18:25A significant portion of the meeting was dedicated to exploring the city’s debt obligations and the possibility of refinancing to alleviate the financial burden on Madeira Beach. Currently, the city manages an outstanding debt of approximately $15 million in the stormwater fund. This includes a $3.7 million balance from a 2013 bond and a $12.7 million balance from a 2009 issuance. Annual debt service payments amount to about $1 million. Discussions emphasized the opportunity to issue a Request for Proposal (RFP) to refinance the 2013 debt, potentially saving $20,000 annually and approximately $259,000 in total net present value if executed promptly. However, the decision to proceed hinges on future interest rate trends, with some advocating for immediate action to capitalize on current conditions.

23:21The city also explored capital improvement initiatives, focusing on expenditures over the next five years. Projects such as a basketball court enclosure and restroom facilities at Madira Beach Fundamental were highlighted, addressing community feedback on facility inadequacies during large events. Additionally, the planned replacement of the City Hall veranda and stairs, with an estimated cost of $150,000, was discussed. Safety concerns about non-slip surfaces and deteriorating grout prompted considerations of epoxy flooring as a durable alternative.

42:50Another notable topic was the tuition reimbursement policy for city employees seeking further education. The current policy provides 100% reimbursement for employees remaining with the city for a year post-degree completion. Discussions suggested a commitment of one year of service for each academic year funded by the city, with varying commitments for different degree levels. This proposal aims to ensure the city’s investment in employee education yields long-term benefits. Debate ensued over the duration of employment required post-reimbursement and the necessity for a clear agreement document between employees and human resources to outline expectations.

01:17:13The meeting also addressed the dredging project, involving regulatory bodies like the Florida Department of Environmental Protection and the U.S. Army Corps of Engineers. The city’s representatives expressed frustration over the lengthy process and emphasized the urgency of obtaining permits before the December 31st deadline to retain funding. The consultant reassured that bid packages could be completed swiftly once permits are secured, and regular updates were promised to facilitate progress.

01:48:20Financially, the city presented an overview of its fiscal health, including audited financial statements, fund reserves, and current debt situations. The sanitation fund’s revenue increases due to recent rate adjustments were noted, though stormwater fees remained insufficient to cover costs. Additionally, a discussion on property tax revenues revealed that recent storms led to lower than expected refunds, impacting overall revenue.

01:50:32Community development was another focal point, with the MadiRaa Beach master plan update outlining a long-term vision for the city. The plan, derived from community feedback, includes recommendations for mobility, new development, economic growth, sustainability, and public spaces. The draft plans are expected to be ready by early summer, with a community workshop scheduled for mid-June to engage residents further in the development process.