| ITEM #: 2. DATE: 06/12/2023 AI #:1467 |
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COMMUNITY FACILITIES DISTRICT REPORT
| SUBJECT: | PUBLIC HEARING FOR THE FY2024 FINAL BUDGETS FOR COMMUNITY FACILITIES DISTRICTS |
| STAFF PRESENTER(S): | Ryan Bittle, District Finance Manager |
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 2024.
Recommendation
Adopt final budget for the Districts for fiscal year beginning July 1, 2023 and ending June 30, 2024. (Ryan Bittle, District Finance Manager)
FISCAL IMPACT
The total Fiscal Year 2024 final budgets across all ten CFDs is $35,443,800 and are balanced as presented. The budget includes expenditures in the amount of $11,653,100 for debt service, $8,290,700 for general operations and maintenance, and $15,500,000 for a potential issuance of new general obligation bonds. These expenditures will be supported by a combined property tax levy of $9,336,600, other revenues of $3,520,400, interfund transfers of $9,100, general obligation bonds of $15,500,000 net use of fund balance of $496,600, and budget authority for the remaining fund balance of $6,581,100.
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’ FY2024 budgets and property tax levies. The first action, adoption of the tentative budget, was taken by the District Board on May 22, 2023. The third action, the adoption of the property tax levies, will take place at the next District Board meeting on June 26, 2023, at 5:00 p.m. in the Goodyear City Hall Council Chambers, 1900 N. Civic Square, Goodyear, Arizona 85395.
STAFF ANALYSIS
After the adoption of the Tentative Budgets, they were made available for review on the District’s website, at City Hall, and the 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, with at least one publication occurring not less than 10 days prior to the public hearing.The FY2024 Final Budget expenditure amounts are unchanged from the Tentative Budget adopted on May 22, 2023.