Item Coversheet

Item Number 12.

  

City Council 
Staff Report


Subject:Resolutions to Adopt the Budgets for Community Facilities Districts Bond Debt Service Funds for Fiscal Year 2019-2020 and Requesting Collection of Special Taxes on the 2019-2020 Tax Roll.


Date:June 25, 2019


Submitted By:

Ted Williams, Financial Analyst

Mary Rister, Finance Manager



Department:Administrative Services - Finance

Staff Recommendation:

A. Adopt a Resolution of the City Council of the City of Rocklin Adopting Budgets for Community Facilities Districts Bond Debt Service Funds for Fiscal Year 2019-2020.

 

B. Adopt a Resolution of the City Council of the City of Rocklin Requesting the Collection of Special Taxes on the 2019-2020 Tax Roll.


BACKGROUND:

The budgets of the Special Tax Districts Bond Debt Service Funds are prepared and presented to City Council on an annual basis as part of the City’s practice to provide full transparency. Budgeted expenses provide City Council with information about the resources needed by each of the special districts. Special taxes placed on the County tax rolls are the basis for the district’s budgeted revenues. For Community Facilities Districts (CFDs), the special taxes are established to collect sufficient funds to make the debt service for the upcoming bond year and pay administrative costs in the upcoming fiscal year. The bond year often crosses fiscal years, resulting in a positive or negative “Results of Operations” for the budget year. Over time, these differences balance out. The positive and negative “Results of Operations” are not reflective of the district’s special taxes being over or under assessed.

 

Please note that there will not be tax levied for CFD#3.  The bonds will be paid off in FY 2020-21 and the district has sufficient cash reserves to make all remaining payments.

ATTACHMENTS:
Description
Resolution A
Resolution B
This Staff Report has been reviewed by the City Attorney for legal sufficiency and by the City Manager for content.