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.