| ITEM #: 9. DATE: 06/22/2026 AI #:3252 |
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COMMUNITY FACILITIES DISTRICT REPORT
| SUBJECT: | APPROVE THE PROPERTY TAX LEVY FOR KING RANCH COMMUNITY FACILITIES DISTRICT (KRCFD) FOR FISCAL YEAR 2027 |
| STAFF PRESENTER(S): | Ryan Bittle, District Finance Manager |
SUMMARY
Resolution KRCFD RES 2026-063 sets the FY2027 property tax levy for the district.
RECOMMENDATION
Adopt Resolution KRCFD RES 2026-063 levying upon the assessed valuation of the property within the District subject to Ad Valorem Taxation a certain sum upon each $100.00 of assessed valuation sufficient to raise the amounts estimated to be required in the Annual Budget; all for the fiscal year ending the 30th day of June, 2027. (Ryan Bittle, District Finance Manager)
FISCAL IMPACT
The combined property tax is collected and used for operations and maintenance in Fiscal Year 2027 and general obligation bond debt service payments in Calendar Year 2027. For Fiscal Year 2027, the combined property tax levy will be $5,400. The approximate combined property tax rate projected using the preliminary net limited assessed valuation information from February 2026 is $0.30 per $100 of net limited assessed valuation, which is below the target rate of $2.30 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 2026.
There currently is no general obligation debt in the district, so the entire rate is used to support operations and maintenance.
There currently is no general obligation debt in the district, so the entire rate is used to support operations and maintenance.
BACKGROUND AND PREVIOUS ACTIONS
The adoption of the Property Tax Levy is the final of three actions taken by the District Board that set the District’s FY2027 budget and property tax levy. The first action, adoption of the tentative budget, was taken by the District Board on May 18, 2026. It was approved by resolution KRCFD RES 2026-061. The second action, the adoption of the Final Budget, was taken by the District Board on June 8, 2026. It was approved by resolution KRCFD RES 2026-062.
STAFF ANALYSIS
The FY2027 property tax levy is unchanged from the levy included in the Final Budget adopted on June 8, 2026.