| ITEM #: 6. DATE: 06/06/2022 AI #:843 |
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COMMUNITY FACILITIES DISTRICT REPORT
| SUBJECT: | ADOPT RESOLUTION CTTNFLWRCFD RES 2022-075 APPROVING THE FINAL BUDGET FOR FISCAL YEAR 2023 |
| STAFF PRESENTER(S): | Jared Askelson |
SUMMARY
Resolution CTTNFLWRCFD RES 2022-075 sets the FY2023 final budget for the district.
Recommendation
ADOPT RESOLUTION CTTNFLWRCFD RES 2022-075 APPROVING THE FINAL BUDGET OF THE DISTRICT FOR THE FISCAL YEAR BEGINNING JULY 1, 2022, AND ENDING JUNE 30, 2023. (Jared Askelson, District Deputy Finance Director)
FISCAL IMPACT
The total for the Fiscal Year 2023 final budget is $249,000 and balanced as presented. The budget includes expenditures in the amount of $214,500 for debt service and $34,500 for general operations and maintenance. These expenditures will be supported by a combined property tax levy of $223,200, interest on investments of $200, and net use of $25,600 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 FY2023 budget and property tax levy. The first action, adoption of the tentative budget, was taken by the District Board on May 23, 2022. It was approved by resolution CTTNFLWRCFD RES 2022-074. The third action, the adoption of the property tax levy, will take place at the next District Board meeting on June 27, 2022, 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 FY2023 Final Budget expenditure amount is unchanged from the Tentative Budget adopted on May 23, 2022. The property tax levy amount has been decreased by $19,500 and use of fund balance has increased by $19,500. This will keep the district in line with state statutes 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) delivered 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.