Item Coversheet

Item Number 36.

  

City Council 
Staff Report


Subject:Adopting a Budget for the Fiscal Year 2021/22


Date:June 22, 2021


Submitted By:Ted Williams, Financial Analyst


Department:Administrative Services - Finance

Staff Recommendation:

Adopt a Resolution of the Public Financing Authority of the City of Rocklin Adopting a Budget for the Fiscal Year 2021/22.
BACKGROUND:
On December 13, 1994, the City of Rocklin (City) and the former Rocklin Redevelopment Agency formed a joint powers authority, the Rocklin Public Finance Authority (RPFA). In 1999, the RPFA issued revenue bonds in the amount of $14,910,000. The proceeds from the revenue bonds were used to purchase special tax bonds issued by the City for and on behalf of three Communities Facilities Districts (CFD #6, CFD #8 and CFD #9). In 2003, the RPFA issued revenue bonds to refund the 1999 RPFA revenue bonds.

In 2017, the RPFA entered into a special tax revenue refunding loan agreement in the amount of $5,000,077 to refund the remaining 2003 RPFA refunding revenue bonds. The RPFA holds the debt of CFD #6, CFD #8 and CFD #9 as an investment. The investment balance is currently $2,564,866.

The budget for the RPFA is prepared and presented to the RPFA Board (Board) on an annual basis. The Board’s approval of the RPFA budget provides staff with the authority to pay the RPFA’s expenses. The annual debt service payments on the 2017 RPFA special tax revenue refunding loan agreement are the only expenditures of the RPFA. Debt service payments received from CFD #6, CFD #8 and CFD #9 are the source of funds used for the 2017 RPFA special tax revenue refunding loan agreement debt service payments. Interest earned from the CFD #6, CFD #8 and CFD #9 investment is the primary source of revenue for the RPFA.
ATTACHMENTS:
Description
Resolution A
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.