| ITEM #: 2. DATE: 06/06/2022 AI #:837 |
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COMMUNITY FACILITIES DISTRICT REPORT
| SUBJECT: | PUBLIC HEARING FOR THE FY2023 FINAL BUDGETS FOR COMMUNITY FACILITIES DISTRICTS |
| STAFF PRESENTER(S): | Jared Askelson |
SUMMARY
The District Board will hold a public hearing to receive a staff report and public comment on the final budgets for the ten Community Facilities Districts to be adopted for Fiscal Year 2023.
Recommendation
Conduct a public hearing on the final budget for the Districts for the fiscal year beginning July 1, 2022 and ending June 30, 2023. (Jared Askelson, District Deputy Finance Director)
FISCAL IMPACT
The total Fiscal Year 2023 final budgets across all ten CFDs is $12,339,000 and are balanced as presented. The budget includes expenditures in the amount of $10,191,400 for debt service and $2,147,600 for general operations and maintenance. These expenditures will be supported by a combined property tax levy of $8,886,200, other revenues of $3,326,600, and net use of $126,200 in fund balance.
This budget will establish spending priorities and the appropriations to allow the District to conduct its financial business.
This budget will establish spending priorities and the appropriations to allow the District to conduct its financial business.
BACKGROUND AND PREVIOUS ACTIONS
This public hearing is required prior to the adoption of the Final Budgets, the second of three actions taken by the District Board that set the Districts’ FY2023 budgets and property tax levies. The first action, adoption of the tentative budget, was taken by the District Board on May 23, 2022. The third action, the adoption of the property tax levies, will take place at the next District Board meeting on June 27, 2022, in the Goodyear Justice Center, at 14455 W. Van Buren Street, Suite B101 (southeast corner of 145th Avenue and Van Buren Street), Goodyear, Arizona.
STAFF ANALYSIS
After the adoption of the Tentative Budgets, they were made available for review on the District’s website, at City Hall, and City Library. The budget amount, property tax levy information, and the time and place of tonight’s public hearing has been published twice in a local newspaper. The FY2023 Final Budget expenditure amounts are unchanged from the Tentative Budget adopted on May 23, 2022. District property tax levies will decrease for Cottonflower ($19,500), and Wildflower #1 ($3,900) from the amounts included in the tentative budgets.