This is a request for the District Board to adopt  a resolution approving a Proposed Budget and Tax Levy for Fiscal Year 2018 for the Vistancia West Community Facilities District and to establish a public hearing date of May 16, 2017 for review and final adoption of the budget and tax levy.

Each year in May, the District Board will be asked to adopt a resolution approving a preliminary form of the Vistancia West Community Facilities District Budget and tax levy information for the following fiscal year and also to establish a public hearing date for review of the proposed budget and tax levy estimates.  In May or June each year, the Board will then hold a public hearing and adopt the final budget  for the Vistancia West Community Facilities District and order that an Ad Valorem Tax be levied  and assessed on the assessed value of property within the District.

The Fiscal Year 2018 Proposed District Budget provides for an operating, debt service and capital budget of $3,522,590 for the District for the upcoming fiscal year.  This amount includes up to $3,000,000 in bond proceeds for capital costs and administrative costs including bond issue costs.  The budget identifies the revenues and expenses of the District, and outlines the sources and uses of funds for Fiscal Year 2018. 

The proposed tax rate to be set for the District is $2.10 per $100 of limited assessed value for debt service.  The total tax levy revenue for the upcoming year is estimated to be $147,939.  The balance of revenues for the District is anticipated to come from the Developer per the 2016 Standby Contribution Agreement as well as the Development Agreement.

As required by State Statute (ARS 48-716), a notice of public hearing on the District Budget and the tax levy information for Fiscal Year 2018 will be published in the Peoria Times on May 5, 2017 and May 12,2017, at least ten days prior to the hearing date.  The public hearing is proposed for May 16, 2017, prior to the District Board adopting the budget and tax levy.

The District Board may select the following options:

A: Adopt the attached resolution approve the proposed budget and tax levy estimates for Fiscal Year 2018 for the Vistancia West Community Facilities District and establish a public hearing date of May 16, 2017.

B: Do not adopt the attached resolution approve the proposed budget and tax levy estimates for Fiscal Year 2018 for the Vistancia West Community Facilities District.

This item will establish a preliminary Fiscal Year 2018 budget of $3,522,590 and tax levy of $2.10 per $100 of limited assessed value for the Vistancia West Community Facilities District.

The Proposed District Budget provides for an operating, debt service and capital budget of $3,522,590 for the District for the upcoming fiscal year.   The budget identifies the revenues and expenses of the District, and outlines the sources and uses of funds for the upcoming year.  The proposed tax rate to be set for the district is $2.10 per $100 of limited assessed value for debt service.  The total levy revenue for Fiscal Year 2018 is estimated at $147,939.  The public hearing is proposed for May 16, 2017, prior to the District Board taking action on the budget.