Resolution No. 75
Adoption of the Fiscal Year 2016-2017 Tentative Budget for
Copper Mountain Ranch Community Facilities District
District Treasurer Morris recommended that the Board approve the resolution adopting the tentative budget and establishing the expenditure limitation for fiscal year 2017.
District Treasurer Morris reported that the Copper Mountain 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 is not projected to cover district expenses. All Shortfalls will be covered by existing fund balance and then developer reimbursements as required.
The 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. 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.
Adoption of the annual budget establishes the spending plan for the coming fiscal year. No expenditure of funds may occur that is not in conformance with the adopted budget.
District Clerk Miller read by title only Resolution No. 75, Adopting the Tentative Budget for the Copper Mountain Ranch Community Facilities District for the Fiscal Year 2016-2017; Setting Forth the Receipts and Expenditures, the Amounts Actually Levied, and the Amounts Estimated as Collectible for the Previous Fiscal Year and the Amount Proposed to be Raised by Direct Property Taxation for the Various Purposes; and Giving Notice of the Time for Hearing Taxpayers for Adopting of Budget and for Fixing the Tax Levies.