Discussion and possible action to adopt RES. MCFD 2023-04 approving the final budget and tax levy estimates for Fiscal Year 2024 for the Mystic at Lake Pleasant Heights 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.

The District prepares a budget for public hearing and board approval each year in accordance with A.R.S. 48-716. The budget identifies the anticipated revenues and expenses of the District for the upcoming year.

A final form of the District Budget, attached as Exhibit 1, provides for an operating and capital budget of $452,500 for the District for the Fiscal Year 2024. Exhibit 2 provides a statement of estimated taxes to be collected for FY 2024.

The tax rate proposed for the upcoming fiscal year is $2.65 per $100 of limited assessed value for debt service. The total tax levy 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 and/or Standby Contribution Agreement.

As required by A.R.S 48-716, a notice of public hearing on the District Budget for Fiscal Year 2024 was published in the Peoria Times on May 4, 2023, at least ten days prior to the hearing date. Following the public hearing on May 16, 2023, the District Board may adopt the final budget by resolution.