| AGENDA ITEM #: 2. DATE: 05/24/2021 AI #:125 |
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COMMUNITY FACILITIES DISTRICT REPORT
| SUBJECT: | ADOPT TENTATIVE BUDGET FOR FISCAL YEAR 2022 AND SET A PUBLIC HEARING |
| STAFF PRESENTER(S): | Jared Askelson, Deputy Finance Director |
SUMMARY:
Resolution PVCFD#3 RES 2021-064 sets the FY2022 tentative budget for the district and schedules a public hearing for the final budget and property tax levy for June 7, 2021, at 5:45 p.m.
Recommendation:
ADOPT RESOLUTION PVCFD#3 RES 2021-064 APPROVING THE TENTATIVE BUDGET OF THE DISTRICT FOR THE FISCAL YEAR BEGINNING JULY 1, 2021, AND ENDING JUNE 30, 2022, AND SETTING A HEARING DATE FOR THE FINAL BUDGET AND TAX LEVY. (Jared Askelson, Deputy Finance Director)
FISCAL IMPACT:
The combined property tax is collected and used for operations and maintenance in Fiscal Year 2022 and general obligation bond debt service payments in Calendar Year 2022. For Fiscal Year 2022 the combined property tax levy will be $639,600. The approximate combined property tax rate projected using the preliminary net limited assessed valuation information from February 2021 is $0.425 per $100 of net limited assessed valuation, which is below the target rate of $2.00 per $100 of net limited assessed valuation. However, the actual rate may vary from this estimate based upon the final net limited assessed valuation of the District which will be certified in August 2021.
Of the combined property tax rate, (i) $0.325 per $100 of net limited assessed valuation is used to pay the general obligation bond debt service payments and (ii) $0.10 per $100 of net limited assessed valuation is used for operations and maintenance for the District.
The total proposed Fiscal Year 2022 tentative budget is $684,100.
Of the combined property tax rate, (i) $0.325 per $100 of net limited assessed valuation is used to pay the general obligation bond debt service payments and (ii) $0.10 per $100 of net limited assessed valuation is used for operations and maintenance for the District.
The total proposed Fiscal Year 2022 tentative budget is $684,100.
BACKGROUND AND PREVIOUS ACTIONS:
There have been no previous actions on this matter.
STAFF ANALYSIS
Exhibit A of this resolution is the statements and schedules presented for District Board adoption as the tentative budget for Fiscal Year 2022. The tentative budget represents the estimates for the operations and maintenance expenses, capital costs and other expenses to be paid from the tax levy, plus the amount needed for general obligation bond debt service expenses.
Although general obligation bonding authority remains for this District, there are no capital improvements projects budgeted for Fiscal Year 2022 and there are no bond sales planned at this time.
The target combined tax rate for the District is $2.00 per $100 of net assessed valuation or less; however the District is legally obligated to levy the amount necessary to service existing general obligation debt.
Although general obligation bonding authority remains for this District, there are no capital improvements projects budgeted for Fiscal Year 2022 and there are no bond sales planned at this time.
The target combined tax rate for the District is $2.00 per $100 of net assessed valuation or less; however the District is legally obligated to levy the amount necessary to service existing general obligation debt.