| AGENDA ITEM #: 5. DATE: 06/07/2021 AI #:138 |
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COMMUNITY FACILITIES DISTRICT REPORT
| SUBJECT: | ADOPT THE FINAL BUDGET FOR FISCAL YEAR 2022 |
| STAFF PRESENTER(S): | Jared Askelson, Deputy Finance Director |
SUMMARY
Resolution WFRCFD#2 RES 2021-074 sets the FY2022 final budget for the district.
Recommendation
FISCAL IMPACT
The total for the Fiscal Year 2022 final budget is $144,800 and balanced as presented. The budget includes expenditures in the amount of $127,400 for debt service and $17,400 for general operations and maintenance. These expenditures will be supported by a combined property tax levy of $138,300, interest on investments of $100, and net use of $6,400 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
The adoption of the Final Budget is the second of three actions taken by the District Board that set the District’s FY2022 budget and property tax levy. The first action, adoption of the tentative budget, was taken by the District Board on May 24, 2021. It was approved by resolution WFRCFD#2 RES 2021-073. The third action, the adoption of the property tax levy, will take place at the next District Board meeting on June 21, 2021, 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
The FY2022 Final Budget expenditure amount is unchanged from the Tentative Budget adopted on May 24, 2021. The property tax levy amount has been decreased by $3,500 and use of fund balance has increased by $3,500. This will bring the district in line with recent state statute changes related to debt service fund balance thresholds. After the adoption of the Tentative Budget, it has been (i) made available for review on the District’s website, at City Hall, and at the City Library, and (ii) mailed to the governing body of the City of Goodyear. 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.