CFD Post Ranch - Includes Action Item


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    F.1       
Meeting Date: 06/06/2016  
Recommended by: Doug Sandstrom Prepared by: Jeffrey Graves, Budget Analyst
Finance Director Review: Doug Sandstrom  
City Attorney Review: Brett Wallace  
Approved by: Jim Thompson Date Submitted: 05/05/2016
Type of Action Requested: Resolution

SUBJECT:
Adoption of the FY2017 Tentative Budget for the Post Ranch Community Facilities District
 
RECOMMENDATION:
Approve Resolution adopting the tentative budget and establishing the expenditure limitation for fiscal year 2017.
 
DISCUSSION:
The Post Ranch Community Facilities District Budget is specifically designed to pay existing debt service, expenditures of the district and to program reserves. Included as part of this budget, is a continuation of the existing $0.30 property tax rate. This tax includes an operational component ($0.30) and a General Obligation Bond component ($0.00). There is no debt outstanding on this District and the operational rate does not cover district expenses. Any Shortfalls are reimbursed from the developer. Actual expenditures and additional budget authority is included in the event the district activity increases. If additional costs are incurred the Developer will be responsible to reimburse the district for those costs.
 
The attached forms represent all of the information that has been presented to the Board and will be the adopted budget and expenditure limitation for FY2017. Required forms shall be published in the local paper as specified and the Board will be asked to adopt them as Final on June 20, 2016 as well as establish the tax rate at the same time. Adoption of the Tentative budget establishes the expenditure limitation for the fiscal year, the final budget may be adopted at a lesser amount but may not be increased above the limit established by this action.
 
FISCAL IMPACT:
Adoption of the annual budget establishes the spending plan for the following fiscal year. No expenditure of funds may occur that is not in conformance with the adopted budget.
ALTERNATIVES:
N/A
Attachments
FIN R-Tentative FY 2016-2017 Annual Budget for POST RANCH CFD
Post Ranch - Exhibit A FY2017 CFD Budget
Post Ranch - Exhibit B FY2017 AG Forms
Post Ranch - Exhibit C NOTICE OF FILING STATEMENTS AND ESTIMATES AND NOTICE OF PUBLIC HEARINGS

  

    

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