Florida Gulf Coast University Financing Corporation ... · 6/13/2017 · Parking Projections as of...
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Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year 2015-16 2016-17 2017-18 2018-19 2019-20 Actual Projected Actual Projected Projected Projected Total Revenues 3,475,079 3,476,800 3,511,568 3,546,684 3,582,151 Revenue Increase from Prior Year 1,721 34,768 35,116 35,467 Total Operating Expenses 1,060,762 1,015,000 1,025,150 1,035,402 1,045,756 Expense Increase(Decrease) from Prior Year (45,762) 10,150 10,252 10,354 Net Income 2,414,317 2,461,800 2,486,418 2,511,282 2,536,395 Net Income Increase from Prior Year 47,483 24,618 24,864 25,113 Total Debt Service 1,220,035 1,123,216 1,381,223 1,378,383 1,375,821 Debt Service Increase(Decrease) from Prior Year (96,819) 258,007 (2,840) (2,562) Annual Debt Service Coverage Ratio (DSCR) 1.98 2.19 1.80 1.82 1.84 DSCR Increase(Decrease) from Prior Year 0.21 (0.39) 0.02 0.02 Possible Savings from Bond Refundings 20,000 25,000 25,000 DSCR with Possible Savings from Refundings 1.83 1.86 1.88 Notes: DSCR will change .010 for every change in Net Income of: $13,000 DSCR will change .010 for every change in Debt Service of: $8,000 Interest rate used for variable rate debt service 2009A bonds: 2.75% Florida Gulf Coast University Financing Corporation Parking Projections as of May 2017
Transcript of Florida Gulf Coast University Financing Corporation ... · 6/13/2017 · Parking Projections as of...
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year2015-16 2016-17 2017-18 2018-19 2019-20
Actual Projected
Actual
Projected Projected Projected
Total Revenues 3,475,079 3,476,800 3,511,568 3,546,684 3,582,151
Revenue Increase from Prior Year 1,721 34,768 35,116 35,467
Total Operating Expenses 1,060,762 1,015,000 1,025,150 1,035,402 1,045,756
Expense Increase(Decrease) from Prior Year (45,762) 10,150 10,252 10,354
Net Income 2,414,317 2,461,800 2,486,418 2,511,282 2,536,395
Net Income Increase from Prior Year 47,483 24,618 24,864 25,113
Total Debt Service 1,220,035 1,123,216 1,381,223 1,378,383 1,375,821
Debt Service Increase(Decrease) from Prior Year (96,819) 258,007 (2,840) (2,562)
Annual Debt Service Coverage Ratio
(DSCR) 1.98 2.19 1.80 1.82 1.84
DSCR Increase(Decrease) from Prior Year 0.21 (0.39) 0.02 0.02
Possible Savings from Bond Refundings 20,000 25,000 25,000
DSCR with Possible Savings from Refundings 1.83 1.86 1.88
Notes:
DSCR will change .010 for every change in Net Income of: $13,000
DSCR will change .010 for every change in Debt Service of: $8,000
Interest rate used for variable rate debt service 2009A bonds: 2.75%
Florida Gulf Coast University Financing Corporation
Parking Projections as of May 2017
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year2015-16 2016-17 2017-18 2018-19 2019-20
Actual Projected
Actual
Projected Projected Projected
Fall Occupancy (%) 97.0% 96.2% 93.4% 92.2%
Spring Occupancy (%) 93.0% 93.1% 90.4% 89.2%
Average Occupancy (%) 95.0% 94.6% 91.9% 90.7%
Total Revenues 29,240,485 28,685,514 28,751,861 27,982,854 27,655,299
Revenue Increase(Decrease) from Prior Year (554,972) 66,348 (769,007) (327,555)
Total Operating Expenses 10,341,862 10,175,000 10,256,589 10,256,589 10,256,589
Expense Increase(Decrease) from Prior Year (166,862) 81,589 - -
Net Income 18,898,623 18,510,514 18,495,272 17,726,265 17,398,710
Net Income Decrease from Prior Year (388,110) (15,241) (769,007) (327,555)
Total Debt Service 12,898,320 12,851,684 13,379,306 13,273,608 13,259,352
Debt Service Increase(Decrease) from Prior Year (46,636) 527,621 (105,698) (14,256)
Annual Debt Service Coverage Ratio (DSCR) 1.47 1.44 1.38 1.34 1.31
DSCR Decrease from Prior Year (0.02) (0.06) (0.05) (0.02)
Possible Savings from Bond Refundings 100,000 300,000 300,000
DSCR with Possible Savings from Refundings 1.39 1.37 1.34
Notes:
$278,575
Occupancy at which DSCR equals 1.20: 85.50%
DSCR will change .010 for every change in Net Income of: $130,000
DSCR will change .010 for every change in Debt Service of: $100,000
Interest rate used for variable rate debt service 2008A bonds: 2.75%
DSCR will change .021 for every 1% change in
Occupancy/Net Income of:
Florida Gulf Coast University Financing Corporation
Housing Projections as of May 2017
UCF, 3
UCF, 3
UCF, 1
UCF, 5
FAU, 10
FAU, 5
FAU, 1
FAU, 7
UF, 1 UF, 1
UF, 3
UF, 1
USF, 2 USF, 2
USF, 4
USF, 2
FIU, 3
FIU, 6
FIU, 5
FIU, 8
FSU, 5
FSU, 9
FSU, 6
FSU, 4
FGCU, 6
FGCU, 3
FGCU, 7
FGCU, 9
FAMU, 7
FAMU, 11
FAMU, 8
FAMU, 10
NCF, 9
NCF, 10
NCF, 9
NCF, 6
UWF, 11
UWF, 6
UWF, 10
UWF, 3
UNF, 7
UNF, 9
UNF, 11 UNF, 11
1
2
3
4
5
6
7
8
9
10
11
2014 2015 2016 2017
Rank
with
in th
e SU
S
Performance Funding Rankings by Year (AKA –The “spaghetti” chart)
UCF FAU UF USF FIU FSU FGCU FAMU NCF UWF UNF
84 100% E
59 100% E
84 81% E
76 64% E
68 89% E
67 96% E
65 54% E
84 88% E 88 77% E
74 76% E 84 76% E
68 91% E78 90% E
68 68% E78 62% E
66 100% E
60 73% E 74 78% E
58 66% E74 51% E
58 62% E
72 72% E50 100% E
48 92% E
42 90% E
72 67% E
70 63% E
52 69% E
76 68% E
56 100% E
76 64% E 82 60% E
81 72% E
78 100% E
75 65% E
72 88% E
68 91% E
66 92% E
58 83% E
84 88% E
95 90% E
65 63% E57 82% E
79 100% E
1
1.5
2.5
3.0
5.55.8
6.06.3
7.5
8.5
9.0
9.5
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
UF USF UCF FIU FAU FSU FGCU UWF NCF FAMU UNF
Four‐Year Average Rank of 11 SUS Institutions
Rank Order Analysis
2
FAMU, 58
FAMU, 52
FAMU, 65FAMU, 65
FAU, 48
FAU, 74
FAU, 84
FAU, 77
FGCU, 60
FGCU, 76
FGCU, 67FGCU, 66
FIU, 68
FIU, 78FIU, 76
FIU, 68
FSU, 66
FSU, 72 FSU, 68
FSU, 83
NCF, 50
NCF, 70
NCF, 59
NCF, 75
UCF, 68
UCF, 78
UCF, 84
UCF, 78
UF, 84
UF, 88
UF, 82
UF, 95
UNF, 58
UNF, 72
UNF, 56
UNF, 58
USF, 74
USF, 84
USF, 79
USF, 84
UWF, 42
UWF, 74
UWF, 57
UWF, 82
35
45
55
65
75
85
95
Year 1 Year 2 Year 3 Year 4
Total Points Scored by11 Individual Institutions
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Government in the Sunshine:Florida’s Public Records and
Open Meetings Law
Florida Gulf Coast UniversityBoard of Trustees
Presented by:Suzanne M. Boy, Esq.
Agenda
Government in the “Sunshine”
Open Meetings, Florida Statute §286.011
Basics
Case Studies
Public Records, Florida Statutes Chapter 119
Basics
Case Studies
Open Meetings: The Basics
Three Basic Requirements:
Meetings must be open to the public
Reasonable notice of meetings must be given
Minutes must be taken and recorded
Open Meetings: The Basics
What is a “meeting”?
Two or more persons from same board
Discussing a matter that could come before the board for action
Open Meetings: The Basics
What about a meeting between an individual Trustee and non-trustee?
Usually not, unless the BOT has delegated decision-making authority to the individual
What about “virtual” meetings?
Yes! Calls, text messages, emails, instant messages can be covered.
What about social events?
Yes, if official business is discussed.
Open Meetings: The Basics
What about email communication?
May send information to each other IF there is no interaction between members related to the information
Non-violation: member prepares and circulates information
Violation: Information elicits substantive response/comment
Open Meetings: The Basics
If there is any doubt about whether a conversation, meeting, or communication is a “meeting”
Open Meetings: The Basics
What does “open to the public” mean?
Facility must be accessible
Facility cannot discriminate
There must be reasonable space for the public
Within State of Florida
Avoid luncheons at restaurants
Open Meetings: The Basics
What types of discussions are covered?
Informal discussions and deliberations
Formal action
Selection and election of Trustees
Fact finding trips
Open Meetings: The Basics
Exceptions:
Meetings regarding security system plans
Vendor negotiations pursuant to Invitation to Negotiate
Attorney-client meetings regarding litigation
Collective bargaining meetings
Open Meetings: The Basics
What is “reasonable” notice?Statute does not define
Attorney General’s Office suggests at least seven days, unless emergency
Special meetings should have no less than 24 hours, and preferably more than 72 hours notice
Open Meetings: The Basics
What about voting?
All members must vote (unless they have a conflict of interest) and the Minutes must so reflect by recording of the vote or counting a vote for each member
Voice
Hand
Roll Call
Written
Ballots (not secret)
•What are the requirements for minutes?• Minutes must be recorded and open to public
inspection
• Minutes are not verbatim transcript—but brief summary of meeting’s events
• Sound recordings may be used in addition to written minutes, but if used, must be retained.
Open Meetings: The Basics
Open Meetings: The Basics
SanctionsAny resolution, rule, or formal action taken is
not considered binding
Negligent violation: noncriminal infraction, punishable by fine not exceeding $500
Knowing violation: second degree misdemeanor
Removal from office
Civil actions for injunctive relief
Attorney’s fees
Open Meetings: Case Studies
2008 Attorney General Opinion
Use of email, website, blogs, or message boards by one board member to solicit comments from other members constituted a meeting
Open Meetings: Case Studies
Lorenzo v. City of VenicePlaintiff sued, alleging airport advisory
board members were using private email to discuss public issues
City admitted violation
Case settled
Plaintiff’s counsel awarded fees….
Public Records: The Basics
Section 24(a), Article I, Florida Constitution
Every person has the right to inspect or copy any public record made or received in connection with the official business of any public body
Chapter 119, Florida Statutes
Provides a right of access to the records of the state and local government
Public Records: The Basics
What constitutes a public record?Statutory definition, Section 119.011(12):
All documents, papers, letters, maps, books, tapes, photographs, films, sound recordings, data processing software, or other materials, regardless of the physical form, characteristics, or means of transmission, made or received pursuant to law or ordinance or in connection with the transaction of official business by any agency
Public Records: The Basics
What constitutes a public record?Florida Supreme Court:
All materials made or received by an agency in connection with official business which are used to perpetuate, communicate, or effectuate knowledge
Public Records: The Basics
Examples of public records
Documents, papers, letters, books, tapes, photos, audio recordings, notes, telephone logs
Emails!
What about private email accounts?
Text messages, social media, etc.
Important: drafts can be covered
Public Records: The Basics
Physical specimens?!
No, thankfully!
“The record itself must be susceptible of some form of copying….”
Church of Scientology Flag Serv. Org., Inc, v. Wood
Public Records: The Basics
Substance of records covered:
Financial records
Audit reports
Budgets
Bids
Confidential, if sealed, for a short time
Employment search records
Most personnel records
Public Records: Sanctions
Civil action for injunctive relief
Attorney’s fees and costs
Negligent violation: noncriminal infraction, punishable by fine not exceeding $500
Knowing violation: first degree misdemeanor
Public Records: Case Studies
Town of Gulf Stream/Marty O’Boyle
Dispute over zoning requirements for modifications O’Boyle’s home
O’Boyle made hundreds of public records requests and filed dozens of lawsuits
~400 requests, at least 16 lawsuits
Citizen’s Awareness Foundation
Executive Director paid 120k/year
400-500 public records lawsuits
Public Records: Case Studies
Board of Trustees v. Lee (Fla. 2016)
BOT imposed inappropriate copying fee
Florida Supreme Court found: Public Records Act does not require a showing that agency acted unreasonably or in bad faith before attorney’s fees may be awarded to prevailing party
However….
Public Records: Case Studies
SB80, Chapter 2017-21 (5/24/17)
Amends Section 119.12
Added requirements for plaintiff to recover fees:
Unlawful refusal to provide records
5 days written notice to agency
Plaintiff did not act with improper purpose
Provides for fees against Plaintiff if improper purpose
Sunshine Law: Best Practices
Open Meetings
If two or more trustees are present (in person, on email, etc.), do not discuss official business
If in doubt, always err on side of notice
Public Records
Always be careful about anything in writing – if it is about official business, make sure to save/produce
Thank you!
Suzanne M. Boy, Esq.
Henderson, Franklin, Starnes & Holt, P.A.
239.344.1403
www.swflemploymentlawblog.com
Funding per SUS FTE
FY 16-17
Institution FAMU UWF FSU UF FAU USF UNF UCF FIU Average
General Revenue 10,967 11,240 8,586 7,824 6,512 6,373 5,757 5,325 4,814 7,489
Lottery 1,907 941 1,136 1,109 964 986 1,055 739 773 1,068
Total 12,874 12,181 9,722 8,933 7,476 7,359 6,812 6,064 5,587 8,556
The current funding per student FTE for Florida Gulf Coast University is $6,013.
If Florida Gulf Coast University was funded to the SUS average, appropriations would increase by: 31,990,940$
Source: Florida Board of Governors Funding History
http://www.flbog.edu/board/office/budget/docs/Funding-per-FTE-SUS-and-Univ_1985-2016.xlsx
6/12/2017
