District Treasurer Morris recommended that the board Approve Resolution No. 35, adopting the tentative budget and establishing the expenditure limitation for fiscal year 2018.
Treasurer Morris reported that 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.
Treasurer Morris reported that the budget forms represent all of the information that has been presented to the Board and will be the adopted budget and expenditure limitation for FY2018, budget schedules hereto attached as Exhibit "A". Required forms shall be published in the local paper as specified and the Board will be asked to adopt them as Final on July 17, 2017 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.
District Clerk Leija read by title only Resolution No. 35, Adopting the Tentative Estimates of the Amount Required for the Public Expense for the Post Ranch Community Facilities District for the Fiscal Year 2017-2018; Adopting a Tentative Budget 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.
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