HomeMy WebLinkAboutPacket, Vanderbilt Farms Community Facilities District Final Budget
VANDERBILT FARMS COMMUNITY FACILlTES DISTRICT
11555 W. Civic Center Drive
Marana, Arizona 85653
At or after 7:00 p.m.
MEETING DATE:
July 19, 2005
AGENDA ITEM: L. b
TO: BOARD OF DIRECTORS
FROM: Roy Cuaron, District Treasurer
SUBJECT: PUBLIC HEARING: VFCFD Resolution No. 2005-04, adoption of
the Fiscal Year 2005-2006 final budget
DISCUSSION
On July 5, 2005 the Board of Directors adopted a tentative budget for Vanderbilt Farms
Community Facilities District (VFCFD) in the amount of $3,296,000. The tentative and final
budget include an ad valorem tax levy of $2.80 per one hundred ($100) of assessed valuation.
After conducting a public hearing, the District Board is being asked to adopt VFCFD Resolution
No. 2005-03, adopting the final budget in the amount of $3,296,000 and establishing an ad
valorem tax levy of $2.80 per one hundred ($100) of assessed valuation for fiscal 2006.
A TT ACHMENTS
Proposed Budget, Summary Schedule of Estimated Revenues and Expenditures/Expenses; and
Notice of Filing Statements and Estimates and Notice of Public Hearing.
RECOMMENDATION
Staff recommends adopting the final budget for fiscal year 2005-2006 in the amount of
$3,296,000.
SUGGESTED MOTION
I move to adopt VFCFD Resolution No. 2005-04.
VFCFD RESOLUTION NO. 2005-04
A RESOLUTION OF THE DISTRICT BOARD OF THE VANDERBILT FARMS
COMMUNITY FACILITIES DISTRICT, PIMA COUNTY, ARIZONA, APPROVING THE
FINAL BUDGET BY THE VANDERBILT FARMS COMMUNITY FACILITIES DISTRICT
BOARD FOR THE FISCAL YEAR BEGINNING JULY 1,2005 AND ENDING JUNE 30,
2006.
WHEREAS, in accordance with Title 48, Section 716, Arizona Revised Statutes, and
following public notice, the Board met on July 19, 2005 at which meeting any taxpayer in the
District was privileged to appear and be heard in favor of or against any of the proposed
expenditures or tax levies; and
WHEREAS, it appears that publication has been duly made, as required by law, of said
proposed budget together with a notice that the District Board would meet on July 19, 2005, at or
after 7:00 P.M., in the council chambers of the Town of Marana Civic Center, 11555 W. Civic
Center Drive, Marana, Arizona, for the purpose of making tax levies as set forth in said
estimates; and
NOW THEREFORE, BE IT RESOLVED that the Vanderbilt Farms Community
Facilities District budget in the amount of $3,296,000 is hereby adopted as the budget of the
Vanderbilt Farms Community Facilities District, Pima County, Arizona for the fiscal year 2005-
2006.
PASSED AND ADOPTED by the District Board of Vanderbilt Farms Community Facilities
District, Pima County, Arizona, this 19th day of July, 2005.
Ed Honea, District Chairman
ATTEST:
Jocelyn C. Bronson, District Clerk
APPROVED AS TO FORM:
Frank Cassidy, District Counsel
Attachment: Statements & Schedules
VFCFD Published Notice
VANDERBILT FARMS COMMUNITY FACILITIES DISTRICT
NOTICE OF FILING STATEMENTS AND ESTIMATES
AND
NOTICE OF PUBLIC HEARING
NOTICE OF FILING STATEMENTS AND ESTIMATES OF THE OPERATION AND
MAINTENANCE EXPENSES OF THE VANDERBILT FARMS COMMUNITY FACILITIES
DISTRICT, THE COSTS OF CAPITAL IMPROVEMENTS TO BE FINANCED BY THE AD
VALOREM TAX LEVY, AND THE AMOUNT OF ALL OTHER EXPENDITURES FOR
PUBLIC INFRASTRUCTURE AND ENHANCED MUNICIPAL SERVICES PROPOSED TO
BE PAID FROM THE TAX LEVY AND OF THE AMOUNT TO BE RAISED TO PAY
GENERAL OBLIGATION BONDS OF THE DISTRICT; AND NOTICE OF A PUBLIC
HEARING ON THE PROPOSED FISCAL YEAR 2005-2006 BUDGET OF THE DISTRICT,
INCLUDING A HEARING ON THOSE PORTIONS OF THE STATEMENTS AND
ESTIMATES NOT RELATING TO DEBT SERVICE ON GENERAL OBLIGATION BONDS.
Notice is hereby given that statements and estimates have been filed in the Office of the District
Clerk of the Vanderbilt Farms Community Facilities District of the operation and maintenance
expenses of the District, the costs of capital improvements to be financed by the voter-approved
ad valorem tax levy, and the amount of all other expenditures for public infrastructure and
enhanced municipal services proposed to be paid from the tax levy and of the amount to be
raised to pay general obligation bonds of the District, all of which shall be provided for by the
levy and collection of ad valorem taxes on the assessed value of all the real and personal
property in the District. Notice is further given of a public hearing on the proposed Fiscal Year
2005-2006 budget of the District, including (but not limited to) a hearing on those portions of the
statements and estimates not relating to debt service on general obligation bonds, all pursuant to
Arizona Revised Statutes **48-716 and 48-723. Such hearing will be held by the District Board
on Tuesday, July 19,2005, at or after 7:00 p.m. in the council chambers of the Town of Marana
Civic Center, 11555 W. Civic Center Drive, Marana, Arizona. Copies of the budget are
available from the Office of the District Treasurer, 11555 W. Civic Center Drive, Town of
Marana, Arizona 85653, telephone number: (520) 382-1930.
Dated this 6th day of July 2005
/s/ Michael A. Reuwsaat
District Manager
Vanderbilt Farms Community Facilities District
Published: July 8, 2005
EXHIBIT B
VANDERBILT FARMS COMMUNITY FACILITIES DISTRICT (VFCFD)
PROPOSED BUDGET
FISCAL 2005-2006
REVENUES
Property Tax - General (Operating)
Property Tax- Secondary (Debt Service)
Developer Contributions
Total Revenues
Budget
Amount
$0
$0
$1,001,000
$1,001,000
EXPENDITURES
CFD Administration
Costs of Issuance
Accounting/Auditing
Public Notification Expenses
Consultant Services
Outside Legal Counsel
Debt Service
Trustee Fees
Capital Improvements Acquisition
Replacement Reserve
Total Expenditures
$25,000
$90,000
$2,000
$2,000
$10,000
$10,000
$235,000
$2,000
$2,910,000
$10,000
$3,296,000
Excess (Deficiency) of Revenues
Over (Under) Expenditures
($2,295,000)
Other Financing Sources (Uses)
General Obligation Bonds
$3,000,000
Total Other Financing Sources
$3,000,000
Excess (Deficiency) of Revenues and
Other Financing Sources Over (Under)
Expenditures and Other Financing Uses
$705,000
BEGINNING FUND BALANCE
$25,000
ENDING FUND BALANCE
$730,000
EXHIBIT C
VANDERBILT COMMUNITY FACILITIES DISTRICT
Summary of Tax Levy and Tax Rate Information
FISCAL 2005-06
2004-05 2005-06
FISCAL YEAR FISCAL YEAR
1. Maximum allowable primary property tax levy.
AR.S.342-17051(A). $ $
2. Amount received from primary property taxation in
the 2004-05 fiscal year in excess of the sum of that
year's maximum allowable primary property tax levy.
AR.S.342-17102(A)(18). $
3. Property tax levy amounts
A Primary property taxes $ $
B. Secondary property taxes
C. Total property tax levy amounts $ $
4. Property taxes collected>
A Primary property taxes
(1) 2004-05 year's levy $
(2) Prior years' levies
(3) Total primary property taxes $
B. Secondary property taxes
(1) 2004-05 year's levy $
(2) Prior years' levies
(3) Total secondary property taxes $
C. Total property taxes collected $
5. Property tax rates
A DISTRICT tax rate
(1) Primary property tax rate
(2) Secondary property tax rate 2.8000 2.8000
(3) Total city/town tax rate 2.8000 2.8000
B. Special assessment district tax rates
Secondary property tax rates - As of the date the proposed budget was prepared, the
DISTRICT was operating NO special assessment districts for which secondary
property taxes are levied.
> Includes actual property taxes collected as of the date the proposed budget was prepared, plus
estimated property tax collections for the remainder of the fiscal year.