
1,066,235
98,284
211,718 (1,150,171) (1,155,6s5) (5,484)
1,155,971 1,155,971
1,155,971 1,155,971
1,071
2,330,000
1,071
2,330,0002,400,800 2,400,8002,000 18,325 (16,325)
4,733,871 4,750,196 (16,325) 1,164,519 1,164,519
(106,155) 105,563 . 211,718 5,800 316 (5,484)
341,136 629,018 287,882 363,574 363,574
$ 234,981 $ 734,581 $499,600$ 369,s74$ 363,8s0$ (5,484)
St. Lucie Coun$r, Florida
Budgetary Comparison Schedule
Governmental Funds
For the Year Ended September 30, 2016
$
3,040
3,040
930,000
325,431
5,000
1,170,842
Transoortation I & S
Variance
Positive
Budget Actual (Negative)
REVENUES
lntergovernmental
Fines and forfeitures
lnvestment income
Total revenues
EXPENDITURES
General government
Principal retirement
lnterest
Other
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
oTHER FTNANCING SOURCES (USES)
Transfers in
Lease purchase proceeds
lssuance of long-term debt
Total other financing sources (uses)
Net change in fund balances
Fund balances - beginning
Fund balances - ending
$
2,252 (788\
2,252 (788)
930,000
325,431- 5,000
1,260,431 1,255,431 5,000
(1,257,391) (1,253,17s) 4,212
1,170,842
1,170,842 1,170,842
(86,549)
296,426
(82,337)
296/26
4,212
$ 209,877 $214,O89 $ t,ztz
Capital lmprovement Revenue Refundinq 2014 Cap lmpr Rev Bds Series 2016 Jail
Final
Budget
Variance
Positlve Final(Negative) Budget
$
745
Variance
Positive
(Negative)
745
946,000 $ 946,000 $324,809 240,794
-$
(84,015)
13,366 13,366
1 ,270,809 1 ,200,'t 60 (70,649)745 745
125,000
58,026- 2,000 31,278 31,278
1,280,260 1,278,260 2,000 214,305 214,304
(s,451) (78,100) (68,64e) (214,305) (213,559) 746
183,027 183,027
(31,278)31,278
- 31,278 31,278
214,305 214,305
(e,451)(78,100)(68,64e)746
204,285 204,285
$ ts+,834 $ 126,18s $ (68,649)$ - S 746 $
1,717
1,030,000
246,543
2,000
1,717
1,030,000
246,543
125,000
58,027
746
746
St. Lucie County, Florida
Budgetary Comparison Schedule
Governmental Funds
For the Year Ended September 30, 2016
Gapital lmp Rev Bonds 2015
Final
Budget
240,000
193,307
Variance
Positive
(Negative)
REVENUES
lnvestment income
Miscellaneous
Total revenues
EXPENDlTURES
Principal retirement
lnterest
Other
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
oTHER FINANCING SOURCES (USES)
Transfers in
Lease purchase proceeds
Total other fi nancing sources (uses)
Net change in fund balances
Fund balances - beginning
Fund balances - ending
$ -$443 $443
455,093 433,307 (21,786\
455,093 433,750 (21,343)
240,000
193,307
433,307 433,307
21.786 443 (21,343\
21,786 443 (21,343)
4,008 4,008
$ 21,786 $ +,+Sr $ (17,335)
Lease Purchase FPL 2015 Lease Purchase Motorola
Varlance
Final Positive Flnal
Budget Actual (Negative) Budget
Varlance
Positlve
Actual (Negative)
:$$-$-$:$
5,000 5,00015,000 15,000
20,000 20,000
- 10,569 10,569
- 10,569 10,569
- (10,569) (10,56e)
- 10,570 10,570
10 570
-11-
-$-$ -$1$ 1$
't51
St. Lucie County, Florida
Budgetary Comparison Schedule
Governmental Funds
For the Year Ended September 30, 2016
Portl&S
Final
Budget
REVENUES
Property
Tourist
lntergovernmental
lnvestment income
Contributions from property owners
Total revenues
EXPENDITURES
General government
Principal retirement
lnterest
Other
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
oTHER FINANCING SOURCES (USES)
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances - beginning
Fund balances - ending
241,717
634
3,120
244,918 $
661
2,136
Variance
Positive
(Negative)
3,201
27
(e84)
245,471 247,715 2,244
1,000 1,000
281,791 281,791
(36,320) (34,076)
(8,848)
(8,848)
(6,985)
2,460
270,000
8,331
2.244
1,863
(6,985) 1,863
(41,061)
233,715
2,460
270,000
8,331
(45,168)
233.715
4,107
$ 188,547 $ 192,654 $ +,rOZ
Capital Proiectsl&S Sports Complex Debt
Final
Budget
Variance
Positive Final(Negative) Budget
Variance
Positive
(Negative)
359,1 89
14,681
-$
332
l$
293
loz762
-$
(3s)
-$
860,697
1,875
595,000
145,205
1,219,886
16,556
595,000
145,205
1,113 (1,113) 250,000 313,342 63,342
(1,152\ 1,112,572 1,549,784 437,2121.445
762 740,205 740,205
683 293 (390) 372,367 809,579 437.212
- (771,139) (77s,527\ (8,388)
- (771,139) (779,5271 (8,388)
(3e0) (3e8,772)30,052 428,824
26,172 26,172 1 ,6't 9,1 99 1 ,61 9,1 99
$ 26,855 $ 26,46s $ (390) $ 1,220,427 $ 1,649,251 $ +ZA,eZq
St. Lucle County, Florida
Budgetary Comparison Schedules
Govemmental Funds
For the year ended September 30, 2016
SHI Special Assessment Bond
Final
Budget Actual
Variance
Positive
(Negative)
123,828
1,361
REVENUES
Property
lmpact fees
Special assessments
lntergovemmental
lnvestment income
Miscellaneous
Total revenues
EXPENDITURES
Culture and recreation
Capital outlay
Principal retirement
lnterest
Other
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
oTHER FTNANCTNG SOURCES (USES)
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances - beginning
Fund balances - ending
-$
664,618
'149
788,446
't ,5'10
664,767 789,956
9.685
9,685
'141,398
521.154
1 37,000 '137,000
7,667 1,143
144,667 138,143
520,100 651,813
(20,480) (10,7s5)
(20,480) (10,795)
499,620 641 ,018
$ 1,490,692 $ 2,'153,244
154
N Lennard Road Bonds I and S lmpact Fee
Variance
Final Positive Final
Budget Actual (Nogative) Budget
-$
634,628
1 ,913
-$
629,739
20,915
-$
1,960,108
500,000
175,600
-$
7,058,232
12,980
298,470
289,1 16
5,35'1 ,813
Variance
Positive
(Negative)
5,098,124
(487,02o)
122,870
29,884
16,245,441
21,201,215
-$
(4,88e)
19,002
- 191,916 191,916636,541 650,654 14,113 2,635,708 7,561,598 4,925,890
$5,00; sg5,00;'146,890 146,890
- 319,000-_-r,,597,254_
(19,930,058)
2,000 2,000
483,890 481,890 '-OO0 21 .916,254 5,640,929 16,275.325
152,651 168,764 16,113 (19,280,s46) 1,920,669 21,2O1,21s
(1 10,200) (8,622\ 101,578 (649,s12) (649,512)(110,200) (8,622\ 101,578 (649,512) (649,512)
42,451
1,553,168
$ 1 ,595,619 $
160,142 1 17,691 1,271,157
26,243,542 24,7,t9,757 (1,523,785)
0___________aa9J4q_ $_________!J!44_ $________2ff90,9!_ $_______I!SZ4A9_
155
St. Lucie County, Florida
Budgetary Comparison Schedules
Governmental Funds
For the year ended September 30, 2016
Countv Capital
REVENUES
Property
Motor fuel
lntergovernmental
lnvestment income
Miscellaneous
Total revenues
EXPENDITURES
General government
Physical environment
Transportation
Capitaloutlay
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
oTHER FtNANCING SOURCES (USES)
Transfers in
Transfers out
lssuance of long-term debt
Total other financing sources (uses)
Net change in fund balances
Fund balances - beginning
Fund balances - ending
(35e,368) (319,7e8)
(s,6s8,570)
7,388,473
$ 1,729,903
(931,973)
7.389.124
39,570
4,726,597
651
$ 6,457,151 4,727.248
Final
Budget
1,001,500
895,000
20,000
75,000
1,991,500
556,135
159,310
1,479,307
5,095,950
7,290,702
(5,299,202\
884,718
(1,244,086)
Actual
1,146,777
78,322
75,000
1,300,099
48,434
40,200
661,217
1,162,423
1,912,274
(612,175\
884,718
(1 ,204,516)
Variance
Positive
(Negative)
$
145,277
(895,000)
58,322
(691,401)
507,701
119,110
818,090
3,933,527
5,378,428
4,687,027
39,570
Countv Capita! State Revenue Share Bond County Capital Transportation Bond
Final
Budget
-$
14,250
-$
32,009
:$
28,500
:$
64,339
Variance
Positive
(Negative)
35,839
Variance
Positive Final
(Negative) Budget
fi,75;_
14,250 32,009 17,759 28,500 64,339 35,839
1,000,000
1 ,413,888
1,000,000
31,650 1,382,238 5,047,763 2,060,586 2.987.1772,413,888 31,650 2,382,238 s,047,763 2,060,586 2,987,177
(2,399,638)2,399,997 (5,019,26s) (1,996,247\ 3,023,016
(109,421)109,421
(2,399,6s8)
2,850,283 2,850,283$ 450,645 $ 2,850,642
2,399,997
(1O9,421)
(s,128,684)(1,996,247\
109,421
3,132,437
6,689,694 6,689,694$ 2,399,997 $ 1,561,010 $ 4,693,447 $ 3,132,437
St. Lucie County, Florida
Budgetary Comparison Schedules
Governmental Funds
For the year ended September 30, 2016
Jail Security Upgrade
REVENUES
lnvestment income
Total revenues
EXPENDITURES
Capitaloutlay
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
oTHER FINANCING SOURCES (USES)
Transfers out
Lease purchase proceeds
lssuance of long-term debt
Total other financing sources (uses)
Net change in fund balances
Fund balances - beginning
Fund balances - ending
$ 25,848
25,848
3,203,924 1,335,830
3,203,924 1,335,830
1,868,094
1,868,094
(1,309,982) 1,8e3,e42
Final
Budget Actual
(84,798)
3,288,722
3,203,924
1,893,942
Variance
Positive
(Negative)
25,848
25,848
1,893,942
1
Capital lmprovement Revenue Bonds 2015 Enerqy Efficiencv FPL 2015
Variance
Positive Final(Negative) Budget
$ z0,zra$ z0,zrs$ -$
9,290,379
Variance
Positive
(Negative)
$76,713 76,713
6,960,000 396,630 6,563,370 9,290,379 3,738,435 5,551,9446,960,000 396,630 6,563,370 9,290,379 3,738,435 5,s51,944
(6,960,000) (31e,917) 6,640,083 (e,2e0,379) (s,738,435) 5,551,944
9,290,379
- 9,290,s79 9,290,379
(6,960,000) (319,917) 6,640,083 - 5,551,944 5,551,944
7,040,494 7,040,494
$ 80,4s4 $ 6,720,577 $ 6,640,083 $ - $ 5,551,944 $ 5,551,944
't59
St. Lucie County, Florida
Budgetary Comparison Schedules
Governmental Funds
For the year ended September 30, 2016
Soorts Complex lmorovements
Final
Budget
Variance
Positive
(Negative)
4,740
Actual
REVENUES
Property
lnvestment income
Contributions from property owners
Miscellaneous
Total revenues
EXPENDITURES
General government
Transportation
Culture and recreation
Capitaloutlay
lnterest
Other
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
oTHER FTNANCTNG SOURCES (USES)
Transfers in
Transfers out
Proceeds from sale of capital assets
lssuance of long-term debt
Total other financing sources (uses)
Net change in fund balances
Fund balances - beginning
Fund balances - ending
753,651 753,651
-$
950
-$
5,690
7409505,690
1,158
249,266
608,517
1,158
200,663
421,899
48,603
186,618
623,720
(618,030)
235,221
239,961
753,651 753,651
(104,340)
283,727
135,621 239,961
283.727
179.387 $419,348 $ 239,961
Environmental Land Caoital MSBU lnternal Financed Proiects
Final
Budget
$ - $
.,0',i- 127,6412,850 14,692
2,850 145,346
Variance
Positive Fina!
(Negative) Budget
-$
3,013
127,641
-$
14,333
107,313
-$
18,673
39,358
Variance
Positive
(Negative)
4,340
(67,e55)
12.68211,842
142,496
- 12,682
121,646 70,713 (50,933)
846
10,941
846
10,941
10,941
153,437
196,800
5,000
201,800
(80,154)
(e,130)
161 ,000
71,716
38,616 1 63,1 84
26,735
11,881
170,065
(11,881)
5,000
11 787
(8,937) 144,500 32.097 112.251
22,359 22,359
(687)
(40,306)
69,587
29,281
22,359 151 ,870 (687)
(8,e37)166,859 175,796 31,410
202,422 202,422 - 504,265 573,852 69,587$ rgs,+as $ s6g,zar $ 17s,796 $ szs,gar $ 0os,zoz $ zg,zet
St. Lucie County, Florida
Budgetary Comparison Schedules
Governmental Funds
For the year ended September 30, 2016
MSBU External Financed Proiects
683,484
693,438
Variance
Positive
(Negative)
6,1 04
658.484
664,588
Actual
REVENUES
Property
lnvestment income
Contributions from property owners
Total revenues
EXPENDITURES
Transportation
Principal retirement
lnterest
Other
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
oTHER FTNANCTNG SOURCES (USES)
Transfers out
lssuance of long-term debt
Total other financing sources (uses)
Net change in fund balances
Fund balances - beginning
Fund balances - ending
-$
9,954
1 ,1 1 0,887
209,000
39,1 99
854,8s6
10,000
256,031
209,000
39,1 99
10,000
369,086
(942,468)
27,120
(431,000)
864,856 504,230
(171,418) 1,168,818
(6,112)
(6,112) (403,880)
(177,530)
984,078
764,938
764
THIS PAGE INTENTIONALLY LEFT BLANK
sT. LUCIE COUNTY, FLORTDA
Nonmaior Enterorise Fund Descriptions
Enterprise Funds
Enterprise funds impose fees or charges on those who use their services, primarily to
customers outside the ftnancial reporting entity.
South Hutchinson Utilities Fund - The fund is used to account for the operation of a wastewater
freatment plant for certain residents in various sections of the County.
Building Code Fund - The fund is used to account for permit fees to pay for the expenses for
building code compliance.
164
St. Lucie County, Florida
Combining Statement of Fund Net Position
Nonmajor Enterprise Funds
September 30,2016
South
Hutchinson
Utilities
$ 6,048,730
14,31 I
199,948
18,024
6,281,013
781,187
1,729,310
19,948,62',7
186,028
(t4,7s2,0t5)
I s9,896
8,053,033
14,334,046
109,515
2'.72,853
14,311
I 0,594
297,758
12,582
39,3 r 6
252,915
304,8 1 3
602,571
Building
Code
ASSETS
Current assets:
Cash and investaents
Restricted assets:
Cash and investments-customer deposits
Accounts receivable, net
Irterest receivable
Prepaid items
Total current assets
Non-curent assets:
Restricted assets:
Cash and investrnents--renewal and replacement
I-and
Buildings and improvements
Machinery and equipment
Accumulated depreci ation
Construction in progress
Total non-current assets
Total assets
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions
LIABILITIES
Curent liabilities:
Accounts payable and other current liabitities
Deposits payable from restricted assets
Due to other govemments
Accrued compensated absences
Tohl current liabilities
Non-cr:rrent liabilities:
Accrued compensated absences, net
OPEB tiability
Net pension liability
Total non-curent liabilities
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Defened inflows related to pensions
NET ASSETS
Net investment in capital assets
Restricted for:
Renewal md replacement
Unrestricted
Total net position
3,69s,750
4,193
9,748
370
9,744,480
14,31 I
204,14r
27,772
370
234
3,710,061
288,229
(288,229)
3,710,061
4'74,38s
45,717
12,054
7t,679
129,450
65,252
479,901
r,r12,203
1,657,356
1,786,806
6,446
9,991,074
78 1,1 87
1,729,310
19,948,627
474,257
(1s,040,244)
1 s9,896
8,053,033
18,044,t07
583,900
3 18,570
14,31 1
12,054
82,273
427,208
7'.|,834
5t9,217
1,36s,1 18
1,962,169
2,389,377
6,680
7,271,846'7.2',71.846
165
St. Lucie County, Florida
Combining Statement of Revenues, Expenses, and Changes in f,'und Net Position
Nonmajor Enterprise Funds
For the Year Ended September 30,2016
Operating revenues:
Charges for services
Miscellaneous
Total operating revenues
Operating erpenses:
Salaries, wages and employee benefits
Contractual services, materials and supplies
Depreciation
Total operating expenses
Operating income
Nonoperating revenues (expenses):
Investuent income
Total nonoperating revenues (expenses)
Change in net position
Net position - beginning
Net position - ending
South
Hutchinson
Utilities
$ 2,359,551
37,388
2,396,939
303, r62
1,562,24t
781,3 86
2.646,789
(249,8s0)
74,864
74.864
(r74,986)
t4,015,742
$ 13,840,756
Buildlng
Code
$ 2,068,301
6s8
2,068,959
1,281,059
339,168
r.620.227
448,732
39,056
39,056
487,788
1,903,406
s 2,391,194
Total
$ 4,427,852
38,046
4,465.898
1,584,221
1,901,409
781,386
4.267,016
198,882
I 13,920
I 13,920
312,802
15,919,148
$ 16,231,9s0
Cash flows from operating activities
Cash received from customers
Cash paid to suppliers
Cash paid for employee services
Other receipts
Net cash provided by operating activities
Cash flows from noncapital financing activities
Purchases of capital assets
Net cash used for capital and related financing activities
Cash flows from capital and related financing activities
Interest on investrnents
Net increase in cash and investments
Cash and investrnents at beginning ofyear
Cash and investments at end of year
Cash and investments classified as:
Current assets
Restricted assets
Total cash and investments at end ofyear
Reconciliation of net operating income Qoss) to
net cash provided by operating activities
Operating income (loss)
Adjustments to reconcile operating income (loss) to
net cash provided by operating activities:
Depreciation
Changes in assets and liabilities:
Accounts receivable
Prepaid items
Accounts payable and accrued liabilities
Accrued compensated absences
Deposits payable
OPEB liability
Pension liability
Net cash provided by operating activities
St. Lucie County, Florida
Combining Statement of Cash tr'lows
Nonmajor Enterprise Funds
For the year ended September 30,2016
South
Hutchinson
Utilities
2,36s,664
( r,458,048)
(27s,896)
37,3 88
669, l 08
(86,s06)
(86,506)
72,'720
6\\ 1,))
6,1 88,906
6,844,228
568,546 t,23'1,654
(86,s06)
(86,s06)
37 ,090 109,8 10
605,636 1,260,958
3,090,114 9,279,020
3,695,7s0 10,539,978
Building
Code
2,064,t08
(346,690)
(i,149,s30)
6s8
Total
$ 4,429,112
(1,804,738)
(t,42s,426)
38,046
$ 6,048,730
795,498
6,844,228
3,695,7s0 $ 9,744,480
795,498
3,695,'750 10,539,978
$ (249,8s0)
781,386
5,866
r06,409
4,r44
244
5,24t
15.668
448,732
(4,1 93)
(370)
5,478
19,663
32,445
66,'791
$ s68,s46
37,686
82,459
$ t,23'.7,6s4
r 98,882
781,386
r,673
(370)
r 1 1,887
23,807
244
167
AGENCY FUNDS
St. Lucie County, Florida
Combining Statement of Changes in Assets and Liabilities
Agency Funds
For the year ended September 30,2016
Board of Countv Commissioners
Beginning
Balance Additions Deletions
Ending
Balance
Assets
Cash and investments
Accounts receivable
Due from other governments
Interest receivable
Total assets
Liabilities
Accounts payable and other current liabilities
Deposits payable
Due to other governments
Agency funds on hand
Total liabilities
7,35t,411
29,664
14,804 14,095
$ 6,369,819 $ 7,39s,170
$ 6,3 1s,787 $
798
38,430
$ 7,933,049
39,055
14,805
$ 7,986,909
s 5,734,149
798
29,039
14,094
$ 5,778,080
5,335,225
$ 6,369,81e
63,328 $
530,2s2
441,0t4
1,473,270
579,983
1,070,869
7,074,174
$ 10,198,296
$ 1,499,885
6t8,672
t,097,343
7,574,135
$ 10,790,035
$ 36,713
491,s63
414,540
4,935,264
$ 5.778.080
Clerk of the Circuit Court
Beginning
Balance Additions Deletions
Ending
Balance
Assets
Cash and investments
Total assets
$ 13,766,416 $ 189,138,629
$ 13,766,416 $ 189,138,629
$ 19t,324,336 $ 11,580,709
s 191,324,336 $ 11,580,709
Liabilities
Accounts payable and other current liabilities $
Due to other governments
Agency funds on hand
Total liabilities
$ 954$
40,410,286 41,148,396
148,727,389 150,17s,940
$ 189,138,629 g 191,324,336
3,9ss,921
9,810,495
$ t3,766,416
$ 9s4
3,277,911
8,361,944
$ r 1.580.709
Beginning
Balance Additions Deletions
Ending
Balance
Assets
Cash and investments
Accounts receivable
Due from other governments
Total assets
Liabilities
Accounts payable and other current liabilities
Agency firnds on hand
Total liabilities
93,739 2,383,477
$ 1,7t7,747 $ 6,161,513
1,624,008 $3,561,878
216,158
3,616,780
216,158
2,410,602
$ 6,303,540
1,569,106
6,614
$ r,57s,720
$ 11,337 $ 1,792,604t,706,4r0 2,482,978
$ t,717,747 $ 4,275,582
$ 1,773,844 $ 30,097
2,643,765 t,545,623
$ 4,417,609 $ t,57 5,720
169
TaY Cnllecfnr
Assets
Cash and investrnents
Due from other governments
Total assets
Liabilities
Due to other governments
Agency firnds on hand
Total liabilities
Tnfql Aoencw I'rrnds
Assets
Cash and investments
Accounts receivable
Due from other governrnents
Interest receivable
Total assets
Liabilities
Accounts payable and other current liabilities
Deposits payable
Due to other govemments
Agency f,mds on hand
Total liabilities
Beginning Ending
Balance Additions Deletions Balance
s 5,225,077
10.437s 5,235,508
$ s34,534,704 $ s34,406,018 $ s,353,757
40.479 36.13t 14.185$ 534.575.183 S s34.442.149 S s.367942
1,285,009 1t2,778,839
3,950,499 564,t68,674s 5.23s.s08 s 676.947.s13
I 13,189,330
563.625,749s 676.815.079
BeginningBalance Additions
$ 26,931,282 $ 734,586,622
798 2l6,ls8142,606 2,453,62014,804 14.095s 27.089,490 S 731.270.495
EndingDeletions Balance
$ 737,280,183 s 24,237 ,721216,158 7982,546,388 49,83814,805 14.094s 740,057,534 S 24.302.4sr
s 74,665 $ 3,266,828530,252 579,983
5,681,944 154,259,994
20,802,629 722,453,215s 27J189,490 S 880.560.020
$ 3,213,729 $ 67,7646t8,672 491,563155,435,069 4,506,869724.019.589 t9,236,255$ 883.347.0s9 S 24.302.451
170
Sfafisfical Section
This part of the St. Lucie County, Florida's comprehensive annual financial report presents detailed information
as a context for understanding what the information in the financial statements, note disclosures, and required
supplementary information says about the County's overall financial health.
Contents Page (s)
Financial Trends (Schedules 1-5) 172-182
These schedules contain trend information to help the reader understand
how the County's financial performance and well-being have changed
over time.
RevenueCapacity (Schedules 6-9) 184-189
These schedules contain information to help the reader assess the factors
affecting the County's ability to generate its property and sales taxes.
DebtCapacity (Schedales 10-14) 190-198
These schedules present information to help the reader assess the
affordabiliry of the County's current levels of outstanding debt and the
County's ability to issue additional debt in the future.
Demographic and Economic lnformation (Schedules 15-16) 200-201
These schedules offer demographic and economic indicators to help the
reader understand the environment within which the County's financial
activities take place.
Operating lnformation (Schedules 17-19) 202-215
These schedules contain service and infrastructure data to help the reader
understand how the information in the County's financial report relates to
the services the County provides and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual
financial reports for the relevant year.
St. Lucie County, Florida
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
200920082007
$ 387,33',1,46s
1t6,843,373
r 08,991,758
$ 613,172,596
2010
$ 393,795,950
105,210,654
125,436,t64
$ 624,442,768
Governmental Activities
Net Investrnent in Capital Assets
Restricted
Unrestricted
Total Governmental Activities Net Position
Business-Type Activities
Net Investment in Capital Assets
Restricted
Unrestricted
Total Business-Type Activities Net Position
Primary Government
Net Investment in Capital Assets
Restricted
Unrestricted
Total Primary Government Net Position
Notes:
$ 238,439,239 $ 355,838,268
145,009,148 119,697,213
105,237,97r 94,912,306
$ 488,686,358 S 570,447,787
$ 67,383,013
3,332,278
2,425,365
$ 73,140,6s6
s 65,548,641 $ 74,634,626 $ 69,955,818
2,666,696 2,093,927 t,425,t4s
3,294,028 641,560 6,t30,912
$ 71,509,365 $ '17,370,113 $ 77,511,875
$ 30s,822,2s2 $ 421,386,909
148,341,426 122,363,909
107,663,336 98,206,334
$ s61,827,014 $ 64r,9s7,rs2
$ 46r,972,091 $ 463,7s1,768
118,937,300 106,635,799
109,633,3 18 131 ,567 ,076
$ 690,542,709 $ 701,9s4,643
(1) The County implemented GASB Statement No. 63 and Statement No. 65 effective October l, 2012. Pdor
periods are not restated.
(2) The County implemented GASB Statement No. 68 effective October 1 ,2014. Prior periods are not
restated.
172
Schedule I
201t
$ 417,878,513
103,302,009
tt0,728,785
$ 631,909,307
2012
s 433,4s't,698
1 1 7,580,1 60
74,043,785
$ 625,081,643
$ 446,676,1t4
I 08,397,750
s9,598,364
$ 614,672,228
2013 (1) 2014 20ts (2) 20t6
$ 459,074,5s1 S 467,s9s,932
130,699,394 88,036,716
42,527,312 6,048,762
s 632,30r,2s't $ s61,681,410
$ 4'73,852,620
89,52r,647
(6,358,1 67)
$ ss7,016,100
$ s7,7 s2,922 $ s4,461,4472,138,626 2,226,077(1s,793) 7,026,387$ 59,875,755 $ 63,713,91 I
$ s2,s38,483 $ 55,721,56s2,021,94t 4,580,'177
8,236,652 1,'197,072
$ 62,79'.7,076 $ 62,099,414
$ 55,9'.16,445 $ 57,093,744
t,7 s6,949 1,909,s8841'7,sr7 (2,260,917)
$ 58,1s0,9r1 $ 56,742,4t5
$ 47s,631,435
105,440,635
rt0,7t2,992
s 691,785,062
$ 487,919,145 $ 499,214,597 $ 514,796,116 $ 523,572,3'77
tt9,806,237 r 10,419,691 135,280,171 89,193,665
81,070,172 67,835,016 44,324,384 6,466,279
$ 688,795,554 $ 677,469,304 $ 694,400,67r S 619,832,32r
$ s30,946,364
91,43r,235
(8,619,084)
$ 613,758,515
173
St. Lucie Counfy, Florida
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
2010
Expenses
Governmental Activities:
General govemment
Public safety
Physical environment
Transportation
Econornic environment
Human services
Culture and recreation
Court related
Interest on long-term debt
Total Govemmental Activities Expenses
Business-Type Activities:
Bailing & recycling
Golfcourse
Water & sewer
Spots complex (l)
Building code
Total Business-Type Activities Expenses
Total Primary Government Expenses
Program Revenues
Govemental Activities:
Charges for Services:
General govemment
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Court-related
Operating Gralts and Contributions
Capital Grants and Contributions
Total Govemmental Activities Program Revenues
Business-Type Activi ties:
Charges for Services:
Bailing & recycling
Golf coune
Water & sewer
Sports complex (l)
Building code
Operating grants md contributions
Capital grants and contributions
Total Business-Type Activities Progam Revenues
Total Primary Government Program Revenues
Notes:
$ 63,614,16r
78,240,462
8,042,29',7
29,664,790
8,422,428
1 3,364,830
19,947,!72
1 8,6 I 5,706
5,919,086
24s,830,932
14,96'7,247
2,901,0t'1
8,027,3t3
2,327,224
3,104,806
31,327,607
$ 277,1s8,539
$ 44,2',77,856
84,?80,648
6,222,927
24,824,s86
7,4',73,221
13,499,3 l s
21,223,80s
19,69t,162
6,888,49 I
228,882,01 I
I 5,140,88 I
2,t93,506
7,819,445
2,474,503
2.518,70',7
30,147,042
$ 259,029,053
$ 42,87',1,l',l5
89,424,347
8,094,926
27,406,2U
7,100,209
I 5,524,800
t7,908,t92
2t,2',15,9t4
7,84s,84 l
237,4s7,668
17,177,740
1,896,586
7.920,678
2,560,552
t,877,438
31,632,994
s 269,090,662
$ 39,7'.13,965
83,268,746
6,333,69',7
20,902,s01
5,526,431
1s,333,1 75
tt,738,266
17,459,274
7,514,820
207,8s0,88 l
17,953,102
1,839,557
'1,968,786
2,591,057
1,604,352
3 1,9s6,854
$ 239,807,73s
$ 24,734,123
7,322,t88
53,506
622,268
63,986
1,050,27 4
12,891,1 l0
3 1,301,616
18,066,436
96,1 05,507
l5,l l 1,647
1,397 ,833
6, I 06,403
4',70,160
2,299,363
220,29r
25,605,697
$ r2r,7l 1,204
$ s,361,96s
t,099,729
5,842
767,088
1,089,601
10,095,860
16,966,342
43,900,419
'19,286,846
13,467,086
t,320,r23
6,1 10,07s
529,1 t7
1,590,565
314,540
32r,270
23,652,',|76
$ 102,939,622
s 9,838,157
1,7 48,90r
760,338
3,090
|,079,522
7,228,192
12,262,s76
60,4 I 8,960
93,339,736
tL,285,719
I,2 I 9,908
6,634,292
56'1,9t1
I,105,81 I
r,641,479
r2,693,462
35,148,582
$ 128,488,318
s 9,309,384
2,354,431
300
606,167
37,500
t,004,7 56
1,482,202
18,980,12?
30,660,239
64,435,106
14,408,053
807,279
7,249,242
505,1 9 1
1,060,278
s,228,948
287,153
29,546,144
$ 93,981,2s0
(1) Sports Complex moved from Business-T1pe Activities to Govemmtal Activities in FY 2011
(2) The County implemented GASB Statement No. 63 and Statement No. 65 effective October l, 20i2. Prior periods are not reslated
(3) The County implernented GASB Statement No. 68 effective October 1,2014. Prior periods are not restated.
Schedule 2
20tt 2ot2 2013 (2) 2014 2015 (3) 2016
$ 38,s78,353
82,023, l 53
6,892,704
22,854,975
8,838,s69
8,',|72,655
18,772,290
t7 ,62',7,4t7
6,s08,621
210,868,737
23,335,807
1,713,005
7,761,091
N/A
9s 1,883
33,761,',786
$ 244,630,s23
s 9,189,285
1,468,71s
637,1 l0
1,637,068
1,709,8 19
14,155,043
2t,515,877
s0,312,917
14,1 30,388
1,033,500
7,697,212
N/A
1,0 1 8,835
94,868
23,9'.14,803
$ 74,287,720
$ 38,949,324
78,369,804
s,294,586
24,933,466
10,736,029
t4,225,839
l ?,848,82s
r'7,917 ,521
5,942,286
214,2t7,680
10,063,706
r,60t,420
9,3 l 1,539
N/A
928,933
2 1,905,598g 236,123,278
$ 39,189,800
80,824,313
1 1,024,908
23,936,104
8,659,048
12,733,22',7
18,'713,322
l 7,983,0 1 3
5,1 I 6,657
2 I 8,1 80,392
I 3,8 I 5,36 I
1,615,468
10,002,8 l4
N/A
1,028,274
26,52t,917
$ 244,',102,309
$ 41,069,060
83,550,7 l 5
7,84 1,1 05
2t,829,373
8,214,241
11,207,697
\9,465,292
t9,r9s,928
4,725,479
2 1 7,098,890
1s,306,490
1,33s,004
8,689,146
N/A
1,089,766
26,420,406
$ 243,519,296
s 45,51?,639
86,992,156
6,346,886
23,659,348
5,819,303
I 1,651,205
17,743,969
21,12r,793
4,25t,736
223,t04,035
t7,456,246
1,282,908
8,s93,889
N/A
1,360,909
28,693,9s2
$ 251,797 ,987
$ 8,38s,062
2,340,823
528,1 80
1,77',|,3\2
8,686,681
12,s79,675
t5,021,976
49,32s,709
15,938,866
t,337,670
8,058,73 I
N/A
1,606,662
87,089
27,029,0t8
$ 76,354,727
s 47,318,679
94,870,7 50
6,314,624
22,789,966
6,978,500
12,666,374
1 9,880,606
20,289,s82
4,207,622
235,316,703
I 8, r 8s,680
1,415,595
9,315,147
N/A
t,620,227
30,s36,649
$ 265,853,352
$ 9,167,598
2,232,876
450
464,318
37,500
1,671,311
1,785,069
18,47 4,7 t8
19,691,9s9
s3,szs,799
13,926,123
r,036,431
'7,833,662
N/A
1,167,284
73,828
24,03',1,328
$ 77,563,12',7
s 10,386,676
2,179,484
452,t01
37,500
1,603,674
3,858,576
26,818,476
25,232,741
'10,569,228
t4,463,656
985, l 64
'7,689,312
N/A
I,1 8 1,389
99,213
24,418,734
s 94,987,962
$ 8,128,47s
4,265,688
503,1 95
r,698,425
8,933,783
12,741,988
16,932,960
53,204,514
14,322,64t
1,256,972
7,820,638
N/A
t ,51s,156
4t6,739
2s,392,146
s 78,596,660
$ 8,707,8s8
2,656,847
493,955
r,807,s56
7,53s,935
11,220,622
20,82',7,330
s3,250,103
17,318,92t
r,236,384
8,282,856
N/A
2,068,301
91,378
28,997,840
s 82,247,943
St. Lucie County, Florida
Changes in Net Position (Continued)
Last Ten Fiscal Years
(accrual basis of accounting)
200'1 20092008 2010
Net @xpense)/Revenue
Govemmental Activities
Business-Type Activities
Total Primary Government net expense
General Revenues and Other Change in Net Position
Governmental activities:
Taxes
Property Taxes, Levied for General Purposes
Property Taxes, Levied for Debt Service
Sales taxes
Franchise fees
State shared revenues
Investment income
Miscellaneous
Transfers
Total Governmental Activities
Business-Type Activities:
Investment income
Miscellaneous
Transfers
Total Business-Type Activities
Total Primary Government
Change in Net Position
Govemmental Activities
Business-Type Activities
Total Primary Government Change in Net Position
$ 90,716,643 $ 78,2s3,7t2(r,688,971) (1,63t,29t)
$ 89,027,672 $ 76,622,42t
s 42,724,809 $ 11,269,898s,860,748 r4r,7 62
$ 48,58s,557 $ 11,411,660
$ (t49,72s,42s)
(s,721 ,910)
$ (1ss,447,33s)
$ (149,59s,r65)
(6,494,266)
s (1s6,089,43r)
$ (r44,r17,932)
(3,s 1s,s88)
$ (147,633,s20)
$ (r43,41s,77s)
(2,4t0,'710)
$ (14s,826,485)
$ 182,683,813
2,305,99r
1,566,034
5,591,827
19,607,348
|,97r,202
r1,677 ,tt4
(e6t,26r)
240,442,068
2,084,544
987,134
96r,26r
4,032,939s 244,475,007
$ 178,834,085
3,074,8 15
1,572,275
5,434,244
t8,309,t62
9,300,268
t2,206,83r
(882,803)
227,848,877
I,005,541
2,9'74,631
882,803
4,862,975
$ 232,'711,852
$ r47,915,327
r,262,653
2,1t4,215
5,488,297
17,313,499
s,8s I,706
7,92t,087
(t,024,043)
186,842,74r
619,3 81
701,736
r,024,043
2,345,160
$ 189,187,901
$ 119,485,011
1,0 r 5,405
2,053,2r3
5,145,1 3 1
14,875,936
'7,t25,340
6,0'16,644
(1,09r,007)
154,685,673
902,793
558,672
1,09r,007
2,552,4'72
$ 157,238,145
176
Schedule 2
201 I 2012 2013 (2)2014 2015 20r6
$ (160,5s5,820) $ (160,691,881)
(9,786,983) 2,131,730
$ (r70,342,803) $ (1s8,560,151)
s (147,611,164) $ (r63,894,376)
(2,103,183) (1,028,260)
$ (149,714,347) S (164,922,636\
s (173,7'78,326)
(1,664,934)
$ (17s,443,260)
$ (182,066,600)
(r,s3 8,809)
$ (183,605,409)
$ I 18,930,802
9t3,744
2,396,83s
5,041,2'70
2r,744,t29
3,203,3s9
6,946,70t
8,672,785
t67,849,62s
436,61't
387,031
(8,672,78s)
(7,849,t37)
$ 160,000,488
$ t13,449,923
2t9,556
2,648,898
4,913,92s
21,874,447
4,22'7,957
6,328,011
201 ,500
153,864,217
622,t26
1,285,800
(20 1,500)
t,706,426
$ 1s5,570,643
$ t12,622,033
2t6,583
2,577,525
4,828,039
rr,t90,464
472,t22
6,455,599
213,000
I 38,575,365
68,051
1,60t,473
(213,000)
),,4s6,524
$ 140,03r,889
$ 122,546,89s
230,022
3,039,203
4,974,923
16,723,847
1,558,294
7,432,358
344,891
156,850,433
268,820
406,669
(344,89 I )
330,598
$ 157,1 8 1,03 I
$ t2s,44t,070
235,548
3,424,'162
5,085,1 53
18,286,865
3,279,721
8,228,573
34t,233
t64,322,925
488,034
484,323
(341,233)
631,124
$ r64,9s4,049
$ 13s,745,043
236,359
3,652,354
4,876,430
19,491,9t7
2,560,840
10,227,653
610,694
r77,40t,290
363,s07
377,500
(610,694)
130,313
$ 177,s3 1,603
$ 7,293,805 $ (6,827,664)
(t7,636,t20) 3,838,156
$ (r0,342,315) $ (2,989,508)
$ (7,043,943) $ (9,4ss,40r)(6e't,662) (1,033,810)
$ (7,741,60s) $ (10,48e,21 l)
$ (9,03s,799)
(646,6s9)
$ (9,682,458)
$ (4,66s,310)
(1,408,496)
$ (6,073,806)
St. Lucie County, Florida
Fund Balances, Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
2007 2008 2009 (1) 2010
General Fund
Reserved
Unreserved
Total General Fund
All Other Governmental Funds
Reserved
Unreserved, reported in:
Designated for specific purposes
Special Revenue Funds
Debt Service Funds
Capital Project Funds
Total All Other Governmental Funds
Total Governmental Funds
General Fund
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total General Fund
All Other Governmental Funds
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total AII Other Governmental F unds
Total Governmental Funds
$ 4,28s,030 $ 5,062,045
s7,99s,353 84,743,t4s
62,280,383 89,805,190
N/A
N/A
N/A
N/A
N/A N/A
86,533, l 70
858,361
57,s61,499
(2s0,1 4 I )
144,702,889
78,668,669
932,430
6t,002,2r7
(199,20 1)
146,404,1,t5
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
s 206,983,272 $ 236,209,305 N/A N/A
s,274,420
r 8,039,1 I I
3'.7,908,24r
45,t'70,714
106,392,486
38 1,845
l 19,703,082
14,578,5 13
(967,746)
t33,695,694
$ 240,088,180
$ 8,039,227
I 8,507,370
66,98r,827
1 99,865
93,728,289
750,416
103,558,1 l2
3 1,053,837
(673,530)
134,688,835
$ 228,41'1,124
Notes:
(1) The County implemented GASB Statement 54 (The New Fund Balance) in FY 2009
Schedule 3
20tr 20t2 2015 2016
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
20t3
N/A
N/A
2014
N/A
N/A
N/A
N/A
N/A
N/A
N/A N/A N/A N/AN/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A
$ 6,893,317
99,69r
t5,696,427
53,230,218
15,1 58,3 71
91,078,024
440,592
99,072,434
26,663,s78
(309,673)
125,866,93 I
$ 6,849,s25
330,802
46,941,637
20,971,9ss
7s,093,919
490,'195
101,I 80,610
22,438,762
(t,323,932)
122,'t86,23s
$ 6,692,9s6
85,000
34,1 90,835
25,073,'t95
66,042,586
840,s88
98,999,661
tt,26s,465
2,190
(107,1 80)
rr1,000,724
$ 6,463,s14
32,5 I 9,000
1 8,748,635
57,73t,t49
940,694
r22,794,044
t0,466,190
$ 6,s63,346
15,305
39,073,863
7,296,9s0
s2,949,464
94r,147
t18,684,477
1r,042,531
I 30,668,155
$ 6,179,210
17,270
46,000,000
4,231,s80
56,428,060
789,687
119,743,r77
lt,347,243
13 1,880,107134,200,928
$ 2t6,944,9ss $ 197,880,1s4 $ 177,043,310 S 191,932,077 $ 183,617,619 $ 188,308,167
'179
St. Lucie County, Florida
Changes in Fund Balances, Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
$ 193,583,292
256,134
4,564,374
13,308,03 I
43,780
59,667,926
20,955,1 I 8
4,t49,254
tt,971,202
3,83 r,876
rr,267,ts0
323,598,137
42,91t,984
73,1 61,s80
7,716,324
24,650,454
8,015,255
13,094,573
I 8,161,566
t8,047,417
69,438,799
7,138,3r3
5,878,550
58 1,880
289,396,695
34,201,442
76,844,321
(78,3 12,355)
507,366
40,579,37'1
804,856
$ 189,518,405
204,456
4,r24,277
8,968,297
49,r78
59,949,846
18,193,222
3,817,596
9,334,070
2,447,306
rt,2tr,973
307,8 1 8,626
4s,076,s49
'79,924,687
5,914,003
20,367,74t
7,505,642
12,495,062
r9,555,121
1 8,673,806
60,483,258
8,271,407
7,0 15,87 r
50, I 02
285,333,249
22,485,377
76,055,402
(76,938,20s)
1,400,000
322,291
6,060,360
12,485,000
(r2,243,422)
7,t4t,426
$ 29,626,803
$ 156,982,368
i48,201
4,390,38 1
3,941,083
1,07 5,654
57,487,887
I 7,510,145
3, r40,560
5,85 1,706
10, I 85,576
t0,s23,0t2
271,236,573
43,621,'732
19,736,822
6,8s6,456
22,96t,0t5
1,211,448
14,687,243
1 7,088,853
I 8,028,834
47,596,383
14,583,046
7,70s,88s
90,393
280,174,110
(8,937,s37)
74,071,888
(74,09s,931)
1,032,468
9, 181 ,468
2010
$ 127,979,788
r40,023
4,068,691
5,320,499
1,086,058
47,888,602
t2,770,777
r,726,r84
6,357,503
3,528,013
8,801,787
219,667,925
40,245,337
80,29 I ,804
5,745,479
r 5,91 8,3 89
5,658,948
14,476,809
16,155,246
9,316,039
28,878,1 53
12,981 ,712
6,924,93t
96,8t7
236,69s,664
(t'7,027,739)
s9,860,674
(60,95 1,681)
332,500
'7,750
6,037,000
2007 2008
Revenues
Taxes
Licenses and permits
Franchise fees
Impact fees
Special assessments
Intergovernmental
Charges for service
Fines and forfeitures
lnvestment income
Contribution from property owners
Miscellaneous
Total Revenues
Expenditures
General govemment
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Court-related
Capital outlay
Debt Service:
Principal retirement
Interest
Other
Total Expenditures
Excess ofRevenues Over (Under) Expenditures
Other Financing Sources (Uses)
Transfers in
Transfers out
Capital lease proceeds
Proceeds from sale ofcapital assets
Issuance of long-tenn debt
Issuance ofrefunding bonds/note - principal
Issuance of refunding bonds/note - premium
Premium on long-term debt issued
Payment to refunded bond escrow agent
Payrnent to refund line of credit
Total Other Financing Sources
Net Change in Fund Balances
Debt Service as a Percentage of
Noncapital Expenditures
40,423,565
$ 74,625,007
10,189,893 5,286,243
s r,2s2,3s6 $ (11,741,496)
6 80%6.19o/"9.58y"9.5804
Schedule 4
2011 2012 2013 2014 2015 20t6
$ 127,432,07s
137,244
4,0t8,52t
6,269,0'72
r,662,089
43,69t,947
l 2,903,8 19
1,410,011
2,790,273
3,438,930
8,866,992
212,620,973
39,043,253
76,629,952
6,340,s89
n,s58,437
8,853, l 58
'7,869,397
15,452,465
I 6,1 68,803
24,183,348
10,'791,45r
6,603,340
174,307
229,668,500
(t'7,041,s27)
'73,655,102
(7 1,1 8 1,537)
3,000,000
4,68s,000
(4,7 t9,767)
5,438,798
$ (l 1,608,729)
$ r21,196,187
184,064
3,923,6t5
2,947,t01
1,763,0t6
48,272,899
13,276,780
1,440,389
3,7 67 ,497
1,08s,797
8,494,'126
2063s2,071
37,526,438
71 ,97 5,t35
4,551,777
19,105,458
10,7 r 3,840
13,1 13,546
14,12s,9s7
15,956,719
27,858,3 10
19,980,413
5,981,782
52,588
240,942,023
(34,s89,9s2)
63,826,069
(s9,t27,4tt)
t78,325
257,t36
I 0,330,000
$ r20,293,24s
149,013
3,845,968
9,tr7,34r
1,893,355
43,947,867
i 6,3s5,682
2,022,187
420,903
5,662,0s0
7,994,049
2tr,101,660
37,048,451
73,688,2ss
10,284,179
t8,164,647
8,571,258
11,212,739
I 4,658,608
1s,871,553
27,845,598
59,986,084
4,765,904
2,035,344
284,132,620
(72,430,960)
s8,s22,091
(58,309,09 l)
1t5,232
s6,690,000
5,204,242
(10,666,732)
$ 130,6s4,898
145,101
4,047,263
2,386,609
1,830,1 37
4t,501,566
20,0 l 0,805
3,381, r 25
1,403,'136
r,092,t98
8,397,988
2t4,85t,426
37,853,765
7'.7,006,903
6,780,010
15,861,230
8,012,462
9,5s6,810
15,355,532
r6,862,823
23,167,896
9,730,297
4,91s,883
21,214
225,184,825
(l 0,333,399)
6s,343,646
(64,996,894)
8s, l 54
$ t34,049,428
t61,454
4,17 5,910
5,65 I ,9 l0
1,680,237
34,971,691
17,994,376
3,464,666
3,039,035
974,380
8,913,302
2ts,076,39s
40,91s,97'7
82,056,8 19
5,234,383
17,805,459
5,670,134
9,874,89 I
1 s,1 60,363
16,783,994
24,627,r02
20,380,913
4,2r0,s63
s88,779
243,309,977
(28,233,s82)
69,077,s8s
(68,736,3s2)
I,090,042
880,680
7,029,690
21,885,000
(t t,34s,782)
l 9,880,863
$ (8,352,719)
$ t44,840,462
r82,745
4,024,278
7,102,056
1,7 13,1 80
32,299,138
1 8,1 85,270
2,898,407
2,404,957
r,86s,010
I 1,360,4s9
226,875,962
43,220,64r
86,049,441
5,014,866
16,'7 rt,3s1
6,836,373
10,54'7,965
15,84s,661
17,216,606
22,213,491
8,370,538
4,033,323
97,879
236,278,147
(e,402,t8s)
66,207,984
(6s,597,290)
9,305,379
804,512
3,505,468
1s,464,119
$ (19,125,833)
51,555,742
$ (20,87s,218)
43t,906
$ (9,901,493)
14,226,053
$ 4,823,868
7.250h 5 80%8.47%12.18%2s.21%
181
11.25%
St. Lucie County, Florida
Tax Revenues By Source, Governmental Funds
Last Ten Fiscal Years
(modffied accrual basis of accounting)
Schedule 5
Fiscal
Year
Properfy
Taxes
Tourist
Development
Tax
Fuel
Taxes
Other
Taxes Total
2008
184,989,804
181,120,404
149,177,980
120,500,416
119,844,546
113,669,479
112,838,616
122,776,9r7
125,676,618
135,981,402
2,501,499
2,360,774
2,077,270
2,017,003
2,396,83s
2,64g,ggg
2,577,525
3,039,203
3,424,762
3,6s2,3s4
5,064,535
4,s54,203
4,532,318
4,291,s42
4,077,571
3,904,221
3,81 1,548
3,927,996
3,954,894
4,271,932
1,027,453
1,483,024
t, I 94,800
1,170,821
l, I 13,123
1,073,589
l,06s,s56
1,010,882
993,ts4
934,774
193,583,291
189,518,405
t56,982,368
127,979,188
121 ,432,075
121,796,187
t20,293,245
r30,654,898
t34,049,428
144.840,462
2009
20t0
201 I
20t2
2013
2014
20t5
20t6
Source: St. Lucie County, Clerk of the Circuit Court, Finance Departrnent
182
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183
St. Lucie County, Florida
Assessed Valuation and Estimated Actual Values of Taxable Properly
Last Ten Fiscal Years
Fiscal
Year
Real Property (1)Personal Property
(2)
Assessed
Value
Estimated Actual
Value
Assessed
Value
Estimated Actual
Value
2007
2008
2009
2010
20tt
20t2
2013
2014
20t5
2016
35,298,381,073 $
35,921,342,207
30,6s6,94s,464
23,053,499,012
20,280,8t7,028
19,173,039,636
18,590,958,583
18,278,465,727
19,r29,945,370
20,798,536,263
44,122,976,341 s
44,901,677,7s9
3 8,321,181,830
28,816,873,76s
25,35t,021,285
23,966,299,545
23,238,698,229
22,848,082,t59
23,912,43r,713
2s,998,170,329
3,003,465,947 $
2,900,861,47 5
3,061,594,950
3,278,060,429
3,228,764,597
3,293,34r,552
3,616,707,900
4,657,503,480
4,705,r84,3t2
4,764,247,s34
3,003,465,947
2,900,867,47 s
3,061,594,950
3,278,060,429
3,228,164,597
3,293,341,552
3,616,707,900
4,657,503,480
4,70s,184,3t2
4,764,247,s34
Notes:(l)
(2)
(3)
The breakdown of commercial and non-commercial real property assessed value is not available.
Total assessed value is based on approximately 80 percent ofestimated actual value.
Centrally assessed value represents value ofproperty that is assessed by the State ofFlorida
rather than by the Property Appraiser when the property is located in more than one county.
Centrally assessed property is primarily railroad property.
184
Schedule 6
(3)
Centrally
Assessed
Value
Exemptions
ReaUPersonal
Property
$ 13,923,188,784
13,370,554,702
12,2t8,435,134
9,340,839,61I
8,377,431,327
7,893,166,31 I
1,899,097,097
7,793,r83,273
8,252,543,413
9,346,234,6s6
38,336,598,574 $
38,864,635,859
33,777,284,915
26,311,942,906
23,543,369,9t9
22,501,551,897
22,238,606,523
22,970,680,525
23,880,397,036
25,609,842,916
47,126,442,288
47,802,545,234
41,382,776,780
32,094,934,194
28,519,785,882
27,259,641,097
26,8ss,406,t29
27,505,585,639
28,617,616,025
30,762,417,863
Total Assessed
Value
Total Estimated
Value
Total
Direct
Tax Rate
34,751,554
42,426,177
58,744,561
40,383,465
33,788,294
35,170,709
30,940,040
34,711,318
45,267,354
47,0s9,119
6.9712
6.4612
6.46t2
6.4612
7.1367
7.188r
7.1881
7.3910
7.3910
7.7310
St. Lucie County, Florida
Direct and Overlapping Property Tax Rates
(rate per $1,000 ofassessed value)
Last Ten Fiscal Years
2007 2008 2009 2010
County direct rates
General Fund
Fine & Forfeiture
Other county-wide
Total direct rate
4.2734 4.2299 3.6t73 2.7694
2.3778 1.9352 2.5478 3.3957
0.3200 0.296t 0.2961 0.2961
6.9712 6.4612 6.46t2 6.4612
18.3891 17.2875 t7.45t8 17.8442
1.631 1 1.5993 1.5993 1.5993
County-wide debt maximum millage 0.0977 0.0920 0.0613 0.0613
Total County-wide district school board 7.7370 7.4900 7.6850 7.9760
Total Other taxing authorities
Total County-wide rate
Unincorporated Area
3.5832 3.2443 3.2443 3.34s7
Municipalities
City of Fort Pierce 5.9823 5.4674 5.4674 5.4674
City of Port St. Lucie 4.4399 4.2172 4.2172 4.6866
Town of St. Lucie Village 1.5000 1.2500 1.3400 1.6100
Source: St Lucie County, Office of Management and Budget
Schedule 7
20tl 2012 2013 20t4 20t5 2016
2.8707 2.9221
3.9699 3.9699
0.2961 0.2961
7 .1367 7. 1 881
0.0613 0.0154
8.1770 7.8780
2.922r
3.9699
0.296r
7.1881
0.0154
7.7710
3.6017
2.9221
3.9699
0.4990
3.7764
3.2699
0.3447
4.t273
3.2699
0.3338
3.6296 3.6080
19.0046 18.6895 18.5762
7.39t0 7.39t0 7.7310
0.0154 0.0154 0.0154
7.2570 7.2410 7.2830
3.9327 3.89s2 3.8636
18.5961 t8.5426 18.8930
1.7796
5.4674
5.4723
1.6700
1.6562
5.4674
5.7289
1.7300
1.6562
5.7131
5.6289
r.7200
1.6562
6.6050
5.6289
r.7200
1.6562
6.5786
5.6289
1.7500
t.6562
6.9000
6.6289
1.8500
187
St. Lucie County, Florida
Principal Property Taxpayers
Current Year and Nine Years Ago
Schedule 8
2016 2007
Taxoaver
Total
Assessed
Valuation
Percent
of Total
County
Assessed
Valuation
Total
Assessed
Valuation
Percent
of Total
County
Assessed
Valuation
Florida Power & Light Corp. $
Tropicana Manufacturing Co. lnc.
Wynne Building Corp.
Wal-Mart Stores East LP
Bellsouth Telecommunications
HCA./Lawnwood Medical Center Inc.
Florida Gas Transmission Co. LLC
KRG Port St Lucie Landing LLC
Sandpiper Resort Properties Inc.
Florida East Coast Railway
Ginn-La St Lucie Ltd, LLLP
Wal-Mart Stores East lnc
St Lucie Land Ltd.
2,687,324,996
t25,828,19t
1 1 9,965,780
83,932,48s
69,845,695
4s,367930
44,875,000
39,956,1 50
37,848,610
37,233,99s
t0.49% $
0.49%
0.47%
033Yo
0.2704
0.18%
0.t8%
0.l6Yo
0.t504
0.l5Yo
t,497,827,258
t60,943,936
1 36,200,598
68,s30,789
106,000,001
58,550,000
66,09r,572
72,275,800
55,935,400
60,041,300
$ 2,282,396,654
3.91%
0.42Yo
0.36%
0.t8%
0.28%
0.15%
0.t7%
0.t9yo
0.15o/o
0.16Y"
5.9'1y,
I
2
3
4
5
6
7
8
9
10
I
2
J
6
4
9
7
5
10
8
Total Principal Property Taxpayers $ 3,292,1'78,832
Total County Assessed Valuation S 25,609,842,916
Source: St. Lucie County Tax Collector Office and Property Appraiser
$ 38,336,598,574
188
St. Lucie County, Florida
Properly Tax Levies and Collections
Last Ten Fiscal Years
Schedule 9
Fiscal
Year
Ending
Tax
Roll
Year
(r)
Total
Tax Levy
(2) Percentage of
Current Tax
Current Tax Collections to
Collections Tax Lew
(3)
Delinquent
Tax
Collections
Total
Tax
Percentage of
Total Tax
Collections to
Collections Total Tax Lew
2007
2008
2009
2010
201 I
2012
2013
2014
2015
2016
2006 s 195,293,400 $
2007 190,184,760
2008 160,47'.1,66'.7
2009 129,397,667
2010 127,',714,008
2011 123,r94,32s
20t2 121,326,2t4
2013 131,315,251
2014 1r5,3s6,839
20ls 146,099,632
187,777,}ts
r82,764,255
153,r31,841
t24,013,907
t22,7 53,725
1 1 7,1 78,059
r 16,147,851
t26,409,8',15
t30,274,123
r40,581,398
96.15o/o
96.10o/o
9s.42%
95.840/0
96.12o/o
95.12%
95.73%
96.26%
96.24%
96.22o/o
4,663 $
321,783
335, r 88
86,720
t22,s7r
256,2s8
t99,245
l 06,870
182,194
s2.463
1 8 7,78 1,678
183,086,038
153,467,029
124,100,627
122,876,296
117,434,317
r16,347,096
126,5t6,745
I 30,456,3 I 7
140,633,86r
96.ls%o
96.27o/o
9s.63%
95.91%
96.21o/o
95.32%
95.900/0
96.35o/o
96.38o/o
96.26%
Source: St. Lucie Couty Tax Collector and tlre Clerk of the Circuit Cout
Notes: (1)TotaltaxleryamountsreflectpropeftytaxescollectedonbehalfofSt.LucieCountyonly. Thisamountrepresentsthe
original levy plus additions, penalties, errors, and other adjustments.
(2) Curenttax collections represents oDly the cash collected. All taxes are due andpayable on November 1, ofeach year
or as soon thereafter as the assessment roll is certified and delivered to the Tax Collector. All unpaid taxes become
delinquent on April 1 following the year in which they are assessed. Discounts are allowed for early palment at the
rateof4o/ointhemonthofNovembet,3%inDecember,2Yoinlantnryandl% inFebruary. Thetaxespaidin
March are not discomted.
(3) The detinquent tax collections include the collections for delinquent tangible personal property taxes md County tax certificates.
189
St. Lucie County, tr'lorida
Computation of Legal Debt Margin
September 30,2016
Schedule 10
The Constitution of the State of Florida, Florida Statute 200. I 8 I , and St. Lucie County set no legal
debt limit.
THIS PAGE INTENTIONALLY LEFT BLANK
19'l
St. Lucie County, Florida
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Governmentel Activities
Fiscal
Year
General
Obligation
Bonds
(l)
Revenue
Bonds
Revenue
Notes
Special
Assessment
Bonds
Capital
Leases
2007 $ 7,74s,000 $ 119,813,493 $ 31,493,730
2008 6,275,000 tr4,728,232 32,165,592
2009 4,74s,000 t09,496,942 34,s2s,836
2010 3,150,000 t04,09't,524 30,070,252
2011 r,225,000 99,114,801 29,896,255
2012 1,010,000 93,953,568 2'1,540,942
2013 785,000 90,235,689 24,611,853
20t4 545,000 84,459,535 22,038,154
20t5 290,000 64,753,t63 4r,026,1t5
2016 20,000 61,066,715 40,35'1,'151
Notes: (1) Revenue Bonds are net ofbondpremiums/discounts.
$ 5,403,303 $
9,396,306
7,723,908
12,501,087
12,217,819
10,6M,078
9,024,837
7,865,000
6,739,690
131,443
1,282,109
2,05 1,890
t,956,528
1,4s2,948
1,189,542
759,499
4r9,792
t,110,962
6,588,055 10,014,798
(2) Information comes from State of Florida Office of Economic and Demographic Research
(http://www.edr.state.fl.us/Content/area-profiles/county/stlucie.pdf). See Schedule 15.
Detail regarding the County's outstanding debt can be found in the notes to the financial statements.
N/A - Information not available
Schedule 11
Business - Tvpe Activities
(t)
Revenue
Bonds
Revenue
Notes
Capital
Leases
Total
Primary
Government
A\ Outstanding
Percentage Debt
ofPersonal Per
Income Caoita
$ 21,880,497 $
20,684,085
20,05t,847
t9,66s,7'7s
r 9,259,s5 8
18,833,400
t8,377,325
21,809,889
21,323,901
20,827,913
94,033
94,033
68,002
38,483
31,218
21,369
r0,624
4,362
r,493
t86,467,466
t84,531,324
r78,720,674
r 7l,556,568
163,245,007
t53,1'74,375
r43,795,696
137,r37,370
135,243,831
138,875,232
2.4s% $
233%
2.27Yo
2.07%
t.89%
t.70%
1.61%
t.38%
t.27%
NiA
686
667
655
6r8
584
546
5ll
485
470
474
193
St. Lucie County, Florida
Ratios of Net General Bonded Debt
Last Ten Fiscal Years
Schedule 12
a)
Total
Fiscel
Yeer
Endins
(l)
Pooulation Tsreble Velue
(a)
Gross General
Bonded Debt
Resfricted
Resources
Ratio of Net NetGeneral
General Bonded Bonded
Net Genersl Debt to Totel Debt Per
Bonded Debt Taxable Value Carita
200't
2008
2009
2010
20r l
2012
20t3
20t4
2015
20t6
Sources:
7,745,000 $
6,275,000
4,745,000
3,150,000
1,225,000
1,0 r 0,000
785,000
545,000
290,000
20,000
3,531,522 $
2,s8r,052
3,489,1t2
3,0r4,209
453,311
394,869
33 I,328
279,44t
23r,142
20,000
4,213,478
3,693,948
1,255,288
135,791
7'11,629
615,131
453,672
265,559
s8,658
0.0002 $
0.0001
0.0001
0.0000
0.0001
0.0000
0.0000
0.0000
0.0000
0.0000
27t,96r $ 24,412,809,790 $
276,585 25,554,081,157
272,864 21,558,849,841
277,789 17,031,103,29s
279,696 15,165,938,592
280,355 14,608,385,586
28r,l5l 14,319,s09,426
282,821 1s,177,497,2s2
287,749 15,627,853,623
292,826 16,261,608,260
l5
l3
5
0
3
2
)
I
0
0
(l) Office of Economic & Demogra.phic Research - (http://www.e&.state.fl.us/Content/area-profi1es/county/stlucie.pdf)
(2) St. LucieCounty, PropertyAppraiser.
(a) There were no issuance premiums/discounts associated with the general bonded debt.
194
St. Lucie County, f,'lorida
Direct and Overlapping Govemmental Activities Debt
September 30,2016
Schedule 13
Government Unil
Gross Debt
Estimated
Percentage
Estimated Share
of Direct and
Overlappins DebtOutstanding Applicable(l)
City of Fort Pierce
Revenue Bonds
City of Port St. Lucie
Special Assessment District Bonds
Sales Tax Bonds
Public Service Tax Bonds
Certifi cate of Participations
CRA Tax Increment Bonds
General Obligation Bonds
Revenue Bonds
St. Lucie County School Board
Certificates of Parti cipation
Sales Tax Revenue Bonds
State School Bonds
Subtotal, overlapping debt
St. Lucie County Direct Debt (2)
Total direct and overlapping debt:
70,233,369
1 87, l 75,000
12,670,000
I 9,775,000
32,360,000
38,260,000
1 08,560,000
55,8 10,000
r 90, l 29,000
79,755,000
8 13,000
70,233,369
l 87, I 75,000
12,670,000
19,775,000
32,360,000
38,260,000
r 08,560,000
55,8 10,000
r 90, I 29,000
79,75s,000
8 13,000
r00%
100%
100y,
t00%
t00%
r00%
l00o/o
t00%
t0004
t00%
t00%
795,540,369
r r8,033,789
$ 913,574,158
Source: Outstanding debt data for the overlapping governments is provided by the applicable government.
Notes: Govemment units that are included in this schedule are those whose geographic boundaries overlap, at least in part, with
the boundaries ofthe County. This schedule estimates the portion ofthe overlapping govemment's outstanding debt that
is bome by the residents and businesses ofSt. Lucie County. This process recognizes that, when considering the County's
ability to issue and repay long-term debt, the entire debt burden borne by the residents and businesses should be taken
into account. However, this does not imply that every taxpayer is a resident, and therefore, responsible for repaying the
debt of each overlapping government.
(l) These percentages are estimated using assessed values oftaxable property less homestead exemptions and other
adjustments (taxable value). Applicable percentages were estimated by determining the portion ofanother governmental
units taxable value fliat is within the County's boundaries and dividing it by each unit's total taxable value.
(2) The St. Lucie County direct debt amount includes bond premiums.
St. Lucie County, Florida
Pledged-Revenue Coverage
Last Ten Fiscal Years
Utilin Bonds (1)
Less:Annual Debt Service
Fiscal Gross Operating Available
Year Revenues Expenses Revenue Principal Interest Coverage
2007 s 4,279,233 S 3,363,090 S 916,143 S 34s,000 S s88,724 0.98
2008 4,ss2,96s 3,282,219 1,270,',146 360,000 s72,610 1.36
2009 4,ss9,s74 3,340,929 1,2t8,645 380,000 884,140 0.96
2010 5,046,710 3,t71,381 1,8'75,329 395,000 990,254 1.35
2011 5,522,045 3,093,679 2,428,366 415,000 873,978 1.88
2012 s,697,46s 3,190,460 2,s07,005 43s,000 8s3,884 1.95
2013 s,4s6,262 3,306,083 2,ts0,119 46s,000 830,849 1.66
2014 5,747,198 3,568,929 2,r',18,269 450,000 780,',742 1 .77
2015 5,971,548 3,823,848 2,141,700 360,000 963,550 t.62
2016 6,Os7,402 4,23t,930 1,82s,472 370,000 956,350 1.38
Source: St. Lucie County, Clerk ofthe Circuit Court, Finance Department
Notes: (1) The County has agreed on the Utiliy bonds to establish and maintain rates that will provide 1 l0% ofthe debt service
requirement and 100% ofthe operating expenses, excluding the reserve accourt credit facility costs, and the renewal ald
replacement fund during the year. Therefore the numbers for Utility gross revenues and operating expenses do not include
numbers pertaining to those funds and accomts. Gross revenues includes charges for services, rniscellaneous revenue and
interest revenue. Operating expenses do not include interest, depreciation, or amortization expenses.
(2) The County issued Special Assessment Bonds for South Hutchison Island in previous years but reclassified the bonds
as a county debt in FY 2009. The SHI bond and revenue collections are not presented in the schedule from FY 2005
through FY 2008.
(3) The Special Assessment Collections section reflects revenue for current year collections. The decline in revenue for FY
2010 and FY 201 I is due to prepayments ofassessments in prior fiscal years.
(4) The Public lnprovement Revenue Bonds were refunded in FY 2004. The principal payments in prior years were
structured to be higher in tbe years the County had interlocal agreements to pay on the bonds. The interlocals ended in FY
2010 and the principal payments were stmctured to be lower for FY 201 I and forward. The Public Improvement Revenue
Bond were refunded in FY 2015 by the Capital Improvement Refunding Bond Series 2014.
(5) The Sales Tax Refunding Revenue Bonds Series 2003 and Series 2005 were refunded by the Sales Tax Refunding
Revenue Bonds Series 2013A and 2013B in FY 2013.
Details regarding the County's outstanding debt can be found in the notes to the financial statements.
Net
196
Schedule 14
Soecial Assessment Bonds (2)
Special Annual Debt Service _
Assessment
Collections (3) Principal Interest Coverage
00122,9'11
832,084
2,336,403
t,928,394
1,875,973
1,805,904
1,668,684
1,6 l 5,586
1,399,330
|,370,156
1,900,236
243,997
5,250,020
2,263,890
283,268
1,613,74\
1,579,241
I , I 59,837
I , I 55,000
337,t04
5q 51q
30,s0 I
t,433,05 8
512,010
557,474
521,493
47 5,651
390,7 I 5
337,415
289,206
3.03
035
0.69
223
0.85
0.81
104
094
2t9
197
St. Lucie County, Florida
Pledged-Revenue Coverage (Continued)
Last Ten Fiscal Years
Schedule 14
Public ImprovementRevenue Bonds (4) Sales Tax Relanding Revenae Bonds (5)
Annual Debt Service Annuel Deht Service
Fiscal Fines & SalesYear Forfeitures Principal Interest Coverage Tax Principal Interest Coverage
3,130,280
200'1 $ 409,637 $ 720,000 $ 238,150 0.43 S 8,091,600 $ 1,7s0,000 s 1.66
2008 356,189 740,000 216,2s0 0.37 7,30'1,343 1,790,000
2009 330,928 765,000 t93,6'7s 0.35 6,49'1,123 1,840,000
2010 361,431 785,000 166,906 0.38 6,256,288 1,895,000
20rt 306,950 220,000 148,313 0.83 6,516,396 1,95s,000
2012 338,281 230,000 r4t,4r9 0.91 6,648,623 2,030,000
2013 324,809 230,000 133,944 0.89 6,969,385 s60,000
2014 337,150 240,000 t25,863 0.92 7,596,586 2,180,000
2015 N/A N/A N/A N/A 8,12r,225 2,245,000
2016 N/A N/A N/A N/A 7,802,490 2,330.000
3,2t2,519
3,164,056
3,1 08,1 06
3,046,13 I
2,973,619
3,218,516
2,552,250
2,486,850
2,400,800
1.25
146
130
130
133
182
165
THIS PAGE INTENTIONALLY LEFT BLANK
199
St. Lucie County, Florida
Demographic and Economic Statistics
Last Ten Years
Schedule 15
Fiscal
Year
(1)
Population
(2)
Total
Personal
Income
(3)
School
Enrollment
(4)
Unemployment
Rate
(2)
Per
Capita
Income
2007
2008
2009
2010
201t
2012
20t3
20t4
20r5
2016
Sources:
2'.1r,961
276,585
272,864
27',7,789
279,696
280,355
281,151
282,821
287,749
292,826
7,623,686,000
7,928,9s9,000
7,868,83 1,000
8,269,84r,000
8,626,570,000
9,0r0,473,000
8,943,912,000
9,932,383,000
r 0,636,320,000
N/A
30,112
3 1 ,165
29,950
29,865
3t,644
32,330
32,832
34,t29
35,625
N/A
40,127
39,963
4r,619
40,374
38,082
40,807
40,965
40,173
41,442
41,396
5.8o/o
8.9%
13.4%
13.8Yo
l2.6Yo
11.0Y.
r0.0%
8.0%
6.2%
s.6%
Notes:
(1) State of Florida Office of Economic and Demographic Research
(http://www.edr.state.fl.us/Content/area-profiles/county/stlucie.pdf).
(2) State of Florida OfIice of Economic and Demographic Research
(http://www.edr.state.fl.us/Content/area-profiles/county/stlucie.pdf).
(3) St. Lucie County School Board
(4) Labor Market Information (http://www.floridajobs.orgllabor-market-information)
N/A - Information not available
St. Lucie County, Florida
Principal Employers
Current Year and Nine Years Ago
Schedule 16
2016 Q\2007 (2\
Employer
Number of
Emplovees
Percentage
of Total County
Rank Emplovment
Number of
Percentage
ofTotal County
0.89o/o
0.92o/.
t3.7t%
St. Lucie County School Board
Indian River State College
Wal-Mart Retail Stores & Distribution Center
HCA./Lawnwood & St. Lucie Medical Center Inc.
St. Lucie County Govemment
Publix
City of Port St. Lucie
Convey Health Solutions
Liberty Medical Supply
Martin Health System
QVC
TD Bank (formerly Riverside National)
Total:
Total County Employees:
5,4t6
2,400
) )\7
2,r89
1,686
r,466
1,015
9s0
920
850
I
2
3
4.29%
r.90%
r.78%
t.73%
1.34%
t.L6%
0.80%
0.75%
0.73%
0.67%
15.t5%
1,66s 4
r,525 5
2,753 1
r,037 8
2,068 2
t,2t8 7
1,231 6
Employees Rank Employment
r.50%
t.37%
2.47%
0.93o/o
1.86%
1.09%
l.llo/o
t,752 3 1.5'7%
4
5
6
7
8
9
l0
993
1,029
t5,271
rtr,344 (r)
10
9
19,145
126,242 (t)
Source: (1) I-abor Market Info (http://www.floridajobs.org/labor-market-information)
Notes:
(2) St. Lucie County, Florida - Economic Development Council (most recent data available)
St. Lucie County Govemment includes the Board of County Commissioners, Clerk of the Circuit Court, Property
Appraiser, Tax Collector, Sheriff and Supewisor of Elections.
201
St. Lucie County, tr'lorida
Full-Time Equivalent County Govemment Employees by Function/Program
[,ast Ten Fiscal Years
Generel Governmenl 200'7 2008 2009 z0t1 2012
t0 l0
99
55
85.80 81.80
17 15
41 40
31 34.45
65 65
t7 17
7t 86
2010
Boad of Couty Comissioners
Couoty Attomey
Administration
FinmciaVAdministmtive Seruice
Plming & Developoent
Other
Clerk oftbe Circuit Court
Property Appniser
Superuisor of Elections
Tu Collector
Public Safety
Code Compliance
Criminal Jutice
Sheriff{orections
SheriFCourt Sewices
Sheriff-[:w Enforcement
Other
Physicel Environment
Solid Waste
Utilities-water md sewer
Conseroation & Resouce Managemef,l
Environmental Resowces
Erosion
Transportation
Public Works Administration
Road md Bridges
County Eugineer
Airport
Port
Economic Environment
Comprehensive Plmning
Housing
Vetems
Human Services
Commity Seroices
Mosquito Control
C ulture/Recreatio n
Comtal Mmagement
Libroies
Paks
Recreation Department
Sports Complex
GolfCourse
Cultural Affaim
Fairgrouds
Touism ed Venues
Other
Court Relat€d
Clerk ofthe Circuit Court
Totsl:
Sources:
l0
ll
9
1t9.76
70.50
57
15
19
80
75
4
262
JJ
337
92
53
10.33
26.50
22.t7
2
5
8l
28
10.50
N/A
5
N/A
r0.37
t6 20
3 1.90
N/A
7't 52
85.02
39 35
14.88
25
16 50
I 1.50
N/A
,]
153
2.018.00
10
l1
8
112.76
27
64.50
59
/J
l9
80
43
ll
251
37
250
93
48
l0
26.50
22.t',]
2
5
83
26
9.50
N/A
l0
N/A
815
16.20
32.t4
N/A
77.52
78.76
32.85
14.88
25
9
7.83
N/A
2r.'16
152
1.869.52
l0
ll
7
t12.26
27
62.50
42
59
l8
16
43
l3
264
34
238
92
48
l0
25.50
22
2
5
83
26
9.50
N/A
8.50
N/A
8.15
16.20
32.64
N/A
73.52
83.59
32.85
14.88
25
9
2
N/A
22.',l6
14',1
1,815.85
l0
l0
7
92.s0
23
46.50
35
58
l8
73
3t
l3
260
34
3l r .50
88
39
9
I 6.50
t7
2
4
59
2t.25
8.50
N/A
3
7
8.16
8.20
25.84
N/A
55.46
64.92
27.05
14.05
20.80
5.70
0.50
N/A
l7.l 8
148
1,692.6r
22
16.50
260
34
31 1.50
85
38
9
l6
l5
2
3
52
20
7.50
N/A
3
7
1.t6
9.20
23.88
2
43
36.45
33.42
13.33
16.60
1.67
I
N/A
8.25
144
1,593.26
23.50
16.50
260
34
296.50
85
37
9
l6
l5
2
3
50
20
7.50
N/A
1.50
7
8
8.20
23.86
2
44
36.45
33.42
13.33
16 70
155
I
NiA
I 0.75
141.55
1,593.56
St. Lucie County, Office of Mmagement md Budget, Clerk of the Circuit Court, Property Appmiser, Supenisor of Elrctiom, Tu Collector md Sheriff
Notes:
N/A - Infomation not available
202
Schedule l7
2013
t0
9
450
86 13
l6
39
43 t4
10
t1
9l
22 50
16.s0
2',74 50
33
281 50
8s
34
9
l6
l6
2
3
50
20
750
N/A
2.25
7
8
10.20
25.86
2
44.50
25 40
51,.21
l3 33
t7 40
250
N/A
'1'1s
3
12t 6l
1.598.34
20t4
l0
9
4.50
86 13
l5
39
43 35
14
t7
97
23 s0
I 8.50
2.t0
35
334
85
35
l0
t7.25
l6
2
3
49
20
7.50
N/A
225
1
8
12.70
25 86
2
46 00
25.40
5t 21
l3 33
t7 40
2.50
N/A
7 75
3
I 25.90
1.671.09
20r5
l0
9
4.50
85.1 3
14
39
45 73
74
l8
97
21
l8 50
2t5
33.s0
309
85
5l
t0
r 8.2s
t'7
2
3
55
20
750
N/A
2.25
7
8
12.'70
26.86
2
46
31 30
51,.21
I t ,t
17 40
2
N/A
3
124 28
1,624.25
20t6
t0
9
1 .39
92.10
l5
39.30
41.39
72
l8
ll5
26
18.50
215
33.50
309
85
64
I1
t8 26
T]
I
4
55
20
8
I
I
'1
9
13.70
26 86
2
63
33.30
41.60
13.33
t'].40
2
N/A
9
4
r3 1.61
1,686.24
St. Lucie County, Florida
Operating Indicators by Function/Program
Last Ten Fiscal Years
Function/Prosram
Getreral Covernment
Administration
Media Relations
Nmber of press releases sent out on a weekly basis
Number of local, SLCTV originated progms produced
monthly
Nmber of monthly visits to tle County's main web page
Central Senices
Maintenance/Custodial
Sqwe footage of buildings (maintained)
Seruice Gmge
Gmoline/Diesel - Gallons sold
Comty Attomey
Nmber of Ordinmces per calendr yer
Nmber of Resolutions per calendar yea
Nmber of Public Records Requests per year
Economic & Stmtegic Development
Provide for expansion in employment as measured by Qualterly
Ceosus ofEmployment (lst quarter only)
Plming & Development Services
Response time for all public inquiries (hours)
Plaming
Notifietion tetters for petirions (days)
Hmm Resources
Number of training sessions
Risk Mmagement
Nmber of workers compensation claims
Nmber of auto liability claims
Nmber of general liability md property claims
lnfomation Technology
Nmber of work orders per calendr yer
Nmber of baining claess offered per calendr yea
Cl6s records - comty employees per calendar yer
Class records - outside agency employees per calendar yeu
MmagemeDt md Budget
Achieve a 33-ll3Vo success rate in applying for grmts
Nmber of gmts awrded
Dolld momt of grant funds awaded
Puchasing
Nmber of puchming crd rransactions
Nmber of purchase orders < 52,500
Nmber of puchme orden between $2,500 to $20,000
Nmber of puchase ordere > $20,000
Total puchase order value
Material center copies
Source: St- Lucie County, OfEce ofMalagement md Budget
Notes: N/A - InformatioD not available
200't 2008
8
4
68,000
t,687,238
348,342
60
4r9
44
69,934
48
l5
100
42
t2
ll
t0,934
123
s9l
N/A
s6%
N/A
N/A
14,006
t,669
989
494
tt't,983,52't
3,2'12,'199
7
5
49,000
t,692,095
312,166
34
367
45
64,604
48
l5
7
2010
8
4
62,573
t,653,293
298,53't
38
320
57
63,949
48
l5
7
9,120
82
221
53
2009
,1
4
60,000
1,418,007
395,095
54
428
43
7r,225
48
l0
120
54
t4
48
14,134
108
433
N/A
52.8yo
N/A
N/A
14,7t3
2,911
I,3'76
714
t42,405,033
3,33 8,373
46 44
2t 21
40 48
I 1,836
98
382
N/A
520/o 45%
N/A 14
N/A 10,000,000
15,379 12,863
1,529 1,243
1,005 839
435 3',16
t02,194,899 S 7s,443,440
2,764,r6',1 I,920,772
204
Schedule 18
2011 2012 2013 2014 20t5 20t6
8
6
62,000
r,649,7t2
278,763
36
218
6l
8
4
65,000
1,654,542
275,854
25
235
100
8
4
65,750
1,654,542
281,762
46
253
73
68,598
48
l0
22
50
4
57
8,323
83
353
70
50yo
l0
$ 1,946,291
I 1,13 I
1,162
899
397
$ 83,164,435
t,4t1.412
8
6
73,160
t,660,232
282,000
25
200
69
66,76'1
48
l0
ls0
35
4
44
7,622
94
476
99
33.30/o
8
$ 1,162,468
tt,997
1,170
950
43,1
$ 74,045,269
1251.015
7
5
79,000
2,r08,35 I
276,199
t7
257
41
48,326
24
l0
180
32
3
4l
10,980
89
522
239
ss%
ll
$ 2,020,469
12,405
1,t44
951
438
$ 101,279,342
1,335,394
,l
5
80,1 l 8
2,108,35 I
265,676
22
23s
28
59,s88
24
10
300
26
7
36
12,t42
8l
382
t3.1
46%
t4
$ 1,458,756
12,918
1,060
946
437
s 72,s29,24s
1,254,653
64,844 67,4t2
48 48
15 10
26
34 45
3t2
39 35
8,462 8,853
ll5 98
353 474
74 t74
50o/o 38o/o
107
t,0M,692 $ 905,462
I 1,685 l 1,805
1,107 1,125
824 863
358 319
74,331,63t $ 78,784,058
1,239,607 1,836,467
205
St. Lucie County, Florida
Operating Indicators by Function/Program (Continued)
Last Ten Fiscal Years
20092008
PubUc Safety
Criminal Justice
Number ofnew SLC defendats per yeu
Nmber of SLC Drug Lab tests per yetr
Nmber of Okeechobee Drug Lab tests per year
Number ofSLC jail bed days saved by Pretrial per yer
Yerly savings ofSLC jail bed days (at $71.3 I per day) Previously $60
Nmber of SI.C Pretrial field/residence visits per yer
Number ofnew Okeechobee defendants per year
Number ofOkeehobee jail bed days saved by Pretrial per yer
Yealy savings of Okmhobee jail bed days (bmed on $70.00 per day)
Number ofOkeecbobee Pretrial field/residence visits per year
Public Safety
Central Commuications
Dispatched calls 91 I catls to SO, FPPD, PSLPD md non
emergency lines
Avemge uswer time for 91 1 calls (seconds)
Animal Control
Animal complaints raeived
Cruelty complaints investigated
Nmber of animals picked up
Code Complimce
Average response time on code enforcement complaints (hous)
Average response tirne on building inspection requests (hours)
Time to certil, applications for a contractors certificate (days)
Avemge processing time for single fmily home pemits (days)
Avemge processing tinre for comercial development applications (days)
Emergency MaDagement
Public presentations of hwicme prepredness
Public presentations on nuclear preparedness
Mrine Safery
Participation /Swim-Visitors
Rescues
Medical Aids
Enforcement Actions
Radiological Plmning
Radiological Emergency Response Training
Radiological Orientation Tminin g
Physicel Environment
Couty Extemion Office
Visits to clients/site visits
Visits to oIfice by clients
Telephone calls received
Nmber of panicipmts attending progms offered
Email contacts
Website conLacts
Environmental Resouces
Education & Outr€ch
Number of visitors
Nmber ofparticipmts in Education progrms
Nmber of volmteers
Nmber of voluteer hous
Iads
Nmbers of Environmental lands Nature Progrms
Nmbers of participmts in Environmental lands Nature Progms
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
456,812
l5
1 2,809
304
I,9t2
24
24
30
l4
28
21
3
5t3,3',t4
66
74
l8
809
140
7,380
3,190
I 5,330
82,624
N/A
96,256
27,000
t0,286
52
2,400
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
362,t69
l5
13,156
337
2,682
24
24
30
l0
20
25
3
436,447
40
t4
I,023
140
6,160
3,31 I
14,532
78,865
N/A
r 17,938
35,000
7,000
4l
1,000
N/A
N/A
480,252
15
12,724
340
1,598
72
24
60
10
20
25
5
427,78t
30
85
25
614
159
480,688
t5
12,034
282
t,'132
72
24
60
t0
20
25
5
4 l 3,660
25
t24
20
833
210
36,3 I 3
s,000
34
9',16
N/A
N/A
N/A 750
N/A t',7,672
N/A N/A
N/A 56,802
N/A 3,408,120
N/A 5,300
N/A N/A
N/A N/A
N/A N/A
N/A N/A
1,1 13 785
3,382 3,924
7,590 8,099
10,092 63,401
N/A t0,49't
855,499 2,507.637
36,500
8,334
27
758
N/A
N/A
206
Schedule 18
201t 2012 2013 2014 2015 20t6
615
r8,300
N/A
54,2U
7,009
N/A
N/A
N/A
N/A
482,655
l5
t2,314
233
1,642
72
24
60
l0
20
t2
6
420,185
23
205
8
965
10.1
515
2,726
8,269
102,883
9,491
615,429
42,629
8,103
32
1,457
N/A
N/A
N/A
'12,662
7,327
N/A
N/A
5,7 10
u,494
3,91l
98
7,660
8,895
N/A
N/A
N/A
N/A
483,0 l0
15
t2,642
197
t,547
48
24
60
10
20
t7
6
418,708
54
52
ll
642
l4l
525
2,833
8,060
102,658
10,025
1,100,018
35,t74
7,431
39
2,309
N/A
N/A
N/A N/A N/A
57,304 87,',il4 74,085
762 1,004
24,046 29,'1s4
912
29,398
8.152 8,923
N/A N/A
N/A N/A
N/A N/A
N/A N/A
893 6t2
30,361 25,O2',1
s 3,254,40 $ 3,438,240 $ 5,262,840 $ 4,445,100 S 4,359,120 $ 3,172,867
N/A $ 536,200
485,254
l0
t2,82'1
287
1,451
48
24
60
26
26
22
394,880
24
48
l0
1,025
106
109
4,002
5,908
70,899
11,622
224,733
36,007
8,394
43
) {r?
N/A
N/A
487,058
10
12,838
258
1,274
48
24
45
l5
l5
36
I
423,927
38
45
l0
926
83
372
4,024
1,349
s9,680
12,262
2t3,t65
38, I 70
14,130
49
s,071
N/A
N/A
N/A
480,846
l0
12,s',t0
296
1,085
48-72
24
60
35
29
24
I9
410,692
57
58
3
1,008
lll
732
3,31 I
5,353
39,092
11,428
424,435
35,071
1,5 l0
58
4,932
52
4,14
617
490,206
10
t2,250
308
1,057
48-72
24
60
20
35
22
27
387,021
32
50
7
663
46
158
1,719
5,470
20,0u
8,626
326,305
34,532
6,314
108
5,553
84
750
207
St. Lucie County, Florida
Operating Indicators by Function/Program (Continued)
Last Ten Fiscal Years
Function/Program
Physical Enwionment - continued
Enviromental Regulations
Vegetztion removal permits issued
Dme Triming pemits issued
Dock pemits issued
Sea wall pemits issued
Site plms - Pre-Apps reviewed
Zoning Complince
Code Revisions
Consulting Sewices provided to SLC Departments (hous)
Enviromental Imds
Greenways ad Tmils opened (mles)
Miles of Trails Maintained by Division (Greenways & Presenes)
Nmber of Preserues Maintained by Division for Public Access
Acres Mmaged for Invaive Plmt Species (Annual Projects)
Acres of Habitat Enhancement/Restomtion (fue, invasives, wetlands, etc.)
Acres Maintained by Division (Staff& Contractors)
Assistace to SLC Departments (Nmber of requests)
Department Acquired Grots & Fmdjng Assistance
Hours of Assistance to Departments md Partners
Community Plmting Projects (Honrs)
Erosion
Sea TMle Monitoring - Total false cmwls
Cyds ofbeach renouishment oferosion areas
Public Works
Nmber of Artificial Reef Construction (Deployments)
Solid W6te
Clms I Waste (Tons)
Constructiotr & Demolition (tons)
Yud Waste (toos)
Sirgle Stream Recycling (tons)
Uti[ties
Customer Base
Avemge calls per month
Gallons of watewater treated
Gallons of water treated
Puchmed water (gallons)
Gallons of reue made
T ra nsport2tion
Airport
Aviation Fuel Sales (Gallons)
Itinemt Aircmft Opemtions
Incal (Tmining) Aircmft Operations
Based Aircnft
Customs Aircraft Arrivals
Comuiry Sewices
Coordinated Tmsportation Trips
Treasue Coast Connector-Fixed Route Bus Service Ridership
Engineering
Total Capital Improvement Projects in design md-/or
construction
Total Stomwater Mmagement Projects in design md/or
cons truction
Total MSBU Projects being administered md implemeoted
Total Utility md fught-of-Way pemits issued
2007
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
69
N/A
4
244.147
t55,2t2
57,802
N/A
lt,449
800
312,80?,000
48,800,000
2t 1,323,000
N/A
t,678,941
73,951
46, r 83
168
6,059
670,486
79,722
73
t8
43
242
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
ll2
N/A
4
213,984
81,930
s4,464
N/A
I 1,943
1,020
3 18,373,000
46,227,000
231,316,000
N/A
1,540,188
't3,9sl
46,1 83
196
6,lll
'73',1,534
101,328
N/A
N/A
N/A
N/A
180
N/A
N/A
N/A
45
46
25
400
56't
N/A
N/A
N/A
N/A
N/A
69
N/A
7
r89,178
31,5'17
47,670
N/A
t2,373
I,2t5
3 r 5,349,000
35,680,688
303,443,000
N/A
1,289,249
'10,747
43,228
231
4,',l36
336,327
I I 8,637
288
N/A
N/A
N/A
108
N/A
N/A
N/A
2
48
26
525
1,000
N/A
N/A
N/A
N/A
N/A
84
N/A
3
182,0',12
27,316
52,681
N/A
12,478
t,263
267,432,000
43,202,724
329,494,000
2 13,000,000
r,396,481
6',1,196
68,687
235
5,208
296,899
l 16,000
2008 2009 2010
73 80
t7
45
275
80
20
45
r36
t8
43
250
208
Schedule 1820tt 2012 2013 2014 2015
350
N/A
N/A
N/A
73
N/A
N/A
N/A
0
48
26
610
1,073
N/A
N/A
N/A
N/A
N/A
N/A
62,000
4
t78,214
14,869
47,790
N/A
t2,584
|,295
3s5,60 1,000
42,7',|2,t40
355,246,000
2 r 3,488,000
1,230,r 63
70,834
74,860
234
5,128
315,371
136,334
286
N/A
N/A
N/A
11
N/A
N/A
N/A
l0
58
27
s69
1,25 |
N/A
N/A
N/A
N/A
N/A
N/A
48 1,000
4
l 70,148
l 7,6 l0
45,623
N/A
12,667
I,241
399,598,000
47,553,900
167,585,000
249,300,000
1,279,0',10
67,808
69,050
234
5,151
215,363
152,56t
439
N/A
N/A
N/A
84
N/A
N/A
N/A
I
59
28
200
188
N/A
N/A
NiA
N/A
N/A
N/A
1,065,475
4
l 75,089
24,0t7
45,430
N/A
12,763
l,l l0
294,91 8,000
45,73 1,000
340,052,000
2l r,307,000
t,243,867
6',1,130
12,898
252
4,934
296,6s8
167,681
469 524
34 34
34 40
39
1 13 l3l
N/A 26
N/A I
N/A 189
6'1s
3l
53
8
t24
26
I
104
N/A N/A
3 19,091 0
20t6
5
t72,980
40;7-15
55,164
40,821
t2,966
1,489
3 1 3,1 07,000
46,680,400
328,096,000
225,267,000
260,9s2
295,350
81
l1
5.1
220
2t00
60 60 60
22127
52 2,211 3,492
124 2,281 4,092
N/A 9,181 10,000
N/A 56 15
N/A $76r,876 $3,712,s90N/A 1,614 996
N/A 256 260
N/A
r64,r00
3
163,281
31320
47,267
N/A
t2,814
1,440
308,743,000
46,240,455
304,690,000
255,499,000
1,233,399
76,398
81,692
264
4,516
277,846
188,127
J
t67,638
36,834
49,002
36,993
12,94t
1,482
293, I 55,000
47,371,000
320,084,000
215,423.000
1,157,647 t,176,656
69,238 69,350
89,728 86,319
262 275
4,849 4,971
83
2t
42
t25
88 80
14
55
200
83
l6
57
180
265,516
t8'1,t42
86
l6
57
180
25
44
200
209
St. Lucie County, Florida
Operating Indicators by Function/Pro gram (Continued)
Last Ten Fiscal Years
Function/Prosram
Transportation - continued
Public Works
Grmts maaaged
Grmt dollm managed
Grant dollas reimbused
Road & Bridge
Feet of culvert installed
Roads surfaced with asphalt mitlings per year (nriles)
Roads surfaced with chip-s€l per yer (miles)
Road miles graded per week
Road miles resurfaced per ym
Tmffic signs made
Traffic signs installed
Major dminage cmals clemed (miles)
Water Quality Division
Linear feet ofswal€ excavated and restored (feet) - Conhactor
Squde feet of swale exmvated md rstored (feet) - In House
Economic Environment
Veteran's Seryice
Veterms medical tmsportation provided
Veterms, widows, dependents & others couseled
Telephone Inquires
Benefits claims filed
Infomation and Refenal Concacts
Nmber of Veterm Sewices Provided
Nmber of Outreach Events in the Comunity
ComuDity Services
Phone inquiries, interuiews and office visits for all seruices
Contracts, grants, md applications administered
Nmber of Foreclosure Homes Purcbased
Nuber of Homes Rebabilitated
Social sewice application received
Residents assisted with tax rehms throught IRS VITA progm
Ntmber of Residents/Clients Assisted with Home Puchase
Nmber of Residents/Clients Assisted by the Hadest Hit Fund
Humsn Services
Mosquito Control
Adulticiding Acres
Aerial kwiciding Acres
200't
N/A
N/A
N/A
2,707
0
4
ill
N/A
1,869
r,898
27
42,356
N/A
20092008 20 r0
N/A
N/A
N/A
2,283
0
20
103
N/A
I,141
r,092
22
32,608
431,999
5,980 4,960
16,359 16,910
57,294 52,488
7,197 3,952
N/A N/A
N/A N/A
N/A N/A
41,02't 39,530
23,806,343 $ 18.930,258
N/A N/A
N/A N/A
N/A N/A
N/A N/A
N/A N/A
N/A N/A
1,009,950 1,299,49s
5.788 4.855
N/A 12
N/A S 9,273,s92
N/A $ 5,452,138
2,001 6,253
25
97
99 97
N/A 8
1,390 844
1,891 431
27 t9
27,218 38,250
417,460 100,622
4,840 4,738
17,4tt 16,623
53,020 69,959
4,075 4,108
N/A 52,3'14
N/A 67,244
N/A 100
61,579 7t,932
22,547,427 $ 33,373,236
N/A 30
N/A 27
N/A 850
99 125
N/A 7O
N/A NiA
922,528 738,030
s,362 5,490
210
Schedule 18
2012 2013 201 5 20t6
ll 14
s 1,923,786 $ 11,,rc5,419
$ 1,900,7s0 $ 2,683,969
5,156
0
4
93
0
935
541
l3
39,333
189,863
4,94s
13,824
72,358
5,546
54,537
60,3 l8
120
897,980
3,220
't,251
I
4
90
2
954
467
16
38,982
45,23'.1
5,300
t1,703
74,258
s,001
N/A
N/A
It0
I3
$ 17,985,323
$ 5,069,301
5,319
4
9
84
2
949
447
20
32,06s
l 38,789
6,142
t1,772
22,588
7,040
N/A
N/A
47
68,320
s 16,671,961
8
33
t,624
453
12
46
977,s09
r.033
8
$ 14,691,234
s 2,869,848
6,559
9
3
75
7
1,1 33
423
14
25,9t6
17,580
s,790
3,801
3t,697
2,97't
N/A
N/A
0
76,468
$ 23,367,1'17
0
t9
984
654
9
35
87 t,752
342
8
$ ri,840,872
$ 1,036,813
3,767
3
2
74
22
987
393
6
4s,650
2,500
6,1o2
4,370
32,020
3,902
N/A
N/A
152
55,285
$ 15,617,949
4
15
1,172
917
l0
2t
488,9't2
686
l0
$ 10,027,584
$ 1,114,402
4,292
4.06
2.43
1)
0.20
842
446
12.85
32,030
95,875
6,204
4,242
32,147
3,984
N/A
N/A
196
40,688
$ 16,475,420
0
l8
1,398
t,172
l2
ll
734,o',t2
1,551
85,070 81,328
2',1,286,509 $ 42,s35,006
27
4'l 22
1,145 I,316
338 453
18 19
N/A 34
1,004,026
3.62',1
211
St. Lucie County, Florida
Operating Indicators by Function/Program (Continued)
Last Ten Fiscal Years
2001 2008
2l
t7,947
10,425
100,799
657,078
N/A
263,577
N/A
892,849
N/A
40,910
NiA
237,056
30
176,779
l'r)t
4,988
35t
47,230
N/A
N/A
N/A
2,56',1,239
N/A
35
3,300
t48,293
6
57,308
48
7
49,768
850
700
30
b6v
30
20,009
ts,7t9
104,701
'137,752
N/A
254,232
N/A
962,300
N/A
42,724
N/A
260,000
41
t9r,334
4,372
4,466
165
42,699
N/A
N/A
N/A
2,415,321
N/A
35
3,300
t29,261
5
I 14,096
50
9
47,33',1
850
700
52
600
26
I 5,82 I
l3,l8l
118,'129
759,3s0
N/A
272,972
N/A
823,632
N/A
32,0s9
N/A
212,599
4,4s3
5,866
136
39,65 l
t4
40.354
228,099 $
4l
5,200
l2l,0l8
2
t'l4,'132
66
6
3,-125
889
'790
58
600
2010
N/A
16,285
10,614
13r,420
669,772
N/A
283,42',1
N/A
653,786
N/A
19,767
N/A
I 88,01 I
2009
Culture & Recreation
Culnml Affaire - no longer dept
Number of Mini-Grmts Awtrded to Community Non-Profits
St Lucie County Aqurim Attendmce (Mrine Center)
Regional History Center Attendilce (Historic Museum)
Libruies
Registered librry patrons
Material circulation
Ebooks circulated
Reference transactions
Database seilches
Traffic count - in person
Traffic comt - virtual
Progm attendmce
Wireless Sessions
Intemet usage
Prks md Recreation
Fairgromds
Special Events
Facility Revenue
Golf Couse
9 Holes Walking
9 Hotes Riding
l8 Holes Walking
l8 Holes Riding
Havert L Fem Center (opened in FY 2009)
Nmrber of events held
Nmber of patons served
Facility Revenue
Touism
Touist Development Tu Revenue
Amul visits to website
Paks
Nmber of acres maintained per staff
Nmber of gmes md practices played in relationship to balVsoccer
field maintenmce
Savannas Recreati oD Area
User Fee Revenue
Special Events Held
[:mwood Fmtball Stadim
Facility Revenue
High School Fmtball & Soccer Gmes
Special Events
South Couty Regional Stadim
Facility Revenue
Tradition Field (Stadim)
Fields prepaed for practice gmes
Number of players trained
Nmber of non-baseball events per yeil
Number of ganes (bmeball) per yw
N/A - Not Available
23 49
97,263 S 69,951
t,963,3s2 $ 2,039,593
N/A N/A
2,24',t
2,732
136
28,316
72
55,298
25r,504
< 10<
t26,924
2
193,818
66
14
55,74t
921
783
52
602
43
212
Schedule 18
201 r
N/A
18,655
3,837
l4 l,953
699,3 I 5
N/A
266,684
N/A
459,229
N/A
24,681
N/A
tt4,5t2
N/A
24,251
9,474
151,795
719,823
N/A
299,310
N/A
544,t42
269,773
22,',l85
N/A
r r3,068
2',1
15,151
2,584
2,628
124
34,105
55
82,995
))o 1)a
2,6'18,874
93,60r
62
4,275
I 38,407
2
t34,995
6',1
8
105,971
892
766
28
617
N/A
32,t37
6,934
t61,880
708,864
N/A
2',10,564
N/A
555,707
298,838
25,604
N/A
102,578
34
t42,673
2,007
2,460
143
34,123
68
69,192
t72,589
2,s90,245
103,518
93
5,104
t65,537
2
70,7 53
32
1
75,846
1,002
808
33
109
N/A
33,378
8,948
171,7 t4
781,325
N/A
I 89,673
N/A
565,188
324,81_4
28,t97
N/A
95,5 r 8
39
110,222
r,807
2,856
t40
40,552
't't
44,990
t64,028
3,01 5, r 99
124,392
75
5,075
t79,2tt
2
120,7'7L
14
13
47,694
1,030
840
40
'140
2015
N/A
47,2s9
9,83s
114,t8't
839,492
76,39s
I 82,086
132,405
548,090
358,652
25,949
41,515
116,2'14
N/A
42,9t7
8,24s
t]1,2t2
858,204
82,666
183,950
180,401
585,905
344,972
28,536
45,910
100,169
53
91,711
1,131
3,541
125
36,211
216
t03,022
190,448
43
5,230
237,452
2
136,401
22
t1
64,189
1,030
840
40
'140
2012 2013 2014 2016
25
66,844
2,836
3,546
129
35,089
t46
58,000
292,583
2,368,356
N/A
39
4,4t9
130,346
2
209,858
6l
l6
163,909
908
762
49
629
3,400,825 $ 3,691,053
156,580 215,744
53
111,044 s
2,004
3,'161
9l
35,044
91
75,000
110,233 S
43
s,102
232,57t S
3
146,869
28
t9
85,934
1,030
840
40
740
213
St. Lucie County, Florida
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
Function/Program zo0l 2008 2009 2010
Physical Environment
Utilities
Wastewater Trarsmission Lines (miles)
Water Transmission Lines (miles)
Wastewater Treatment Plants
Water Treatment Plants
Transportation
Airport
Number ofRunways
Road & Bridge
Drainage
Miles of Major Canals
Miles of Ditches and Swales
Traffic
Traffi c Si gnats Maintained
Traffic Sips Made
Maintenance
Miles of Paved Roadways Responsible
Miles of Asphalt Milled Roads
Miles of Rock/Dirt Roads
Miles of Chip-Sealed Roads
Culture & Recreation
Environmental Resources
Oxbow Eco-Center
Exhibits
New/Improved Passive Recreational Amenities on Preserves
Librries
Number of County Libraries
Bookmobile
Parks and Recreation
Number of acres maintained
Number of facilities:
Regional History Center (Historical Museum)
Number of exhibits
St Lucie County Aquarium (Smithsonian)
UDT-SEAL Museum
County Golf Course
Havert L. Fenn Center
South County Stadium
Tradition Field (Stadium)
Number of basebatl fields
Acres ofBermuda Turf
Common Gromd Grass Acrs
Source: St. Lucie County, Office ofManagement and Budget
N/A - Not available
2
50
1,100
40
1,869
370
104
4
1
t
N/A
5
I
2,139
I
N/A
I
I
I
N/A
I
I
7
52
24
57
30
4
2
2
50
1,100
48
t,t47
3'.70
42
104
24
i
I
N/A
5
N/A
2,139
I
N/A
3
52
1,100
48
1,390
370
33
99
33
I
2
N/A
5
N/A
2,572
3
52
1,100
51
844
370
28
97
38
1
2
N/A
5
N/A
2,599
52
24
58
5/
4
2
58
32
4
2
55
11
4
2
52
24
7
52
24
2't4
Schedule l9
20ll 2012 2013 2014 2015 20),6
58
32
4
2
3
52
1,100
49
935
376
25
93
4l
3
52
t,100
3
52
t,100
3
52
1,100
57
1.133
J
52
1,100
57
981
3
52
1,100
l5
60
58
32
5
2
1
l5
60
58
32
5
2
58
32
5
2
58
32
5
2
58
32
5
2
49
954
375
27
90
44
I
3
N/A
5
NiA
I
3
N/A
382
33
74
53
50
949
377
24
83
52
I
22
379
30
74
58
I
4
26
5
N/A
I
22
'7
l5
60
57
842
379
30
67
62
I
4
26
I
4
N/A
1
4
N/A
5
N/A
1,525
5
N/A
430
5
N/A
1,245 1,245
5
N/A
t,245
I
r6
I
22
1
I5
60
I
z0
15
60
52
215
THIS PAGE INTENTIONALLY LEFT BLANK
216
tts B:',H:?l'P#ff,'
Eram'
Ccrtilieil Public Accouofants Pt
600 Citrus Avenue
Suite 200
Fort Pierce, Flo:ida 34950
7721161 -E i 20 i I 46:| -1 1Ss
FAX| 7721458-9?78
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPUANCE AND OTHER MATTERS BASED ON AN AUDIT
OF FINANCIAL STATEHENTS PERFORIIED IN ACCORDANCE WITH
GO YERATMETTJ T A U D ITI NG S 7A II'OARD S
The Honorable Board of County Commissioners
St. Lucie County, Florida
We have audited, in accordance with the auditing standards generally accepted in the United
States of Arnerica and the slandards applicable to financial audits contained in Govemment
Auditing Standards issued by the Comptroller General of the United States, the financial
statements of St. Lucie County, Florida, as of and for the year ended September 30, 2016, and
the related notes to the financial statements, and have issued our reporl thereon dated March
29,2017.
lnterna! Contsol Over Flnancial Repofting
ln planning and performing our audit, we considered St. Lucie County, Florida's intemal control
over financial reporting to detennine the audit procedures that are appropriate in the
circumstences for the purpose of expressing our opinions on the financial statements, but not
for the purpose of expressing an opinion on the effectiveness sf St. Lucie County, Florida's
internal control. Accordingly. we do not express an opinion on the effectiveness of St. Lucie
County, Florida's intemal control over financial reporting.
A deficiency irt internal corttrolexists when the design or operation of a control does not allow
menagement or employees, in the normal course of performing tlrcir assigned functions, to
prevent, or detect and conect misstatements on a timely basis, A material weafiness is a
deficiency, or combination of deficiencies. in internal control, such that there is a reasonable
possiht'lity that a material misstatement of the entity's financial statements will not be prevented,
or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a
combination of deficiencies, in internal control that is less severe than a matarial waakness, yet
important enough to merit atterrtion by those charged with governance.
Our consideretion of internal corrtrol over financial repoding vvas for the limited putpose
described in the first paragraph of this section and was not designed to identify all deficiencies
in internal control that might be material weaknesses or significant deficiencies. Given these
limitations, during our audit we did not iderttify arry deficiencies in irrterrral corrtrol that we
consider to be material weaknesses. However, material weaknesses may exist that have not
been identified.
ror Pi2r1f strart
Menilrer AI(.PA Division For CPA Firr:rs
Private Companies Proclice .Sectlon
Merr.lxr AICPA Mern!>er l-ICPA
# g:lf""l r<r.mls' Elorn'
The Honorable Board of County Commissioners
St. Lucie County, Florida
Compliance and Other Matters
As paft of obtaining reasonable assurance about whether St. Lucie Gounty, Florida's financial
statements are free of material misstatement, we performed tests of its compliance with certain
provisiors of laws. regulations, contracts, and grant agreements, noncompliance with which
could have a direct and material effect on the determination of financial statement amounts.
However, providing an opinion on compliance with those provisions was not an objective of our
audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no
instances of noncompliance or other matters that are required to be reported under Govemment
Audiling Slarrdards.
Purpose of thls Report
The purpose of this repoft is solely to describe the scope of our testing of internal control and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of
the entity's internal control or on compliance. This repoft is an integral part of an audil
peformed in accordance with Government Auditing Standards in considering tlre entitt's
internal control and compliance. Accordingly, this communication is not suitable for any other
Purpose.
Certified Public Accountants
Fort Pierce, Florida
March 29,2017
218
S BHf,:!I"fl#fi'
Eram'
Cirliliad PJllic A(cor.intant! PL
600 Citrus Avenue
Suile 200
Fort Pierce, Florida 34950
772t461-61 20 // 4 61 -1 1 ss
FAX: 7721460-9278
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR
FEDERAL PROGRAM AND REPORT ON INTERNAL CONTROL OVER COMPLIANCE
REQUIRED BY THE UNIFORM GUIDANCE AND CHAPTER {0.550 RULES OF THE
AUDITOR GENERAL
The Honorable Board of County Commissioners
St. Lucie County, Florida
Report on Compliance for Each Major Federal Program and Sfafe Project
We have audited St. Lucie County, Florida's compliance with the types of compliance
requirements described in the OMB Circular A-133 Compliance Supplement and the Florida
Department of Financial Services Projects Compliance Supplement that could have a direct and
material effecl on each of St. Lucie County, Florida's major federal programs and state projects
forthe yearended September30,2016. St. Lucie County, Florida's majorfederalprograms and
state projects are identifled in the summary of auditor's results section of the accompanying
schedule of findings and questioned costs.
M anag ant en f 's Respo n s i b i I ity
Management is responsible for compliance with the requirements of laws, regulations, contracts
and grants applicable to federal programs ard state projects.
Audito r" s Res p o ns i bi lity
Our responsibility is to express an opinion on compliance for each of St. Lucie County. Florida's
major federal programs and state projects based on our audit of the types of compliance
requirements referred to above. We conducted our audit of compliance in accordance with
auditing standards generally acrepted in the United States of America; the standards applicable
to financial audits contained in Government Auditing Sfandards, issued by the Comptroller
General of the United States and OMB Circular A-133 Audits of Stales, Local Govemnpnfs and
Non-Profit Organizations and the Flori<la Departmenl of Financial Seruices Projects Compliance
Supplement. Those standards, OMB Circular A.133 and the Florida Department of Financial
Services Projects Compliance Supplement require that we plan and perform the audit io obtain
reasonable assurance about whether noncompliance with the types of compliance requirements
referred.to above that could have a direct and material effect on a major federal program or
state project occurred. An audit includes examining, on a test basis, evidence about St, Lucie
County, Florida's compliance with those requirements and performing such other procedures as
we considercd necessary in the circumstances.
Fort Pierce / Stuu,t
219
Member .A|CPA Diyisiorr Fr:r CPA Firnrs
Private Com pani es Prl: cticr' Scclioe
Member AICPA Member FTCPA
B Berger, Tooinb,s, Eiam,
Gaiies & Frank
CfliH *. klrnr.s r
The Honorable Board of County Commissioners
St. Lucie County, Florida
We believe that our audit provides a reasonable basis for our opirrion on compliance for each
major federal program. However, our audit does rrot provide a legal determination of St. Lucie
County, Florida's compliance,
Opinion on Each Major Federal Program and Sfafe Project
ln our opinion, St. Lucie County. Florida complied, in all material respects, with the types of
compliance requirements referred to above that could have a direct and material effect on each
of its maior federal programs and state projeds for the year ended September 30, 2016.
Reporf on lnternal Control Over Compliance
Management of St, Lucie County, Florida is responsible for establishing and maintaining
effestive internal control over compliance with the types of compliance requirements referred to
above. ln planning and peforming our audit of compliance, we considered St. Lucie County.
Florida's internal control over compliance with the types of requirements that could have a direct
and material effect on each major federal program and state project to determine the auditing
procedures that are appropriate in the circumstances for the purpose of expressing an opinion
on compliance for each major federal program and to test and repoft on internal controJ over
compliance in accordance with OMB Circular A-133 and the Florida Deparfrnent of Financial
Services Proiects Compliance Supplement but not for the purpose of expressing an opinion on
the effectivenesE of internal control over comptiance. Accordingly, we do not epress an
opinion on the effectiveness of St. Lucie County, Florida's internal control over compliance.
A deficiency in internal control over compliance exists when the design or operation of a control
over compliance does not allow managernent or employees, in Ure normal course of performing
their assigned functions, to prevent, or detect and correct noncompliance with a type of
cornpliance requirement of a federal program on a timely basis. A material uueakness in internal
control over compliance is a deficiency, or combination of deficiencies, in internal control over
compliance, such that there is a reasonable possibility that material noncompliance with a type
of compliance requirement of a federal program will not be prevented or detected and corrected,
on a timely basis. A signlficant deficiency in intemal contrcl over compliance is a deficiency or a
combination of deficiencies, in internal control over compliance with a type of compliance
requirement of a federal program that is less severe than materiat weakness in internal control
over complianoe, yet important enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the purpose described in the first
paragraph of this section and was not designed to identify alldeficiencies in intemal controlover
compliance that might be material weaknesses or significant deficiencies. We did not identify
any deficiencies in internal control over compliance that we consider to be materialweaknesses.
Hewever, material weaknesses may exist that have not beerr identified.
220
S *ru roornlP' rlam'
The Honorable Board of County Commissioners
St. Lucie County, Florida
The purpose of this report on internal control over compliance is solely to describe the scope of
our testing of intemal control over compliance and the results of that testing based on the
requirements of OMB Circular A-133 and the Florida Department of Financial Services Projecls
Compliance Supplement, Accordingly, this report is not suitable for any other purpose,
Berger, Toombs, Elam, Gaines & Frank
Certified Public Accountants PL
Fort Pierce, Florida
March 29.2017
?21
St. Lucie County, Flodda
Schedule of Erpenditu16 of Federal Awards and State Projets
For rhe Fircal Yw Ended September 30, 201 6
Federavstrate Agency
Pass-throqh Entjty
FedeBI ProcBn/State Proiect
FEDERALAWARDS:
US Departmetrt of Agricultue
DirutProgm:
Rural BuiDess Development GIilt (RBDG)
Totsl US Departmetrt ofAgriculture
US Depsrtment of CoEEerce
DirotProgm:
lDvestments for Public Works md Ercnomic Development Facilities
IndirectPrcgm:
Pased ttrcugh The Florida Departmot of Envircmmtal Protection
Coretal Zone Moagemcnt Administration Awds
Totd US DepartDetrt of Commerce
US Department of Holth atrd Hmsn Senicd
Indirect Progm:
Passed Through the Flodda DepiltmeDt ofFronomic
Opportunity
Comuity Sewies Block Gmt
Passed Tfuough dre Florida Departuimt of Revenue
Child Support Enforment
Passed Thrcugh the Florida Deparhot of State
Division of Elections - IIAVA Smtion
Voting Access for Individuls with Disabilities
Total US Deprrtment of Health atrd lluman Seryices
US Departmetrt of Ilomeland Security
Di@tProgIam:
PoIt S@uity Gmt Progm
IndirctPrcgm:
Passed Through the Florida Division ofEmergmcy
Mmgement
Homelmd Ssuity Grot Prepuedness Technical
Assistance Progm
Emogenry Mmagment Perfommce Gcnts
Total US Departmetrt of Homeland Security
US Deprrtment of Houring and Urban Development
DirutProgre:
Shelter Plus Cre
Continumof CrePrcgm
Total Prcgm:
Home Investmflt Parhuships Progm
Total Progm:
IndirectPrcgm:
Passed through the City ofFort Pierce
Commity Development Block Gmt -Special Purposc
Grots
Passed Thrcugh Florida Departmflt of Economic Opportuity
Co,muity Development B lock Gmtystate's Progm
Total US DepartEent ofHousing and Urban Development
10.351 Cue451923213?ifrl
CFDA
CSFA
Pass Through Entity
Identifring
Number
TBNfen to
SubreipientsExpqrditures
$ 40,083
40,083
I 8,753
30,000
48,'153
312,192
452,287
7,5'77
172,0s6
325.633
t7,7'18
94,665
438,076
14,502
118,622
122,329
21,565
19,663
282,t79
24,342
307,841
237,959
570,t48
4,000
700,2 l3
t,631,M2
No.
CoDtracVcmt
Numher
ll 300
1l 419
0,+{l{7042
cM6l7
16SB4D-12-00-0t-023
cD356
20 I 5-20 1 6.0004-STL
072215403
0369919s9
Unable to Incate
CMM6O
93 s69
93.s63
93.6t7
97.056
97.067
91.042
14.238
14.267
ls-DS-P+t 0-6641468
l6-FG-54{15641-123
Fr.04l9c4H09l r0
FLfr191I.r'.H09t4M
FIr3l0r.4H09l406
FL03 I 01,4H091 507
FI 397t4H091505
MI3-DC-120234
Mt4-DC-120234
Mls-DC-120234
EMW-20t 5-PU40461
TsDBOJ-10-66-01-H0l
0't221s403
012215401
Umble to loacate
012215403
t4.239
t4.225
t4.228
222
St. Lucie Couty, Florida
Schedule ofExpendiaures of Fedenl Awards and State Projmts
For the Fiscal Yw Ended September 30, 201 6
FedtraVState Agflcy
Pass-through Entity
CFDA
CSFA
No
Pass Though Entity
Identiling
Nmber
Tmnsfen to
Subrrcipims
Contract/Grol
Nmber
US Departm€trt of the Interior - Fish and Wildlife
Di@tProgrm:
Fedeml Aid in Sport Fish Restoration
Indirect Prcgm:
Passed Through Florida Fish md Wildlife Conseryation
Comission
Costal Wetlmds Plming, Protection ud
Restoratioo Progm
Totll US Department of the Itrterior - Fish and Wildlife
US Department of Justice
Dirct Progrms:
State Criminal Alien Assistance Progm
Total Progm:
Public Safety Partreship md Comuity Policing
G6ts
DNA Backlog Reduction ProgED
Paul Covqdell Forensic Scienres Irnprcvemmt
Grmt Progm
Total Progm;
Edwd Byme Memodal Justice Assistance
GrotProglm
Indirect Progm:
Pmsed Thrcugh Florida Department of Iiw Enforcement
EdMd Byme Memorial Justice Assistance
GmtProglm
Total Progm:
Tot2l US Departnetrt ofJustice
US Departmeot of TraNportation
Direct Progrm:
Fedffil TEnsit Cluter
Fedeml Tmmit Capital Investnent Crmts
Federal Tmsit - Fomula Crots
Total Prcgm:
Bus md Facilities Fomula Prcgm
Total Fedeal Tansit Cluter:
Public TBnspodation Reslch
Tmnsit Sewiaes Progro Cluster:
Job Access ud ReveEe Comute Progm
New Freedom Progrm
Total Trmsit Seruices Progm Cluter:
15 605 FLF-FlsAFor24r
t5 614 FWC-12395
Expenditures
40,000
55,282
9s,282
4,487
35,4',12
39,9s9
29,410
31,128
91,899
I 1,500
! 09,399
I t,1 l5
615
27,tt2
15,315
54,t57
264,113
28,128
30,1 69
14,416
467,46s
2,033
1,065,789
44,277
1,624,149
88,545
t,740,822
t3,444
41,799
34,926
'16,725
4,48'l
1\ L1)
39,9s9
97,899
97,899
I I,l l5
615
27,112
15,315
54,157
t92,0ts
16,842
22,561
437,819
1,068,789
1,529,169
88,545
1,634,556
21,800
31,424
55,224
16606
r6 710
t6 741
t6 742
16.738
2013-AP-BX4s28
2014-A!-BX-0129
2013-uM-wx-0072
2015-DN-BX4049
2015-CD-BX-0028
2015{D-BX{048
201 3-DJ-BX-o373
16 738 2014-DJ-BX-0391
201 5-Dl-BX-0743
20r 6-JAGC-STLU-3-H34s2
07221s403
0'72215403
07221 s403
20.500 Ft {4417640
20.50'7 FL90-X765{0
Fr-90-x72140
FL90-X846{0
FL90-X70440
FL90-X866{0
FL90-X793{0
20.526 FL34402440
20 514
20.516
20 s2r
FL26-002440
FL-37-X080-00
FL57-X045-00
223
St. lxcie Couty, Florida
Schedule ofExpetrditures ofFederal Awards atrd State Projects
For the Fiscal Yw Ended September 30, 201 6
Federavstate Agency
Pass-tltrough Entity
Fedeml Prosram,/State Proiect
CFDA Pass Through Entity
CSFA Contact/Gmt Identirying
No. Nmber Number
TEnsfm to
Expenditures Sub{ipiots
Iodirect Progro:
Highwy Plaming md Construction Clutil:
Passed through the Florida Departrnent of T@portation
Highwy Plming md Construction
Passed tluough the Univmity of Florida
Highwy Plming md Comtruction
Total Progm:
Passed thrcugh the Florida Departnent of Enyiomotal Prctection
Re@tional TBils Prcgm
Total Highmy Plming od Conshuction Clusier:
Passed thrcugh the Florida Depaftnent of Tmprtation
Non-metropolit n Planning od Reswch
Fomula Grots for Rual Ares
Total US Departmetrt of Trensportltion
US DepartEetrt of Vetemtrs AffaiN
hdirect Progm:
Pasrd Thrcugh Trrure Coast Homeless Services
VA Supportive Series for Vetenn Fmilies
Progrm
Total US Department ofVeterans Affairs
US Election Assistance Commission
IndirectPrcgm:
Passed Through Florida Departuimt of Sbte
Help Amerjca Vote Act Requiremots Payments
Total US Electioo Assistance Commission
US Environmental Protetion Agency
Indirect Proglm:
Passed Through The Ftorida Department of Envirmmtal Prctrction
Nonpoint Sowe Implmentation Gmts
Passed Thrcugh the Indiu fuver Lagmn Coucil
Natioml Estuary PrcgEm
Total US Environmental Protectiotr Agetrcy
TOTAL E)GENDITURES OF FEDERAL AWARDS
* indietes grants swarded prior to December 26, 2014
20.205 A5l 15 PL03r1(52) 07221s4O3 520,460
G0c98 PL03r l(54) 07221s4O3 I 18,367
UFDSP00010854 BDV3I 0000080s13 s3,924
692,7s1
20219 T130321T1332 CMM60
20 s05 Go358
20.509 ARR39
66.456 2844',7
1,810
694.561
64.033 t+FL3222015:2016 Ct6-12-636 35,263
35.263
90.401 2015-20164001-STL Unable to Iocate 30,550
?o 5so
66.460 C9-9945r513{ 99451513 l48.6ls
072215403 128,500
0'72215403 50,169 50,169
2,704,221 t;139,949
Grrl-1814 29,469
178,084
$ 6,237,523 $ 1,931,964
224
St. IJcie Comty, Florida
Schedule ofExpenditures of Federd Awards atrd State ProJmts
For the Fiscal Yeu Ended Sept€mb€r 30, 2016
FedffiYStaae Agocy
Pass-through Entity
FedeEl Profr aft-lstate Pmiecl
STATE PROJECTS:
florida Department of Agriculture 8trd Consumer Senices
DirutProgm:
Mosquito Contsol
Total Florida Department ofAgriculture and Consumer Seryices
Florida DepartmeDt of Etrvirotrmetrtal Protstiotr
DirutProgm:
Beach Mmagemot Fmding Assistance Prcgm
Total Progm:
Florida Rreation Development Assistance Prcgm
Stabwide Surfae Water Restoration ed
W6lewter Projets
Indirect Prcgm;
Passed Thrcugh The South Florida Water Milagment District
Statewide Surf@ Water RestoBtion md
Wdtewier Projects
Total Progm:
Totsl Florida Dep8rtmetrt of Enyironmentsl Protection
F'lorida Department of Health - Bureu of EMS
DietProgm:
Comty Gmt Awards
Tot l Florida DepartDetrt of Hslth - Bureau of EMS
Florids Department of State and SEretary ofState
DirectProgm:
State Aid to Libruies
Totd Prcgu:
Public Library Constuction Progro
Total Florida DepartDetrt of State and Secret8ry of State
Florida Departmetrt of TransportatioD
DimtProgm:
Comission for fte Tmsportation
Disadvmtaged (CTD) Trip md Equipment Gmt
Progro
Total Prcgm:
Com.ission for dre Trasportation
Disadwtaged (CTD)Plming Grot Prcgm
Total Prcgm:
Aviation Development Gnnts
Total Prcgm:
Seaport Gmts
Pubtic Ttffiit Block Grot Ploglu
Public Tmsit Swie Developmmt Prcgm
Total Prcgm:
Intmodal Development Progre
Totsl Florid8 DepsrtEeDt of Transportation
CFDA
CSFA
No.
42003
Conkact/Gmt
Nubq
Pass Through Entity
ldentif,ing
Nmbq
Tnnsfen to
Expenditures Subrecipients
37 011
37 039
3?.039
020321
I5SI2
I5SI3
l5sLt
09s12
I3SLl
13SI2
l6SLl
A5013
s0820
460000279s
$56
56
64.005
45.030
45.020
c4059
l5-sT-77
l6-sT-76
t6-Prc44
10,000
106,600
126,476
12,'t82
5,505
15,749
202,595
4'19,701
50,000
136,984
26,461
163,445
693,152
74,080 74,080
74,080 74,080
12,913
96,863
109,776
r29,800
239,s76
406,161
136,733
s42,894
20,331
6,731
27,068
19,320
5,916
5s8,935
584,t'.t2
15,660
388,473
13,368
11,t62
84,530
685,247
2,328,044
388,473
72,064
11,162
55 001
s5.002
55.004
55 005
5s 010
55.012
55.014
GOl97
c,0c06
GO260
G0c80
ARI32
AQV/o2
AQFO9
G0678
ARR14
ARR83
AR225
AQK84
225
471,699
St Lucie Couty, Florida
Schedule of Expenditurm of Fedeml Awsrdr 8nd Strte ProjEts
For the Fircal Yer Ended September 30, 2016
FedqaYstate Agmcy
Pass-tluough Entity
Federal Prosu/State Prciet
CFDA
CSFA
No
ContracL/Gmt
Nmbs
Pass Through Entity
IdentiSing
Numbc
florida Ereutive Ome of the Goyertror
Di@tProgm:
Emrgency Mmagemflt Prcglm
Tohl Prcgm:
Residmtia.l Constsuction Mitigation Prcject
Totrl Floridr Exrcutiye OIfice of the Govemor
Floridr Fish atrd Wildlife Comenation Commission
Dirot Progro:
Artilicial Ref G@ts Prcg@
Total Prcgm:
Total F'loridr Fish and Wildlife Consenation Commission
t'lorida Houing Finance Corpomtion
DiretProgm:
State Houing Initiative Partrership (SHIP) Prcgnm
Total Prcgro:
Totsl Floridr Housing Fioance Corporation
f'lorida Tourism, Trade, and Eonomic Development
DiEtProgm:
Facilities for New Prcfessional Sports, Retained Professional
Sports or Retained Spring Tmining Frochise
Totrl Florida Tourism, Trade, and Economic Development
Floridr Deplrtmetrt ol Lrw EnforcemeDt
DirutPrcgm:
Statewide Criminal Analysis Iabontory Syslem
Total Florida DepsrtmeDt ofLsw Etrforcement
TOTAL E)CENDITIJRES OF STATE PROJECTS
TmsfeE to
Expsrditues Subr@ipients
't8,247
26,243
104,490
107,836
11,356
19,998
91,354
91,354
227,711
l8l,00r
AO 9)L=478,s36
418,536
263,826
263,826
189,89s
189,89s
$ 4,466,3ss $ 54s,779
31.063
3l ,066
r 6-BG-83-t0-66{1-056
r 7-BG-83-10-66{1463
l TRC-Al-t 0-6641-145
77.00'1
40.90r
FWC-15135
FWC-15099
SHIP FY 2014/2015
SHIP FY 2015/2016
SHIP FY 2OI 6/20 17
73 016
11.002 ct 01
226
St. Lucie County, Florida
Notes to Schedule of Expenditures of Federal Awards and State Projects
Year Ended September 30,2016
1. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards and State Projects (the "Schedule")
includes the federal award and state project activity of St. Lucie County, Florida under programs of the
federal government for the year ended September 30,2076. The information in this Schedule is presented
in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Jniform
Guidance) and Chapter 10.550, Rules of the Auditor General. Because the Schedule presents only a
selected portion of the operations of St. Lucie County, Florida, it is not intended to and does not present
the financial position, changes in net assets, or cash flows of St. Lucie County, Florida.
2. Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported using the modified accrual basis of accounting. The
modified accrual basis of accounting recognizes revenues when they become measurable and available as
net current assets and expenditures when the related fund liability is incurred. Such expenditures are
recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for
State, Local, and Indian Tribal Governmenls, or the cost principles contained in Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
St. Lucie County, Florida has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
3. Program Clusters
The Uniform Guidance defines a cluster of programs as a grouping of closely related programs that share
common compliance requirements. According to this definition, similar programs deemed to be a cluster
of programs are tested accordingly.
4. Contingency
The grant revenue amounts received are subject to audit and adjustment. If any expenditures are
disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor
agencies would become a liability of St. Lucie County, Florida. ln the opinion of management, all grant
expenditures are in compliance with the terms of the grant agreements and applicable federal and state
laws and regulations.
5. Program Income
The federal expenditures presented in the Schedule of Expenditures of Federal Awards and State Projects
(SEFA) for St. Lucie County, Florida, do not include expenditures funded by program income. The
following schedule shows total grant-related expenditures and their funding source (federal, program
income, or general fund match) for HUD grants, as these are the only grants with program income.
St. Lucie County, Florida
Notes to Schedule of Expendifures of Federal Awards and State Projects
Year Ended September 30,2016
CDFA/CFSA FederaVState Total
Program or Cluster Title Number Expenditures Expenditures
Community Development Block Grants/
Entitlement Grants - Neighborhood
Stabilization Program
Federal Expenditures reported 14.218
Plus: Expenditures funded by Program
Income 84.621
Total Grant Related Expenditures $ 8+.62t
Community Development B lock Grants/
State Program
Federal Expenditures reported 14.228 $ 700.213 700,273
Plus: Expenditures funded by Program
lncome 12.748
Total Grant Related Expenditures $ 712.961
Home Investment Partnership Program
Federal Expenditures reported 14.239 $ 570.148 570,148
Plus: Expenditures funded by Program
Income 200.277
Total Grant Related Expenditures $ 770.425
State Housing Initiative Partnership Program
State Expenditures reported 40901 $ 478.536 478,536
Plus: Expenditures funded by Program
Income 50.983
Total Grant Related Expenditures $ 529.519
228
September 30. 2016
Section I - Summary of Auditor's Results
FinanciaI Statements
Tyne of auditor's report issued
lnternal control over financial reporting:
Material vreakness(es) identified?
Significant detrciency(ies) identified not
considered to be material weakness (es)?
Noncompiiance material to financial
statements noted?
Federal Av;A:Ce _qnd_State P roiects
lnternal control over major programlproject:
Materia I weakne ss(es) identified?
Srgnificanl deficiencyiies) identified not
considered to be material weakness(es)?
Reported
Type of auditor's report issued on compliance
Auditee qualifies as low-risk auditee,
pursuant to tne Uniform Guidance
St. Lucie County, Florida
Schedule of Findings and Questioned Cost *
FederalAwards and State Projects
Unmodified
Yes X No
Yes __ X .. . None Reported
Yes X No
Yes X No
Yes X None
Yes X No
for major federal programs and state projects Unmodified
Any audil findings disclosed l.rat are required to
be reporied in accordance with section 2 CFR
2OD.516(a) or Chapter 10.557?
identification of majo r prog ramsiprojects:
CFDANumber Naf,r,e of FederaiPJoqrqlr or Cluster14.?28 Communily Development Block Grants/State's Program14.239 Home lnvestnrent Partnership Program
20 205120.219 tiighway Planning and Construclion Cluster93.563 Child Support Enforcenrent97.056 Port Security Grant Program
CSFAN-Unbg Name q_f.f,tae fuqicels37.003 Beach lvlanagement Fund:ng Assistance Program37.039 Statewide Surface \I,later Restoralion40.301 State llousing initiative Partnership (St-llP) Program45.C20 Public Library Construction Program55.004 Aviation Development Grants55.014 lntermodal Development Program
Dollar threshold used to distinguish between Type A and B Federal programs $750,000
Dollar lhreshold used to distinguish betr,rreen Type A and B State programs $300,000
NoX Yes
St. Lucie Counly, Florida
$chedule of Findings and Questioned Cost -
Federal Ar,vards and State Projects (Continued)
September 30, 2016
Section ll - Financial Statement Findings
There were no material weaknesses, significant deficiencies or instances of noncompliance
related :o the financial stalenrents.
Section ill- Maior Federal Programs Findings and Questioned Cost
There were no audit findings related to federal programs required to be reporled by, Section
2 CFR 200.516(a), Uniform Guidance.
Section IV - Major State Projects Findings and Questioned Gost
There were no audit findings related to stale projects required lo be reported by Chapter
10.550, Ruies of the Aud.tor General.
Section V - Summary of Prior Audit Findings
There is no Summary of Prior Audit Findings or Corrective Actron Plan required to be
repo6ed under Federal or Florida Single Audit Acts, as there were no prlor year findings,
230
JOSEPH E. SMITH
Clerk of the Circuit Court
St. Lucie County
Comprehensive Annuol Fincrrciol Report
Ior the Fiscol Yecs Ended
September 30, 2016
www.stlucieclerk.com
ITHIS PAGE INTENTIONALLY LEF.I BLANK]
APPENDIX C
FORM OF THE RESOLUTION
ITHIS PAGE INreNrroNRLLy LEFI BLANKI
EXECUTION COPY
ST. LUCIE COUNTY, FLORIDA
NON-AD VALOREM REVENUE BONDS, SERTES 2017
BOND RESOLUTION
ADOPTED MAY 16,2017
SECTION 1.01.
SECTION 1.02.
SECTION 1.03.
SECTION I.04.
SECTION 1.05.
SECTION 2.01.
SECTION 2.02.
SECTION 2.03.
SECTION 2.04.
SECTION 2.05.
SECTION 2.06.
SECTION 2.07.
SECTION 2.08.
SECTION 2.09.
SECTION 3.01.
SECTION 3.02.
SECTION 3.03.
SECTION 3.04.
SECTION 3.05.
SECTION 4.01.
SECTION 4.02.
SECTION 4.03.
SECTION 4.04.
SECTION 4.05.
SECTION 4.06.
SECTION 4.07.
SECTION 4.08.
ARTICLE II
AUTHORZATION, TERMS, EXECUTION AND REGISTRATION OF BONDS
TABLE OF CONTENTS
ARTICLE I
GENERAL
PAGE
AUTHORZATION AND DESCRIPTION OF BONDS ,,..,...9
APPLICATION OF BOND PROCEEDS. ............... ............... 9
EXECUTION OF BONDS. ............. 10
AUTHENTICATION. ..................... 10
TEMPORARY BONDS. ............... ..................... 10
BONDS MUTILATED, DESTROYED, STOLEN OR LOST................ 1O
INTERCHANGEABILITY, NEGOTIABILITY AND TRANSFER. ..... 1 1
FULL BOOK ENTRY FOR 8ONDS................ .................... t2
FORM OF BONDS ....... 13
ARTICLE III
REDEMPTION OF BONDS
PRIVILEGE OF REDEMPTION. ......................22
SELECTION OF BONDS TO BE REDEEMED. .............. ......................22
NOTICE OF REDEMPTION. ..,...,,.22
REDEMPTION OF PORTIONS OF BONDS .......................23
PAYMENT OF REDEEMED BONDS............. ,,,,....,,,.,,,.,...23
ARTICLE TV
SECURITY; FUNDS; COVENANTS OF THE ISSUERS
BONDS NOT TO BE INDEBTEDNESS OF ISSUER .........24
SECURITY FOR BONDS................ ..................24
CONSTRUCTION FLIND. .....,.,....,,24
FUNDS AND ACCOUNTS. .......,,..25
FLOW OF FLINDS ......,.25
COVENANT TO BUDGET AND APPROPRIATE; PAYMENT
oF BONDS ....................27
REBATE FUND. ........,.28
ISSUANCE OF OTHER OBLIGATIONS.......... ..................28
SECTION 4.09.
SECTION 4.10.
SECTION 5.01.
SECTION 5.02.
SECTION 5.03.
SECTION 5.04.
SECTION 6.01.
SECTION 6.02.
SECTION 6.03.
SECTION 6.04.
SECTION 6.05.
SECTION 6.06.
SECTION 6.07.
SECTION 7.01.
SECTION 7.02.
SECTION 7.03.
SECTION 8.01.
SECTION 9.01.
SECTION 9.02.
SECTION 9.03.
SECTION 9.04.
SECTION 9.05.
ARTICLE V
COVENANTS
GENERAL ..................... 30
ANNUAL BUDGET. ......................30
ANNUAL AUDIT. ........ 30
FEDERAL INCOME TAXATION COVENANTS. .............30
ARTICLE VI
DEFAULTS AND REMEDIES
EVENTS OF DEFAULT............. .......................31
REMEDIES ...................31
DIRECTIONS TO TRUSTEE AS TO REMEDIAL
PROCEEDINGS. ....,,....32
REMEDIES CUMULATIVE. .......... ..................32
WAIVER OF DEFAULT. ............ ......................32
APPLICATION OF MONEYS AFTER DEFAULT ,,..........32
CONTROL BY INSURER............... .................. 33
ARTICLE VII
SUPPLEMENTAL RESOLUTIONS
SUPPLEMENTAL RESOLUTION WITHOUT
BONDHOLDERS'CONSENT ........35
SUPPLEMENTAL RESOLUTION WITH BONDHOLDERS'
AND INSURER'S CONSENT .........35
AMENDMENT WITH CONSENT OF INSURER ONLY. .................... 36
ARTICLE VIII
DEFEASANCE
DEFEASANCE............. ................... 38
ARTICLE IX
MISCELLANEOUS
SALE OF BONDS .........40
OFFICIAL STATEMENT; CONTINUING DISCLOSURE
.........40
APPOINTMENT OF REGISTRAR AND PAYING AGENT..... 41
PURCHASE OF BOND INSURANCE POLICY ..................41
GENERAL AUTHORITY............. .....................41
SECTION 9.06. SEVERABILITY OF INVALID PROVISIONS......... ,,,.......41
SECTION 9.07. REPEAL OF INCONSISTENT RESOLUTIONS. ................41
SECTION 9.08. EFFECTIVE DATE. ,,,..42
EXHIBIT A - FORM OF BOND PURCHASE CONTRACT
EXHIBIT B - FORM OF OFFICIAL STATEMENT
EXHIBIT C - FORM OF CONTINUING DISCLOSURE CERTIFICATE
111
RESOLUTION
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF ST.
LUCIE COLINTY, FLORIDA AUTHORIZING THE ISSUANCE OF NOT
EXCEEDING S56,000,000 IN AGGREGATE PRINCIPAL AMOTINT OF ST.
LUCIE COLINTY, FLORIDA NON-AD VALOREM REVENUE BONDS,
SERIES 2017, TO FINANCE CERTAIN IMPROVEMENTS TO THE
TRADITION FIELD SPORTS COMPLEX OWNED BY THE COUNTY;
PLEDGING THE COTINTY'S RECEIPTS PURSUANT TO THE SPRING
TRAINING PROGRAM AGREEMENT WITH THE FLORIDA
DEPARTMENT OF ECONOMIC OPPORTTINITY TO PAY DEBT SERVICE
ON THE BONDS; COVE,NANTING TO BUDGET AND APPROPRIATE
CERTAIN LEGALLY AVAILABLE NON-AD VALOREM REVENUES TO
PAY DEBT SERVICE ON THE BONDS; PROVIDING FOR THE RIGHTS OF
THE HOLDERS OF THE BONDS; PROVIDING CERTAIN TERMS AND
DETAILS OF SUCH BONDS, INCLUDING AUTHORIZING A
NEGOTIATED SALE OF SAID BONDS AND THE EXECUTION AND
DELTVERY OF A BOND PURCHASE CONTRACT WITH RESPECT
THERETO UPON COMPLIANCE WITH CERTAIN PARAMETERS;
APPOINTING THE PAYING AGENT AND REGISTRAR WITH RESPECT
TO SAID BONDS; AUTHORZING THE EXECUTION AND DELIVERY OF
AN OFFICIAL STATEMENT WITH RESPECT THERETO; AUTHORZNG
THE PURCHASE OF BOND INSURANCE AND, IF SO PURCHASED, THE
EXECUTION AND DELIVERY OF AN INSURANCE AGREEMENT;
AUTHORZING THE EXECUTION OF A CONTINUING DISCLOSURE
CERTIFICATE; MAKING CERTAIN OTHER COVENANTS AND
AGREEMENTS IN CONNECTION WITH THE BONDS; AND PROVIDING
FOR AN EFFECTIVE DATE FOR THIS RESOLUTION.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF ST.
LUCIE COUNTY, FLORIDA:
ARTICLE I
GENERAL
SECTION 1.01. DEFINITIONS. When used in this Resolution, the following
terms shall have the following meanings, unless the context clearly otherwise requires:
rrAcflr shall mean Chapter 125, Florida Statutes, Section 288.11631, Florida Statutes, and
other applicable provisions of law.
"Adjusted Essential Expenditures" means
government and public safety as shown in the Issuer's
essential expenditures for general
audited financial statements less any
revenues derived from ad valorem taxation on real and personal properly that are legally
available to pay for such expenditures.
"Amortization Installments" shall mean an amount designated as such pursuant to the
provisions of this Resolution and established with respect to Term Bonds.
"Annual Audit" shall mean the annual audited financial statements prepared pursuant to
the requirements of Section 5.03 hereof.
"Annual Budget" shall mean the annual budget prepared pursuant to the requirements of
Section 5.02 hereof.
"Authorized Investments" means any obligations, deposit certificates, or other
evidence of indebtedness legal for investment pursuant to law, to the extent not inconsistent with
the terms of the investment policy of the Issuer and applicable law.
"Authorized Issuer Officer" shall mean the Chairman and the Clerk and when used in
reference to any act or document, also means any other person authorized by resolution of the
Board to perform such act or sign such document.
"Board" shall mean the Board of County Commissioners of St. Lucie County, Florida,
or any successor thereto.
"Bond Counsel" shall mean Nabors, Giblin & Nickerson, P.A. or any other attorney at
law or firm of attorneys, of nationally recognized standing in matters pertaining to the federal tax
exemption of interest on obligations issued by states and political subdivisions, and duly
admitted to practice law before the highest court of any state of the United States of America.
"Bond Insurance Policy" shall mean the insurance policy, if any, issued by the Insurer
guaranteeing the scheduled payment of principal of and interest on the Bonds when due.
"Bondholder" or "Holdertt or I'holder" or any similar term, when used with reference
to a Bond or Bonds, shall mean any person who shall be the registered owner of any Outstanding
Bond or Bonds as provided in the registration books of the Issuer.
"Bonds" shall mean the St. Lucie County, Florida Non-Ad Valorem Revenue Bonds,
Series 2017.
"Chairman" shall mean the Chairman of the Board or, in his or her absence or
unavailability, the Vice Chairman.
"Clerk" shall mean the Clerk of the Circuit Court, ex officio Clerk of the Board, and
such other person as may be duly authorized to act on her or his behalf, including any Deputy
Clerk.
"Code" shall mean the Intemal Revenue Code of 1986, as amended, and the regulations
and rules thereunder in effect or proposed.
rrcostrr or "Costs" shall mean (1) the Issuer's cost of physical construction; (2) costs of
acquisition by or for the Issuer of the Project; (3) costs of land and interests therein and the costs
of the Issuer incidental to such acquisition; (4) the cost of any indemnity and surety bonds and
premiums for insurance during construction; (5) all interest due to be paid on the Bonds and
other obligations relating to the Project during, and if advisable by the Issuer, for up to one (1)
year after the end of, the construction period of such Project; (6) engineering, legal and other
consultant fees and expenses; (7) costs and expenses of the financing incurred during, and if
advisable by the Issuer, for up to one (1) year after the end of, the construction period for such
Project, including audits, fees and expenses of any Paying Agent, Registrar, or depository; (8)
payments, when due (whether at the maturity of principal or the due date of interest or upon
redemption) on any indebtedness of the Issuer (other than the Bonds) incurred for such Project;
(9) costs of machinery or equipment required by the Issuer for the commencement of operation
of such Project; (10) any other costs properly attributable to such construction or acquisition, as
determined by generally accepted accounting principles, and shall include reimbursement to the
Issuer for any such items of Cost heretofore paid by the Issuer. Any Supplemental Resolution
may provide for additional items to be included in the aforesaid Costs.
"Debt" means at any date (without duplication) all of the following to the extent that
they are secured by or payable in whole or in part from any Non-Ad Valorem Revenues (A) all
obligations of the Issuer for borrowed money or evidenced by bonds, debentures, notes or other
similar instruments; (B) all obligations of the Issuer to pay the deferred purchase price of
property or services, except trade accounts payable under normal trade terms and which arise in
the ordinary course of business; (C) all obligations of the Issuer as lessee under capitalized
leases; and (D) all indebtedness of other Persons to the extent guaranteed by, or secured by, Non-
Ad Valorem Revenues of the Issuer; provided, however, that with respect to any obligation
contemplated in (D) above, such obligation shall not be considered "Debt" for purposes of this
Resolution unless the Issuer has actually used Non-Ad Valorem Revenues to satisflz such
obligation during the immediately preceding Fiscal Year or reasonably expects to use Non-Ad
Valorem Revenues to satisfii such obligation in the current or immediately succeeding Fiscal
Year. After an obligation is considered "Debt" as a result of the proviso set forth in the
immediately preceding sentence, it shall continue to be considered "Debt" until the Issuer has not
used any Non-Ad Valorem Revenues to satisfu such obligation for two consecutive Fiscal Years.
"Debt Service" shall mean, at any time, the aggregate amount in the then applicable
period of time of (1) interest required to be paid on the applicable Debt during such period of
time, except to the extent that such interest is to be paid from proceeds of the Debt for such
pu{pose, (2) principal of outstanding Debt maturing in such period of time, and (3) the
Amortization Installments with respect to Outstanding Term Bonds or amortization payments
with respect to other Debt maturing in such period of time.
"Essential Expenditures" means essential expenditures for general government and
safety as shown in the Issuer's audited financial statements.
"Federal Securities" shall mean non-callable direct obligations of the United States of
America (including obligations issued or held in book-entry form on the books of the
Department of Treasury) or non-callable obligations the principal of and interest on which are
unconditionally guaranteed by the United States of America.
"Financial Advisor" shall mean Public Financial Management, Inc., or its successor, as
financial advisor to the Issuer.
"Fiscal Year" shall mean the period commencing on October 1 of each year and
continuing through the next succeeding September 30, or such other period as may be prescribed
by law.
"Fitch" shall mean Fitch Ratings, and any assigns and successors thereto.
"Insurer" shall mean the municipal bond insurer, if any, designated pursuant to Section
9.04 hereof.
rrlnterest Date" or "Interest Payment Date" shall be April 1 and October 1 of each
year, commencing October 1,2017 , and any date of redemption of the Bonds, or such other dates
as established by the County Administrator, based on advice of the County's Financial Advisor,
prior to the issuance of the Bonds.
"Issuer" or "County" shall mean St. Lucie County, Florida.
"Maximum Annual Debt Service" means the maximum annual Debt Service on a
consolidated basis of all Debt payable from Non-Ad Valorem Revenues then outstanding and the
planned additional Debt to be issued for the then-current or any subsequent Fiscal Year. For
purposes of the foregoing (a) if said Debt has 25o/o or more of the aggregate principal amount
coming due in any one year, Debt Service shall be determined on the Debt during such period of
time as if the principal of and interest on such Debt were being paid from the date of incurrence
thereof in substantially equal annual amounts over a period of 25 years; and (b) for the purpose
of determining Debt Service as described above, the interest rate on variable rate Debt shall be
deemed tobe l20Yo of the average of the SIFMA Index over a two year period of time ending on
the date immediately prior to the sale of such additional obligation.
"Moody's" shall mean Moody's Investors Service, and any assigns and successors
thereto.
"Net Non-Ad Valorem Revenues Available For Debt Service" means the Non-Ad
Valorem Revenues minus Adjusted Essential Expenditures.
"Non-Ad Valorem Revenues" shall mean total revenues of the Issuer derived from any
source whatsoever, other than revenues generated from ad valorem taxation on real or personal
property, and which are legally available to make the payments required herein.
"Outstanding," when used with reference to Bonds and as of any particular date, shall
describe all Bonds theretofore and thereupon being authenticated and delivered except, (1) any
Bond in lieu of which other Bond or Bonds have been issued under Section 2.06 hereof to
replace lost, mutilated or destroyed Bonds, (2) any Bond surrendered by the Holder thereof in
exchange for other Bond or Bonds under Sections 2.05 and 2.07 hereof, (3) Bonds deemed to
have been paid pursuant to Section 8.01 hereof and (4) Bonds cancelled after purchase in the
open market or because of payment at or redemption prior to maturity.
"Paying Agent" shall mean the paying agent appointed by the Issuer for the Bonds and
its successor or assigns, ifany.
"Person" or "person" shall mean an individual, a corporation, a partnership, an
association, a joint stock compafiy, a trust, any unincorporated organization, governmental entity
or other legal entity.
"Pledged Funds" shall mean (i) the Program Revenues, and (ii) until applied for the
purposes described herein, the amounts on deposit in the funds and accounts established
hereunder, other than the Rebate Fund.
"Prerefunded Obligations" shall mean any bonds or other obligations of any state of
the United States of America or of any agency, instrumentality or local governmental unit of any
such state (1) which are (A) not callable prior to maturity or (B) as to which irrevocable
instructions have been given to the fiduciary for such bonds or other obligations by the obligor to
give due notice of redemption and to call such bonds for redemption on the date or dates
specified in such instructions, (2) which are fully secured as to principal, redemption premium, if
any, and interest by a fund held by a fiduciary consisting only of cash or Federal Securities,
secured in substantially the manner set forth in Section 8.01 hereof, which fund may be applied
only to the payrnent of such principal of, redemption premium, if any, and interest on such bonds
or other obligations on the maturity date or dates thereof or the specified redemption date or
dates pursuant to such irrevocable instructions, as the case may be, (3) as to which the principal
of and interest on the Federal Securities, which have been deposited in such fund along with any
cash on deposit in such fund are sufficient, as verified by an independent certified public
accountant or other expert in such matters, to pay principal of, redemption premium, if any, and
interest on the bonds or other obligations on the maturity date or dates thereof or on the
redemption date or dates specified in the irrevocable instructions referred to in clause (1) above
and are not available to satisfiz any other claims, including those against the fiduciary holding the
same, and (4) which are rated in the highest rating category (without regard to gradations, such
as "+" or "-" or " 1, 2 or 3 " of such categories) of one of the Rating Agencies.
"Program Revenues" shall mean the amounts received by the Issuer pursuant to the
terms of the Spring Training Program Agreement.
"Project" shall mean the acquisition and construction of improvements to the Tradition
Field Sports Complex owned by the Issuer.
"Rating Agencies" means Fitch, Moody's and Standard & Poor's.
"Rebate Fund" shall mean the Rebate Fund established pursuant to Secti on 4.07 hereof.
"Redemption Price" shall mean, with respect to any Bond or portion thereof, the
principal amount or portion thereof, plus the applicable premium, if any, payable upon
redemption thereof pursuant to such Bond or this Resolution.
"Refunding Securities" shall mean Federal Securities and, to the extent approved in
writing by the Insurer, if a Bond Insurance Policy is in place, Prerefunded Obligations.
"Registrar" shall mean the bond registrar appointed by the Issuer for the Bonds and its
successor or assigns, ifany.
"Resolution" shall mean this Resolution, as the same may from time to time be
amended, modified or supplemented by Supplemental Resolution.
"Spring Training Program Agreement" shall mean that certain Spring Training
Program Agreement Number 5B17-007, dated April 10,2017, between the Florida Department
of Economic Opportunity and the Issuer.
"Serial Bonds" shall mean all of the Bonds other than the Term Bonds.
"SIFMA Index" shall mean the Securities Industry and Financial Markets Association
Municipal Swap Index, or if that index is no longer published, a successor or similar index of
short-term high-grade tax-exempt indebtedness.
"Standard and Poor's" or rrS&P, shall mean S&P Global Ratings, and any assigns and
successors thereto.
"State" shall mean the State of Florida.
"Supplemental Resolution. shall mean any resolution of the Issuer amending or
supplementing this Resolution enacted and becoming effective in accordance with the terms of
Sections 7.01,7.02 and 7.03 hereof.
"Term Bonds" shall mean those Bonds which shall be designated as Term Bonds
hereby.
The terms "herein," "hereunder," "hereby," "hereto," "hereof," and any similar terms,
shall refer to this Resolution; the term "heretofore" shall mean before the date of adoption of this
Resolution; and the term "hereafter" shall mean after the date of adoption of this Resolution.
Words importing the masculine gender include every other gender.
Words importing the singular number include the plural number, and vice versa.
SECTION 1.02. AUTHORITY FOR RESOLUTION. This Resolution is adopted
pursuant to the provisions of the Act. The Issuer has ascertained and hereby determines that
adoption of this Resolution is necessary to carry out the powers, purposes and duties expressly
provided in the Act, that each and every matter and thing as to which provision is made herein is
necessary in order to carry out and effectuate the purposes of the Issuer in accordance with the
Act and to carry out and effectuate the plan and purpose of the Act, and that the powers of the
Issuer herein exercised are in each case exercised in accordance with the provisions of the Act
and in furtherance of the purposes of the Issuer.
SECTION 1.03. RESOLUTION TO CONSTITUTE CONTRACT. In
consideration of the purchase and acceptance of any or all of the Bonds by those who shall hold
the same from time to time, the provisions of this Resolution shall be apart of the contract of the
Issuer with the Holders of the Bonds, and shall be deemed to be and shall constitute a contract
between the Issuer, the Holders from time to time of the Bonds and the Insurer, if any. The
pledge made in the Resolution and the provisions, covenants and agreements herein set forth to
be performed by or on behalf of the Issuer shall be for the equal benefit, protection and security
of the Holders of any and all of said Bonds and the lnsurer, but only in accordance with the terms
hereof. A1l of the Bonds, regardless of the time or times of their issuance or maturity, shall be of
equal rank without preference, priority or distinction of any of the Bonds over any other thereof
except as expressly provided in or pursuant to this Resolution.
SECTION 1.04. FINDINGS. It is hereby ascertained, determined and declared
that:
(A) The Issuer has deemed it in the best interest of its citizens to acquire and construct
the improvements consisting of the Project.
(B) The Issuer deems it to be in its best interest to issue the Bonds for the principal
purpose of financing the Project, as determined pursuant to the provisions herein.
(C) The Bonds shall be secured solely by a pledge of the Pledged Funds and a
covenant of the Issuer, subject to certain conditions set forth herein, to budget and appropriate
from Non-Ad Valorem Revenues amounts sufficient to pay the principal of and interest, and
premium, if any, on the Bonds, when due.
(D) The principal of and interest on the Bonds to be issued pursuant to this
Resolution, and all other payments provided for in this Resolution, will be paid solely from the
Pledged Funds and from Non-Ad Valorem Revenues in accordance with the terms hereof; and
the ad valorem taxing power of the Issuer will never be necessary or authoized to pay the
principal of and interest on the Bonds to be issued pursuant to this Resolution, or to make any
other payments provided for in this Resolution, and the Bonds shall not constitute a lien upon
any property whatsoever of or in the Issuer.
(E) Due to the present volatility of the market for tax-exempt obligations such as the
Bonds, it is in the best interest of the Issuer to sell the Bonds by a negotiated sale, allowing the
Issuer to enter the market at the most advantageous time, rather than at a specified advertised
date, thereby permitting the Issuer to obtain the best possible price and interest rate for the
Bonds. The Issuer's receipt of the information required by Section 218.385, Florida Statutes, is a
condition to the execution of the Purchase Contract (as defined below) in connection with the
negotiated sale of the Bonds. A copy of the letter of the underwriters for said Bonds containing
the aforementioned information is a condition precedent to the execution and delivery by the
Issuer of the Purchase Contract referred to below.
(F) Wells Fargo Bank, National Association, on behalf of itself and Citigroup Global
Markets Inc. (collectively, the "Underwriters") expects to offer to purchase the Bonds from the
Issuer and submit a Bond Purchase Contract in the form attached hereto as Exhibit A (the
"Purchase Contract") expressing the terms of such offer, and, assuming compliance with the
provisions of Section 9.01 hereof, the Issuer does hereby find and determine that it is in the best
financial interest of the Issuer that the terms expressed in the Purchase Contract be accepted by
the Issuer.
SECTION 1.05. AUTHORIZATION OF THE PROJECT. The acquisition and
construction ofthe Project is hereby authorized.
ARTICLE II
AUTHORIZATION, TERMS, EXECUTION AND REGISTRATION OF BONDS
SECTION 2.01. AUTHORIZATION AND DESCRIPTION OF BONDS. This
Resolution creates an issue of Bonds of the Issuer to be designated as "St. Lucie County, Florida
Non-Ad Valorem Revenue Bonds, Series 2017," issued in the aggregate principal amount of not
exceeding $56,000,000, the exact amount to be set forth in the Purchase Contract. The Bonds
are issued for the principal purposes of financing the Project and paying certain costs of issuance
incurred with respect to the Bonds. The Chairman is authoized and directed to determine
whether the Bonds or any portion thereof shall be insured by the Bond Insurance Policy or
whether the Bonds or any portion thereof will be issued uninsured, as set forth in Section 9.04
hereof.
The Bonds shall be dated as of their date of delivery (or such other date as the Chairman
may determine), shall be numbered consecutively from one upward in order of maturity preceded
by the letter "R", shall be issued in the form of fully registered Bonds in denominations of
$5,000 and any integral multiple thereof, shall be initially in book entry-only form of
registration, shall bear interest from their date of delivery (or such other date as the Chairman
may determine), payable semi-annually on each Interest Date, at such rates and mafuring in such
amounts as set forth in the Purchase Contract. The Bonds shall bear interest computed on the
basis of a 360-day year consisting of twelve 3O-day months.
Subject to the provisions of the book entry-only system of registration described in
Section 2.08 hereof, the principal of, and Redemption Price, if applicable, on the Bonds is
payable upon presentation and surrender of the Bonds at the office of the Paying Agent. Interest
payable on any Bond on any Interest Date will be paid by check or draft of the Paying Agent to
the Holder in whose name such Bond shall be registered at the close of business on the date
which shall be the fifteenth day (whether or not a business day) of the calendar month next
preceding such Interest Date, or at the request of such Holder, by bank wire transfer for the
account of such Holder. Al1 payments of principal of, or Redemption Price, if applicable, and
interest on the Bonds shall be payable in any coin or currency of the United States of America
which at the time of payment is legal tender for the payment of public and private debts.
SECTION 2.02. APPLICATION OF BOND PROCEEDS. The proceeds derived
from the sale of the Bonds, including premium, if any, shall be applied by the Issuer as follows:
(A) If the Chairman determines that the Bonds will be insured by the Bond Insurance
Policy in accordance with Section 9.04 hereof, a sufficient amount of the Bond proceeds will be
applied to the payment of the premium for the Bond Insurance Policy.
(B) A sufficient amount of Bond proceeds necessary to pay costs and expenses
relating to the issuance of the Bonds shall be used for such purpose.
(C) The remaining Bond proceeds shall be deposited into the Construction Fund and
used to pay the costs of the Project.
SECTION 2.03. EXECUTION OF BONDS. The Bonds shall be executed in the
name of the Issuer with the manual or facsimile signature of the Chairman and the official seal of
the Issuer shall be imprinted thereon, attested with the manual or facsimile signature of the
Clerk. ln case any one or more of the officers who shall have signed or sealed any of the Bonds
or whose facsimile signature shall appear thereon shall cease to be such officer of the Issuer
before the Bonds so signed and sealed have been actually sold and delivered, such Bonds may
nevertheless be sold and delivered as herein provided and may be issued as if the person who
signed or sealed such Bonds had not ceased to hold such office. Any Bond may be signed and
sealed on behalf of the Issuer by such person who at the actual time of the execution of such
Bond shall hold the proper office of the Issuer, although at the date of such Bond such person
may not have held such office or may not have been so authorized. The Issuer may adopt and
use for such purposes the facsimile signatures of any such persons who shall have held such
offices at ary time after the date of the adoption of this Resolution, notwithstanding that either or
both shall have ceased to hold such office at the time the Bonds shall be actually sold and
delivered.
SECTION 2.04. AUTHENTICATION. No Bond shall be secured hereunder or
entitled to the beneht hereof or shall be valid or obligatory for any purpose unless there shall be
manually endorsed on such Bond a certificate of authentication by the Registrar or such other
entity as may be approved by the Issuer for such purpose. Such certificate on any Bond shall be
conclusive evidence that such Bond has been duly authenticated and delivered under this
Resolution. The form of such certificate shall be substantially in the form provided in Section
2.09 hereof.
SECTION 2.05. TEMPORARY BONDS. Until definitive Bonds are prepared, the
Issuer may execute, in the same manner as is provided in Section 2.03, and deliver, upon
authentication by the Registrar pursuant to Section 2.04 hereof, in lieu of definitive Bonds, but
subject to the same provisions, limitations and conditions as the definitive Bonds, except as to
the denominations thereof, one or more temporary Bonds substantially of the tenor of the
definitive Bonds in lieu of which such temporary Bond or Bonds are issued, in denominations
authorized by the Issuer by subsequent resolution and with such omissions, insertions and
variations as may be appropriate to temporary Bonds. The Issuer, at its own expense, shall
prepare and execute definitive Bonds, which shall be authenticated by the Registrar. Upon the
surrender of such temporary Bonds for exchange, the Registrar, without charge to the Holder
thereof, shall deliver in exchange therefor definitive Bonds, of the same aggregate principal
amount and maturity as the temporary Bonds surrendered. Until so exchanged, the temporary
Bonds shall in all respects be entitled to the same benefits and security as definitive Bonds issued
pursuant to this Resolution. All temporary Bonds surrendered in exchange for another temporary
Bond or Bonds or for a definitive Bond or Bonds shall be forthwith cancelled by the Registrar.
SECTION 2.06. BONDS MUTILATED, DESTROYED, STOLEN OR LOST.
In case any Bond shall become mutilated, or be destroyed, stolen or lost, the Issuer may, in its
discretion, issue and deliver, and the Registrar shall authenticate, a new Bond of like tenor as the
Bond so mutilated, destroyed, stolen or lost, in exchange and substitution for such mutilated
Bond upon surrender and cancellation of such mutilated Bond or in lieu of and substitution for
the Bond destroyed, stolen or lost, and upon the Holder furnishing the Issuer and the Registrar
10
proof of his ownership thereof and satisfactory indemnity and complying with such other
reasonable regulations and conditions as the Issuer or the Registrar may prescribe and paying
such expenses as the Issuer and the Registrar may incur. All Bonds so surrendered shall be
cancelled by the Registrar. If any of the Bonds shall have matured or be about to mature, instead
of issuing a substitute Bond, the Issuer may pay the same or cause the Bond to be paid, upon
being indemnified as aforesaid, and if such Bonds be lost, stolen or destroyed, without surrender
thereof.
Any such duplicate Bonds issued pursuant to this Section 2.06 shall constitute original,
additional contractual obligations on the part of the Issuer whether or not the lost, stolen or
destroyed Bond be at any time found by anyone, and such duplicate Bond shall be entitled to
equal and proportionate benefits and rights to the same extent as all other Bonds issued
hereunder.
SECTION 2.07. INTERCHANGEABILITY, NEGOTIABILITY AND
TRAI\SFER. Bonds, upon surrender thereof at the office of the Registrar with a written
instrument of transfer satisfactory to the Registrar, duly executed by the Holder thereof or his
attorney duly authorized in writing, may, at the option of the Holder thereof, be exchanged for an
equal aggregate principal amount of registered Bonds of the same maturiry of any other
authorized denominations.
The Bonds issued under this Resolution shall be and have all the qualities and incidents
of negotiable instruments under the law merchant and the Uniform Commercial Code of the
State of Florida, subject to the provisions for registration and transfer contained in this
Resolution and in the Bonds. So long as any of the Bonds shall remain Outstanding, the Issuer
shall maintain and keep, at the office of the Registrar, books for the registration and transfer of
the Bonds.
Each Bond shall be transferable only upon the books of the Issuer, at the office of the
Registrar, under such reasonable regulations as the Issuer may prescribe, by the Holder thereof in
person or by his attorney duly authoized rn writing upon surrender thereof together with a
written instrument of transfer satisfactory to the Registrar duly executed and guaranteed by the
Holder or his duly authorized attomey. Upon the transfer of any such Bond, the Issuer shall
issue, and cause to be authenticated, in the name of the transferee a new Bond or Bonds of the
same aggregate principal amount and maturity as the surrendered Bond. The Issuer, the
Registrar and any Paying Agent or hduciary of the Issuer may deem and treat the Person in
whose name any Outstanding Bond shall be registered upon the books of the Issuer as the
absolute owner of such Bond, whether such Bond shall be overdue or not, for the purpose of
receiving payment of, or on account of, the principal or Redemption Price, if applicable, and
interest on such Bond and for all other purposes, and all such payments so made to any such
Holder or upon his order shall be valid and effectual to satisfy and discharge the liability upon
such Bond to the extent of the sum or sums so paid and neither the Issuer nor the Registrar nor
any Paying Agent or other fiduciary of the Issuer shall be affected by any notice to the contrary.
The Registrar, in any case where it is not also the Paying Agent in respect to any Bonds,
forthwith (A) following the fifteenth day prior to an Interest Date for the Bonds; (B) following
t1
the fifteenth day next preceding the date of first mailing of notice of redemption of any Bonds;
and (C) at any other time as reasonably requested by the Paying Agent of such Bonds, shall
certifli and furnish to such Paying Agent the names, addresses and holdings of Bondholders and
any other relevant information reflected in the registration books. Any Paying Agent of any fully
registered Bond shall effect payment of interest on such Bonds by mailing a check to the Holder
entitled thereto or may, in lieu thereof, upon the request and expense of such Holder, transmit
such payment by bank wire transfer for the account of such Holder.
In all cases in which the privilege of exchanging Bonds or transferring Bonds is
exercised, the Issuer shall execute and deliver Bonds and the Registrar shall authenticate such
Bonds in accordance with the provisions of this Resolution. Execution of Bonds by the
Chairman and Clerk for purposes of exchanging, replacing or transferring Bonds may occur at
the time of the original delivery of the Bonds. All Bonds surrendered in any such exchanges or
transfers shall be held by the Registrar in safekeeping until directed by the Issuer to be cancelled
by the Registrar. For every such exchange or transfer of Bonds, the Issuer or the Registrar may
make a charge sufficient to reimburse it for any tax, fee, expense or other governmental charge
required to be paid with respect to such exchange or transfer. The Issuer and the Registrar shall
not be obligated to make any such exchange or transfer of Bonds during the 15 days next
preceding an Interest Date on the Bonds, or, in the case of any proposed redemption of Bonds,
then, for the Bonds subject to redemption, during the 15 days next preceding the date of the first
mailing of notice of such redemption and continuing until such redemption date.
SECTION 2.08. FULL BOOK ENTRY FOR BONDS. Notwithstanding the
provisions set forth in Section 2.07 hereof, the Bonds shall be initially issued in the form of a
separate single certificated fully registered bond certificate for each of the maturities of the
Bonds. Upon initial issuance, the ownership of each such Bond shall be registered in the
registration books kept by the Registrar in the name of Cede & Co., as nominee of The
Depository Trust Company ("DTC"). All of the Outstanding Bonds shall be registered in the
registration books kept by the Registrar in the name of Cede & Co., as nominee of DTC. As long
as the Bonds shall be registered in the name of Cede & Co., all payments of principal on the
Bonds shall be made by the Paying Agent by check or draft or by bank wire transfer to Cede &
Co., as Holder of the Bonds, upon presentation of the Bonds to be paid, to the Paying Agent.
With respect to the Bonds registered in the registration books kept by the Registrar in the
name of Cede & Co., as nominee of DTC, the Issuer, the Registrar and the Paying Agent shall
have no responsibility or obligation to any direct or indirect participant in the DTC book-entry
program (the "Participants"). Without limiting the immediately preceding sentence, the Issuer,
the Registrar and the Paying Agent shall have no responsibility or obligation with respect to (A)
the accuracy of the records of DTC, Cede & Co. or any Participant with respect to any ownership
interest on the Bonds, (B) the delivery to any Participant or any other Person other than a
Bondholder, as shown in the registration books kept by the Registrar, of any notice with respect
to the Bonds, including any notice of redemption, or (C) the payment to any Participant or any
other Person, other than a Bondholder, as shown in the registration books kept by the Registrar,
of any amount with respect to principal of, redemption premium, if any, or interest on the Bonds.
The Issuer, the Registrar and the Paying Agent shall treat and consider the Person in whose name
each Bond is registered in the registration books kept by the Registrar as the Holder and absolute
12
owner of such Bond for the purpose of payment of principal, redemption premium, if any, and
interest with respect to such Bond, for the purpose of giving notices of redemption and other
matters with respect to such Bond, for the purpose of registering transfers with respect to such
Bond, and for all other purposes whatsoever. The Paying Agent shall pay all principal of,
redemption premium, if any, and interest on the Bonds only to or upon the order of the respective
Holders, as shown in the registration books kept by the Registrar, or their respective attorneys
duly authorizedrn writing, as provided herein and all such payments shall be valid and effective
to fully satisfy and discharge the Issuer's obligations with respect to payment of principal,
redemption premium, if any, and interest on the Bonds to the extent of the sum or sums so paid.
No Person other than a Holder, as shown in the registration books kept by the Registrar, shall
receive a certificated Bond evidencing the obligation of the Issuer to make pa5rments of
principal, redemption premium, if any, and interest pursuant to the provisions of this Resolution.
Upon delivery by DTC to the Issuer of written notice to the effect that DTC has determined to
substitute a new nominee in place of Cede & Co., and subject to the provisions in Section 2.07
with respect to transfers during the 15 days next preceding an Interest Date or mailing of notice
of redemption, the words "Cede & Co." shall refer to such new nominee of DTC; and upon
receipt of such notice, the Issuer shall promptly deliver a copy of the same to the Registrar and
the Paying Agent.
Upon (A) receipt by the Issuer of written notice from DTC (i) to the effect that a
continuation of the requirement that all of the Outstanding Bonds be registered in the registration
books kept by the Registrar in the name of Cede & Co., as nominee of DTC, is not in the best
interest of the beneficial owners of the Bonds or (ii) to the effect that DTC is unable or unwilling
to discharge its responsibilities and no substitute depository willing to undertake the functions of
DTC hereunder can be found which is willing and able to undertake such functions upon
reasonable and customary terms, or (B) determination by the Issuer that such book-entry only
system is burdensome or undesirable to the Issuer and compliance by the Issuer of all applicable
policies and procedures of DTC regarding discontinuance of the book entry registration system,
the Bonds shall no longer be restricted to being registered in the registration books kept by the
Registrar in the name of Cede & Co., as nominee of DTC, but may be registered in whatever
name or names Holders shall designate, in accordance with the provisions of this Resolution. In
such event, the Issuer shall issue, and the Registrar shall authenticate, transfer and exchange the
Bonds of like principal amount and maturity, in denominations of $5,000 or any integral multiple
thereof to the Holders thereof. The foregoing notwithstanding, until such time as participation in
the book-entry only system is discontinued, the provisions set forth in the Blanket Letter of
Representations previously executed by the Issuer and delivered to DTC shall apply to the
payment of principal of and interest on the Bonds.
SECTION 2.09. FORM OF BONDS. The text of the Bonds shall be in
substantially the following form, with such omissions, insertions and variations as may be
necessary and./or desirable and approved by the Chairman prior to the issuance thereof (which
necessity and/or desirability and approval shall be presumed by such officer's execution of the
Bonds and the Issuer's delivery of the Bonds to the purchaser or purchasers thereof):
13
No. R-
UNITED STATES OF AMERICA
STATE OF FLORIDA
ST. LUCIE COUNTY, FLORIDA
NON-AD VALOREM REVENUE BONDS,
SERIES 2017
Interest
Rate
Maturity
Date
Date of
Orisinal lssue CUSIP Number
Registered Holder:
Principal Amount:
KNOW ALL MEN BY THESE PRESENTS, that St. Lucie County, Florida, a political
subdivision of the State of Florida (the "Issuer"), for value received, hereby promises to pay,
solely from the Pledged Funds and Non-Ad Valorem Revenues hereinafter described, to the
Registered Holder identified above, or registered assigns as hereinafter provided, on the Maturity
Date identified above, the Principal Amount identified above and to pay interest on such
Principal Amount from the Date of Original Issue identified above or from the most recent
interest payment date to which interest has been paid at the Interest Rate per annum identified
above on _ 1 and _ 1 of each year, commencing 1, _ until such Principal
Amount shall have been paid, except as the provisions hereinafter set forth with respect to
redemption prior to maturity may be or become applicable hereto.
Such Principal Amount and interest and the premium, if any, on this Bond are payable in
any coin or currency of the United States of America which, on the respective dates of payment
thereof, shall be legal tender for the payment of public and private debts. Such Principal Amount
and the premium, if any, on this Bond, are payable at the designated corporate trust office of
, _, Florida, as Paying Agent. Payment of each installment of interest
shall be made to the person in whose name this Bond shall be registered on the registration books
of the Issuer maintained by ) _, Florida, as Registrar, at the close of
business on the date which shall be the fifteenth day (whether or not a business day) next
preceding each interest payment date and shall be paid by a check of such Paying Agent mailed
to such Registered Holder at the address appearing on such registration books or, at the request
of such Registered Holder, by bank wire transfer for the account of such Holder. Interest shall
be calculated on the basis of a 360-day year of twelve 30-day months.
t4
This Bond is one of an authorized issue of Bonds in the aggregate principal amount of
(the "Bonds") of like date, tenor and effect, except as to maturity date, interest
rate, denomination and number issued under the authority of and in full compliance with the
Constitution and laws of the State of Florida, particularly Chapter 125, Florida Statutes, Section
288.11631, Florida Statutes, and other applicable provisions of law (collectively, the "Act"), and
a resolution duly adopted by the Board of County Commissioners of the Issuer on May 16,2017 ,
as the same may be amended and supplemented (the "Resolution"), and is subject to allthe terms
and conditions of the Resolution. The Bonds are being issued to finance certain capital
improvements in and for the Issuer.
Pursuant to the Resolution, the Issuer has pledged the Pledged Funds, as more fully
defined in the Resolution, and has covenanted to appropriate in its annual budget, by
amendment, if necessary, such amounts of Non-Ad Valorem Revenues (as defined in the
Resolution) as shall be necessary to pay the principal of and interest on the Bonds when due and
all required arbitrage rebate payments. Such covenant to appropriate Non-Ad Valorem
Revenues is not a pledge by the Issuer of such Non-Ad Valorem Revenues and is subject in all
respects to the payment of obligations secured by a pledge of such Non-Ad Valorem Revenues
heretofore or hereafter entered into (including the payment of Debt Service on bonds or other
debt instruments) and also to the payment of Essential Expenditures (as defined in the
Resolution).
IT IS EXPRESSLY AGREED BY THE REGISTERED HOLDER OF THIS BOND
THAT THE FULL FAITH AND CREDIT OF THE ISSUER, THE STATE OF FLORIDA, OR
ANY POLITICAL SUBDIVISION OR AGENCY THEREOF, ARE NOT PLEDGED TO THE
PAYMENT OF THE PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON THIS
BOND AND THAT SUCH HOLDER SHALL NEVER HAVE THE RIGHT TO REQUIRE OR
COMPEL THE EXERCISE OF ANY TAXING POWER OF THE ISSUER, THE STATE OF
FLORIDA, OR ANY POLITICAL SUBDIVISION OR AGENCY THEREOF, TO THE
PAYMENT OF SUCH PRINCIPAL, PREMruM, fF ANY, AND INTEREST. EXCEPT AS
EXPRESSLY SET FORTH HEREIN, THIS BOND AND THE OBLIGATION EVIDENCED
HEREBY SHALL NOT CONSTITUTE A LIEN UPON ANY PROPERTY OF THE ISSUER,
BUT SHALL BE PAYABLE SOLELY FROM THE PLEDGED FTINDS AND THE
AMOI.INTS BUDGETED AND APPROPRIATED BY THE ISSUER AS DESCRIBED
ABOVE AND AS PROVIDED IN THE RESOLUTION.
The Issuer has established a book-entry system of registration for the Bonds. Except as
specifically provided otherwise in the Resolution, an agent will hold this Bond on behalf of the
beneficial owner thereof. By acceptance of a confirmation of purchase, delivery or transfer, the
beneficial owner of this Bond shall be deemed to have agreed to such arrangement.
This Bond is transferable in accordance with the terms of the Resolution only upon the
books of the Issuer kept for that purpose at the designated corporate trust office of the Registrar
by the Registered Holder hereof in person or by his attorney duly authorized in writing, upon the
surrender of this Bond together with a written instrument of transfer satisfactory to the Registrar
duly executed by the Registered Holder or his attorney duly authorized in writing, and thereupon
a new Bond or Bonds in the same aggregate principal amount shall be issued to the transferee in
15
exchange therefor, and upon the payment of the charges, if any, therein prescribed. The Bonds
are issuable in the form of fully registered Bonds in the denomination of $5,000 and any integral
multiple thereof, not exceeding the aggregate principal amount of the Bonds. The Issuer, the
Registrar and any Paying Agent may treat the Registered Holder of this Bond as the absolute
owner hereof for all purposes, whether or not this Bond shall be overdue, and shall not be
affected by any notice to the contrary. The Issuer shall not be obligated to make any exchange or
transfer of the Bonds during the 15 days next preceding an interest payment date or, in the case
of any proposed redemption of the Bonds, then, for the Bonds subject to such redemption, during
the I 5 days next preceding the date of the first mailing of notice of such redemption.
(INSERT REDEMPTION PROVISIONS)
Redemption of this Bond under the preceding paragraphs shall be made as provided in
the Resolution upon notice given by first class mail sent at least 30 days prior to the redemption
date to the Registered Holder hereof at the address shown on the registration books maintained
by the Registrar; provided, however, that failure to mail notice to the Registered Holder hereof,
or any defect therein, shall not affect the validity of the proceedings for redemption of other
Bonds as to which no such failure or defect has occurred. In the event that less than the full
principal amount hereof shall have been called for redemption, the Registered Holder hereof
shall surrender this Bond in exchange for one or more Bonds in an aggregate principal amount
equal to the unredeemed portion of principal, as provided in the Resolution.
As long as the book-entry only system is used for determining beneficial ownership of
the Bonds, notice of redemption will only be sent to Cede & Co. Cede & Co. will be responsible
for noti8zing the DTC Participants, who will in turn be responsible for notifiiing the beneficial
owners of the Bonds. Any failure of Cede & Co. to notiSr any DTC Participant, or of any DTC
Participant to notiff the beneficial owner of any such notice, will not affect the validity of the
redemption of the Bonds.
Reference to the Resolution and any and all resolutions supplemental thereto and
modifications and amendments thereof and to the Act is made for a description of the pledge and
covenants securing this Bond, the nature, manner and extent of enforcement of such pledge and
covenants, and the rights, duties, immunities and obligations of the Issuer.
It is hereby certified and recited that all acts, conditions and things required to exist, to
happen and to be performed precedent to and in the issuance of this Bond, exist, have happened
and have been performed, in regular and due form and time as required by the laws and
Constitution of the State of Florida applicable thereto, and that the issuance of the Bonds does
not violate any constitutional or statutory limitations or provisions.
Neither the Chairman nor the members of the Board of County Commissioners of the
Issuer nor any person executing this Bond shall be liable personally hereon or be subject to any
personal liability or accountability by reason of the issuance hereof.
This Bond shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed by the Registrar.
t6
IN WITNESS WHEREOF, St. Lucie County, Florida has issued this Bond and has
caused the same to be executed by the manual or facsimile signature of the Chairman of its
Board of County Commissioners and attested by the manual or facsimile signature of its Clerk,
and its official seal or a facsimile thereof to be affixed or reproduced hereon, all as of the Date of
Original lssue.
ST. LUCIE COUNTY, FLORIDA
(sEAL)
Chairman, Board of County Commissioners
Clerk of the Circuit Court, ex officio Clerk
of the Board of County Commissioners
L7
CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds of the Issue described in the within-mentioned Resolution.
DATE OF AUTHENTICATION:
Registrar
By:
Authorized Officer
t8
Unless this certificate is presented by an authorized representative of The Depository
Trust Company to the Issuer or its agent for registration of transfer, exchange or payment, and
any certificate issued is registered in the name of Cede & Co. or such other name as requested by
the authorized representative of The Depository Trust Company and any payment is made to
Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof,
Cede & Co., has an interest herein.
t9
ASSIGNMENT
FOR VALUE RECEMD, the undersigned sells, assigns and transfers unto
Insert Social Security or Other Identifying Number of Assignee
(Name and Address of Assignee)
books kept for registration thereof with full power of substitution in the premises.
Dated:
Signature guaranteed:
the within Bond and
NOTICE: Signature must be guaranteed by
an institution which is a participant in the
Securities Transfer Agent Medallion
Program (STAMP) or similar program.
does hereby irrevocably constitute and appoint
, as attom.eys to register the transfer of the said Bond on the
NOTICE: The signature to this assignment
must correspond with the name of the
Registered Holder as it appears upon the
face of the within Bond in every particular,
without alteration or enlargement or any
change whatever and the Social Security or
other identifying number of such assignee
must be supplied.
20
The following abbreviations, when used in the inscription on the face of the within Bond,
shall be construed as though they were written out in full according to applicable laws or
regulations:
TEN COM -- as tenants in common
TEN ENT -- as tenants by the entireties
JT TEN -- as joint tenants with right of
survivorship and not as tenants
in common
UNIF TRANS MIN ACT --
(Cust.)
Custodian for
under Uniform Transfers to Minors Act of
(State)
Additional abbreviations may also be used though not in list above.
21
ARTICLE III
REDEMPTION OF BONDS
SECTION 3.01. PRMLEGE OF REDEMPTION. (A) The terms of this Article
III shall apply to redemption of Bonds.
(B) The Bonds shall be subject to such optional and mandatory sinking fund
redemption provisions as are set forth in the Purchase Contract.
SECTION 3.02. SELECTION OF BONDS TO BE REDEEMED. The Bonds
shall be redeemed only in the principal amount of $5,000 each and integral multiples thereof.
The Issuer shall, at least 45 days prior to the redemption date (unless a shorter time period shall
be satisfactory to the Registrar), notifu the Registrar of such redemption date and of the principal
amount of Bonds to be redeemed. For purposes of any redemption of less than all of the
Outstanding Bonds of a single maturity, the particular Bonds or portions of Bonds to be
redeemed shall be selected not more than 45 days and not less than 35 days prior to the
redemption date by the Registrar from the Outstanding Bonds of the maturity or maturities
designated by the Issuer by such method as the Registrar shall deem fair and appropriate and
which may provide for the selection for redemption of Bonds or portions of Bonds in principal
amounts of $5,000 and integral multiples thereof.
SECTION 3.03. NOTICE OF RLDEMPTION. Notice of such redemption,
which shall specifii the Bond or Bonds (or portions thereof) to be redeemed and the date and
place for redemption, shall be given by the Registrar on behalf of the Issuer, and (A) shall be
filed with the Paying Agent of such Bonds, and (B) shall be mailed first class, postage prepaid,
not less than 30 days nor more than 45 days prior to the redemption date to all Holders of Bonds
to be redeemed at their addresses as they appear on the registration books kept by the Registrar
as of the date of mailing of such notice. In addition to the making of the notice described above,
the Registrar shall give additional notice of the redemption of Bonds in accordance with any
regulation or release of the Municipal Securities Rulemaking Board or governmental agency or
body from time to time applicable to such Bonds. Failure to mail such notice, or any defect
therein, shall not affect the proceedings for redemption of Bonds as to which no such failure or
defect has occurred. Such notice shall also be mailed to the Insurer, if any, of such redeemed
Bonds. Failure of any Holder to receive any notice mailed as herein provided shall not affect the
proceedings for redemption of such Holder's Bonds.
Each notice of redemption shall state: (1) the CUSIP numbers and aty other
distinguishing number or letter of all Bonds being redeemed, (2) the original issue date of such
Bonds, (3) the maturity date and rate of interest borne by each Bond being redeemed, (4) the
redemption date, (5) the Redemption Price, (6) the date on which such notice is mailed, (7) if less
than all Outstanding Bonds are to be redeemed, the certificate number (and, in the case of a
partial redemption of any Bond, the principal amount) of each Bond to be redeemed, (8) that on
such redemption date there shall become due and payable upon each Bond to be redeemed the
Redemption Price thereof, or the Redemption Price of the specified portions of the principal
thereof in the case of Bonds to be redeemed in part only, together with interest accrued thereon
22
to the redemption date, and that from and after such date interest thereon shall cease to accrue
and be payable, (9) that the Bonds to be redeemed, whether as a whole or in part, are to be
surrendered for payment of the Redemption Price at the designated office of the Registrar at an
address specified, (10) the name and telephone number of a person designated by the Registrar to
be responsible for such redemption, (11) unless sufficient funds have been set aside by the Issuer
for such pu{pose prior to the mailing of the notice of redemption, that such redemption is
conditioned upon the deposit of sufficient funds for such purpose on or prior to the date set for
redemption, and (12) any other conditions that must be satisfied prior to such redemption.
The Issuer may provide that a redemption will be contingent upon the occurrence of
certain conditions and that if such conditions do not occur the notice of redemption will be
rescinded, provided notice of rescission shall be mailed in the manner described above to all
affected Bondholders not later than three business days prior to the date of redemption.
SECTION 3.04. REDEMPTION OF PORTIONS OF BONDS. Any Bond which
is to be redeemed only in part shall be surrendered at any place of payment specified in the
notice of redemption (with due endorsement by, or written instrument of transfer in form
satisfactory to the Registrar duly executed by, the Holder thereof or his attorney duly authorized
in writing) and the Issuer shall execute and the Registrar shall authenticate and deliver to the
Holder of such Bond, without service charge, a new Bond or Bonds, of any authorized
denomination, as requested by such Holder in an aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Bonds so surrendered.
SECTION 3.05. PAYMENT OF REDEEMED BONDS. Notice of redemption
having been given substantially as aforesaid, the Bonds or portions of Bonds to be redeemed
shall, on the redemption date, become due and payable at the Redemption Price therein specified,
and from and after such date (unless the Issuer shall default in the payment of the Redemption
Price) such Bonds or portions of Bonds shall cease to bear interest. Upon surrender of such
Bonds for redemption in accordance with said notice, such Bonds shall be paid by the Registrar
and/or Paying Agent at the appropriate Redemption Price, plus accrued interest. Al1 Bonds
which have been redeemed shall be cancelled and destroyed by the Registrar and shall not be
reissued.
23
SECURITY; FUNDS'"H9,^T^T1S oF THE ISSUERS
SECTION 4.01. BONDS NOT TO BE INDEBTEDNESS OF ISSUER. The
Bonds shall not be or constitute general obligations or indebtedness of the Issuer as "bonds"
within the meaning of any constitutional or statutory provision, but shall be special obligations of
the Issuer, payable solely from the Pledged Funds and from amounts budgeted and appropriated
by the Issuer from Non-Ad Valorem Revenues in accordance with Section 4.06 hereof. No
Holder of any Bond shall ever have the right to compel the exercise of any ad valorem taxing
power to pay such Bond, or be entitled to payment of such Bond from any moneys of the Issuer
except from the Pledged Funds and the Non-Ad Valorem Revenues in the manner and to the
extent provided herein.
SECTION 4.02. SECURITY FOR BONDS. The payment of the principal of or
Redemption Price, if applicable, and interest on the Bonds shall be secured forthwith equally and
ratably by a pledge of and prior lien upon the Pledged Funds, in addition to the covenant to
budget and appropriate Non-Ad Valorem Revenues described in Section 4.06 hereof. The Issuer
does hereby irrevocably pledge the Pledged Funds to the payment of the principal of or
Redemption Price, if applicable, and interest on the Bonds in accordance with the provisions
hereof. The Pledged Funds shall immediately be subject to the lien of this pledge without any
physical delivery thereof or further act, and the lien of this pledge shall be valid and binding as
against all parties having claims of any kind in tort, contract or otherwise against the Issuer.
SECTION 4.03. CONSTRUCTION FUND. The Issuer covenants and agrees to
establish a separate fund, to be known as the "St. Lucie County, Florida Non-Ad Valorem
Revenue Bonds, Series 2017 Construction Fund," which shall be used only forpayment of the
Costs of the Project. Moneys in the Construction Fund, until applied in payment of any item of
the Cost of the Project in the manner hereinafter provided, shall be held in trust by the Issuer and
shall be subject to a lien and charge in favor of the Holders of the Bonds and for the further
security of such Holders. There shall be paid into the Construction Fund the amounts required to
be so paid by the provisions of this Resolution or a Supplemental Resolution.
The Issuer covenants that the acquisition, construction and installation of the Project will
be completed without delay and in accordance with sound engineering practices. The Issuer
shall make disbursements or payments from the Construction Fund to pay the Cost of the Project
upon the filing with the Clerk of documents and,/or certificates signed by an Authorized Issuer
Officer, stating with respect to each disbursement or payment to be made: (1) the item number
of the payment, (2) the name and address of the Person to whom payment is due, (3) the amount
to be paid, (4) the purpose, by general classification, for which payment is to be made, and (5)
that (A) each obligation, item of cost or expense mentioned therein has been properly incurred, is
in payment of a part of the Cost of the Project and is a proper charge against the Construction
Fund and has not been the basis of any previous disbursement or payment, or (B) each
obligation, item of cost or expense mentioned therein has been paid by the Issuer, is a
reimbursement of a part of the Cost of a Project, is a proper charge against the account of the
Construction Fund from which payment is to be made, has not been theretofore reimbursed to the
24
Issuer or otherwise been the basis of any previous disbursement or payment and the Issuer is
entitled to reimbursement thereof. The Clerk shall retain all such documents and/or certificates
of the Authorized Issuer Officer for seven (7) years from the dates of such documents and/or
certificates. The C1erk shall make available the documents and/or certificates at all reasonable
times for inspection by any Holder of any of the Bonds or the agent or representative of any
Holder of any of the Bonds.
Notwithstanding any of the other provisions of this Section 4.03, to the extent that other
moneys are not available therefor, amounts in the Construction Fund shall be applied to the
payment of principal and interest on Bonds when due.
The date of completion of the Project shall be determined by the Authorized Issuer
Officer, who shall certiff such fact in writing to the Board. Promptly after the date of the
completion of the Project, and after paying or making provisions for the payment of a1l unpaid
items of the Cost of such Project, the Issuer shall deposit any balance of moneys remaining in the
Construction Fund in such other fund or account established hereunder as shall be determined by
the Board, provided the Issuer has received an opinion of Bond Counsel to the effect that such
transfer shall not adversely affect the exclusion, if any, of interest on the Bonds from gross
income for purposes of federal income taxation.
SECTION 4.04. FUNDS AND ACCOUNTS. The Issuer covenants and agrees to
establish separate funds to be known as the "St. Lucie County Non-Ad Valorem Revenue Bond
Revenue Fund", the "St. Lucie County Non-Ad Valorem Revenue Bond Debt Service Fund" and
the "St. Lucie County Non-Ad Valorem Revenue Bond Rebate Fund." Moneys in the
aforementioned funds, other than the Rebate Fund, until applied in accordance with the
provisions hereof, shall be subject to a prior lien and charge in favor of the Holders of the Bonds
for the security of such Holders.
The Issuer may at any time and from time to time appoint one or more depositories to
hold, for the benefit of the Bondholders, any one or more of the funds and accounts established
hereby. Such depository or depositories shall perform at the direction ofthe Issuer the duties of
the Issuer in depositing, transferring and disbursing moneys to and from each of such funds and
accounts as herein set forth, and all records of such depositary in performing such duties shall be
open at all reasonable times to inspection by the Issuer and its agent and employees. Any such
depository shall be either the Florida State Board of Administration or a bank or trust company
duly authorizedto exercise corporate trust powers and subject to examination by federal or state
authority, of good standing, and eligible under the laws of the State to receive funds of the Issuer.
SECTION 4.05.FLOW OF FUNDS.
(A) The Issuer shall promptly deposit, within two business days after receipt thereof,
the Program Revenues into the Revenue Fund. The moneys in the Revenue Fund shall be
deposited or credited on or before the last day of each month, commencing in the month
immediately following delivery of any of the Bonds to the purchasers thereof, or such later date
as hereinafter provided, in the following manner and in the following order of priority:
25
(1) Debt Service Fund. The Issuer shall deposit or credit to the Debt Service
Fund from the Revenue Fund the sum which, together with the balance on deposit in said
Debt Service Fund (which may include any other lawfully available funds transferred by
the Issuer into such Fund), shall equal the interest on all Bonds outstanding accrued and
unpaid and to accrue to the end of the then current calendar month. The Issuer shall also
deposit or credit to the Debt Service Fund the sum which, together with the balance in
said Fund (which may include any other lawfully available funds transferred by the Issuer
into such Fund), shall equal the principal amounts on all Bonds Outstanding due and
unpaid and that portion of the principal next due which would have accrued on such
Bonds during the then-current calendar month if such principal amounts were deemed to
accrue monthly (assuming that a year consists of twelve (12) equivalent calendar months
having 30 days each) in equal amounts from the next preceding principal payment due
date, or, if there be no such preceding principal payment due date from a date one year
preceding the due date of such principal amount. Commencing in the month which is one
year prior to the first Amortization lnstallment, there shall also be deposited or credited to
the Debt Service Fund the sum which, together with the balance in such Fund, shall equal
the Amortization Installments on all Term Bonds Outstanding due and unpaid and that
portion of the Amortization Installments of all Term Bonds Outstanding next due which
would have accrued on such Term Bonds during the then current calendar month if such
Amortization Installments were deemed to accrue monthly (assuming that a year consists
of twelve (12) equivalent calendar months having 30 days each) in equal amounts from
the next preceding Amortization Installment due date, or, if there is no such preceding
Amortization Installment due date, from a date one year preceding the due date of such
Amortization Installment.
Moneys in the Debt Service Fund shall be used to pay interest, principal,
Amortization Installments and redemption premiums, if any, on all Outstanding Bonds,
on a pro-rata basis, as and when the same become due, whether by redemption or
otherwise, and for no other purpose. No further deposit need be made to the Debt Service
Fund when the moneys therein are equal to the interest and principal (including
Amortization Installments, if any) coming due on the Outstanding Bonds on the next two
succeeding Interest Payment Dates.
Amounts accumulated in the Debt Service Fund with respect to any Amortization
Installment (together with amounts accumulated in the Debt Service Fund with respect to
interest, if any, on the Term Bonds for which such Amortization Installment was
established) may be applied by the Issuer, on or prior to the sixtieth (60th) day preceding
the due date of such Amortization Installment, (a) to the purchase of Term Bonds of the
maturity for which such Amortization Installment was established, or (b) to the
redemption at the applicable Redemption Prices of such Term Bonds, if then redeemable
by their terms. The applicable Redemption Price (or principal amount of maturing Term
Bonds) of any Term Bonds so purchased or redeemed shall be deemed to constitute part
of the Debt Service Fund until such Amortization Installment date, for the purposes of
calculating the amount of such Account. As soon as practicable after the sixtieth (60th)
day preceding the due date of any such Amortization Installment, the Issuer shall proceed
to call for redemption on such due date, by causing notice to be given as provided in
Section 3.03 hereof, Term Bonds of the maturity for which such Amortization Installment
26
was established (except in the case of Term Bonds maturing on an Amortization
Installment date) in such amount as shall be necessary to complete the retirement of the
unsatisfied balance of such Amortization Installment. The Issuer shall pay out of the
Debt Service Fund to the Paying Agent, on or before the day preceding such redemption
date (or maturity date), the amount required for the redemption (or for the payment of
such Term Bonds then maturing), and such amount shall be applied by the Paying Agent
to such redemption (or payment). A11 expenses in connection with the purchase or
redemption of Term Bonds shall be paid by the Issuer from the Revenue Fund.
(2) Sumlus Funds. The balance of any moneys remaining in the Revenue
Fund, if any, after the payments and deposits required by Section 4.05(AX1) above shall
be retained therein and applied in the following month as provided in said Section
4.0s(AX1).
(B) The Issuer, in its discretion, may use moneys in the Debt Service Fund to
purchase or redeem Bonds coming due on the next principal payment date, provided such
purchase or redemption does not adversely affect the Issuer's ability to pay the principal or
interest coming due on such principal payment date on the Bonds not so purchased or redeemed.
(C) At least three (3) business days prior to the date established for payment of any
principal of or Amortization Installment, if applicable, or interest on the Bonds, the Issuer shall
withdraw from the appropriate account of the Debt Service Fund sufficient moneys to pay such
principal or Amortization Installment, if applicable, or interest and deposit such moneys with the
Paying Agent.
SECTION 4.06. COVENANT TO BT]DGET AND APPROPRIATE;
PAYMENT OF BONDS. The Issuer covenants and agrees to appropriate in its annual budget,
by amendment, if necessary, from Non-Ad Valorem Revenues amounts sufficient to (A) pay
principal of and interest on the Bonds when due, to the extent amounts deposited into the Debt
Service Fund pursuant to Section 4.05 hereof are insufficient therefor, and (B) pay all required
deposits to the Rebate Fund pursuant to Section 4.07 hereof. Such covenant and agreement on
the part of the Issuer to budget and appropriate such amounts of Non-Ad Valorem Revenues
shall be cumulative to the extent not paid, and shall continue until such Non-Ad Valorem
Revenues or other legally available funds in amounts sufficient to make all such required
payments shall have been budgeted, appropriated and actually paid. Notwithstanding the
foregoing covenant of the Issuer, the Issuer does not covenant to maintain any services or
programs, now provided or maintained by the Issuer, which generate Non-Ad Valorem
Revenues.
Such covenant to budget and appropriate does not create any lien upon or pledge ofsuch
Non-Ad Valorem Revenues, nor does it preclude the Issuer from pledging in the future its Non-
Ad Valorem Revenues, nor does it require the Issuer to levy and collect any particular Non-Ad
Valorem Revenues, nor does it give the Bondholders a prior claim on the Non-Ad Valorem
Revenues as opposed to claims of general creditors of the Issuer. Such covenant to appropriate
Non-Ad Valorem Revenues is subject in all respects to the payment of obligations secured by a
pledge of such Non-Ad Valorem Revenues heretofore or hereafter entered into (including the
27
payment of debt service on bonds and other debt instruments). However, the covenant to budget
and appropriate for the purposes and in the manner stated herein shall have the effect of making
available for the payment of the Bonds, in the manner described herein, Non-Ad Valorem
Revenues and placing on the Issuer a positive duty to appropriate and budget, by amendment, if
necessary, amounts sufficient to meet its obligations hereunder; subject, however, in all respects
to the payment of Essential Expenditures.
The Issuer covenants and agrees to transfer to the Paying Agent for the Bonds, solely
from funds budgeted and appropriated as described in this Section 4.06, at least three business
days prior to the date designated for payment of any principal of or interest on the Bonds,
sufficient moneys to pay such principal or interest. The Registrar and Paying Agent shall utilize
such moneys for payment of the principal and interest on the Bonds when due.
SECTION 4.07. REBATE F[IND. The Issuer covenants and agrees to establish a
special fund to be known as the "St. Lucie County, Florida Non-Ad Valorem Revenue Bonds,
Series 2017 Rebate Fund," which shall be held in trust by the Issuer and used solely to make
required rebates to the United States (except to the extent the same may be used to pay Debt
Service on the Bonds) and the Bondholders shall have no right to have the same applied for Debt
Service on the Bonds. The Issuer agrees to undertake all actions required of it in its arbitrage
certificate relating to the Bonds, including, but not limited to:
(A) making a determination in accordance with the Code of the amount required to be
deposited in the Rebate Fund;
(B) depositing the amount determined in clause (A) above into the Rebate Fund;
(C) paying on the dates and in the manner required by the Code to the United States
Treasury from the Rebate Fund and any other legally available moneys of the Issuer such
amounts as shall be required by the Code to be rebated to the United States Treasury; and
(D) keeping such records of the determinations made pursuant to this Section 4.04 as
shall be required by the Code, as well as evidence of the fair market value of any investments
purchased with proceeds of the Bonds.
The provisions of the above-described arbitrage certificate may be amended without the
consent of any Holder or the Insurer, if any, from time to time as shall be necessary, in the
opinion of Bond Counsel, to comply with the provisions of the Code.
SECTION 4.08. ISSUAIICE OF OTHER OBLIGATIONS. Except for the
Bonds, the Issuer will not (A) issue any additional obligations payable from the Pledged Funds,
or (B) issue any additional obligations payable from the Non-Ad Valorem Revenues, nor
voluntarily create or cause to be created any debt, lien, pledge, assignment, encumbrance or other
charge against the Non-Ad Valorem Revenues, or any part thereof, except as set out below.
No additional indebtedness payable from or secured by Non-Ad Valorem Revenues shall
be issued by the Issuer unless the average of the annual Net Non-Ad Valorem Revenues
28
Available For Debt Service for the prior two Fiscal Years equals at least 150% of the Maximum
Annual Debt Service on all Debt payable from such Non-Ad Valorem Revenues.
In the event any additional obligations are issued for the purpose of refunding any Debt
then outstanding, the conditions of this Section 4.08 shall not apply, provided that the issuance of
such additional obligations shall result in a reduction of the aggregate Debt Service on the
applicable Debt.
SECTION 4.09. INVESTMENTS. The Construction Fund, the Revenue Fund and
the Debt Service Fund shall be continuously secured in the manner by which the deposit of
public funds are authorized to be secured by the laws of the State. Moneys on deposit in the
Construction Fund, the Revenue Fund and the Debt Service Fund may be invested and reinvested
in Authorized Investments maturing not later than the date on which the moneys therein will be
needed for the purposes of such Fund.
Any and all income received by the Issuer
Construction Fund, the Revenue Fund and the Debt
respective Fund. A11 investments shall be valued at
accrued interest) and cost.
from the investment of moneys in the
Service Fund, shall be retained in such
the lower of market value (exclusive of
Nothing contained in this Resolution shall prevent any Authorized Investments acquired
as investments of or security for funds held under this Resolution from being issued or held in
book-entry form on the books of the Department of the Treasury of the United States.
SECTION 4.10. SEPARATE ACCOUNTS. The moneys required to be accounted
for in each of the foregoing funds established herein may be deposited in a single bank account,
and funds allocated to the various funds established herein may be invested in a common
investment pool, provided that adequate accounting records are maintained to reflect and control
the restricted allocation of the moneys on deposit therein and such investments for the various
purposes of such funds as herein provided.
The designation and establishment of the various funds in and by this Resolution shall not
be construed to require the establishment of any completely independent, self-balancing funds as
such term is commonly defined and used in governmental accounting, but rather is intended
solely to constitute an earmarking of certain revenues for certain purposes and to establish
certain priorities for application ofsuch revenues as herein provided.
29
ARTICLE V
COVENANTS
SECTION 5.01. GENERAL. The Issuer hereby makes the following covenants, in
addition to all other covenants in this Resolution, with each and every successive Holder of any
of the Bonds so long as any of said Bonds remain Outstanding.
SECTION 5.02. ANNUAL BUDGET. The Issuer shall annually prepare and
adopt, prior to the beginning of each Fiscal Year, an Annual Budget in accordance with
applicable law.
Iffor any reason the Issuer shall not have adopted the Annual Budget before the first day
of any Fiscal Year, the preliminary budget for such year shall be deemed to be in effect for such
Fiscal Year until the Annual Budget for such Fiscal Year is adopted.
The Issuer shall provide the Annual Budget to any Holder or Holders of Bonds upon
wriffen request. The Issuer shall be permitted to make a reasonable charge for fumishing such
information to such Holder or Holders.
SECTION 5.03. AI\NUAL AUDIT. The Issuer shall, immediately after the close
of each Fiscal Year, cause the books, records and accounts relating to the Issuer to be properly
audited by a recognized independent firm of certified public accountants, and shall require such
accountants to complete their report of such Annual Audit in accordance with applicable law.
Each Annual Audit shall be in conformity with generally accepted accounting principles as
applied to governmental entities.
The Issuer shall provide the Annual Audit to any Holder or Holders of Bonds upon
written request. The Issuer shall be permitted to make a reasonable charge for fumishing such
information to such Holder or Holders.
SECTION 5.04. FEDERAL INCOME TAXATION COVENANTS. The Issuer
covenants with the Holders of the Bonds that it shall not use the proceeds of the Bonds in any
manner which would cause the interest on such Bonds to be or become included in gross income
for purposes of federal income taxation.
The Issuer covenants with the Holders of the Bonds that neither the Issuer nor any Person
under its control or direction will make any use of the proceeds of the Bonds (or amounts
deemed to be proceeds under the Code) in any manner which would cause the Bonds to be
"arbitrage bonds" within the meaning of the Code, and neither the Issuer nor any other Person
shall do any act or fail to do any act which would cause the interest on the Bonds to become
subject to inclusion within gross income for purposes of federal income taxation.
The Issuer hereby covenants with the Holders of the Bonds that it will comply with all
provisions of the Code necessary to maintain the exclusion from gross income of interest on the
Bonds for purposes of federal income taxation, including, in particular, the payment of any
amount required to be rebated to the U.S. Treasury pursuant to the Code.
30
ARTICLE VI
DEFAULTS AND REMEDIES
SECTION 6.01. EVENTS OF DEFAULT. The following events shall each
constifute an "Event of Default":
(A) Default shall be made in the payment of the principal of, Amortization
Installment, redemption premium, if any, or interest on any Bond when due. In determining
whether a payment default has occurred, no effect shall be given to payment made under the
Bond Insurance Policy, if any.
(B) There shall occur the dissolution or liquidation of the Issuer, or the filing by the
Issuer of a voluntary petition in bankruptcy, or the commission by the Issuer of any act of
bankruptcy, or adjudication of the Issuer as a bankrupt, or assignment by the Issuer for the
benefit of its creditors, or appointment of a receiver for the Issuer, or the entry by the Issuer into
an agreement of composition with its creditors, or the approval by a court of competent
jurisdiction of a petition applicable to the Issuer in any proceeding for its reorganization
instituted under the provisions of the Federal Bankruptcy Act, as amended, or under any similar
act in any jurisdiction which may now be in effect or hereafter enacted.
(C) The Issuer shall default in the due and punctual performance of any other of the
covenants, conditions, agreements and provisions contained in the Bonds or in this Resolution on
the part of the Issuer to be performed, and such default shall continue for a period of 30 days
after written notice of such default shall have been received from the Holders of not less than
25o/o of the aggregate principal amount of Bonds Outstanding. Notwithstanding the foregoing,
the Issuer shall not be deemed to be in default hereunder if such default can be cured within a
reasonable period of time and if the Issuer in good faith institutes appropriate curative action and
diligently pursues such action until default has been corrected; provided, however, no such
curative action shall exceed 60 days without the prior written consent of the Insurer, if any.
SECTION 6.02. REMEDIES. Any Holder of Bonds issued under the provisions of
this Resolution or any trustee or receiver acting for such Bondholders may either at law or in
equity, by suit, action, mandamus or other proceedings in any court of competent jurisdiction,
protect and enforce any and all rights under the Laws of the State of Florida, or granted and
contained in this Resolution, and may enforce and compel the performance of all duties required
by this Resolution or by any applicable statutes to be performed by the Issuer or by any off,rcer
thereof; provided, however, that no Holder, trustee or receiver shall have the right to declare the
Bonds immediately due and payable.
The Holder or Holders of Bonds in an aggregate principal amount of not less than 25o/o of
the Bonds then Outstanding may by a duly executed certificate in writing appoint a trustee for
Holders of Bonds issued pursuant to this Resolution with authority to represent such
Bondholders in any legal proceedings for the enforcement and protection of the rights of such
Bondholders, and such certihcate shall be executed by such Bondholders or their duly authorized
attorneys or representatives, and shall be filed in the office of the Clerk. Notice of such
appointment, together with evidence of the requisite signatures of the Holders of not less than
31
25o/o in aggregate principal amount of Bonds Outstanding and the trust instrument under which
the trustee shall have agreed to serve, shall be filed with the Issuer and the trustee and notice of
such appointment shall be given to all Holders of Bonds in the same manner as notices of
redemption are given hereunder. After the appointment of the first trustee hereunder, no further
trustees may be appointed; however, the Holders of a majority in aggregate principal amount of
all the Bonds then Outstanding may remove the trustee initially appointed and appoint a
successor and subsequent successors at any time.
SECTION 6.03. DIRECTIONS TO TRUSTEE AS TO REMEDIAL
PROCEEDINGS. The Holders of a majority in principal amount of the Bonds then
Outstanding (or the Insurer, if any, insuring any then Outstanding Bonds so long as such Insurer
is not in payment default under its Bond Insurance Policy) have the right, by an instrument or
concurrent instruments in writing executed and delivered to the trustee, to direct the method and
place of conducting all remedial proceedings to be taken by the trustee hereunder with respect to
the Bonds owned by such Holders or insured by the Insurer, if any, provided that such direction
shall not be otherwise than in accordance with law or the provisions hereof (including the
prohibition contained in Section 6.02 hereof on declaring the Bonds immediately due and
payable), and that the trustee shall have the right to decline to follow any direction which in the
opinion of the trustee would be unjustly prejudicial to Holders of Bonds not parties to such
direction.
SECTION 6.04. REMEDIES CUMULATM. No remedy herein conferred upon
or reserved to the Bondholders is intended to be exclusive of any other remedy or remedies, and
each and every such remedy shall be cumulative, and shall be in addition to every other remedy
given hereunder or now or hereafter existing at law or in equity or by statute.
SECTION 6.05. WAMR OF DEFAULT. No delay or omission of any
Bondholder to exercise any right or power accruing upon any default shall impair any such right
or power or shall be construed to be a waiver of any such default, or an acquiescence therein; and
every power and remedy given by Section 6.02 to the Bondholders may be exercised from time
to time, and as often as may be deemed expedient.
SECTION 6.06. APPLICATION OF MONEYS AFTER DEFAULT. If an
Event of Default shall happen and shall not have been remedied, the Issuer or a trustee or
receiver appointed for the purpose shall apply all moneys received from the Issuer for payment
of the Bonds as follows and in the following order:
(A) To the payment of the reasonable and proper charges, expenses and liabilities of
the trustee or receiver and Registrar hereunder;
(B) To the payment of the interest and principal or Redemption Price, if applicable,
then due on the Bonds, as follows:
(1) Unless the principal of all the Bonds shall have become due and payable,
all such moneys shall be applied:
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FIRST:to the payment to the Persons entitled thereto of all
installments of interest then due, in the order of the maturity of such
installments, and, if the amount available shall not be sufficient to pay in
fulI any particular installment, then to the payment ratably, according to
the amounts due on such installment, to the Persons entitled thereto,
without any discrimination or preference;
SECOND: to the payment to the Persons entitled thereto of the unpaid
principal of any of the Bonds which shall have become due at maturity or
upon mandatory redemption prior to maturity (other than Bonds called for
redemption for the payrnent of which moneys are held pursuant to the
provisions of Section 8.01 of this Resolution), in the order of their due
dates, with interest upon such Bonds from the respective dates upon which
they became due, and, if the amount available shall not be sufficient to pay
in full Bonds due on any particular date, together with such interest, then
to the payment first of such interest, ratably according to the amount of
such interest due on such date, and then to the payment of such principal,
ratably according to the amount of such principal due on such date, to the
Persons entitled thereto without any discrimination or preference; and
THIRD: to the payment of the Redemption Price of any Bonds
called for optional redemption pursuant to the provisions of this
Resolution.
(2) If the principal of all the Bonds shall have become due and payable, all
such moneys shall be applied to the payment of the principal and interest then due and
unpaid upon the Bonds, with interest thereon as aforesaid, without preference or priority
of principal over interest or of interest over principal, or of any installment of interest
over any other installment of interest, or of any Bond over any other Bond, ratably,
according to the amounts due respectively for principal and interest, to the Persons
entitled thereto without any discrimination or preference.
(c)To the payment of all amounts owed to the lnsurer not covered bV (A) or (B)
above.
SECTION 6.07. CONTROL BY INSURER. If the Bonds or any portion thereof
(the "Insured Bonds") are insured by the Bond Insurance Policy, to the extent the Insurer makes
any payment of principal of or interest on Insured Bonds in accordance with the Bond lnsurance
Policy, such Insurer shall become subrogated to the rights of the recipients of such payments in
accordance with the terms of the Bond Insurance Policy. Upon the occurrence and continuance
of an Event of Default, the Insurer, if it shall not be in payment default under the Bond Insurance
Policy, shall be deemed to be the sole owner of such Insured Bonds for purposes of (A) directing
and controlling the enforcement of all rights and remedies with respect to the Insured Bonds,
including any waiver of an Event of Default and removal of any trustee, and (B) exercising any
voting right or privilege or giving any consent or direction or taking any other action that the
Holders of such Insured Bonds are entitled to take pursuant to this Article VI. No provision
JJ
expressly recognizing or granting rights in or to the Insurer shall be modified without the consent
of the Insurer. The Insurer's rights under this Section 6.07 shall be suspended during any period
in which the Insurer is in default in its payment obligations under the Bond Insurance Policy
(except to the extent of amounts previously paid by the Insurer and due and owing to it) and shall
be of no force or effect if the Bond Insurance Policy is no longer in effect or if the Insurer asserts
that the Bond Insurance Policy is not in effect or if the Insurer waives such rights in writing. The
rights granted to the Insurer under this Section 6.07 are granted in consideration of the Insurer
issuing the Bond Insurance Policy. The Issuer shall provide the Insurer immediate notice of any
Event of Default described in Section 6.01(A) hereof and notice of any other Event of Default
occurring hereunder within 30 days of the occurrence thereof. The Insurer hereunder shall be
considered a third-party beneficiary to the Resolution with respect to the Insured Bonds.
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ARTICLE VII
SUPPLEMENTAL RESOLUTIONS
SECTION 7.01. SUPPLEMENTAL RESOLUTION WITHOUT
BONDHOLDERS' CONSENT. The Issuer, from time to time and at any time, may adopt such
Supplemental Resolutions without the consent of the Bondholders (which Supplemental
Resolution shall thereafter form apart hereof) for any of the following purposes:
(A) To cure any ambiguity or formal defect or omission or to correct any inconsistent
provisions in this Resolution or to clarify any matters or questions arising hereunder.
(B) To grant to or confer upon the Bondholders any additional rights, remedies,
powers, authority or security that may lawfully be granted to or conferred upon the Bondholders.
(C) To add to the conditions, limitations and restrictions on the issuance of Bonds
under the provisions of this Resolution other conditions, limitations and restrictions thereafter to
be observed.
(D) To add to the covenants and agreements of the Issuer in this Resolution other
covenants and agreements thereafter to be observed by the Issuer or to surrender any right or
power herein reserved to or conferred upon the Issuer.
(E) To specify and determine the matters and things referred to in Section 2.01 hereof
and also any other matters and things relative to such Bonds which are not contrary to or
inconsistent with this Resolution as theretofore in effect, or to amend, modifu or rescind any
such authorization, specification or determination at any time prior to the first delivery of the
Bonds.
(F) To make any other change that, in the reasonable opinion of the Issuer, would not
materially adversely affect the interests of the Holders of the Bonds. In making such
determination, the Issuer shall not take into consideration the Bond Insurance Policy, if any.
SECTION 7.02. SUPPLEMENTAL RESOLUTION WITH BONDHOLDERS'
AND INSURER'S CONSENT. Subject to the terms and provisions contained in this Section
7.02 and Sections 7.01 and 7.03 hereof, the Holder or Holders of not less than a majority in
aggregate principal amount of the Bonds then Outstanding shall have the right, from time to
time, anything contained in this Resolution to the contrary notwithstanding, to consent to and
approve the adoption of such Supplemental Resolutions hereto as shall be deemed necessary or
desirable by the Issuer for the purpose of supplementing, modiffing, altering, amending, adding
to or rescinding, in any particular, any of the terms or provisions contained in this Resolution;
provided, however, that if such modification or amendment will, by its terms, not take effect so
long as any Bonds of any specified maturity remain Outstanding, the consent of the Holders of
such Bonds shall not be required and such Bonds shall not be deemed to be Outstanding for the
purpose of any calculation of Outstanding Bonds under this Section 7.02. Any Supplemental
Resolution which is adopted in accordance with the provisions of this Section 7.02 shall also
require the written consent of the Insurer, if any, of Bonds which are Outstanding at the time
35
such Supplemental Resolution shall take effect. No Supplemental Resolution may be approved
or adopted which shall permit or require, without the consent of all affected Bondholders, (A) an
extension of the maturity of the principal of or the payment of the interest on any Bond issued
hereunder, (B) reduction in the principal amount of any Bond or the Redemption Price or the rate
of interest thereon, (C) a preference or priority of any Bond or Bonds over any other Bond or
Bonds, or (D) a reduction in the aggregate principal amount of the Bonds required for consent to
such Supplemental Resolution. Nothing herein contained, however, shall be construed as
making necessary the approval by Bondholders or the Insurer of the adoption of any
Supplemental Resolution as authorized in Section 7.01 hereof.
If at any time the Issuer shall determine that it is necessary or desirable to adopt any
Supplemental Resolution pursuant to this Section 7 .02, the Clerk shall cause the Registrar to give
notice of the proposed adoption of such Supplemental Resolution and the form of consent to
such adoption to be mailed, postage prepaid, to all Bondholders at their addresses as they appear
on the registration books. Such notice shall briefly set forth the nature of the proposed
Supplemental Resolution and shall state that copies thereof are on file at the offices of the Clerk
and the Registrar for inspection by all Bondholders. The Issuer shall not, however, be subject to
any liability to any Bondholder by reason of its failure to cause the notice required by this
Section 7.02 to be mailed, and any such failure shall not affect the validity of such Supplemental
Resolution when consented to and approved as provided in this Section 7.02.
Whenever the Issuer shall deliver to the Clerk an instrument or instruments in writing
purporting to be executed by the Holders of not less than a majority in aggregate principal
amount of the Bonds then Outstanding, which instrument or instruments shall refer to the
proposed Supplemental Resolution described in such notice and shall specifically consent to and
approve the adoption thereof in substantially the form of the copy thereof referred to in such
notice, thereupon, but not otherwise, the Issuer may adopt such Supplemental Resolution in
substantially such form, without liability or responsibility to any Holder of any Bond, whether or
not such Holder shall have consented thereto.
If the Holders of not less than a majority in aggregate principal amount of the Bonds
Outstanding at the time of the adoption of such Supplemental Resolution shall have consented to
and approved the adoption thereof as herein provided, no Holder of any Bond shall have any
right to object to the adoption of such Supplemental Resolution, or to object to any of the terms
and provisions contained therein or the operation thereof, or in any manner to question the
propriety of the adoption thereof, or to enjoin or restrain the Issuer from adopting the same or
from taking any action pursuant to the provisions thereof.
Upon the adoption of any Supplemental Resolution pursuant to the provisions of this
Section 7.02, this Resolution shall be deemed to be modified and amended in accordance
therewith, and the respective rights, duties and obligations under this Resolution of the Issuer and
all Holders of Bonds then Outstanding shall thereafter be determined, exercised and enforced in
all respects under the provisions of this Resolution as so modified and amended.
SECTION 7.03. AMENDMENT WITH CONSENT OF INSURER ONLY. For
purposes of amending this Resolution pursuant to Section 7.02 hereof, so long as the Insurer is
36
not in default in its payment obligations under the Bond Insurance Policy (except to the extent of
amounts previously paid by the Insurer and owing to it) the Insurer, if any, of Bonds shall be
considered the Holder of such Insured Bonds which it has insured. The consent of the Holders of
such Insured Bonds shall not be required if the Insurer of such Insured Bonds shall consent to the
amendment as provided by this Section 7.03. Prior to adoption of any amendment made
pursuant to this Section 7.03, notice of such amendment shall be delivered to the Rating
Agencies then rating the Bonds. Upon filing with the Clerk of evidence of such consent the
Insurer as aforesaid, the Issuer may adopt such Supplemental Resolution. After the adoption by
the Issuer of such Supplemental Resolution, notice thereof shall be mailed in the same manner as
notices of an amendment under Section 7.02bereof.
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ARTICLE VIII
DEFEASANCE
SECTION 8.01. DEFEASANCE. If the Issuer shall pay or cause to be paid or
there shall otherwise be paid to the Holders of any Bonds, the principal and interest or
Redemption Price due or to become due thereon, at the times and in the manner stipulated
therein and in this Resolution, all covenants, agreements and other obligations of the Issuer to the
holders of such Bonds shall thereupon cease, terminate and become void and be discharged and
satisfied. In such event, the Paying Agent shall pay over or deliver to the Issuer all money or
securities held by it pursuant to this Resolution which are not required for payment or
redemption of any Bonds not theretofore surrendered for such payment or redemption.
Any Bonds or interest installments appertaining thereto shall be deemed to have been
paid within the meaning of this Section 8.01 if (i) in case any such Bonds are to be redeemed
prior to the maturity thereof, there shall have been taken all action necessary to call such Bonds
for redemption and notice of such redemption shall have been duly given or provision shall have
been made for the giving of such notice, and (ii) there shall have been deposited in irrevocable
trust with a banking institution or trust company by or on behalf of the Issuer either moneys in an
amount which shall be sufficient, or Refunding Securities verified by an independent certified
public accountant to be in such amount that the principal of and the interest on which, when due,
will provide moneys which, together with the moneys, if any, deposited with such banking
institution or trust company at the same time shall be sufficient, to pay the principal of,
Redemption Price, if applicable and interest due and to become due on said Bonds on and prior
to the redemption date or maturity date thereof, as the case may be. Except as hereafter provided,
neither the Refunding Securities nor any moneys so deposited with such banking institution or
trust company nor any moneys received by such bank or trust company on account of principal
of or interest on said Refunding Securities shall be withdrawn or used for any purpose other than,
and all such moneys shall be held in trust for and be applied to, the payment, when due, of the
principal of or Redemption Price of the Bonds for the payment of which they were deposited and
the interest accruing thereon to the date of redemption or maturity, as the case may be; provided,
however, the Issuer may substitute new Refunding Securities and moneys for the deposited
Refunding Securities and moneys if the new Refunding Securities and moneys are sufficient to
pay the principal of and interest on or Redemption Price, if applicable, of the refunded Bonds.
If Bonds are not to be redeemed or paid within 60 days after any such defeasance
described in this Section 8.01, the Issuer shall cause the Registrar to mail a notice to the Holders
of such Bonds that the deposit required by this Section 8.01 of moneys or Refunding Securities
has been made and said Bonds are deemed to be paid in accordance with the provisions of this
Section 8.01 and stating such maturity date upon which moneys are to be available for the
payment of the principal of and interest on or redemption price of said Bonds. Failure to provide
said notice shall not affect the Bonds being deemed to have been paid in accordance with the
provisions of this Section 8.01.
Nothing herein shall be deemed to require the Issuer to call any of the Outstanding Bonds
for redemption prior to maturity pursuant to any applicable optional redemption provisions, or to
38
impair the discretion of the Issuer in determining whether to exercise any such option for early
redemption.
Notwithstanding anything herein to the contrary, in the event that the principal of or
interest due on the Bonds shall be paid by the Insurer, such Bonds shall remain Outstanding,
shall not be defeased or otherwise satisfied and shall not be considered paid by the Issuer, and all
covenants, agreements and other obligations of the Issuer to the Bondholders shall continue to
exist and the Insurer shall be subrogated to the rights of such Bondholders.
39
ARTICLE IX
MISCELLANEOUS
SECTION 9.01. SALE OF BONDS. Upon the delivery to the Chairman and Clerk
of a Purchase Contract substantially in the form of Exhibit A attached hereto, evidencing:
(A)
(B)
(c)
annum; and
(D)
SECTION 9.02.
CERTIFICATE.
Bonds in an aggregate principal amount not exceeding $56,000,000;
A final maturity of such Bonds of not later than October 1,2042;
A true interest cost with respect to the Bonds of not greater than 5.00% per
An underwriting discount of not greater than $3.50 per $1,000 of Bonds;
the Bonds shall be sold to the Underwriters pursuant to the Purchase Contract at the purchase
price provided therein (including any original issue discounts or original issue premiums), all
terms and conditions set forth in said Purchase Contract being hereby approved. Upon
compliance with the foregoing, the Chairman is hereby authorized and directed to execute said
Purchase Contract and to deliver the same to the Underwriters.
OFFICIAL STATEMENT; CONTINUING DISCLOSURE
(A) The form, terms and provisions of the Official Statement, dated the date of
execution of the Purchase Contract, in substantially the form attached hereto as Exhibit B, which
shall include the terms and provisions set forth in the executed version of the Purchase Contract,
relating to the Bonds, be and the same hereby are approved with respect to the information
therein contained. The Chairman and the County Administrator, upon execution of the Purchase
Contract described above, are hereby authorized and directed to execute and deliver said Official
Statement in the name and on behalf of the County, and thereupon to cause such Official
Statement to be delivered to the Underwriter with such changes, amendments, omissions and
additions as may be approved by the Chairman. The use of the Preliminary Official Statement,
in the form attached hereto as Exhibit B, in the marketing of the Bonds is hereby authorized, and
the Official Statement, including any such changes, amendments, modifications, omissions and
additions as approved by the Chairman, and the information contained therein are hereby
authorized to be used in connection with the sale of the Bonds to the public. Execution by the
Chairman and the County Administrator of the Official Statement shall be deemed to be
conclusive evidence of approval of such changes, amendments, modifications, omissions and
additions. The Chairman and County Administrator are hereby authorized to deem the
Preliminary Official Statement "final," within the meaning of Securities and Exchange
Commission Rule l5c2-12, except for permitted omissions as described therein.
(B) In order to enable the Underwriters to comply with the provisions of SEC Rule
l5c2-12 relating to secondary market disclosure, the Chairman is hereby authorized and directed
to execute and deliver the Continuing Disclosure Certificate in the name and on behalf of the
40
County substantially in the form attached hereto as Exhibit C, with such changes, amendments,
omissions and additions as shall be approved by the Chairman, his execution and delivery
thereof being conclusive evidence of such approval.
SECTION 9.03. APPOINTMENT OF REGISTRAR AND PAYING AGENT.
U.S. Bank National Association, Jacksonville, Florida, is hereby designated Registrar and Paying
Agent for the Bonds. The Chairman and the Clerk are hereby authorized to enter into any
agreement which may be necessary to effect the transactions contemplated by this Section 9.03.
SECTION 9.04. PURCHASE OF BOND INSURANCE POLICY. Pursuant to
Section 2.01 hereof, the Chairman, upon advice of the County's Financial Advisor, is delegated
the authority to determine whether a Bond Insurance Policy should be purchased with respect to
all or a portion of the Bonds. In connection therewith, in the event bond insurance is so utilized,
the Issuer hereby authorizes and directs the Chairman to execute and deliver a standard insurance
agreement and a bond insurance commitment, and the Clerk to attest the same under the official
seal of the Issuer. All of the provisions of the insurance agreement, when executed and delivered
by the Issuer as authorized herein and when duly authorized, executed and delivered by the
Insurer, shall be deemed to be a part of this Resolution as fully and to the same extent as if
incorporated verbatim herein.
SECTION 9.05. GENERAL AUTHORITY. The members of the Board of
County Commissioners of the Issuer and the officers, attorneys and other agents or employees of
the Issuer and the Clerk are hereby authorized to do all acts and things required of them by this
Resolution, or desirable or consistent with the requirements hereof, including the execution of
such documents necessary to establish a book-entry system of registration with respect to the
Bonds, for the fulI puncfual and complete performance hereof or thereof. Each member,
employee, attorney and officer of the Issuer is hereby authorized and directed to execute and
deliver any and all papers and instruments and to be and cause to be done any and all acts and
things necessary or proper for carrying out the transactions contemplated hereunder. The
Chairman and/or the Clerk are hereby authorized to execute such tax forms or agreements as
shall be necessary to effect the transactions contemplated hereby, including designating Bond
Counsel to assist or act as agent with respect thereto.
SECTION 9.06. SEVERABILITY OF INVALID PROVISIONS. If any one or
more of the covenants, agreements or provisions of this Resolution shall be held contrary to any
express provision of law or contrary to the policy of express law, though not expressly
prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such
covenants, agreements or provisions shall be null and void and shall be deemed separable from
the remaining covenants, agreements and provisions of this Resolution and shall in no way affect
the validity of any of the other covenants, agreements or provisions hereof or of the Bonds issued
hereunder.
SECTION 9.07. REPEAL OF INCONSISTENT RESOLUTIONS. AII
ordinances, resolutions or parts thereof in conflict herewith are hereby superseded and repealed
to the extent of such conflict.
41
SECTION 9.08. EFFECTIVE DATE. This Resolution shall become effective
immediately upon its passage and adoption.
42
PASSED AND DULY ADOPTED this 16m day of May,2Ol7.
ST. LUCIE COUNTY, FLORIDA
Chairman, Board of County Commissioners
(SEAL)
ATTEST:
Clerk of the Circuit Court, ex officio Clerk
of the Board of County Commissioners
43
EXHIBITS
INTENTIONALLY OMITTED
APPENDIX D
FORM OF BOND COUNSEL OPINION
ITHIS PAGE INTENTIONALLY LEFT BLANK]
Upon deliaery of the Series 2077 Bonds
P.A., Tampa, Florida, Bond Counsel, proposes
2017 Bonds in substantially the following form:
definitiae form, Nabors, Giblin I Nickerson,
render its opinion with respect to the Series
in
to
hme 29,2017
Board of County Commissioners of
St. Lucie County, Florida
Commissioners:
We have examined a record of proceedings relating to the issuance of $46,865,000 Non-
Ad Valorem Revenue Bonds, Series 2017 (the "Bonds") of St. Lucie County, Florida (the
"Count5r"). The Bonds are issued under the authority of the Laws of the State of Florida,
including Chapter 125, Florida Statutes, and other applicable provisions of law, and pursuantto
Resolution No. 17-1 10, adopted by the Board of County Commissioners of the County on May
16, 2017 (the "Resolution").
The Bonds are dated and shall bear interest from their date of delivery, except as
otherwise provided in the Resolution. The Bonds will mature on the dates and in the principal
amounts and will bear interest at the respective rates per annum, as provided in the Resolution
and set forth in the Bond Purchase Contract executed in connection with the sale of the Bonds
(the "Purchase Contract"). Interest on the Bonds shall be payable on each April 1 and October I
of each year, commencing October 1,2017. The Bonds are subject to redemption prior to
maturity in accordance with the Resolution and as set forth in the Purchase Contract.
The Bonds are issued for the principal purpose of providing funds which will be
sufficient to (l) finance the acquisition and construction of improvements to the Tradition Field
Sports Complex, and (2) pay related costs of issuance as more particularly described in the
Resolution.
As to questions of fact material to our opinion, we have relied upon the representations of
the County contained in the Resolution, and in the certified proceedings relating thereto and to
the issuance of the Bonds and other certifications of public officials furnished to us in connection
therewith, without undertaking to verifu the same by independent investigation. Furthermore,
we have assumed continuing compliance with the covenants and agreements contained in the
Resolution. We have not undertaken an independent audit, examination, investigation or
inspection of the matters described or contained in any agreements, documents, certificates,
D-1
Board of County Commissioners
of St. Lucie County, Florida
Page 2
Jlune 29,2017
representations and opinions relating to the Bonds, and have relied solely on the facts, estimates
and circumstances described and set forth therein. In our examination of the foregoing, we have
assumed the genuineness of signatures on all documents and instruments, the authenticity of
documents submitted as originals and the conformity to originals of documents submitted as
copies.
Based on the foregoing, under existing law, we are of the opinion that:
l. The County is a duly created and validly existing political subdivision of the State
of Florida.
2. The County has the right and power under the Constitution and Laws of the State
of Florida to adopt the Resolution, and the Resolution has been duly and lawfully adopted by the
County, is in full force and effect in accordance with its terms and is valid and binding upon the
County and enforceable in accordance with its terms, and no other authorization for the
Resolution is required.
3. The Resolution creates the valid pledge which it purports to create of the Pledged
Funds (as such term is defined in the Resolution), subject to the provisions of the Resolution
permitting the application thereof for the purposes and on the terms and conditions set forth in
the Resolution. The County is duly authorized and entitled to issue the Bonds, and the Bonds
have been duly and validly authorized and issued by the County in accordance with the
Constitution and Laws of the State of Florida and the Resolution. The Bonds constitute valid
and binding obligations of the County as provided in the Resolution, are enforceable in
accordance with their terms and the terms of the Resolution, and are entitled to the benefits of the
Resolution and the laws pursuant to which they are issued. The Bonds do not constitute a
general indebtedness of the County or the State of Florida or any agency, department or political
subdivision thereof, or a pledge of the faith and credit of such entities, but are solely payable
from the Pledged Funds and from Non-Ad Valorem Revenues (as defined in the Resolution)
budgeted and appropriated in the manner and to the extent provided in the Resolution. No holder
of the Bonds shall ever have the right to compel the exercise of any ad valorem taxing power of
the County or the State of Florida or any political subdivision, agency or department thereof to
pay the Bonds.
4. Under existing statutes, regulations, rulings and court decisions, the interest on the
Bonds (a) is excluded from gross income for federal income tax purposes and (b) is not an item
of tax preference for purposes of the federal alternative minimum tax imposed on individuals and
corporations; however, it should be noted that with respect to certain corporations, such interest
is taken into account in determining adjusted current earnings for the purpose of computing the
alternative minimum tax. The opinions set forth in this paragraph are subject to the condition
that the County comply with all requirements of the Internal Revenue Code of 1986, as amended,
that must be satisfied subsequent to the issuance of the Bonds in order that interest thereon be (or
continues to be) excluded from gross income for federal income tax purposes. Failure to comply
with cer{ain of such requirements could cause the interest on the Bonds to be so included in gross
income retroactive to the date of issuance of the Bonds. The County has covenanted in the
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Board of County Commrsstoners
of St. Lucie County, Florida
Page 3
Jtne 29,2017
Resolution to comply with all such requirements. Ownership of the Bonds may result in
collateral federal tax consequences to certain taxpayers. We express no opinion regarding such
federal tax consequences arising with respect to the Bonds.
The opinions expressed in paragraphs 2 and 3 hereof are qualified to the extent that the
enforceability of the Resolution and the Bonds may be limited by any applicable bankruptcy,
insolvency, moratorium, reorganization or other similar laws affecting creditors' rights generally,
or by the exercise ofjudicial discretion in accordance with general principles of equity.
The opinions set forth herein are expressly limited to, and we opine only with respect to,
the laws of the State of Florida andthe federal income tax laws of the United States of America.
The only opinions rendered hereby shall be those expressly stated as such herein, and no opinion
shall be implied or infered as a result of anything contained herein or omitted herefrom.
This opinion is given as of the date hereof and we assume no obligation to update, revise
or supplement this opinion to reflect any facts or circumstances that may hereafter come to our
attention or any changes in law that may hereafter occur.
We have examined the form of the Bonds and, in our opinion, the form of the Bonds is
regular and proper.
Very truly yours,
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APPENDIX E
FORM OF CONTINUING DISCLOSURE CERTIFICATE
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CONTINUING DISCLOSURE CERTIFICATE
This Continuing Disclosure Certificate (the "Disclosure Certificate") is executed and
delivered by St. Lucie County, Florida (the "Issuer") in connection with the issuance of its
$46,865,000 Non-Ad Valorem Revenue Bonds, Series 2017 (the "Series 2077 Bonds").
The Series 2017 Bonds are being issued pursuant to the authority and in compliance
with the Constitution of the State of Florid4 Chapter 125, Florida Statutes, Section 288.11631,
Florida Statutes and other applicable provisions of law, and pursuant to Resolution No. 17-110
adopted by the Board of County Commissioners of the Issuer (the "Board") on May 16,2017, as
amended and supplemented from time to tirne (the "Resolution"). Capitalized terms used but
not otherwise defined herein shall have the same meaning as when used in the Resolution
unless the context would clearly indicate otherwise. The Issuer covenants and agrees as follows:
SECTION 1. PURPOSE OF THE DISCLOSURE CERTIFICATE. This Disclosure
Certificate is being executed and delivered by the Issuer for the benefit of the holders and
Beneficial Owners (defined below) of the Series 2017 Bonds and in order to assist the
Participating Underwriters in complying with the continuing disclosure requirements of
the Rule (defined below).
SECTION 2. DEFINITIONS. In addition to the definitions set forth in the
Resolution which apply to any capitalized term used in this Disclosure Certificate,
unless otherwise defined herein, the following capitalized terms shall have the following
meanings:
"Annual Report" shall mean any Annual Report provided by the Issuer pursuant
to, and as described in, Sections 3 and 4 of this Disclosure Certificate.
"Beneficial Owner" shall mean any person which (a) has the power, directly or
indirectly, to vote or consent with respect to, or to dispose of ownership of, any Series
2077 Bonds (including persons holding Series 2077 Bonds through nominees,
depositories or other intermediaries), or (b) is treated as the owner of any Series 2017
Bonds for federal income tax purposes.
"Dissemination Agent" shall mean the Issuer, ot ar.y successor Dissemination
Agent designated in writing by the Issuer, and which has filed with the Issuer a written
acceptance of such designation.
"EMMA" shall mean the Electronic Municipal Market Access web portal of the
MSRB, located at http://www.emma.msrb.org.
"Event of Bankruptcy" shall be considered to have occurred when any of the
following occur: the appointment of a receiver, fiscal agent or similar officer for an
E-1
Obligated Person in a proceeding under the U.S. Bankruptcy Code or in any other
proceeding under state or federal law in which a court or governmental authority has
assumed jurisdiction over substantially all of the assets or business of the Obligated
Petson, or if such jurisdiction has been assumed by leaving the existing governmental
body and officials or officers in possession but subject to the supervision and orders of a
court or governmental authority, or the entry of an order confirming a plan of
reorganization, arrangement or liquidation by a court or governmental authority having
supervision or jurisdiction over substantially all of the assets or business of the
Obligated Person.
"Listed Events" shall mean any of the events listed in Section 5(a) of this
Disclosure Certificate.
"MSRB" shall mean the Municipal Securities Rulemaking Board.
"Obligated Person" shall mean any person, including the Issuer, who is either
generally or through an enterprise, fund, or account of such person committed by
contract or other arrangement to support payment of all, or part of the obligations on the
Bonds (other than providers of municipal bond insurance, letters of credit, or other
liquidity or credit facilities).
"Participating Underwriters" shall mean the original underwriters of the Bonds
required to comply with the Rule in connection with offering of the Bonds.
"Rule" shall mean the continuing disclosure requirements of Rule L5c2-1.2
adopted by the Securities and Exchange Commission under the Securities Exchange Act
of 1,934, as the same may be amended from time to time.
SECTION 3. PROVISION OF ANNUAL REPORTS.
(^) The Issuer shall, or shall cause the Dissemination Agent to, not later than
July 30th after the end of the Issuer's last fiscal year (presently ends September 30),
commencing with the report for the 2016-2017 fiscal year, provide to EMMA an Annual
Report which is consistent with the requirements of Section 4 of this Disclosure
Certificate. The Annual Report may be submitted as a single document or as separate
documents comprising a package, and may cross-reference other information as provided
in Section 4 of this Disclosure Certificate; p_Ievided that the audited financial statements of
the Issuer may be submitted separately from the balance of the Annual Report and later
than the date required above for the filing of the Annual Report only if they are not
available by that date so long as they are provided when they become available. If the
Issuer's fiscal year changes, it shall give notice of such change in the same manner as for a
Listed Event under Section 5.
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(b) Not later than fifteen (15) Business Days prior to said date, the Issuer shall
provide the Annual Report to the Dissemination Agent (if other than the Issuer). If the Issuer is
unable to provide to EMMA an Annual Report by the date required in subsection (a), the Issuer
shall send a notice to EMMA, in substantially the form attached as Exhibit A. accompanied by a
cover sheet in the form set forth as Exhibit B.
(.) The Dissemination Agent shall, if the Dissemination Agent is other than the
Issuer, file a report with the Issuer certifying that the Annual Report has been provided
pursuant to this Disclosure Certificate, stating the date it was provided to EMMA.
SECTION 4. CONTENT OF ANNUAL REPORTS. The Issuer's Annual Report shall
contain or include by reference the following:
(r) The audited financial statements of the Issuer for the prior fiscal year,
prepared in accordance with generally accepted accounting principles as promulgated to
apply to governmental entities from time to time by the Governmental Accounting
Standards Board. If the Issuer's audited financial statements are not available by the time
the Annual Report is required to be filed pursuant to Section 3(a), the Annual Report shall
contain unaudited financial statements in a format similar to the financial statements
contained in the final Official Statement, and the audited financial statements shall be
filed in the same manner as the Annual Report when they become available.
(b) An update of the information contained in the tables from the Official Statement
entitled NON-AD VALOREM REVENUES OF ST. LUCIE, COUNTY, FLORIDA; and ST. LUCIE
COUNTY, FLORIDA NON-AD VALOREM REVENUE DEBT SERVICE SCHEDULE, in each
case, presented in a mcrnner consistent with the presentation of such information in the Official
Statement.
Relating to information to be provided to EMMA, the information provided
under Section 4(b) may be included by specific reference to other documents, including official
statements of debt issues of the Issuer or related public entities, which have been submitted to
EMMA or the Securities and Exchange Commission. If the document included by reference is a
final official statement, it must be available from EMMA. The Issuer shall clearly identify each
such other document so included by reference.
SECTION 5. REPORTING OF SIGNIFICANT EVENTS. Pursuant to the provisions of
this Section 5, the Issuer shall give, or cause to be given, notice with EMMA of the
occurrence in a timely manner not in excess of ten (10) business days after the occurrence
of any of the following events with respect to the Series 2077 Bonds, with the exception of
the event described in number 15 below, which notice shall be given in a timely manner:
1. Principal and interest payment delinquencies;
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2.
3.
4.
5.
6.
7.
B.
9.
10.
11..
1,2.
13.
Non-payment related defaults, if material;
Unscheduled draws on debt service reserves reflecting financial difficulties;
Unscheduled draws on credit enhancements reflecting financial difficulties;
Substitution of credit or liquidity providers, or their failure to perform;
Adverse tax opinions, the issuance by the Internal Revenue Service of
proposed or final determinations of taxability, Notices of Proposed Issue (IRS
Form 5701-TEB) or other material notices or determinations with respect to
the tax status of the Series 2017 Bonds, or other material events affecting the
tax status of the Series 2077 Bonds;
Modifications to rights of the holders of the Series 2017 Bonds, if material;
Series 2017 Bond calls, if material, and tender offers;
Defeasances;
Release, substitution, or sale of property securing repayment of the Series 2017
Bonds, if material;
Ratings changes;
An Event of Bankruptcy or similar event of an Obligated Person;
The consummation of a merger, consolidation, or acquisition involving the Issuer
or the sale of all or substantially all of the assets of the Issuer, other than in the
ordinary course of business, the entry into a definitive agreement to undertake
such an action or the termination of a definitive agreement relating to any such
actions, other than pursuant to its terms, if material; and
Appointment of a successor or additional trustee or paying agent or the change
of name of a trustee or paying agen! if material; and
Notice of any failure on the part of the Issuer to meet the requirements of Section
3 hereof.
1,4.
15.
SECTION 6. TERMINATION OF REPORTING OBLIGATION. The Issuer's
obligations under this Disclosure Certificate shall terminate upon the legal defeasance, prior
redemption or payment in full of all of the Series 2077 Bonds, so long as there is no remaining
liability of the Issuer, or if the Rule is repealed or no longer in effect. If such terrnination occurs
E-4
prior to the final maturity of the Series 2077 Bonds, the Issuer shall give notice of such
termination in the same manner as for a Listed Event under Section 5.
SECTION 7. DISSEMINATION AGENT. The Issuer may, from time to time,
appoint or engage a Dissemination Agent to assist it in carrying out its obligations under
this Disclosure Certificate, and may discharge any such Dissemination Agen! with or
without appointing a successor Dissemination Agent. The Dissemination Agent shall not be
responsible in any manner for the content of any notice or report prepared by the Issuer
pursuant to this Disclosure Certificate. The initial Dissemination Agent shall be the Issuer.
SECTION 8. AMENDMENT; WAIVER. Notwithstanding any other provision of this
Disclosure Certificate, the Issuer may amend this Disclosure Certificate, and any provision of
this Disclosure Certificate may be waived, provided that the following conditions are satisfied:
(a) If the amendment or waiver relates to the provisions of Sections 3(a), 4, or
5(a), it may only be made in connection with a change in circumstances that arises from a
change in legal requirements, change in law, or change in the identity, nature or stafus of the
Issuer, or the type of business conducted;
(b) The undertaking, as amended or taking into account such waiver, would,
in the opinion of nationally recognized bond counsel, have complied with the requirements of
the Rule at the time of the original issuance of the Series 2017 Bonds, after taking into account
any amendments or interpretations of the Rule, as well as any change in circumstances; and
(c) The amendment or waiver either (i) is approved by the holders or
Beneficial Owners of the Series 2017 Bonds in the same manner as provided in the Resolution
for amendments to the Resolution with the consent of holders or Beneficial Owners, or (ii) does
not in the opinion of nationally recognized bond counsel, materially impair the interests of the
holders or Beneficial Owners of the Series 2017 Bonds.
Notwithstanding the foregoing, the Issuer shall have the right to adopt amendments to
this Disclosure Certificate necessary to comply with modifications to and interpretations of the
provisions of the Rule as alnounced by the Securities and Exchange Commission from time to
time.
In the event of any amendment or waiver of a provision of this Disclosure Certificate,
the Issuer shall describe such amendment in the next Annual Report, and shall include, as
applicable, a narrative explanation of the reason for the amendment or waiver and its impact on
the type (or in the case of a change of accounting principles, on the presentation) of financial
information or operating data being presented by the Issuer. In addition, if the amendment
relates to the accounting principles to be followed in preparing financial statements, (i) notice of
such change shall be given in the sarne manner as for a Listed Event under Section 5, and (ii) the
Annual Report for the year in which the change is made should present a comparison (in
E-5
narrative form and also, if feasible, in quantitative form) between the financial statements as
prepared on the basis of the new accounting principles and those prepared on the basis of the
former accounting principles.
SECTION 9. ADDITIONAL INFORMATION. Nothing in this Disclosure
Certificate shall be deemed to prevent the Issuer from disseminating any other information,
using the means of dissemination set forth in this Disclosure Certificate or any other means
of communication, or including any other information in any Annual Report or notice of
occurrence of a Listed Event, in addition to that which is required by this Disclosure
Certificate. If the Issuer chooses to include any information in any Annual Report or notice
of occurrence of a Listed Event in addition to that which is specifically required by this
Disclosure Certificate, the Issuer, as applicable, shall have no obligation under this
Disclosure Certificate to update such information or include it in any future Annual Report
or notice of occurrence of a Listed Event.
SECTION 10. DEFAULT. The continuing disclosure obligations of the Issuer set
forth herein constitute a contract with the holders of the Series 2017 Bonds. In the event of a
failure of the Issuer to comply with any provision of this Disclosure Certificate, any Holder
or Beneficial Owner of the Series 2017 Bonds may take such actions as may be necessary and
appropriate, including seeking mandamus or specific performance by court order, to cause
the Issuer, as applicable, to comply with its obligations under this Disclosure Certificate;
provided, howevet, the sole remedy under this Disclosure Certificate in the event of any
failure of the Issuer to comply with the provisions of this Disclosure Certificate shall be an
action to compel performance. A default under this Disclosure Certificate shall not be
deemed an Event of Default under the Resolution.
SECTION 11. DUTIES, IMMUNITIES AND LIABILITIES OF DISSEMINATION
AGENT. The Dissemination Agent shall have only such duties as are specifically set forth
in this Disclosure Certificate, and the Issuer agrees to indemnify and save the
Dissemination Agent, its officers, directors, employees and agents, harmless against loss,
expense and liabilities which it may incur arising out of or in the exercise or performance
of its powers and duties hereunder, including the costs and expenses (including attorney's
fees) of defending against any claim of liability, but excluding liabilities due to the
Dissemination Agent's negligence or willful misconduct. The obligations of the Issuer
under this Section shall survive resignation or removal of the Dissemination Agent and
payment of the Series 2017 Bonds.
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SECTION 12. BENEFICIARIES. This Disclosure Certificate shall inure solely to the
benefit of the Issuer, the Dissemination Agent the Participating Underwriters and holders and
Beneficial Owners from time to time of the Series 2017 Bonds, and shall create no rights io *y
other person or entity.
Dated: June 29,201,7 ST. LUCIE COUNTY, FLORIDA
Name:
Title: Chairman
ATTEST:
Clerk
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EXHIBIT A
NOTICE TO REPOSITORY OF FAILURE TO FILE ANNUAL REPORT
Name of Issuer: St. Lucie County, Florida
Obligated Person:
Name(s) of Bond Issue(s): St. Lucie County, Florida Non-Ad Valorem Revenue Bonds, Series
2017
Date(s) of Issuance: Iune 29,2017
Date(s) of Disclosure !tne29,20\7
Certificate:
CUSIP Number:
NOTICE IS HEREBY GIVEN that the Issuer has not provided an Annual Report with
respect to the above-named Bonds as required by the Continuing Disclosure Certificate. [The
Issuer has notified the Dissernination Agent that it anticipates that the Annual Report will be
filed by I
Dated:
[Dissemination Agent]
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EXHIBIT B
EVENT NOTICE COVER SHEET
This cover sheet and accompanying "event notice" will be sent to the MSRB, pursuant to Securities and
Exchange Commission Rule 15c2-12@)(5xi)(C) and (D).
Issuer's and/or Other Obligated Person's Name:
Issuer's Six-Digit CUSIP Number:
or Nine-Digit CUSP Number(s) of the Series 2017 Bonds to which this event notice relates:
Number of pages attached: _
_ Description of Notice Events (Check One):
1._"Principal and interest payment delinquencies;"
2._"Non-Payment related defaults, iI material;"
3. "Unscheduled draws on debt service reserves reflecting financial difficulties;"
4. "Unscheduled draws on credit enhancements reflecting financial difficulties;"
5.-"Substitution of credit or liquidity providers, or their failure to perform;"
6.-" Adverse tax opinions, IRS notices or events affecting the tax status of the security;"
7._"Modifications to rights of securities holders, if material;"
8._"Bond calls, if material;"
9._"Defeasances;"
10.-"Release, substitutiorL or sale of property securing repayment of the securities, if material;"
11._"Rating changes;"
72._"Bankruptcy, insolvenry, receivership or similar event of the obligated person;"
l3.-"Merger, consolidation, or acquisition of the obligated persorL if material;" and
1,4._" Appointment of a successor or additional trustee, or the change of name of a trustee, if
material."
_ Failure to provide annual financial information as required.
I hereby represent that I am authorized by the Issuer or its agent to distribute this information pubLicly:
Signature:
Name:
Date:
Title:
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