Title
DISCUSSION AND POSSIBLE ACTION TO ADOPT THE DRAFT STRATEGIC PLAN AND DIRECTING THE CITY ATTORNEY TO DRAFT A RESOLUTION AUTHORIZING A GENERAL OBLIGATION BOND REFERENDUM TO FINANCE THE CITY OF PEMBROKE PINES STRATEGIC PLAN "WE LOVE PEMBROKE PINES - A BLUEPRINT FOR A BRIGHTER FUTURE".
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. On November 6, 2024, the City Commission approved the City's Draft Strategic Plan, titled "We Love Pembroke Pines - A Blueprint for a Brighter Future". The Draft Strategic Plan is organized into three parts. The first part outlines the Vision, Mission, and the Strategic Focus Areas, with specific goals and strategies aligned to each focus area. The second part is the Implementation Plan, which details the Programs, Policies, and Projects that will bring the Strategic plan to life. The third part is the Project List, which identifies major capital investment projects that support the goals of the Strategic Plan.
2. As of this Commission meeting, Mayor Castillo has hosted seven Public Forums to introduce the Draft Strategic Plan to the community. Additionally, the plan has been made available online for all residents to review. Feedback gathered from the community has been collected and incorporated into updates to the Draft Strategic Plan.
3. From the feedback gathered, the Implementation Plan now includes an additional strategy for Goal 1 for the Strategic Focus Area titled "Communication and Marketing"
Goal 1: Develop a comprehensive marketing and communication plan aligned with the city's strategic goals.
New Strategy #4: Collaborate with community partners, organizations, and government entities to advocate for a variety of services and resources while actively connecting residents with the most relevant options based on their specific circumstances.
Details on the programs and policies identified to support this strategy can be found in the attached Revised Implementation Plan highlighted in pink on page 17.
4. The Project List in the plan currently outlines $315 million in proposed capital improvement projects to achieve its objectives. To date, City Administration has allocated $50 million to partially fund these initiatives. The City Commission must now determine how to address the remaining funding gap. One option previously discussed is placing a general obligation bond referendum on the March 2025 ballot for residents to consider. If the City Commission chooses to pursue this route, they must provide direction on the total bond amount and specify the list of projects to be included, enabling the City Attorney to draft the necessary resolution for authorization.
5. Attached to this agenda are two options prepared by City Administration for consideration.
Option A. The revised Project List totals $250 million, with a proposed GO Bond referendum amount of $200 million after accounting for already allocated funds. This adjustment reduces the original project list by $64,944,912. Attached to this agenda is a detailed breakdown of the projects that were either reduced or removed from the initial $315 million project list. The revised list eliminates all new community facilities, including the plaza and public art initiatives, reduces road resurfacing funding by $10 million, and scales back park projects by $45,520,413, leaving a citywide allocation of $33,390,819 for park projects.
Option B. The revised Project List totals $230 million, with a proposed GO Bond referendum of $180 million after accounting for previously allocated funds. This adjustment reduces the original project list by $84,944,911. A detailed listing of all projects reduced or removed from the initial $315 million project list is attached to this agenda. The revised list eliminates all new community facilities, including the plaza and public art projects, reduces road resurfacing by $10 million, and limits park funding to just three projects: Maxwell Park, Flamingo Park, and West Pines Soccer Park, with a combined allocation of $13,390,820.
6. Included in this agenda is a financial analysis illustrating the estimated annual cost of GO Bond debt per resident for both Option A ($200 million) and Option B ($180 million).
7. Under Option A, issuing $40 million in bonds annually over five years, for a total of $200 million, starting in FY2025-2026 would result in an estimated annual cost of $24 to residents with a median-valued home of $202,450 in the first year. This cost would increase to $106 by the fifth year and then gradually decrease each year thereafter over a total repayment period of 35 years.
8. Under Option B, issuing $36 million in bonds annually over five years, for a total of $180 million, starting in FY2025-2026 would result in an estimated annual cost of $22 to residents with a median-valued home of $202,450 in the first year. This cost would increase to $96 by the fifth year and then gradually decrease each year thereafter over a total repayment period of 35 years.
9. City Administration is requesting approval to adopt the Draft Strategic Plan and provide direction on drafting a resolution authorizing the general obligation bond referendum, including the specific amount to be included. This resolution would then be presented for consideration at the December 18th Commission meeting.
Financial Impact
FINANCIAL IMPACT DETAIL:
a) Initial Cost: There is no cost to adopt the strategic plan or to authorize City Administration to draft a resolution for Commission to consider authorizing a general obligation bond referendum.
b) Amount budgeted for this item in Account No: Not Applicable
c) Source of funding for difference, if not fully budgeted: Not Applicable
d) 5 year projection of the operational cost of the project: Not Applicable
e) Detail of additional staff requirements: Not Applicable
FEASIBILITY REVIEW:
A feasibility review is required for the award, renewal and/or expiration of all function sourcing contracts. This analysis is to determine the financial effectiveness of function sourcing services.
a) Was a Feasibility Review/Cost Analysis of Out-Sourcing vs. In-House Labor Conducted for this service? Not Applicable
b) If Yes, what is the total cost or total savings of utilizing Out-Sourcing vs. In-House Labor for this service? Not Applicable