| ITEM #: 4. DATE: 06/27/2022 AI #:848 |
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COMMUNITY FACILITIES DISTRICT REPORT
| SUBJECT: | APPROVE THE PROPERTY TAX LEVY FOR FISCAL YEAR 2023 |
| STAFF PRESENTER(S): | Jared Askelson |
SUMMARY
Resolution CFGD#1 RES 2022-194 sets the FY2023 property tax levy for the district.
Recommendation
ADOPT RESOLUTION CFGD#1 RES 2022-194 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, 2023. (Jared Askelson, District Deputy Finance Director)
FISCAL IMPACT
The combined property tax is collected and used for operations and maintenance in Fiscal Year 2023 and general obligation bond debt service payments in Calendar Year 2023. For Fiscal Year 2023, the combined property tax levy will be $1,139,800. The approximate combined property tax rate projected using the preliminary net limited assessed valuation information from February 2022 is $0.76 per $100 of net limited assessed valuation, which is below the target rate of $1.00 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 2022.
Of the combined property tax rate, (i) $0.66 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.
Of the combined property tax rate, (i) $0.66 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.
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 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 CFGD#1 2022-192. The second action, the adoption of the Final Budget, was taken by the District Board on June 6, 2022. It was approved by resolution CFGD#1 RES 2022-193.
STAFF ANALYSIS
The FY2023 property tax levy is unchanged from the levy included in the Final Budget adopted on June 6, 2022.