Detail of department programs
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- Adopted Proposed 2016-17 2017-18 2018-19 2019-20 2020-21
- Capital Finance Administration Fund Lease Payments for Outstanding and Proposed Lease Revenue Securities
- Pershing Square Refunding, Program AS (Certificates of Participation, 2002)
- MICLA Lease Revenue Bonds, Series 2006-A (Police Headquarters Facility)
- MICLA Lease Revenue Bonds, Series 2006-A (Public Works Building)
- MICLA Lease Revenue Bonds, Series 2007-B (Figueroa Plaza)
- MICLA Lease Revenue Bonds, Series 2008-A (Capital Equipment)
- MICLA Lease Revenue Bonds, Series 2008-B (Real Property)
- MICLA Lease Revenue Bonds, Series 2009-A (Capital Equipment)
- MICLA Lease Revenue Bonds, Series 2009-B (Real Property)
Amount % Change
2016-17 Adopted Budget
$
1,332,032
2017-18 Proposed Budget
$
1,627,767
Change from 2016-17 Budget
$
295,735 22.2%
The Business Improvement District Trust Fund was established by Mayor and Council (C.F. 96-0482) to provide seed money for the formation of Business Improvement Districts (BIDs), to pay assessments on City-owned properties within the boundaries of active BIDs, and any relevant General Benefits as outlined in the Management District Plan. The seed money is used to retain consultants who work on behalf of new or renewing BIDs to conduct feasibility studies and perform other activities related to BID formation. The City’s BID policy allows up to $75,000 to be made available in the form of a grant for feasibility studies. There are currently 42 established BIDs and nine BIDs in some stage of formation. Funding in the amount of $444,070 is included in the Unappropriated Balance for potential assessments on properties owned by the successor agency, Community Redevelopment Agency/Los Angeles – Designated Local Authority, for which the City’s liability for the BID assessments is under discussion. An additional one-time appropriation of $100,000 is included for the purchase of trash liners for BIDs.
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CAPITAL FINANCE ADMINISTRATION FUND BASIS FOR THE PROPOSED BUDGET The 2017-18 Proposed Budget for the Capital Finance Administration (CFA) Fund relates to current year funding as follows:
2016-17 Adopted Budget $ 230,140,425 2017-18 Proposed Budget $ 242,643,420 Change from 2016-17 Budget $ 12,502,995 5.43% The CFA Fund is a special purpose fund established to consolidate non-general obligation bond, long-term City debt financing program expenditures. These financing programs mostly use a lease or "lease purchase" paid from General Fund appropriations and the sale of public securities (either lease revenue bonds or certificates of participation) to acquire various facilities and capital equipment items for use by City departments. The CFA Fund is administered by the City Administrative Officer. Budgeted within the CFA Fund are the lease payments required by each financing's lease and trust indenture, as well as any trustee fees or other administrative expenses required under the terms of the financing. All unencumbered balances remaining at the end of the fiscal year revert to the Reserve Fund. All items within this budget are obligatory, as they are a requirement of the respective leases and trust indentures. The financings were primarily issued through the Municipal Improvement Corporation of Los Angeles (MICLA). The Proposed Budget reflects: 1. In June 2016, the MICLA Lease Revenue Bonds, Series 2006-A (Police Headquarters/ Public Works Building), 2007-B (Figueroa Plaza), 2008-A (Capital Equipment), 2008-B (Real Property), 2009-B (Real Property), and 2009-E (Real Property) were fully refunded. This refunding resulted in $131 million in net present value savings to the General Fund over the life of the bonds. The lease payments are now reflected as MICLA 2016-A and MICLA 2016-B, Item Nos. 27 through 31 on the following page. 2. In April 2017, the City completed a private placement (direct loan) of $39.3 million in MICLA Street Lighting, Series 2017 to finance improvements to the City’s street lighting system (Item No. 32). The loan will be repaid from the Street Lighting Maintenance Assessment Fund (SLMAF). 3. In Fiscal Year 2017-18, the CAO will execute a lease financing of approximately $25 million over five years for the purchase of police vehicles, including a minimum of 180 Black and White vehicles, 34 motorcycles, 152 undercover vehicles, and 130 other emergency vehicles that have met or exceeded the extended replacement criteria. The 2017-18 debt service for this financing ($5.1 million) is reflected as Item Number 36, Police Vehicles Financing. 788
Capital Finance Administration Fund Adopted Proposed 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 1) MICLA AK (Kodak Theatre 1999) 3,611,875 $ 3,611,388 $ 3,608,288 $ 3,612,213 $ 3,612,075 $ 3,607,513 $ 3,608,163 $ 2) MICLA AS (Pershing Square Refunding 2002) 528,031
522,963
526,375
528,000
523,500
225,500
-- 3) MICLA 2006-A (Police Headquarters Facility) 22,573,540
-- --
-- -- -- 4) MICLA 2006-A (Public Works Building) 6,019,710
-- -- -- -- -- -- 5) MICLA 2007-B (Figueroa Plaza) 13,796,406
-- --
-- -- -- 6) MICLA 2008-A (Capital Equipment) 8,651,033
-- -- -- -- -- -- 7) MICLA 2008-B (Real Property) 2,763,705
-- --
-- -- -- 8) MICLA 2009-A (Capital Equipment) 7,329,813
7,330,063
7,267,513
-- -- -- -- 9) MICLA 2009-B (Real Property) 3,495,088
-- --
-- -- -- 10) MICLA 2009-C (Capital Equipment) 4,868,000
4,862,900
4,867,700
4,867,100
-- -- -- 11) MICLA 2009-D (Recovery Zone Econ. Dev. Bonds) 1,888,303
1,872,313
1,860,188
1,846,764
1,828,590
1,810,345
1,785,354
12) MICLA 2009-E (Real Property) 3,923,325
-- -- -- -- -- -- 13) MICLA 2010-A (Capital Equipment) 3,804,950
3,802,175
3,411,300
3,804,425
3,806,275
-- --
(Recovery Zone Econ. Dev. Bonds - Taxable) 6,316,353
6,316,138
6,313,801
6,315,159
6,313,804
-- -- 15) MICLA 2010-C (Real Property) (Recovery Zone Econ. Dev. Bonds - Taxable) 1,540,517
1,537,595
1,537,784
1,539,995
1,539,630
1,537,972
1,539,860
16) MICLA 2011 (QECB) 956,238
933,674
910,897
888,014
859,918
836,822
813,406
17) MICLA 2012-A (Capital Equipment) 12,453,750
12,453,750
12,450,500
12,450,500
12,452,750
12,453,000
-- 18) MICLA 2012-B (Real Property) 2,089,175
2,091,975
2,088,575
2,089,175
2,088,575
2,091,775
2,088,575
19) MICLA 2012-C (Real Property) (Refunding of AQ, AR-1, AR, AU and T) 10,205,182
10,211,782
10,204,800
10,215,550
10,209,550
10,211,800
10,201,050
20) MICLA Street Lighting 2013 7,180,677
6,716,344
5,282,888
3,562,378
774,694
-- -- 21) MICLA 2014-A (Real Property) 3,224,125
3,225,625
3,224,275
3,224,775
3,226,275
3,228,525
3,228,175
22) MICLA 2014-B (Real Property Refunding AT and AW) 7,607,025
7,609,550
7,615,050
4,880,300
1,906,550
1,911,800
1,904,050
23) MICLA 2014 (Capital Equipment) 7,471,012
7,471,012
7,471,012
7,471,012
7,471,012
7,471,012
7,471,012
24) MICLA 2015-A (LA Convention Center) 47,391,497
47,338,020
47,262,447
47,264,156
47,195,001
47,207,136
13,136,774
25) MICLA 2015-A (Refunding of Staples Arena 1998-A) 3,482,918
3,481,079
3,477,209
3,467,844
3,458,930
3,452,789
3,445,795
26) MICLA Street Lighting 2016 3,548,014
3,587,880
3,587,880
3,587,880
3,587,880
3,587,880
3,587,880
27) MICLA 2016-A (Refunding) (Capital Equipment) -- 14,702,300 14,713,275
14,713,675
14,709,550
14,711,400
14,711,225
28) MICLA 2016-B (Refunding) (Figueroa Plaza) -- 14,852,400 14,853,150
14,865,175
13,870,925
13,736,550
13,754,700
29) MICLA 2016-B (Refunding) (MTD Building) -- 5,658,250 5,654,950
5,657,825
5,662,175
5,671,625
5,679,725
30) MICLA 2016-B (Refunding) (Police Headquarters) -- 20,896,750 20,897,025
20,889,225
20,873,225
20,849,575
20,837,850
31) MICLA 2016-B (Refunding) (Public Works Building) -- 9,352,550 9,346,275
9,349,475
9,346,625
9,345,700
9,344,300
32) MICLA Street Lighting 2017 -- 4,470,000 4,470,000
4,470,000
4,470,000
4,470,000
4,470,000
33) Digital In-Car Video System (Police) 6,829,000
4,040,000
-- --
-- -- 34) Debt Service on EWDD Projects 1,032,098
1,056,078 1,065,455
1,171,661
1,273,774
1,272,943
1,369,316
35) Refinancing of Parking Revenue Bonds 4,181,065
4,183,866
4,180,917
4,181,260
4,182,552
-- --
-- 5,100,000
5,100,000
5,100,000
5,100,000
5,100,000
-- 37) Commercial Paper Program 9,023,000
9,000,000
9,000,000
9,000,000
9,000,000
9,000,000
9,000,000
38) Refinancing Commercial Paper 10,000,000
12,000,000
22,000,000
32,000,000
42,000,000
52,000,000
60,000,000
39) LA Convention Center Commercial Paper 2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
Lease Payment Subtotal 229,785,425 $ 242,288,420 $ 246,249,529 $ 245,013,536 $ 243,343,835 $ 237,791,662 $ 193,977,210 $ 40) General Administration 300,000 300,000
300,000 300,000
300,000 300,000
300,000
41) Trustee Fees 55,000 55,000
55,000 55,000
55,000 55,000
55,000
TOTAL
230,140,425 $ 242,643,420 $ 246,604,529 $ 245,368,536 $ 243,698,835 $ 238,146,662 $ 194,332,210 $ Capital Finance Administration Fund Lease Payments for Outstanding and Proposed Lease Revenue Securities 789
Capital Finance Administration Fund Lease Payments for Outstanding and Proposed Lease Revenue Securities Detail 1.
The proceeds of this issuance were used to design and construct a live broadcast theater within the Hollywood and Highland development project located in the historic Hollywood area. The Dolby Theatre is formerly known as the Kodak Theatre. Lessor: Municipal Improvement Corporation of Los Angeles Amount of Principal: $ 43,210,000 Principal Outstanding, July 1, 2017: 28,295,000 Final Payment: 2028-29
2017-18 MICLA AK (Dolby Theatre, 1999) Lease Payment: $ 3,611,388 2. Pershing Square Refunding, Program AS (Certificates of Participation, 2002) The proceeds of this issuance were used to refund the 1992 Pershing Square Certificates of Participation, which financed the construction, design, and installation of improvements at Pershing Square. Funding for lease payments and City administrative costs is provided through Mello-Roos assessments on various properties in the vicinity of Pershing Square. Lessor: Municipal Improvement Corporation of Los Angeles Amount of Principal: $ 7,655,000 Principal Outstanding, July 1, 2017: 2,085,000 Final Payment: 2022-23
2017-18 MICLA AS (Pershing Square Refunding, 2002) Lease Payment: $ 522,963 3. MICLA Lease Revenue Bonds, Series 2006-A (Police Headquarters Facility) A major portion of the proceeds was used to construct the Police Headquarters Facility. The purpose of the facility was to permanently house command and administrative functions of the Los Angeles Police Department, previously located at the Parker Center. These bonds were fully refunded in June 2016. Lessor: Municipal Improvement Corporation of Los Angeles Amount of Principal: $ 350,415,000 Principal Outstanding, July 1, 2017: -- Final Payment: -- 2017-18 MICLA 2006-A (Police Headquarters Facility) Lease Payment: $ --
MICLA Lease Revenue Bonds, Series 2006-A (Public Works Building) A lesser portion of the proceeds was used to refinance the MICLA Commercial Paper notes borrowed to acquire and renovate the Public Works Building. These bonds were fully refunded in June 2016. Lessor: Municipal Improvement Corporation of Los Angeles Amount of Principal: $ 98,180,000 Principal Outstanding, July 1, 2017: -- Final Payment: -- 2017-18 MICLA 2006-A (Public Works Building) Lease Payment: $ --
Capital Finance Administration Fund 5.
The proceeds of this issuance were used to acquire the Figueroa Plaza office complex. In 2012, $6,220,000 million of the principal was defeased. These bonds were fully refunded in June 2016. Lessor: Municipal Improvement Corporation of Los Angeles Amount of Principal: $ 201,175,000 Principal Outstanding, July 1, 2017: -- Final Payment: -- 2017-18 MICLA 2007-B (Figueroa Plaza) Lease Payment: $ --
MICLA Lease Revenue Bonds, Series 2008-A (Capital Equipment) The proceeds of this issuance were used to refinance the MICLA Commercial Paper notes borrowed to acquire various capital equipment items. These bonds were fully refunded in June 2016. Lessor: Municipal Improvement Corporation of Los Angeles Amount of Principal: $ 105,090,000 Principal Outstanding, July 1, 2017: -- Final Payment: -- 2017-18 MICLA 2008-A (Capital Equipment) Lease Payment: $ --
MICLA Lease Revenue Bonds, Series 2008-B (Real Property) The proceeds of this issuance were used to refinance the MICLA Commercial Paper notes borrowed to acquire or construct several facilities, including the Chicago Building, the Medical Services Building, and several Police Motor Transport Division facility site parcels. These bonds were fully refunded in June 2016. Lessor: Municipal Improvement Corporation of Los Angeles Amount of Principal: $ 43,790,000 Principal Outstanding, July 1, 2017: -- Final Payment: -- 2017-18 MICLA 2008-B (Real Property) Lease Payment: $ --
MICLA Lease Revenue Bonds, Series 2009-A (Capital Equipment) The proceeds of this issuance were used to refinance the MICLA Commercial Paper notes borrowed to acquire various capital equipment items (e.g. fleet replacement). Lessor: Municipal Improvement Corporation of Los Angeles Amount of Principal: $ 57,930,000 Principal Outstanding, July 1, 2017: 19,840,000 Final Payment: 2018-19
2017-18 MICLA 2009-A (Capital Equipment) Lease Payment: $ 7,330,063 9. MICLA Lease Revenue Bonds, Series 2009-B (Real Property) The proceeds of this issuance were used to refinance the MICLA Commercial Paper notes borrowed to complete improvements to various facilities, including the Griffith Observatory, the Piper Technical Center, and the Los Angeles Zoo. These bonds were fully refunded in June 2016. Lessor: Municipal Improvement Corporation of Los Angeles Amount of Principal: $ 52,065,000 Principal Outstanding, July 1, 2017: -- Final Payment: -- 2017-18 MICLA 2009-B (Real Property) Lease Payment: $ --
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