| | | | | | | |  | City Council
Staff Report
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| Subject: | Adopting Budgets for Community Facilities Districts Bond Debt Service Funds for Fiscal Year 2021/22 and Collection of Special Taxes on the 2021-22 Tax Roll |
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| | Date: | June 22, 2021 |
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| | Submitted By: | Ted Williams, Financial Analyst |
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| | Department: | Administrative Services - Finance |
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| | | | | | | | 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 2021/22.
B. Adopt a Resolution of the City Council of the City of Rocklin Requesting the Collection of Special Taxes on the 2021-22 Tax Roll.
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| | | | | | | | | BACKGROUND: | The budgets of the Special Tax Districts Bond Debt Service Funds are prepared and presented to City Council annually as part of the City’s effort to provide full transparency. Special taxes placed on the County property tax rolls provide the district’s revenues. District expenses consist of the debt service payments and the districts' 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 districts' special taxes being over or under assessed. Staff ensures that all districts maintain sufficient reserves to make sure all payments are made on time.
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| | | | | | | | | This Staff Report has been reviewed by the City Attorney for legal sufficiency and by the City Manager for content. |
| | | | | | | | | The Finance Department has reviewed this staff report and certifies that budgeted funds are available, unless a budget amendment is being requested as part of this action item. |
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