| ITEM #: 7. DATE: 05/19/2025 AI #:2537 |
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COMMUNITY FACILITIES DISTRICT REPORT
| SUBJECT: | ADOPT TENTATIVE BUDGET FOR FISCAL YEAR 2026 |
| STAFF PRESENTER(S): | Ryan Bittle, District Finance Manager |
SUMMARY
Resolution CTTNFLWRCFD RES 2025-083 sets the FY2026 tentative budget for the district and schedules a public hearing for the final budget and property tax levy for June 9, 2025, at 5:00 p.m.
Recommendation
ADOPT RESOLUTION CTTNFLWRCFD RES 2025-083 APPROVING THE TENTATIVE BUDGET OF THE DISTRICT FOR THE FISCAL YEAR BEGINNING JULY 1, 2025, AND ENDING JUNE 30, 2026, AND SETTING A HEARING DATE FOR THE FINAL BUDGET AND TAX LEVY. (Ryan Bittle, District Finance Manager)
FISCAL IMPACT
The combined property tax is collected and used for operations and maintenance in Fiscal Year 2026, and general obligation bond debt service payments in Calendar Year 2026. For Fiscal Year 2026, the combined property tax levy will be $262,000. The approximate combined property tax rate projected using the preliminary net limited assessed valuation information from February 2025 is $1.9454 per $100 of net limited assessed valuation, which is below the target rate of $3.00 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 2025.
Of the combined property tax rate, (i) $1.6454 per $100 of net limited assessed valuation is used to pay the general obligation bond debt service payments and (ii) $0.30 per $100 of net limited assessed valuation is used for operations and maintenance for the District.
The total proposed Fiscal Year 2026 tentative budget is $409,100, which includes budget authority for the fund balance amount of $147,100.
Of the combined property tax rate, (i) $1.6454 per $100 of net limited assessed valuation is used to pay the general obligation bond debt service payments and (ii) $0.30 per $100 of net limited assessed valuation is used for operations and maintenance for the District.
The total proposed Fiscal Year 2026 tentative budget is $409,100, which includes budget authority for the fund balance amount of $147,100.
BACKGROUND AND PREVIOUS ACTIONS
District Board will consider this resolution to approve the tentative budget for Fiscal Year 2026, and to set a Public Hearing for June 9, 2025, for the property tax levy and consideration of the adoption of the final budget, both starting at 5:00 P.M., in the Goodyear City Hall Council Chambers, 1900 N. Civic Square, Goodyear, Arizona 85395. At the Public Hearing on June 9, 2025, any taxpayer may speak for or against the proposed expenditures.
There have been no previous actions on this matter.
There have been no previous actions on this matter.
STAFF ANALYSIS
Exhibit A of this resolution, attached here as Attachment A, is the statements and schedules presented for District Board adoption as the tentative budget for Fiscal Year 2026. 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 2026 and there are no bond sales planned at this time.
The target combined tax rate for the District is $3.00 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 2026 and there are no bond sales planned at this time.
The target combined tax rate for the District is $3.00 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.