2009-02-03a,v or
O SOUTHLAK.E
TEXAS
REGULAR CITY COUNCIL MEETING MINUTES: FEBRUARY 3, 2009
LOCATION: 1400 Main Street, Southlake, Texas
Council Chambers in Town Hall
CITY COUNCIL PRESENT: Mayor Andy Wambsganss, Mayor Pro Tern John Terrell,
and Councilmembers Pamela Muller, Virginia M. Muzyka, and Vernon Stansell.
CITY COUNCIL ABSENT: Deputy Mayor Pro Tern Gregory Jones and Councilmember
Laura K. Hill.
PLANNING AND ZONING COMMISSION PRESENT: Chairman Al Morin, Vice-
Chairman Brandon Bledsoe, and Commissioners Darrell Faglie, Robert Hudson, Joe
Lancor, Michael Springer and Jeff Wang.
PLANNING AND ZONING COMMISSION ABSENT: None.
STAFF PRESENT: City Manager Shana Yelverton, Assistant City Manager / Director of
Public Safety Jim Blagg, Assistant City Manager Ben Thatcher, Assistant to the City
Manager Alison Ortowski, Community Relations Officer Pilar Schank, Director of
Information Technology Dale Dean, Information Systems Technician Vicky Roche,
Director of Community Services Chris Tribble, Deputy Director of Community Services
Kerry McGeath, Recreation Superintendent Steve Moore, Director of Economic
Development Greg Last, Director of Finance Sharen Jackson, Director of Human
Resources Kevin Hugman, Director of Planning and Development Services Ken Baker,
Chief Building Official Paul Ward, Planner II Clayton Comstock, Planner I Daniel Cortez,
Administrative Secretary Stephanie Breitbarth, Chief of Police Services Robert Finn,
Chief of Fire Services Mike Starr, Director of Public Works Robert H. Price, Deputy
Director of Public Works Gordon Mayer, Civil Engineer Michael James, Civil Engineer
Michelle McCullough, Civil Engineer Cheryl Taylor, Public Works Operations Manager
Chuck Kendrick, Public Works Supervisor Joe Walsh, Environmental Coordinator Christi
Upton, City Attorney Tim Sralla, and City Secretary Lori Payne.
WORK SESSION:
Agenda Item No. 1. Call to order. The joint work session of the City Council and the
Planning and Zoning Commission was called to order by Mayor Wambsganss at 5:16
p.m.
Agenda Item No. 2. Invocation. Chaplain of the Month Doug Allison gave the invocation.
AWN
Mayor Wambsganss led the pledge of allegiance.
REGULAR CITY COUNCIL MEETING MINUTES, FEBRUARY 3, 2009
Page 1 of 7
Agenda Item No. 3. Presentation: Storm Water Management and Erosion Control. City
Manager Yelverton introduced the item. Director Price presented this item to the Council
and the Commission and answered their questions.
Mayor Wambsganss closed the joint work session at 6:14 p.m. and called for a break.
Mayor Wambsganss reconvened the City Council work session at 6:28 p.m.
Agenda Item No. 4. Discuss all items on tonight's meeting aa eq nda. City Council
reviewed the consent agenda items with city staff. The following items were added to
the consent agenda: to table items 6A and 613 to the February 17, 2009 City Council
meeting and to approve item 9A.
Mayor Wambsganss closed the work session at 6:37 p.m.
REGULAR SESSION:
Agenda Item No. 1. Call to order. The regular session was called to order by Mayor
Wambsganss at 6:37 p.m.
Agenda Item No. 2A. Executive Session. Mayor Wambsganss announced City Council
would be going into Executive Session pursuant to the Texas Government Code
Section 551.071, seek advice from the city attorney, and Section 551.087, deliberation
regarding economic development negotiations. City Council adjourned for Executive
Session at 6:37 p.m.
Executive Session began at 7:12 p.m. and ended at 7:51 p.m.
Agenda Item No. 213. Reconvene. Mayor Wambsganss reconvened the regular meeting
at 7:56 p.m. and asked if any action was necessary from Executive Session. No action
was necessary.
Agenda Item No. W. Mayor's Report - update of upcoming meetings and events.
Mayor Wambsganss announced upcoming meetings and events.
Aaenda Item No. 3131. Citv Manaaer's Report - Georae Weidenhof recoanition.
Director Tribble introduced George Weidenhof who has taught martial arts for the City
since 2001 and has trained over 2000 participants in Southlake. He is a registered
second-degree black belt in Tae Kwon Do and was promoted to Yodan (fourth degree
black belt in Jiu jitsu) in December 2008.
Agenda Item No. 3C. Library Board Report. A written report was given to Council.
Agenda Item No. 3D. Local Business Report. Director Last introduced Sarah Ricketts
who introduced local business, Anderson's Furniture and Design Gallery, to Council.
C
REGULAR CITY COUNCIL MEETING MINUTES, FEBRUARY 3, 2009
Page 2 of 7
CONSENT AGENDA: Consent agenda items are considered to be routine by the City
Council and are enacted with one motion. Mayor Wambsganss read the items into the
record.
Agenda Item No. 4A. Approve minutes from the January 20, 2009 regular City Council
meeting. The minutes were approved as presented.
Agenda Item No. 4B. Resolution No. 09-002, Call a General Election and a Special
Election for May 9, 2009. A presentation was not made on this item. In accordance with
Section 4.21 of the City Charter, the caption for this item is listed as follows:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SOUTHLAKE, TEXAS,
CALLING FOR A GENERAL ELECTION TO BE HELD ON MAY 9, 2009; CALLING
FOR A SPECIAL ELECTION TO BE HELD ON MAY 9, 2009; AND ESTABLISHING
PROCEDURES FOR THOSE ELECTIONS; AND PROVIDING AN EFFECTIVE DATE.
Agenda Item No. 4C. Award construction contract for Segments 'A' and 'F' of the T.W.
King 30-inch water supply line to Circle C Construction, Ltd. in the amount of
$2,635,235 and authorize construction phase contingencies. A presentation was not
made on this item.
Agenda Item No. 4D. Approve four T-Mobile water tower lease agreements for cellular
equipment on the Dove, Miron, Florence, and Bicentennial water towers. A presentation
was not made on this item.
Agenda Item No. 4E. Approve a scope of service agreement with the Southlake
Chamber of Commerce for 2008-2009. A presentation was not made on this item.
Agenda Item No. 4F. Approve the renewal of landscape maintenance contracts with
TruGreen LandCare. A presentation was not made on this item.
Agenda Item No. 4G. Approve an Interlocal Agreement and the Joint Purchase of a
mobile stage with the City of Keller. A presentation was not made on this item.
Agenda Item No. 4H. Resolution No. 09-004, Authorize the selection of the construction
manager at risk method of delivery for construction of the DPS North Training facility. A
presentation was not made on this item. In accordance with Section 4.21 of the City
Charter, the caption for this item is listed as follows:
A RESOLUTION AUTHORIZING THE SELECTION OF THE CONSTRUCTION
MANAGER AT RISK METHOD OF DELIVERY FOR CONSTRUCTION OF THE
DEPARTMENT OF PUBLIC SAFETY NORTH FACILITY; AND PROVIDING AN
EFFECTIVE DATE.
Ag
enda Item No. 41. Resolution No. 09-005
, App
rove and authorize publication of notice
of
intention to issue certificates of oblig
ation
for capital improvement proiects. A
REGULAR CITY COUNCIL MEETING MINUTES, FEBRUARY 3, 2009
Page 3 of 7
presentation was not made on this item. In accordance with Section 4.21 of the City
Charter, the caption for this item is listed as follows:
A RESOLUTION APPROVING AND AUTHORIZING PUBLICATION OF NOTICE OF
INTENTION TO ISSUE CERTIFICATES OF OBLIGATION.
Agenda Item No. 4J. ZA07-144, Site Plan for Lot 1, Players Circle on property being
legally described as Lot 1, Block 1, Players Circle Addition and being located at 1901
West Southlake Boulevard. Current Zoning: C3 General Commercial District. SPIN
Neighborhood #16. This item was tabled to the February 17, 2009 City Council meeting.
Agenda Item No. 4K. Ordinance No. 480-579, 1St Reading (ZA08-062), Zoning Change
and Concept Plan for 520 South White Chapel Boulevard on property being described
as Tract 3E, Hiram Granberry Survey, Abstract No. 581 and being located at 520 South
White Chapel Boulevard. Current Zoning: AG Agricultural District. Requested Zoning:
SF-20A Single Family Residential District. SPIN Neighborhood #14. This item was
tabled to the February 17, 2009 City Council meeting.
Agenda Item No. 6A. Ordinance No. 480-578, 2"d Reading (ZA08-075), Zoning Change
and Development Plan for Ridgeview at Southlake being Tracts 2A, 2A1, 2A5C, and
2A6, W.R. Eaves Survey, Abstract No. 500 and Tracts 1 and 1C, Thomas J. Thompson
Survey, Abstract No. 1502 and located at 505, 507, 511, 515, and 519 Davis Boulevard.
Current Zoning: AG Agricultural District. S-P-1 Detailed Site Plan District, and SF-20A
Single Family Residential District. Proposed Zoning: TZD Transition Zoning District.
SPIN Neighborhood #16. This item was tabled to the February 17, 2009 City Council
meeting.
Agenda Item No. 6B. ZA08-102, Preliminary Plat for Ridgeview at Southlake being
Tracts 2A, 2A1, 2A5C, and 2A6 W.R. Eaves Survey, Abstract No. 500 and Tracts 1 and
1C, Thomas J. Thompson Survey, Abstract No. 1502 and being located at 505, 507,
511, 515, and 519 Davis Boulevard. Current Zoning: AG Agricultural District, S-P-1
Detailed Site Plan District, and SF-20A Single Family Residential District. Proposed
Zoning: TZD Transition Zoning District. SPIN Neighborhood #16. This item was tabled
to the February 17, 2009 City Council meeting.
Agenda Item No. 9A. Approve the conceptual design for park monument signage.
Director Tribble presented this item during the work session and answered Council's
questions.
Motion was made to approve consent agenda items 4A; 413; 4C; 4D; 4E; 4F; 4G; 41-1; 41;
to table item 4J to the February 17, 2009 City Council meeting; to table item 4K to the
February 17, 2009 City Council meeting; to table item 6A to the February 17, 2009 City
Council meeting; to table item 6B to the February 17, 2009 City Council meeting; and to
approve item 9A.
Motion: Muzyka
Second: Terrell
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Page 4 of 7
® Ayes: Muller, Muzyka, Stansell, Terrell, Wambsganss
Nays: None
Approved: 5-0
REGULAR AGENDA:
Agenda Item No. 5. Public Forum. Mayor Wambsganss opened the public forum. No
one spoke during public forum.
Aaenda Item No. 6C. Ordinance No. 480-197a. 2nd Readina (ZA08-111), Zonin
Change and Site Plan for Snow's Gymnastics Center on property being described as
Lot 9, J.G. Allen No. 18 Addition and being located at 401 and 407 South Pearson
Lane. Current Zonina: S-P-1 Detailed Site Plan District. Requested Zonina: S-P-1
Detailed Site Plan District. SPIN Neighborhood #15. Director Baker presented this item
in conjunction with item 6D to Council and answered their questions. Applicant Debbie
Snow, 404 South Pearson Lane, Southlake, Texas answered Council's questions. In
accordance with Section 4.21 of the City Charter, the caption for this item is listed as
follows:
AN ORDINANCE AMENDING ORDINANCE NO. 480, AS AMENDED, THE
COMPREHENSIVE ZONING ORDINANCE OF THE CITY OF SOUTHLAKE, TEXAS;
GRANTING A ZONING CHANGE ON A CERTAIN TRACT OR TRACTS OF LAND
WITHIN THE CITY OF SOUTHLAKE, TEXAS, BEING APPROXIMATELY 3.00 ACRES
SITUATED IN JESSE G. ALLEN SURVEY, ABSTRACT NO. A-18, TRACTS 4A15,
4A16A, AND 4A18, AND MORE FULLY AND COMPLETELY DESCRIBED IN EXHIBIT
"A" FROM "S-P-1" DETAILED SITE PLAN TO ALLOW GYMNASTICS, SWIMMING,
DIVING, DANCE, MARTIAL ARTS INSTRUCTION, ARCHERY RANGE, AFTER-
SCHOOL CARE, SUMMER CAMP PROGRAMS, PRO-SHOP, AND OTHER RELATED
BUSINESSES TO "S-P-1" DETAILED SITE PLAN TO ALLOW GYMNASTICS,
SWIMMING, DIVING, DANCE, MARTIAL ARTS INSTRUCTION, ARCHERY RANGE,
AFTER-SCHOOL CARE, SUMMER CAMP PROGRAMS, PRO-SHOP, AND OTHER
RELATED BUSINESSES AS DEPICTED UPON THE SITE PLAN ATTACHED
HERETO AS EXHIBIT "B" AND SUBJECT TO THE SPECIFIC REQUIREMENTS
CONTAINED IN THIS ORDINANCE; CORRECTING THE OFFICIAL ZONING MAP;
PRESERVING ALL OTHER PORTIONS OF THE ZONING ORDINANCE;
DETERMINING THAT THE PUBLIC INTEREST, MORALS AND GENERAL WELFARE
DEMAND THE ZONING CHANGES AND AMENDMENTS HEREIN MADE;
PROVIDING THAT THIS ORDINANCE SHALL BE CUMULATIVE OF ALL
ORDINANCES; PROVIDING A SEVERABILITY CLAUSE; PROVIDING FOR A
PENALTY FOR VIOLATIONS HEREOF; PROVIDING A SAVINGS CLAUSE;
PROVIDING FOR PUBLICATION IN THE OFFICIAL NEWSPAPER; AND PROVIDING
AN EFFECTIVE DATE.
Motion was made to approve Ordinance No. 480-197a, 2"d Reading (ZA08-111), Zoning
Change and Site Plan for Snow's Gymnastics Center subject to Site Plan Review
Summary No. 1, dated December 26, 2008 granting the requested variances; stipulating
REGULAR CITY COUNCIL MEETING MINUTES, FEBRUARY 3, 2009
Page 5 of 7
that the applicant has agreed to grant the City a ten-foot easement; and further
® stipulating that once a site plan is submitted the sidewalk will need to be installed.
Motion: Stansell
Second: Muzyka
Ayes: Muller, Muzyka, Stansell, Terrell, Wambsganss
Nays: None
Approved: 5-0
Aaenda Item No. 6D. ZA08-096. Plat Revision for Lots 9R1 and 9R2. J.G. Allen No. 18
Addition (Snow's Gymnastics Center) on property being a revision of Lot 9, J.G. Allen
No. 18 Addition and being located at 401 and 407 South Pearson Lane. Current Zoning:
S-P-1 Detailed Site Plan District. Proposed Zonina: S-P-1. SPIN Neiahborhood #15.
Director Baker presented this item in conjunction with item 6C to Council and answered
their questions. Applicant Debbie Snow, 404 South Pearson Lane, Southlake, Texas
answered Council's questions.
Motion was made to approve ZA08-096, Plat Revision for Lots 9R1 and 9R2, J.G. Allen
No. 18 Addition (Snow's Gymnastics Center) subject to Plat Review Summary No. 2,
dated December 26, 2008 stipulating that the easements the applicant has agreed to
will be noted on the plat revision.
Motion: Stansell
Second: Muzyka
Ayes: Muller, Muzyka, Stansell, Terrell, Wambsganss
Nays: None
Approved: 5-0
Mayor Wambsganss called for a short break at 8:17 p.m. to wait for the applicant to
arrive for item 7A. Mayor Wambsganss reconvened the meeting at 8:24 p.m.
Aaenda Item No. 7A. Ordinance No. 480-187b. 1St Readina (ZA08-109). Zonina Chanae
and Site Plan for The Spanish Schoolhouse at the 280 Sports Complex on property
being described as Lot 2R, Block B. Commerce Business Park Addition and being
located at 280 Commerce Street. Current Zoning: S-P-1 Detailed Site Plan District.
Requested Zonina: S-P-1 Detailed Site Plan District. SPIN Neiahborhood V. Director
Baker presented this item to Council and answered their questions. Applicant Christie
Abercrombie, 1420 Danbury Parks Drive, Keller, Texas answered Council's questions
on this item. Council discussed this request.
Motion was made to approve Ordinance No. 480-187b, 1St Reading (ZA08-109), Zoning
Change and Site Plan for The Spanish Schoolhouse at the 280 Sports Complex
specifically with the following requirements: this use will be limited to the 6,000 s.f. as
proposed in the revised site plan received on February 3, 2009; the playground
equipment must be installed to meet City code and requirements; the applicant has
agreed to look at installing a six-foot wrought iron and stone column fence around the
playground area and will present that information with the next reading as well as
AP*, including the appropriate safety and support information.
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REGULAR CITY COUNCIL MEETING MINUTES, FEBRUARY 3, 2009
Page 6 of 7
Motion: Stansell
Second: Muzyka
Mayor Wambsganss asked to see good representations of what the playground area
will look like and asked for it to be received in time for Council to get it with their packet
information.
Ayes: Muzyka, Stansell, Terrell, Wambsganss
Nays: Muller
Approved: 4-1
Agenda Item No. 11. Meeting adjourned. Mayor Wambsganss adjourned the meeting at
8:47 p.m.
*An audio recording of this meeting will be permanently retained in the City
Secretary's Office.
Andy Wambsganss
Mayor
ATT;L.
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Lori Payne, TRMC =
.
City Secretary 0
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REGULAR CITY COUNCIL MEETING MINUTES, FEBRUARY 3, 2009
Page 7 of 7
Storm Water Management
A presentation to
City Council
Planning & Zoning Commission
by the
Quality Development Focus Area Cabinet
January 27, 2009
City of Southlake Strategy Map
Fulfill Our
The City of Southl
lif
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id
ake provides mun
i
icipal services that support the highest quality of
Mission
e
or our res
ent
s bus
nesses
unrivaled qua
. We do this by de
livering outstanding value and
lity in everything that we
Deliver on Our
Safety Mobility
Infrastructure
Performance Management
artnerships
Focus Areas
and Security
and Service Delivery d Volunteerism
De~elopmen
C1 Achieve the
C2
L
C3 Provide a
ttractive keep top-tier
Serve Our
highest standards of
con
ad unique spaces for to drive a
Customers
safety and security
city and region
enjoyment of personal ustainable
interests vironment
Manage the
1 Implement and
are best practices
2 Collaborate wit
select partners to
B3 Pursue gq provide high B5 Optimize
innovative service
Business
L
ss all departmen
implement service
delivery options quality customer use of
solutions
5SEnSiF
service technology
Provide
F1 Achieve
F2 Maintain or
vest
to provide an F4 Maximize return
FlnanCl01
competitive financial
improve AA on
tl intain high quality on investments
L
tewardship
S
benchmarks
rating
public assets
Promote
L1 Ensure cur
1_3 Enhance
L3 Attract. L4 Recognize L5 Actively promote
Learning
people understand
leaders,p
develooand and opportunities for partnerships
and Growth..
the strategy and how
cap abilities to
reto 3 K 'ew reward 1 'gh acd volunteer lnvolvemert
they contribute to it
per•ver res u'ds
work`orce pedormers iindividual and croup`.
Live Ou
r Core Values
Integrity • Inno
vation a Accounta
bility • Commitment to Excellence • Teamwork
1
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Presentation
• Review fundamentals
• Overview regulatory environment
• Identify roles and responsibilities
• Outline strategy and funding
• Discuss public policy issues
• Answer legal questions` r
n
2
4
Fundamentals: FAQs
National Flood Insurance Program
Frequently Asked Questions
M
Fundamentals: Key Terms
• Glossary of Terms
• Examples:
- Hydrology
- Hydraulics 1
- Impervious Coverage z 4
- Storm Water Runoff 1.04
1
3
Fundamentals: Key Terms
• 100 yr Storm - a storm that has 1 in 100
or 1 % chance of occurrence in any year
• 10 yr Storm - a storm that has 1 in 10 or
10% chance of occurrence in any year
• 2 yr Storm - a storm that has 1 /2 or 50%
chance of occurrence in any year
I
4
Fundamentals:
Detention vs. Retention
• Designed for 100 year storm
• Retention - Permanently restrains flow of water.
Generally provided for aesthetic purposes
• Detention - Temporarily restrains flow of water
to reduce downstream impact
• Staged Discharge
V
Retention Pond (with detention)
Outfall Structure (High Flow)
Outfall Structure (Low Flow)
uetention componern
Retention Component
HOA Responsi
City Responsibi
L
Private Amenity - Retention Pond
Flow
5
Detention component
(City Responsibility)
4,:tsx,,, A c a
Fundamentals: Major Basins
6
I
Regulatory Environment
G
National Flood Insurance Program (NFIP)
Administered by FEMA
Southlake - NFIP participant since Feb 1974
Floodplain development/enforcement
Administered by FEMA (USACOE possible involvement)
City of Southlake - Enforcement Authority
Environmental Quality of Creeks/Streams
EPA
TCEQ
City of Southlake (Phase 11 municipality)
7
Regulatory Environment
• Texas Water Law
- Cannot divert or block natural flow of water
- Cannot adversely impact other property
owners
Regulatory Environment
City Ordinances
- Drainage Ordinances (217, 461 and 605)
- Storm Water Utility (900 and 901)
- Critical Drainage Structure Report
- Storm Water Management Plan
- Erosion Control Ordinance for Construction
- Illicit Discharge Ordinance (Future)
- Post Construction BMP Ordinance (Future)
E
8
C,~.
J
Roles & Responsibilities
City Council
and P&Z
Pre-Plans Site Plan/Zoning Released
DRC Construction Inspection &
Documents Certification
Staff
Staff
9
Roles & Responsibilities: Staff
• Draft/recommend proposed policy
• NFIP/Floodplain administrator/ Enforcement
• Review developments for compliance
• Administer Storm Water Management Plan
• Master Drainage Plan
• CIP Implementation
• Education outreach/ Information source
• : Storm water system maintenance
Roles & Responsibilities:
Elected/Appointed Officials
• Consider/adoption/establishment of
- City drainage policy/ ordinances
- Master Drainage Plan
• Ensure proposed land development is consistent
with Master Plans, ordinances and regulations
• City Council adopts budget for CIP drainage
related projects
• Adopt storm water utility operating budget
10
Roles & Responsibilities:
Property Owner
Per Section 9.02 Ordinance 605:
• Maintain all creeks/natural drainage ways and all
unimproved drainage easements on private
property
• Maintain borrow ditches and culverts
- Periodic removal of underbrush, trash and debris,
mowing and general upkeep of borrow ditch to
maintain positive flow of storm water within ditch and
culvert
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11
Storm Water Management
and Funding
02 Localized $ 26,482,772
17 Secondary $ 5,753,810
20 Primary $ 19,679,074
$ 51,915,656*
* 2006 estimate
Storm Water Management
and Funding
Storm Water Utility District
-Adopted October 2006
- Residential Parcels:
- $8/month fee
- Non-Residential Parcels:
• Fee = Allocated Portion of Parcel in square feet
(SF) times residential monthly rate/s.f.
12
Storm Water Management
and Funding
Cost-of-Service
• Operations and Maintenance
• Flood Control
• Water Quality
Broad Use of Funds
• Existing Stormwater Problems
• Future Improvements
Bond Capacity
U
Additional Drainage Projects Remaining
86.6%
V
13
Storm Water Management
and Funding
Storm Water Utility District Collections
,095.
*To Date
Storm Water Management
and Funding
• Capital Projects
Dove Drainage - $2.5 million
• 2300 L. F. of 8' x 5' Box culvert - 100 yr storm
• Debt service - $225,000/year
• Operational Items
- Borrow Ditch cleaning: 10,000 LF
- Culvert Installations: 1500 LF (various sizes).
- Culverts cleaned and jetted: 3000 LF
Cubic yards sediment and debris removed: 15,000 CY
Fiscal Year
Residential
Commercial
TOTAL
2007
$687,899
$329,871
$1,017
,770
2008
$795,611
406,327
$1,201,938
2009
*$257,116
*$149,271
$406,387
*
$2,
626
14
Oft
Public Policy Issues
• Public Versus Private Water
-An Issue of Responsibility
• Funding Challenges
- Project Prioritization
- Storm Water Utility District
- Supplemental Funding Sources
• Community Rating System
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CITY OF
SOUTH AKE
TEXAS
Finance Department's
Quarterly Review
For the period ended December 31, 2008
City of Southlake
January 2009
Integrity ♦ Innovation ♦ Accountability ♦ Commitment to Excellence ♦ Teamwork
To: Shana Yelverton, City Manager
Jim Blagg, Assistant City Manager
From: Sharen Jackson, Finance Director
Re: First Quarter
FY 2009 Financial Report
Date: January 28, 2009
The finance department is pleased to submit a financial report for the first quarter of
FY 2009 for the period ended December 31, 2008. This report contains financial
statements for the City's operating funds, status reports of the Capital Projects and a
report of the City's Investment portfolio.
GENERAL FUND REVENUES
Property tax. In the General Fund, $6,340,509 of $15,847,240 or 40.0% of budgeted
property tax has been collected. Since property tax bills are delinquent as of February 1,
most tax collections are received in the first four months of the fiscal year. It is
anticipated that collections will meet projections. Tarrant County has collected the City's
taxes since 1982.
Sales tax. Sales tax budgeted for Fiscal Year 2009 is $8,955,000. For FY 2009 first
quarter (October and November) the City has collected $1,561,048 in sales tax. This is
17.4% or $206,767 above the projected amounts to date. The significant increase is due
to budget collections are net Grand Avenue 380 agreement and actual collections include
100% of Grand Avenue collections sales tax.
Franchise fees. Franchise fees include amounts received for use of public rights of way
from utility companies. To date the City has received $166,329 of $2,699,848 budgeted.
FY 2009 collections are comparable to prior year's collections. A large portion of the
franchise fees are collected in the fourth quarter of the fiscal year. Tri-County pays their
second semi-annual payment in July. Historically, Oncor made an annual payment in
September but recently Oncor began making quarterly payments.
Fines/Forfeitures. Revenues from Fines and Forfeitures are $194,092, which is 19.4% of
the $1,000,000 budgeted. This revenue source depends on many variables, such as the
number of citations issued, warrants issued and collected, plus the number of cases
assigned to deferred adjudication. Citation volume is higher for first quarter FY 2009
compared to first quarter FY 2008. Citation volume is expected to remain consistent and
revenues from fines are anticipated to meet budget.
Charges for services. This category includes revenue from ambulance transport,
recreation class fees, and amounts received from the Cities of Grapevine and Colleyville
for participation in the Teen Court program. Revenues to date total $132,677, compared
with $114,113 collected for the same period in the prior year. The majority of the
revenue for this category is seasonal and collected during the summer months. It is
anticipated that revenue from Charges for Services will be within budgeted amounts.
Permits/fees. Revenues from permits and fees are $421,812 or 30.3% of the budgeted
amount of $1,392,750. This is more than $381,362 collected as of December 31, 2007.
21 residential permits have been issued to date compared to 34 issued in the prior fiscal
year's first quarter. The largest increase in permits/fees revenue is due to the increased
value in commercial permits issued during the first quarter FY 2009. 7 and 2 commercial
permits were issued for the first quarter December 31, 2008 and December 31, 2007,
respectively.
Miscellaneous. This category includes amounts from tower leases, the 10%
administrative fee retained from Municipal Court State taxes remitted quarterly to the
Comptroller, and library fees/fines. The City has received $127,874 to date. Revenues
from miscellaneous income will meet the $746,238 budgeted.
Interest income. Interest earnings to date total $65,492. It is anticipated that interest
income will be within budgeted amounts.
GENERAL FUND EXPENDITURES
For the first quarter ended December 31, 2008 of the fiscal year, General Fund total
expenditures are $7,536,384 or 23.8% of the $31,713,160 budget. A brief discussion of
each department will follow, providing a summary explanation of major expenditures
trends.
General government department. Department expenditures for the City Secretary's
Office, Human Resources, City Manager's Office and Support Services total $1,603,593
which is 26.8% of budget. Personnel, legal services and utility expenditures are on target
with budget. Therefore it is anticipated that expenditures in General Government will be
within the amount budgeted.
Finance department. For the Finance, Municipal Court, Teen Court Divisions, total
expenditures to date are $337,379 or 17.2% of the $1,959,270 budgeted. Personnel,
operations and capital expenditures are within budget.
Public safety department. Total expenditures for Police Services, Fire Services, and
Public Safety Support, are $3,390,249, which is 27.2% of the $12,486,768 budgeted.
Currently, public safety expenditures are within budget and on target for the fiscal year.
Public works department. Budgeted within this department are Streets/Drainage and
Public Works Administration. Expenditures to date are $605,481 or 20.8% of the
$2,910,285 budgeted. Personnel, operations and capital expenditures are within budget.
Planning and development department. Total expenditures for Planning and building
inspections are $427,874 or 20.6% of the $2,079,589 budgeted for the year. Expenditures
in the Department are within budgeted.
Economic development department. The department has expended $101,450, or 28.4%
of the $357,302 budgeted for the year. Expenditures in the Department are within
budget.
Community services department. Total expenditures for Community Services, Parks
and Recreation, and Library Services are $1,070,358 or 18.0% of the $5,938,877
budgeted. Personnel expenditures are on target with budget. There is $259,240 allocated
for contract landscape/mowing for parks and municipal sites with the majority of the
mowing during the summer months, consequently minimal expenditures have been made
on this line item. Many of the recreation programs are planned for the summer months,
therefore minimum expenditures for revenue-supported contract instructors have been
spent through December. Expenditures in the Department are expected to be within
budget projections.
WATER AND SEWER ENTERPRISE FUND
Revenues. As of December 31, 2008, the City has received $4,659,797 or 23.4% in
revenues of the $19,948,000 estimated. This is comparable to $4,528,708 received
through December of last year. The majority of revenue is received in the summer
months. Total revenues for the year will most likely be within budget or slightly higher.
Expenses. The City has expended $1,341,927 or 10.7% of the $19,823,956 budgeted for
persomlel, operations, capital, and debt services. Of the total expenses, $1,243,389 has
been paid to the City of Fort Worth for treated water.
STORMWATER ENTERPRISE FUND
Revenues. On October 17, 2006, City Council approved Ordinance No. 900 and 901
establishing the Storm Water Drainage Utility System and establishing the fee
respectively. As of December 31, 2008, the City has received $308,894 or 25.4% in
revenue of the $1,215,000 estimated.
Expenses. The City has expended $264,326 or 31.17% of the $847,989 budgeted for
personnel and operations. $107,600 expended for engineering contract services.
DEBT SERVICE FUND
Revenues. The City has received $2,848,636 in current and delinquent property taxes
through December 31, 2008. This fund pays the property tax supported debt
requirements for the City. The first semi-annual payments are due beginning February
2009.
SOUTHLAKE PARKS DEVELOPMENT CORPORATION (SPDC)
Operating Fund. As of December 31, 2008, $768,874 in the 1/2 cent sales tax has been
collected. SPDC sales tax receipts are 7.3% above estimates, or $52,022.
CRIME CONTROL AND PREVENTION DISTRICT (CCPD)
Operating Fund. As of December 31, 2008, $756,259 in the 1/2 cent sales tax has been
collected. Sales tax receipts are 4.9% above estimates, or $36,421.
PARK DEDICATION FEE FUND
Revenues. The City has collected $6,056 of the $60,000 budgeted for the year. This
revenue source varies depending on the number of developments during a fiscal year, and
the park dedication fee credits given, if any, for open space and amenities.
TAX INCREMENT FINANCIAL DISTRICT (TIF)
Revenues. To date TIF has not received any revenues for the fiscal year. Historically,
the TIF revenues are not collected until the third quarter of the fiscal year.
STRATEGIC INITIATIVE FUND
Expenditures. As of December 31, 2008, the expenditures were $110,541 for urban
design and software conversion.
C
G
~bw
GENERAL FUND
Statement of Revenues, Expenditures and Changes in Fund Balance
for the period ended December 31, 2008
with comparative actual amounts for the period ended December 31, 2007
(fiscal month 3-25.00%)
REVENUES
Ad Valorem Taxes
Sales Tax
Franchise Fees
Fines
Charges for Services
Permits/Fees
Miscellaneous
Interest Income
Total Revenues
EXPENDITURES
City Secretary
Human Resources
City Manager
Support Services
General Government Total
Finance
Municipal Court
Municipal Court-Teen Court
Finance Total
Fire
Police
Public Safety Support
Public Safety Total
Streets/Drainage
Public Works Administration
Public Works Total
Building Inspections
Planning
Planning and Dev Total
Economic Development
Economic Development Total
Community Services
Parks and Recreation
Library Services
Community Services Total
Total Expenditures
Excess (deficiency) of
Revenue over Expenditures
OTHER FINANCING
SOURCES AND (USES)
Proceeds from lease/CO (net)
Transfer In-Other Funds
Transfer To-Other Funds
Total Other Sources/(Uses)
Excess (deficiency) of
Revenues/other sources over Exp.
FUND BALANCE OCT 1
Change in reserved fund balance
ENDING FUND BALANCE
fund balance percentage
Year to Date
12/31/2008
$6,340,509
1,561,048
169,329
194,092
132,677
421,812
127,874
65,492
$9,012,833
$81,288
118,726
129,320
1.274.259
1,603,593
174,047
137,751
25.581
337,379
1,201,778
1,205,968
982.503
3,390,249
365,388
240,093
605,481
217,134
210.740
427,874
101.450
101,450
72,616
849,073
148,669
107, 0,358
$7,536,384
$1,476,449
$0
0
0
$0
$1,476.449
2009
Budget
$15,847,240
8,955,000
2,699,848
1,000,000
912,686
1,392,750
746,238
500,000
$32,053,762
$398,346
566,154
562,308
4.454.261
5,981,069
1,162,978
670,163
126.129
1,959,270
5,201,831
5,405,817
1.879.120
12,486,768
1,763,996
1.146.289
2,910.285
1,057,610
1.021.979
2,079,589
357.302
357,302
568,472
4,728,851
641.554
5,938,877
$31,713,160
$340,602
$0
424,465
0
$424,465
$765,067
$7,347,683
$0
$8.112,750
25.58%
Year to Date
12/31/2007
$5,456,711
1,543,868
122,325
155,281
114,113
381,362
98,745
86,052
$7,958,457
$80,601
125,731
115,574
1.211.877
1.533,783
397,881
116,948
27.251
542,080
1,007,437
1,321,757
377,126
2,706,320
511,279
227.555
738,834
158,154
163.190
321,344
71.896
71,896
103,003
934,211
153.480
1,190,694
$7,104,951
$853,506
$0
0
0
$0
$853.506
C
C
WATER AND SEWER ENTERPRISE FUND
Comparative Statement of Revenues and Expenses
for the period ended December 31, 2008 and December 31, 2007
(fiscal month 3-25.00%)
REVENUES
Water Sales-residential
Water Sales-commercial
Sewer Sales
Sanitation Sales
Other utility charges
Miscellaneous
Interest Income
Total Revenues
EXPENSES
Water
Utility Billing
Sewer
Sanitation
Debt Service
Total Expenses
Excess (deficiency) of
Revenue over Expenses
OTHER FINANCING
SOURCES AND (USES)
Transfer In-Other Funds
Developer Contributions
Transfer Out-Other Funds
Total Other Sources/(Uses)
Excess (deficiency) of
Revenues and other sources
over Expenses
Year to Date
12/31/2008
$2,394,041
841,150
1,093,377
246,701
5,802
13,268
65.458
$4,659,797
$1,341,927
95,064
525,738
161,038
0
$2,123,767
$2.536.030
$0
$0
0
$0
2009
Budget
$10,600,000
3,400,000
4,100,000
1,100,000
342,000
106,000
300.000
$19,948,000
$10,494,144
429,981
2,062,331
862,970
5.974.530
$19,823,956
$124.044
$50,000
38( 8.038)
($338,038)
$2.536.030 $21( 3.994)
Year to Date
12/31/2007
$2,310,041
797,996
1,031,135
252,479
75,038
13,774
48.245
$4,528,708
$1,299,315
127,239
396,461
85,569
0
$1,908,584
$2.620.124
$0
$0
0
$0
$2.620.124
r"""1
CITY OF SOUTHLAKE
1% SALES TAX REPORT
2009 Collected Budget Balance
Budget to Date Balance Percent
$ 8.755.000 $1,561.048 ($7,193,952) -82.17%
MONTH
FISCAL
YEAR
2007
% Inc
-Dec
FISCAL
YEAR
2008
% Inc
-Dec
FISCAL
YEAR
2009
% Inc
-Dec
October
674,934
-27.7%
686,499
1.7%
789,287
15.0%
November
619,509
19.0%
802,417
29.5%
771,761
-3.8%
December
1,106,026
34.4%
1,174,260
6.2%
0
-100.0%
January
559,469
11.9%
760,276
35.9%
0
-100.0%
February
611,242
28.1%
619,828
1.4%
0
-100.0%
March
804,752
9.7%
856,010
6.4%
0
-100.0%
April
664,768
7.3%
749,508
12.7%
0
-100.0%
May
744,258
17.6%
787,336
5.8%
0
-100.0%
June
828,321
-7.9%
917,099
10.7%
0
-100.0%
July
715,342
40.3%
751,045
5.0%
0
-100.0%
August
672,614
4.7%
657,387
-2.3%
0
-100.0%
September
810.258
4.8%
863,712
6.6%
0
-100.0%
TOTAL
$8,811,494
$9,625,378
$1,561,048
Three Year Revenue Comparison
by Month
1,200,000
1,000,000
800,000
600,000
'
400,000
'
t
t
200,000
'
0
. r a
1'
s.
Og Og Og
O~' 00
O°' O°' O°'
00 O°
O° O~'
cp~ p¢G
Sao Q°v
❑ FISCAL YEAR 2007 ■ FISCAL YEAR 2008 ® FISCAL YEAR 2009
Actual
Budget
Actual
Estimated
(budget-est.)
%
Month
2008
2009
2009
2009
Difference
Change
October(*)
$686,499
$624,422
$789,287
$
789,287
$ 164,864
26.40%
November(*)
$802,417
$729,858
$771,761
$
771,761
$ 41,903
5.74%
December(*)
$1,174,260
$1,068,077
$0
$
1,068,077
$ -
0.00%
January(*)
$760,276
$691,528
$0
$
691,528
$ -
0.00%
February(*)
$619,828
$563,780
$0
$
563,780
$ -
0.00%
March(*)
$856,010
$778,605
$0
$
778,605
$ -
0.00%
April
$749,508
$681,734
$0
$
681,734
$ -
0.00%
May(*)
$787,336
$716,141
$0
$
716,141
$ -
0.00%
June
$917,099
$834,170
$0
$
834,170
$ -
0.00%
July(*)
$751,045
$683,132
$0
$
683,132
$ -
0.00%
August(*)
$657,387
$597,943
$0
$
597,943
$ -
0.00%
September(*)
$863,712
$785.611
~O
$
785,611
$ -
0.00%
TOTAL
$ 9,625,378
$ 8,755,000
$ 1,561,048
$
8,961,767
$ 206,767
*Beginning April 2006 includes Grand Avenue sales tax collections per 380 agreement
80% of collections will be distributed to Cooper & Stebbins
f" SOUTHLAKE PARKS DEVELOPMENT CORPORATION
~r 112% SALES TAX REPORT
2009 Collected Budget Balance
Budget to Date Balance Percent
$ 4.634.228 768.874 ($3.865.354) -83.41%
u
~401
FISCAL
FISCAL
FISCAL
YEAR
% Inc
YEAR
% Inc
YEAR
% Inc
MONTH
2007
-Dec
2008
-Dec
2009
-Dec
October
$332,430
-27.7%
$338,127
1.7%
$388,753
15.0%
November
305,131
19.0%
395,220
29.5%
$380,121
-3.8%
December
544,759
34.4%
578,367
6.2%
$0
-100.0%
January
275,560
11.8%
374,464
35.9%
$0
-100.0%
February
301,059
28.1%
305,289
1.4%
$0
-100.0%
March
396,371
9.7%
421,617
6.4%
$0
-100.0%
April
327,423
7.3%
369,161
127%
$0
-100.0%
May
366,575
17.6%
387,792
5.8%
$0
-100.0%
June
407,979
-7.9%
451,705
10.7%
$0
-100.0%
July
352,333
40.3%
369,918
5.0%
$0
-100.0%
August
331,288
4.7%
323,788
-2.3%
$0
-100.0%
September
399,082
4.8%
425,411
6.6%
L0
-100.0%
TOTAL
$4,339,989
$4,740,858
$768,874
Three Year Revenue Comp
arison
by Month
$600,000
$500,000
i
$400, 000
is
$300,000
f
$2DUDD
f
it
f
t
$100,000
$0
-
zbl 00 O~
O~ O~
O° O~
O~
O~ O°
O~ O~
SO ~J\
pJ~ SeQ
❑ FISCAL YEAR 2007 ■ FISCAL YEAR 2008
® FISCAL YEA
R 2009
Actual
Budget
Actual
Estimated
(b
udget-est.)
%
2008
2009
2009
2009
Difference
Change
October
$338,127
$330,522
$388,753
$
388,753
$
58,232
16.40%
November
$395,220
$386,331
$380,121
$
380,121
$
(6,210)
-1.91%
December
$578,367
$565,358
$0
$
565,358
$
-
0.00%
January
$374,464
$366,042
$0
$
366,042
$
-
0.00%
February
$305,289
$298,422
$0
$
298,422
$
-
0.00%,
March
$421,617
$412,134
$0
$
412,134
$
-
0.00%
April
$369,161
$360,858
$0
$
360,858
$
-
0.00%
May
$387,792
$379,070
$0
$
379,070
$
-
0.00%
June
$451,705
$441,546
$0
$
441,546
$
-
0.00%
July
$369,918
$361,598
$0
$
361,598
$
-
000%
August
$323,788
$316,505
$0
$
316,505
$
-
0.00%
September
$425,411
$415,842
L0
$
415,842
$
-
0.00%
TOTALS
$ 4,740,858 $
4,634,228
$ 768,874
$
4,686,250
$
52,022
SOUTHLAKE CRIME CONTROL AND PREVENTION DISTRICT
1/2% SALES TAX REPORT
2009 Collected
Budge t to Date
Budget Balance
Balance Percent
L I
$ 4.601,783 $756.259
(3.845.524) -83.57%
Fiscal Year
Percent
Fiscal Year
Percent
Fiscal Year
Percent
2007
Increase/
2008
Increase/
2009
Increase/
MONTH
Actual
(Decrease)
Actual
(Decrease)
Actual
(Decrease)
October
$304,276
-34.01%
$334,143
9.82%
$352,123
5.38%
November
308,020
19.01%
376,231
22.14%
404,136
7.42%
December
523,323
40.69%
536,434
2.51%
-
-100.00%
January
290,761
18.11%
362,682
24.74%
-
-100.00%
February
301,199
27.64%
299,335
-0.62%
-
-100.00%
March
382,088
13.60%
382,776
0.18%
-
-100.00%
April
311,411
2.68%
363,054
16.58%
-
-100.00%
May
359,218
14.26%
388,216
8.07%
-
-100.00%
June
389,658
-7.73%
421,448
8.16%
-
-100.00%
July
348,010
36.36%
362,334
4.12%
-
-100.00%
August
329,686
5.96%
318,847
-3.29%
-
-100.00%
September
374,527
10.05%
395,781
5.67%
-
-100.00%
TOTAL
$4,222,177
$4 541.281
$756.259
Three Year Revenue Comparison
by Month
$600,000
i
$500,000
$400,000
$300,000
$200,000
$100,000
$0
\ J G
dG
C 0 t
c
\
®
Fiscal Year 2007 Actual ❑ Fiscal Year
2008 Actual ■ Fiscal Year
2009 Actual
Actual
Budget
Actual
Estimated
(budget-est.)
%
2008
2009
2009
2009
Difference
Change
October
$
334,143
$ 338,595
$
352,123
$ 352,123
$ 13,528
4.00%
November
$
376,231
$ 381,243
$
404,136
$ 404,136
$ 22,893
6.00%
December
$
536,434
$ 543,581
$
-
$ 543,581
$ -
0.00%
January
$
362,682
$ 367,514
$
-
$ 367,514
$ -
0.00%
February
$
299,335
$ 303,323
$
-
$ 303,323
$ -
0.00%
March
$
382,776
$ 387,876
$
-
$ 387,876
$ -
0.00%
April
$
363,054
$ 367,891
$
-
$ 367,891
$ -
0.00%
May
$
388,216
$ 393,388
$
-
$ 393,388
$ -
0.00%
June
$
421,448
$ 427,063
$
-
$ 427,063
$ -
0.00%
July
$
362,334
$ 367,161
$
-
$ 367,161
$ -
0.00%
August
$
318,847
$ 323,095
$
-
$ 323,095
$ -
0.00%
September
$
395,781
$ 401,054
$
-
$ 401,054
$ -
0.00%
TOTAL
$
4,541,281
$ 4,601,783
$
756,259
$ 4,638,204
$ 36,421
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C
CITY OF
SOUTHLAKE
FINANCE DEPARTMENT
CITY OF SOUTHLAKE CAPITAL IMPROVEMENTS PROGRAM
QUARTERLY STATUS REPORT
December 31, 2008
The Capital Improvements Plan (CIP) establishes a five (5) year funding schedule for
the purchase, construction or replacement of physical assets of the City. Capital
improvements typically have a useful life of over ten (10) years and a value greater than
$10,000. Most CIP projects typically involve major infrastructure development and
improvement. CIP projects are primarily funded through General Obligation (GO) bonds
and Revenue Certificates of Obligation.
The City of Southlake's CIP Quarterly Status Report has been designed as a resource
tool to be utilized by City staff, citizens of Southlake, and the community at large. The
objective of this report is to provide timely and accurate information in a user friendly
format regarding construction and other improvement projects in the City of Southlake.
C
Projects within the City's CIP are categorized as follows: Street and Drainage
Improvements, Traffic Management Projects, Water System Improvements, Sewer
System Improvements, Crime Control Projects and Southlake Parks Development Corp.
Improvement Projects.
1400 Main Street Suite 440 • Southlake, TX 76092
(817) 748-8042 • wwwAsouthlake.bLus
TABLE OF CONTENTS
Page
Streets and Drainage Improvements
Traffic Management Projects ......................................................................5
Water System Improvements ......................................................................6
Sewer System Improvements
Crime Control Projects ..........................................................................10
Southlake Parks Development Corp Improvements ....................................12
*AW
CITY OF SOUTHLAKE, TEXAS
FY 2007-08 CAPITAL IMPROVEMENTS PLAN
Street & Drainage Improvement Projects
Report Date: December 31, 2008
Title:
Location: Proiect Description:
FM 1938 Right-of-Way
East side of Randol Mill from On December 31, 2001, the TCC approved a Minute
FM 1709 north to the city limits Order giving the extension of FM 1938 (FM 1709 to SH
114) along the Randol Mill ROW Priority II funding status
and Farm to Market designation. This means the FM
1938 extension project will likely be funded. Tarrant
County will be acquiring 120' of ROW for the project. An
additional 16'-20' will need to be acquired by the City of
Southlake to provide a buffer, landscaping, a trail, and a
24" water line.
Total Estimated Cost:
LTD Actual Cost: Cost to Complete:
$ 580,000
$ 253,664 $ 326,336
Funding Source(s):
Status:
G.O Bonds, G.O Bond Interest
Waiting on TXDOT and FEDs to complete environmental
studies. Tarrant County, through an interlocal agreement
with the City, is in the process of obtaining right-of-way on
the City's behalf.
Completion Date:
~rr+~
Title:
Location: Proiect Description:
N. White Chapel Ultimate
N. White Chapel from Emerald This project is for the design of the ultimate roadway
Roadway
to State Hwy. 114 section (4 lane divided) as depicted by the Thoroughfare
Plan. This project also includes necessary drainage
improvements.
Total Estimated Cost: LTD Actual Cost: Cost to Complete:
$ 7,095,000 $ 202,869 $ 6,892,131
Funding Source(s): Status:
G.O. Bonds, G.O Bond Interest, Roadway Impact funds Design and engineering are in progress.
Completion Date: Spring 2010
Page 1
CITY OF SOUTHLAKE, TEXAS
FY 2007-08 CAPITAL IMPROVEMENTS PLAN
Street & Drainage Improvement Projects
4er,,,,~ Report Date: December 31, 2008
Title: Location:
Sidewalks throughout the city Various locations
Proiect Description:
Construction of sidewalks in areas where staff has received
requests for the installation of sidewalks, primarily around
schools and areas where sidewalks would improve
pedestrian safety
Total Estimated Cost: LTD Actual Cost:
$ 924,070 $ 304,839
Funding Source(s):
G.O Bonds, Strategic Initiative Fund transfer
Completion Date: When funds are depleted
Cost to Complete:
$ 619,231
Status:
In progress
Title:
Location:
Proiect Description:
Roadway and drainage
Shumaker Lane &
Construct paving and drainage on Shumaker Lane. This
improvements
Sunshine
street is a gravel street with storm water run-off that floods
property to the west in Hunter's Ridge subdivision.
On Sunshine the project will scarify, reclaim, and reshape
the existing pavement and subgrade. Existing bar ditches
will be regraded and reshaped to improve drainage.
Total Estimated Cost:
LTD Actual Cost:
Cost to Complete:
$ 1,003,148
$ 23,460
$ 979,688
Funding Source(s):
Status:
Strategic Initiative Fund transfer
Contract has been awarded and construction has begun.
Completion Date:
Spring 2009
Title:
Location:
Project Description:
Roundabout construction
White Chapel at Continental
Reconstruct the intersection to improve traffic flow and
drainage. The design will include a traffic analysis to
determine the optimal intersection.
Total Estimated Cost:
LTD Actual Cost:
Cost to Complete:
$ 750,000
$ 212,521
$ 537,479
y
Fundinq Source(s):
Status:
Strategic initiative fund transfer, Roadway Impact fund
Engineering is currently underway
Completion Date:
Spring 2009
Page 2
CITY OF SOUTHLAKE, TEXAS
FY 2007-08 CAPITAL IMPROVEMENTS PLAN
Street & Drainage Improvement Projects
I*ftw Report Date: December 31, 2008
Title: Location:
Roundabout construction Dove at N. White Chapel
Total Estimated Cost: LTD Actual Cost:
$ 805,000 $ 48,841
Funding Source(s):
Strategic Initiative Fund transfer, Roadway Impact fund
Completion Date: Spring 2009
Project Description:
Reconstruct the intersection to improve traffic flow and
drainage. The design will include a traffic analysis to
determine the optimal intersection.
Cost to Complete:
$ 756,159
Status:
Engineering is currently underway.
Title: Location:
Roundabout construction Dove at N. Carroll
Total Estimated Cost: LTD Actual Cost:
$ 745,000 $ 48,841
Funding Source(s):
Strategic initiative fund transfer, Roadway Impact fund
Proiect Description:
Reconstruct the Dove St. and N. Carroll Ave intersection to
improve traffic flow and drainage. The design will include a
traffic analysis to determine the optimal intersection.
Cost to Complete:
$ 696,159
Status:
Engineering is currently underway.
Completion Date: Spring 2009
Title: Location: Project Description:
Trail improvements East Dove Road from White Chapel Trail system implementation in key, high-use areas to
to Estes Park entrance to Carroll compliment existing trails, make critical connections, or
Middle School. construction as part of other capital projects.
Total Estimated Cost: LTD Actual Cost:
$ 347,000 $ 17,344
Funding Source(s):
G.O Bonds, Strategic Initiative Fund transfer
Cost to Complete:
$ 329,656
Status:
Design is complete and project will be bid this summer
Completion Date: Summer 2009
Page 3
CITY OF SOUTHLAKE, TEXAS
FY 2007-08 CAPITAL IMPROVEMENTS PLAN
Street & Drainage Improvement Projects
Report Date: December 31, 2008
Title: Location: Project Description:
N. Kimball Avenue N. Kimball Ave from SH 114 to Reconstruct ultimate section (4 lanes divided) of N. Kimball
Dove Rd. Ave from SH 114 to Dove Rd. Ultimate section would add
traffic lanes to encourage re-development of the Mesco site
and alleviate traffic congestion.
Total Estimated Cost: LTD Actual Cost: Cost to Complete:
$ 1,100,000 $ 388,525 $ ' 711,475
Fundinq Source(s): Status:
Roadway Impact fees, G.O Bonds Design and engineering currently underway
Completion Date: FY 2010-11
Page 4
CITY OF SOUTHLAKE, TEXAS
FY 2007-08 CAPITAL IMPROVEMENTS PLAN
Traffic Management Projects
Report Date: December 31, 2008
00"1*1
1~
Aoftw
Title:
Agreement with TXDOT for
construction of deceleration
lanes at various locations
along FM 1709
Total Estimated Cost:
$ 500,000
Funding Source(s):
G.O Bonds, G.O Bond Interest
Completion Date:
Location:
Jellico Court East and West
Brock Dr., Meadowlark Ln.,
Southridge Lakes Pkwy &
Waterford Dr, Ginger Ct., Stone
Lakes PI., Timber Lake PI., Lake
Crest Dr., Bicentennial Park,
Diamond Blvd./Byron Nelson
Pkwy , Foxborough Ln., Miron Dr,
Westwood Dr, Commerce St.,
Bank St.
Project Description:
Construction of intersection improvements with
deceleration lanes along FM 1709 from Jellico Circle
West to Bank Street.
LTD Actual Cost: Cost to Complete:
$ 5,976 $ 494,025
Status:
Working to obtain TXDOT approval of the design.
Title:
Design of right turn deceleration
lanes
Total Estimated Cost:
$ 343,123
Funding Source(s):
G.O Bonds, G.O Bond Interest
Completion Date:
Location:
Project Description:
Various locations on Southlake
Professional services agreement with TranSystems
Blvd.
Corporation. Services will include design, right-of-way
surveying with digital aerial photogrammertry, preparation of
construction plans and specifications, and preparation of
construction documents. The project will also address
drainage and culvert issues that are necessary to
accommodate the widening.
LTD Actual Cost:
Cost to Complete:
$ 268,979
$ 74,144
Status:
Close to completion
Summer 2009
Page 5
CITY OF SOUTHLAKE, TEXAS
FY 2007-08 CAPITAL IMPROVEMENTS PLAN
Water System Improvement Projects
,AV..
v4ftw Report Date: December 31, 2008
Title: Location: Proiect Description:
12" waterline Along E. Continental Blvd. from Replace existing 8" water main with approximately 1,200
Byron Nelson Pkwy to LF of 12" water main. Tie in existing 8" at Wyndsor
Champion's Way Creek, tie in existing 8" at Sarah Park Trail, and tie in
existing 6" at W. Perry & E. Perry
Total Estimated Cost: LTD Actual Cost:
$ 276,650 $ 144,426
Funding Source(s):
Tax & Revenue Certificates of Obligation
(issued in 2006)
Cost to Complete:
$ 132,224
Status:
Contract has been awarded and construction has begun.
Completion Date: Spring 2009
Title: Location:
Florence 1 5 MG elevated Brewer Dr just south of
l water tank Florence Rd.
Total Estimated Cost: LTD Actual Cost:
$ 2,860,000 $ 2,622,087
Funding Source(s):
Tax & Revenue Certificates of Obligation
Completion Date: Spring 2009
Proiect Description:
Construction of a 1.5 million gallon water tower to replace
the existing 0.5 million gallon tank on Florence Dr. The
capacity of the existing tank is inadequate and has to be
refilled many times per day, resulting in cost of pumping,
electricity and shortage of supply to the customers.
Cost to Complete:
$ 237,913
Status:
Construction 97% complete
Title: Location: Project Description:
30" water supply line to TW King TW King Pump Station #2 Construct approximately 32,000 linear feet of 24" water
Pump Station #2 transmission line in order to fully utilize pump station #2 and
the ground storage tanks. Currently, this pump station is not
connected to the Fort Worth supply line. It has to be back
fed from pump station #1. This process is inefficient and
reduces the City's ability to pump water throughout the
{ system.
Total Estimated Cost: LTD Actual Cost: Cost to Complete:
$ 5,476,000 $ 241,419 $ 5,234,581
Page 6
CITY OF SOUTHLAKE, TEXAS
FY 2007-08 CAPITAL IMPROVEMENTS PLAN
Water System Improvement Projects
Report Date: December 31, 2008
Funding Source(s): Status:
Tax & Revenue Certificates of Obligation Project is currently in preliminary design and engineering.
Completion Date: FY 2009/10
Title:
12" water line along
Randol Mill
Total Estimated Cost:
$ 430,000
Funding Source(s):
Tax & Revenue Certifica
Location: Proiect Description:
Randol Mill from Randol Mill Bend This project involves replacing 8300 linear feet of existing 6"
to FM 1709 water line along this portion of Randol Mill. The design was
completed during FY 01-02 from FM 1709 to Florence.
LTD Actual Cost: Cost to Complete:
$ 95,000 $ 335,000
Status:
tes of Obligation
CompletioDate: Fall 2009
Title:
12" water line along
Highland
Total Estimated Cost:
$ 500,000
Fundina Source(s):
Tax & Revenue Certifica
Location:
Highland from Shady Oaks
to SH114
LTD Actual Cost:
$ 34,125
tes of Obligation
Project Description:
This project involves upgrading 5500 LF of 6" pipe with 12"
water main.
Cost to Complete:
$ 465,875
Status:
Engineering and design are in progress
Completion Date: Summer 2009
"how
Page 7
CITY OF SOUTHLAKE, TEXAS
FY 2007-08 CAPITAL IMPROVEMENTS PLAN
Sewer System Improvement Projects
Report Date: December 31, 2008
Title: Location: Proiect Description:
Neighborhood sanitary sewer Quail Creek Estates, Woodland Install 8" sanitary sewer lines to convert neighborhoods
installation, convert from septic Heights, and Shumaker Lane from septic to sewer 7,000 LF in Quail Creek and
Woodland Heights, 930 LF on Shumaker Lane from
Hunter's Creek to Sunshine Ln.
Total Estimated Cost: LTD Actual Cost:
$ 2,254,735 $ 854,914
Funding Source(s):
Tax & Revenue Certificates of Obligation
(issued in 2006)
Completion Date: Spring 2008
Cost to Complete:
$ 1,399,821
Status:
Project is under construction, 26% complete
Title:
N-1 sewer analysis and meter
station improvements for TRA
improvements
Total Estimated Cost:
$ 200,000
Funding Source(s):
Residual funds from other projects
Location: Project Description:
N-1 sewer line from Southlake and Sewer system capacity and structural integrity evaluation
Westlake border to north of
and miscellaneous meter station improvements necessary
Kirkwood Blvd.
to satisfy TRA requirements for turnover of ownership and
maintenance of the N-1 line north of the Southlake city limit.
Completion of the turnover will shift Westlake billing
responsibility to TRA.
LTD Actual Cost:
Cost to Complete:
$ 37,191
$ 162,809
Status:
Professional services contract has been awarded to RJN
Group, Inc. for the evaluation of the condition and capacity
of the N-1 sewer line.
Completion Date: Contract with RJN is complete
Title: Location:
8" sewer line Heathenaood Estates
Royal Oaks Estates
Twin Creek Estates
tgwrr+
Total Estimated Cost: LTD Actual Cost:
$ 1,000,000 $ 81,313
Proiect Description:
This project involves providing sanitary sewer service to the
indicated neighborhoods which are experiencing problems
with septic systems; also to improve groundwater quality
within the city
Cost to Complete:
$ 918,687
Page 8
CITY OF SOUTHLAKE, TEXAS
FY 2007-08 CAPITAL IMPROVEMENTS PLAN
Sewer System Improvement Projects
Report Date: December 31, 2008
Funding Source(s): Status:
Tax & Revenue Certificates of Obligation Engineering and design in progress
(issued in 2008)
Completion Date: Summer 2009
ern
WI
Page 9
CITY OF SOUTHLAKE, TEXAS
FY 2007-08 CAPITAL IMPROVEMENTS PLAN
Crime Control Fund Projects
Report Date: December 31, 2008
Title: Location: Proiect Description:
DPS East facility Central DPS facility to be located Design and construction of a centrally located DSP facility
at 667 N. Carroll Ave.
Total Estimated Cost:
LTD Actual Cost:
Cost to Complete:
$ 13,211,950
$ 8,888,806
$ 4,323,144
Funding Source(s):
Status:
Crime Control sales tax
Construction is in progress
Completion Date:
Fall 2009
Title:
Location:
Project Description:
Town Square video surveillance
Town Square
To strategically place fixed and moveable video cameras at
r~""
Town Square and Grand Ave. Cameras will be monitored
~ftw
and recorded. Will help provide a sense of safety and
security in Town Square, as well as provide a valuable tool
in the prevention and investigation of crime.
Total Estimated Cost:
LTD Actual Cost:
Cost to Complete:
$ 650,000
$ 292,868
$ 357,132
Funding Source(s):
Status:
Crime Control sales tax
31 cameras are installed at the East and West parking
garages, Hilton Hotel, Harkins Theatre and Town Hall.
Completion Date:
Summer 2009
Page 10
Title:
DPS East facility
Total Estimated Cost:
$ 13,211,950
Funding Source s):
Crime Control sales tax
Completion Date:
CITY OF SOUTHLAKE, TEXAS
FY 2007-08 CAPITAL IMPROVEMENTS PLAN
Crime Control Fund Projects
Report Date: December 31, 2008
Location: Protect Description:
Central DPS facility to be located Design and construction of a centrally located DSP facility
at 667 N. Carroll Ave.
LTD Actual Cost:
$ 8,888,806
Fall 2009
Cost to Complete:
$ 4,323,144
Status:
Construction is in progress
Title:
Location:
Protect Description:
Town Square video surveillance
Town Square
To strategically place fixed and moveable video cameras at
Town Square and Grand Ave. Cameras will be monitored
and recorded. Will help provide a sense of safety and
security in Town Square, as well as provide a valuable tool
in the prevention and investigation of crime.
Total Estimated Cost:
LTD Actual Cost:
Cost to Complete:
$ 650,000
$ 292,868
$ 357,132
Fundina Source(s):
Status:
Crime Control sales tax
31 cameras are installed at the East and West parking
garages, Hilton Hotel, Harkins Theatre and Town Hall.
Completion Date:
Summer 2009
Page 11
CITY OF SOUTHLAKE, TEXAS
FY 2007-08 CAPITAL IMPROVEMENTS PLAN
Southlake Parks Development Corp. Improvement Projects
Report Date: December 31, 2008
Title:
Location:
Proiect Description:
Royal & Annie Smith Park
3001 Johnson Rd.
Design, engineering and construction of an asphalt drive
developments
and parking area off Johnson Road , 24' pavilion, irrigation,
amenities such as benches, etc. farm implement display,
fine grading, landscaping, trail additions and playground.
Total Estimated Cost:
LTD Actual Cost:
Cost to Complete:
$ 451,652
$ 212,154
$ 239,498
Funding Source(s):
Status:
Sales Tax Revenue Bonds
Construction is in progress
Completion Date:
Spring 2009
Title:
Location:
Project Description:
Liberty Park at Sheltonwood
Dove at Ridgecrest
Design, engineering and construction of crushed granite
drive and parking, 2 - 24' pavilions, irrigation, amenities,
landscape improvements, utility upgrades, basic
remodeling of existing pavilion, trails (2,300 I.f playground,
sand volleyball and horshoes.
Total Estimated Cost:
LTD Actual Cost:
Cost to Complete:
$ 837,348
$ 356,008
$ 481,340
Funding Source(s):
Status:
Sales Tax Revenue Bonds
Construction is in progress
Completion Date:
Spring 2009
Title:
Location:
Project Description:
Land acquisition for multi-use
Various
Purchase of approximately 40-acres for lighted sports
facility
complex. A new Community Park would be ideal to house a
large number of the fields and minimize the alternative of
decentralizing lighted facilities.
Total Estimated Cost:
LTD Actual Cost:
Cost to Complete:
$ 2,238,000
$ 1,095,586
$ 1,142,414
Funding Source(s):
Status:
Sales Tax Revenue Bonds
Expenditures to date have been for Miles property at
Page 12
CITY OF SOUTHLAKE, TEXAS
FY 2007-08 CAPITAL IMPROVEMENTS PLAN
Southlake Parks Development Corp. Improvement Projects
Report Date: December 31, 2008
Bob Jones Park.
~1r+'
Completion Date: When funds are depleted
Title:
Texas Parks and Wildlife trail
restoration grant, matching fund
participation
Location:
Walnut Grove trail system
Project Description:
Total Estimated Cost: LTD Actual Cost:
$ 44,950 $ 6,736
Funding Source(s):
Sales Tax Revenue Bonds,
Matching Funds from Southlake Mounted Patrol
Improvements to the Walnut Grove trail system.
Bob Jones Trailhead - 4 covered picnic tables and corral
fencing. Walnut Grove Trailhead - 2 covered picnic tables
Erosion control and improvements to trail surfaces and
natural water crossings.
Cost to ComDlete:
$ 38,214
Status:
On hold
Completion Date: Fa112008/Spring 2009, weather permitting
Title:
Bicentennial Park design and
development
Total Estimated Cost:
$ 1,200,000
Funding Source(s):
SPDC Operating Fund
Completion Date:
Location:
Project Description:
Bicentennial Park
Phase I improvements as part of the Bicentennial Park
schematic design include. Shady Oak
entrance/road/round-a-bout; west baseball four-plex and
parking; drainage improvements with pond enhancements;
FM 1709 entrance improvements; Evan's house
modifications; Tennis Courts (from Phase III)
LTD Actual Cost:
Cost to Complete:
$ 943,562
$ 256,438
Status:
Design is 95% complete, construction documents are 70%
complete
Spring 2009
Page 13
MAJOR EVENTS
A major theme in the third quarter was the series of unexpected
financial events that shattered investor confidence, ushered in
certain recession and prompted an abrupt shift in expected Fed
policy. The fourth quarter theme was recession, as virtually all
economic data releases were terrible, sending the media scrambling
to history books searching for data comparisons to the Great
Depression. The quarter began with Congress fiercely debating
the proposed financial market bailout. During the second week of
October as critics showed disdain for what they viewed as a vague
and hastily constructed plan, the DOW dove an astonishing 1,874
points. At one point, the index was down 2,440 points, a 24% plunge
in only five days time. By contrast, the infamous 1929 crash was
Sack-to-back declines of 12.8% and 11.7%. The panic effect was felt
on a global scale as equity markets around the world tumbled along
with the United States. At week's end, the U.S. Central Bank along
with the European Central Bank, England, Canada and Sweden all
cut key short-term interest rates by 50 bps in a rare coordinated
emergency move. Overthe next two days, 185 member nations of the
IMF met and pledged to use "all available tools" to ensure that "no
systemically important financial institution failed." This bold unified
action seemed to stop the bleeding but not the extreme volatility.
Investor trust was severely damaged. Only two weeks after gaining
approval for the $700 billion rescue plan, referred to as the Troubled
Asset Relief Program (TARP), the Treasury department announced
that itwould direct 5250 billion in TARP funds to shore up the nation's
banks, a sharp deviation from the original plan to purchase toxic
financial assets. Atthe same time, the FDIC announced that it would
begin insuring all non-interest bearing deposits and would begin a
temporary program to insure new bank debt. These actions were
intended to encourage banks to lend more freely. Unfortunately, most
banks simply sat on the money. Although it may be too early to get an
accurate reading, the October Senior Loan Officer Survey revealed
that 70% of banks said they'd made it more difficult to obtain prime
mortgages while 65% tightened standards on consumer loans. By
the end of October, consumer confidence had plunged to the lowest
level since recordkeeping began in 1967 and the Fed had cut the
overnight rate by another 50 bps to 1.0%.
On November 25th, the Fed announced even more massive initiatives
intended to increase market liquidity and encourage borrowing.
They proposed to lend up to $200 billion to holders of consumer-
related asset-backed securities, purchase up to $100 billion in GSE
debt and up to $500 billion in agency mortgage-backed securities.
The announcement had an immediate effect on agency debt, driving
yields down by 25 to 30 basis points and making it cheaper for
Fannie, Freddie and the Federal Home Loan Banks to borrow funds.
The more desired effect was that mortgage lending rates began
moving significantly lower, opening the door for refinancing and
providing some financial incentive for those borrowers who were
still considered credit-worthy.
On December 1st, the National Bureau of Economic Research
(NBER) officially declared that a recession had begun ...a year ago.
Usually, by the time a recession has been identified, it's just about
over. Not this time. The November employment report showed that
533k jobs were lost during the month, the largest drop in 34 years,
bringing payroll losses to 1.9 million forthe year. Adding sympathetic
support for an auto bailout, the Center for Automotive Research
projected that a total collapse of the U.S. auto industry could lead to
the loss of another 2.5 million jobs. Before the year ended, $13 billion
in TARP funds would be allocated to Chrysler and GM; tiding them
over for the time-being. On December 11th, market confidence was
dealt another severe blow as authorities learned that Bernie Madoff,
the former President of the NASDAQ stock exchange, had operated
a Ponzi scheme disguised as a hedge fund that had reportedly lost
a staggering $50 billion in investor cash. In its final FOMC meeting
of the year, the Fed cut overnight rates yet again to a historical low
range of zero to 0.25%. If there was a bright spot during the quarter,
it was that inflation all but evaporated amid the deteriorating global
economy with crude oil dropping below$40 per barrel and gas prices
falling to $1.50 per gallon.
H
Last December, the National Association of Realtors issued a
press release entitled "Existing Home Sales to Trend Up in 2008".
You can't blame the Realtors for trying, but this optimism turned
out to be wishful thinking as an 8.6% drop in November 2008 sales
hammered home the point that the housing market was still in
terrible shape. Since reaching a peak in the summer of 2005, existing
home sales have fallen by 38%, while new home sales dropped a
massive 71 This has driven home inventories to record highs at
the same time the number of qualified buyers has shrunk by nearly
two-thirds. New home inventories are at a staggering 11.5 months
supply while the supply of unsold condos has reached 16.7 months.
New construction has virtually ceased. Housing starts fell by 18%
in November to the lowest level since recordkeeping began. With
homeownership near a record high of 68%, the question becomes,
'300
120D
1100
1000
go0
- 800
E
700
Z
600
ao0
- Existing Ho me Sales
- New Home Sales
500
New and Existing Home Sales
Annualized by Month
i
< 5c
L Of
exactly who will purchase this bloated inventory of available
homes? With an imbalance of sellers and buyers, prices have
dropped at an alarming rate - the Case Shiller home price index
fell another 2.2% in October and is now down 18% year-over-year
and more than 23% from its peak. CNN Money reported that a
record 1.35 million homes were in foreclosure in the third quarter,
pushing the foreclosure rate to 2.97%, while the WSJ reported that
one in ten American mortgages are either delinquent or already in
foreclosure. On a bright note, the last weekly Mortgage Banker's
Association survey of the year showed an average 30-year fixed
rate of 5.03%, down from 5.99% five weeks earlier and well below
he Q3 average of 6.31%.
mp oyment
Unemployment Rate (Left Hand Scale) Change in Non-Farm Payrolls (Right Hand Scale)
80
70
00
so
sD
30
20
10
00
0 0 ~ a a o 0
m m m m m m
CChanoe:n Nonfarm Payrolls Unemployment Rate
Employment
Unemployment Rate and Change in Non-Farm Payrolls
200
was 6.7%, but was largely expected to reach in December. Most
experts predicted that later in 2009 unemployment would reach 8% for
the first time in 25 years. The WSJ reported that a broader measure
of unemployment, which includes those who want to work but are no
longer seeking employment, jumped to 12.5% in November.
Clearly, consumers aren't spending money on housing, nor are they
spending money on automobiles. Auto sales fell by an astonishing
30% in November to an annualized pace of only 10.2 million units,
a sharp decline from 2007's pace of over 16 million. The decline
was led by Chrysler at 49%, followed closely by GM at 41%. The
possibility that one, if not all, of the big three automakers could
declare bankruptcy dominated headlines in December.
The lack of spending is an interesting paradox. The U.S. economy is
consumer-driven. This means that for economic growth to pick up, the
consumer has to start spending money again. Until recently, borrowed
money fueled much of the spending. Saving rates were near zero. For
years, cash-out refinancing injected hundreds of billions into consumer's
pockets. The labor market was growing and confidence was high. But
all of that has changed. Consumer confidence dropped to a historical
low of 38 in December. People are fearful of losing their jobs, credit
standards have tightened, home equity has been fully drained and there
are no rainy-day savings to draw on. So, the consumer is finally starting
to act responsibly ...which ironically has stifled economic growth. The
savings rate has jumped from 0.8%to 2.8% in justfour months while retail
sales have collapsed, posting a record five straight negative months. All
hope for a yearend holiday spending rally has been snuffed out Master
Card's "Spending Pulse Index" is indicating as much as an 8% decline
in year-over-year holiday spending. Many experts believe that the 2008
holiday season was the worst in decades for retailers.
00
6.D
a
5.5
00 5.0
-200 4.5
4.0
-30D 3.5
-400 3.0
2.5
-5D0
2.0
-600 1 5
-ao0 1.0
0.5
0.0
-0.5
-1.0
Payroll growth had been negative each month in 2008, an abrupt
change from 2007 which experienced nothing but positive growth.
But the decline had been fairly marginal until the fourth quarter. The
November payroll report was a disaster with 533k jobs lost, the most
in 34 years. Downward revisions increased job losses by an additional
383k in the four months prior. Through November, 1.9 million jobs
had been lost during the year with most experts calling for another
500k drop in the final month. The unemployment rate for November
o ~ o
■CPI®Core
Consumer Price Index:
Core and All Items, Year over Year
The shift in inflationary pressure during the quarter has been
unexpected, unprecedented and welcomed. Just six months ago,
the June ISM prices paid index surged to a shocking 30-year high
of 91.5. Following a CPI report in which food prices soared to their
highest level in 18 years, Dallas Fed President Fisher claimed that
n ation
he "didn't know a single person on the FOMC that wasn't concerned
about inflation" while Philadelphia Fed President Plosser said that
"it was clear rates would have to rise". The minutes to the August
rOMC meeting clearly stated the Fed's next intended move would be
i tighten rates. They were wrong.
By December, the ISM prices paid index had dropped all the way to
18, the lowest level since 1949. Overall CPI fell by 1.7% in November,
the biggest single month drop since recordkeeping began in 1947. On
a year-over-year basis, CPI had declined from an inflationary 5.4% rate
in July to a very deflationary rate of 1.1% in November. The key to the
drop in price pressures was energy. Oil prices plunged from a record
high of $147 per barrel in July to below $40, while gas prices fell from
an average of $4.17 per gallon to $1.68 by the end of the year.
toc Market
The DOW, S&P and NASDAQ lost 19%,23% and 25% in the final quarter
to reach total losses of 37%, 38% and 41% during the year. From the
low point in October, all major indices rallied significantly with the
DOW, S&P and NASDAQ rebounding by 16%,20% and 20% in the final
two months. Some-widely held notions have been challenged this
year, threatening to limit the equity rebound. The idea that stocks act
as an inflation hedge, and that equities have a place in the portfolios of
retirees might be tough to re-establish in the near-term.
19/30/08
10,850
1,166
2,092
12/31/08
8,776
903
1,577
% Chanqe for 04-2008
-19%
-23%
-25%
ummar Outlook
There have been 11 U.S. recessions declared since the Great
Depression. The typical length is about 10 months. The two most
severe lasted 16 months. Butthis one is quite a bit different. Forecasts
for a quick turnaround are few and far between. Most experts
now predict that GDP fell by as much as 6.5% in the fourth quarter
and that the economy will stay in recession for much, if not all of
2009. There is a major inventory overhang in durable goods which
suggests a significant cut in industrial production in the coming
quarter. The labor market has fallen off a cliff in recent months
and job loss can be self-perpetuating. Unemployment is generally
expected to rise to 8% orhigher in 2009. Consumers are scared and
they're saving their money. The savings rate in the U.S. has
risen sharply for four months in a row, moving from 0.8% in
August to 2.8% in November. Personal savings had been on a
steady decline since 1982 when it was 10.9%. By contrast, in
2005 the rate was actually negative. By hoarding cash, instead
of spending, the now thrifty consumer isn't cooperating in
the recovery effort. President-elect Obama hopes to change
this through the introduction of a massive stimulus package
to be unveiled after the January inauguration. Details are still
being hatched, but the likely plan will involve large-scale job
creation through a New Deal-like series of infrastructure and
technology projects.
The good news will eventually come, although things will likely
appear worse before they get better. Falling commodities
prices, in particular gasoline, will help ease the pain of
recession. Most experts predict further price decreases in
2009. Few expect the housing market to bottom out until later
in 2009, although 30-year mortgage rates near 4.50% and home
prices 25% to 30% below their highs will be nice enticements
to buyers and potential investors. There will be refinancing
opportunities and many floating rate loans will reset in 2009
at significantly lower levels. Auto credit will be looser in 2009.
GMAC, after accepting $5 billion in TARP funds in December,
promptly lowered the minimum qualifying FICO score from 700
to 621. (The median FICO score in the U.S. is 723.)
Interest rates, which are now at unimaginably low levels, are
expected to remain low for a similar period. In fact, when the
Fed lowered the overnightfunds rate to near zero in December,
they pledged to keep it there for an extended period of time.
Normally, when the economy enters recession, the Fed lowers
borrowing costs which discourages savings and encourages
borrowing among both consumers and businesses seeking to
expand. The problem this time is obvious; the Fed has run out
of ammunition, at least on the traditional monetary policy side.
The alternative is to concentrate on new and existing lending
programs as well as direct purchases of mortgage-backed and
other illiquid securities. Since Q4 began, this costly method of
creating liquidity has more than doubled the Fed's balance
sheet from $900 billion to $2 trillion ...and counting.
During the quarter, the 10-year Treasury-note yield fell by
142 basis points to the lowest yield in more than 50 years.
On several occasions, 1-month and 3-month Treasury-bills
traded at negative yields, meaning that investors accepted
zero interest and actually received back less principal than
they had invested. The Fed cutthe overnight target to a range
of 0% to 0.25% in December as repo rates traded at 0.05%.
Unfortunately, there is little reason to expect a return to higher
rates in 2009. That would imply that the Fed was tightening
credit and in order for that to occur, the Fed would have to
sense inflation or that a significant economic recovery was
underway. Neither of which is likely to happen anytime soon.
The best advice atthis point isto take whatthe market offers;
don'ttake on additional credit risk and don't extend maturities
beyond cash flow expectations. Take a deep breath and take
solace in the factthat we're all in this together.
Scott McIntyre, CFA
Senior Portfolio Manager
January 5, 2009
nterest ates