| | | | | | | | CITY OF PEORIA, ARIZONA
VISTANCIA WEST COMMUNITY FACILITIES DISTRICT COMMUNICATION | Agenda Item: 35C. |
| Date Prepared: 3/15/2017 | Council Meeting Date: 5/16/2017 |
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| | | | | | | | | TO: | Carl Swenson, District Manager
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| | | | | | | | THROUGH:
| Julie Arendall, Deputy District Manager |
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| | | | | | | | | FROM:
| Sonia Andrews, Finance Manager
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| | | | | | | | SUBJECT:
| PUBLIC HEARING - District Budget and Tax Levy for Fiscal Year 2018 |
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| | | | | | | | Purpose:
This is a request for the District Board to hold a public hearing for consideration and review of the Vistancia West Community Facilities District Budget and Tax Levy for Fiscal Year 2018. |
| | | | | | | | Background/Summary:
On May 2, 2017, the District Board adopted Resolution No. VWCFD 2017- approving the District’s proposed fiscal year 2018 Budget and Tax Levy and established a hearing date of May 16, 2017 to review the proposed budget and tax levy estimates.
A final form of the District Budget, which is included as Exhibit 1, provides for an operating and capital budget of $3,522,590 for the District for the Fiscal Year 2018. It identifies the revenues and expenses of the District, and outlines the sources and uses of funds for the upcoming year. Exhibit 2 provides a statement of estimated taxes to be collected and estimates the net limited assessed valuation to be $7,044,734 for FY 2018.
The tax rate proposed for the upcoming fiscal year remains unchanged at the rate of $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 are anticipated to come from the Developer as per the Standby Contribution Agreement.
As required by State Statute (ARS 48-716), a notice of public hearing on the District Budget for Fiscal Year 2018 was published in the Peoria Times on May 5, 2017 and May 12, 2017, at least ten days prior to the hearing date. Following the public hearing on May 16, 2017, the District Board may adopt the final budget by resolution.
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| | | | | | | | Previous Actions:
On May 2, 2017, the District Board adopted a preliminary form of the Vistancia West Community Facilities District Budget and tax levy information for Fiscal Year 2018 and established a public hearing date of May 16, 2017 to review the proposed budget and tax levy estimates. |
| | | | | | | | Options:
The District Board may select the following options:
A: Hold a public hearing to discuss the final budget and tax levy estimates for Fiscal Year 2018 for the Vistancia West Community Facilities District.
B: Do not hold a public hearing to discuss the final budget and tax levy estimates for Fiscal Year 2018 for the Vistancia West Community Facilities District.
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| | | | | | | | Staff Recommendation:
PUBLIC HEARING: RE: Final budget and tax levy estimates for Fiscal Year 2018 for the Vistancia West Community Facilities District.
BOARD ACTION: No Board action required. |
| | | | | | | | Fiscal Analysis:
There is no direct financial impact related to holding the public hearing. |
| | | | | | | | Narrative:
The final District Budget for Fiscal Year 2018 provides for an operating and capital budget of $3,522,590 for the District for the upcoming fiscal year. The final 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. |
| | | | | | | | Contact Name and Number:
Sonia Andrews (623) 773-5206 |
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