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CORAL RIDGE COUNTRY CLUB ESTATES HOA

Commissioner’s Message

Bruce G. Roberts

Commissioner

FORBES NAMES FORT LAUDERDALE ONE OF 2016'S BEST BUY CITIES:If you are
looking to finally purchase a home in 2016, Fort Lauderdale is not a bad place to
buy. In fact, it might be one of the best. Forbes Magazine released its 2016 list of
Best Buy Cities last week, and Fort Lauderdale was named among them as the
eighth best housing market in the country. To determine the top 20 housing markets,
Forbes partnered with Local Market Monitor, a North Carolina based data
company. The firm considered average home prices and local economic factors, as
well as other characteristics that make for good investments, in the 100 largest
metropolitan areas. Each city boasts healthy job growth, strong population growth,
and anticipated home price appreciation. With a 20 percent home price growth
forecast over the next three years, 3.2 percent annual jobs growth (contributing to
Fort Lauderdale also being named one of the best cities to find a job in 2016), and
4.5 percent three-year population growth rate, shopping for a home in the Venice of
America sure does sound like a good idea. With seven cities on the list, Florida, as
a whole proved to be providing buyers good value. The six other cities were
Orlando (No. 2), Cape Coral (No. 10), North Port (No. 12), Tampa (No. 14),
Jacksonville (No. 18) and West Palm Beach (No. 19). The state's representation on
the list may be credited to the national economic recovery and retirees' or
vacationers' renewed interest in Florida, according to Local Market Monitor founder
Ingo Winzer. He also stated that the national economy has stabilized and is
growing again (the factors that prompt people to go to Florida have recovered).

DEMONSTRATED SAVINGS FROM PENSION OBLIGATION BONDS:Addressing
unfunded liability is a monumental challenge for most local governments. Instead of
ignoring the issue, the City has taken the initiative to meet this challenge. On
October 3, 2012, the City issued Pension Obligation Bonds (POB’s) totaling
$337,755,000. The proceeds were used to reduce the Unfunded Actuarial Accrued
Liability (UAAL) of the General Employees and Police and Firefighters’ Retirement
Systems by 75% each. The remainder is being amortized over a 28 year period in
the General Employee Retirement System and 20 years in the Police and
Firefighters’ Retirement System. With the interest earned by the plans versus the
interest paid on the bonds, the estimated savings over the past three years amounts
to $38.7 million. Additionally, the City gained savings estimated at $72.6 million
from the UAAL reduction. The estimated cumulative savings over the past three years
amounts to $111.3 million in both plans. Liability Reduction: Using the POB’s as a
tool, the City has achieved the following results (based on the last audited financial
statements for period ending 9/30/14): 

• For Police and Firefighters’ Retirement System, the estimated net pension liability
is $19.7 million. Without the POB’s, the net pension liability would have been
$192.9 million for a difference of $173.2 million.

• For the General Employees Retirement System, the estimated net pension liability
is $700,000. Without the POB’s, the net pension liability would have been
$150.1 million for a difference of $149.4 million.

CUSTOMER SERVICE RIBBON CUTTING:Last month, a ribbon-cutting ceremony was
held to officially open the City's new 24-Hour Customer Service Call Center. This
marked the first internal renovation project to be designed and constructed by our
Community Builders from the Public Works Utility Crews and Call Center Staff.
Extensive thought and planning on this initiative resulted in a more sustainable
workspace with numerous safety and technology upgrades. Clear panels on cubes
allow natural light to filter through the space and LED lighting and light sensors will