| | | | | | | | CITY OF PEORIA, ARIZONA
VISTANCIA WEST COMMUNITY FACILITIES DISTRICT COMMUNICATION | Agenda Item: 36C. |
| 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:
| Final District Budget and Tax Levy Estimates for Fiscal Year 2018 |
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| | | | | | | | Purpose:
This is a request for the District Board to adopt a resolution approving the final budget for fiscal year 2018 for the Vistancia West Community Facilities District; ordering that an ad valorem tax be levied and assessed on the assessed value of all real and personal property within the District; providing for certified copies of this Resolution to be delivered to the Maricopa County Board of Supervisors and the Arizona Department of Revenue; and providing that this Resolution become effective after its passage and approval according to law. |
| | | | | | | | Background/Summary:
On May 2, 2017, the District Board adopted a preliminary budget and tax levy information for the District for fiscal year 2018 and established a hearing date of May 16, 2017 to review the proposed budget and tax levy estimates. The attached resolution continues this process and includes a final form of the Vistancia West Community Facilities District Budget (Exhibit 1) and Tax Levy Statements and Estimates (Exhibit 2) for fiscal year 2018.
The fiscal year 2018 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 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 a Standby Contribution 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 was 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 scheduled for May 16, 2017, prior to the District Board taking action on the attached 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: Adopt the attached resolution approving the final budget and tax levy estimates for fiscal year 2018 for the Vistancia West Community Facilities District.
B: Do not approve the final budget and tax levy estimates for fiscal year 2018 for the Vistancia West Community Facilities District.
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| | | | | | | | Staff Recommendation:
Discussion and possible action to adopt RES. VWCFD 2017.02 approving the final budget and tax levy estimates for Fiscal Year 2018 for the Vistancia West Community Facilities District; ordering that an Ad Valorem Tax be levied and assessed on the assessed value of all property within the District; and providing for certified copies of this Resolution to be delivered to the appropriate agencies. |
| | | | | | | | Fiscal Analysis:
This item will establish a final budget of $3,522,590 and tax levy of $2.10 per $100 of limited assessed value for the upcoming fiscal year for the Vistancia West Community Facilities District. |
| | | | | | | | Narrative:
The final District Budget for fiscal year 2018 provides for an operating, debt service 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. The public hearing is scheduled for May 16, 2017, prior to the District Board taking action on the attached resolution. |
| | | | | | | | Contact Name and Number:
Sonia Andrews (623) 773-5206 |
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