Summary:
Each year in May, the District Board is asked to adopt a resolution approving a preliminary form of the Mystic at Lake Pleasant Heights 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 Mystic at Lake Pleasant Heights 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 2024 Proposed District Budget provides for an operating and debt service budget of $452,500 for the district. The budget identifies the revenues and expenses of the District, and outlines the sources and uses of funds for Fiscal Year 2024.
The proposed tax rate to be set for the District is unchanged at $2.65 per $100 of limited assessed value for debt service. The total tax levy revenue for the upcoming year is estimated to be $260,515. The balance of revenues for the District is anticipated to come from the Developer per 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 2024 will be published in the Peoria Times on May 4, 2023, at least ten days prior to the hearing date. The public hearing is proposed for May 16, 2023, prior to the District Board adopting the budget and tax levy.