CFD Villago - Includes Actions Taken


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    D.1       
Meeting Date: 06/15/2020  
Recommended by: Angele Ozoemelam Prepared by: Karla Lange, Deputy City Clerk
Finance Director Review: Angele Ozoemelam  
City Attorney Review: Brett Wallace  
Approved by: Larry Rains Date Submitted: 06/04/2020
Type of Action Requested: Resolution

SUBJECT:
Adoption of the FY2021 Tentative Budget for the Villago Community Facilities District
RECOMMENDATION:
Consider approval of a resolution adopting the tentative budget and establishing the expenditure limitation for the fiscal year 2021, in the amount of $2,750,128.
DISCUSSION:
The Villago Community Facilities District Budget is specifically designed to pay existing debt service, expenditures of the district and to fund reserves. Included as part of this budget, is a property tax rate of $2.1973. This tax includes an operational component ($0.30) and a General Obligation Bond component ($1.8973), in total which is equal to the FY20 rate.  

The attached forms represent the FY21 Tentative Budget. Required forms shall be published in the local paper. The Board will be asked to adopt the FY21 Final Budget on July 6, 2020, 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.
FISCAL IMPACT:
The 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
Res. 59
Exhibit A - Villago CFD FY21 Tentative Budget
Budget Schedules

  

    

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