Rancho Sahuarita CFD Meeting

REVISED District Board Meeting Agenda Pursuant to A.R.S. § 38-431.02 notice is hereby given to the public that the District Board of the Rancho Community Facilities District will hold a meeting at the date and time specified below at the Sahuarita Council Chambers, 375 West Sahuarita Center Way, Sahuarita, AZ. Members of the Rancho Sahuarita District Board will attend either in person or by telephone conference call. To better serve our community, the Council Chambers is wheelchair accessible. Persons with a disability may request a reasonable accommodation, such as a sign language interpreter, by contacting the District Clerk’s Office at 520-822-8801. Requests should be made no later than three (3) working days prior to the meeting to arrange the accommodation. June 8, 2020 REGULAR MEETING AGENDA AT OR AFTER 6:30 P.M. 1. Call to Order 2. Roll Call 3. Call to the Public At this time, any member of the public is invited to address the District Board on any issue which is on tonight’s Agenda or any issue which the District Board can lawfully act upon at a future meeting. Written comments regarding any item on the agenda or any issue which the District Board can lawfully act upon may be submitted prior to the beginning of the meeting for distribution to the District Board. Pursuant to the Arizona Open Meeting Laws, the District Board may not discuss the items, but individual members of the District Board may respond to criticism made by those who have addressed the District Board, may ask staff to review the matter, or may ask that the matter be placed on a future agenda. 4. Consent Agenda Action recommended: approve the consent agenda recommendations. A. Approval of the February 24, 2020 Rancho Sahuarita Community Facilities District Meeting Minutes. 5. Presentation, discussion and possible adoption of Resolution No. 2020-0016, approving a tentative budget for fiscal year 2021 in the amount of $3,779,510.00 pursuant to Section 48-716, Arizona Revised Statutes, as amended; setting a public hearing date on said tentative budget; filing statements and estimates of the operation and maintenance expenses of the Rancho Sahuarita Community Facilities District, the costs of capital improvements to be financed by the 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 Rancho Sahuarita Community Facilities 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 Rancho Sahuarita Community Facilities District; providing Regular Meeting Agenda- June 8, 2020 Page 1 of 2  Rancho Sahuarita Community Facilities District MEETING Agenda for notice of filing the statements and estimates and notice of a public hearing on the portions of the statements and estimates not relating to debt service on general obligation bonds; and providing that this resolution shall be effective after its passage and approval according to law. Action recommended: adopt the resolution. 6. Adjournment Action may be taken by the District Board on any item listed on this agenda. The District Board may vote to go into executive session pursuant to A.R.S. § 38-431.03 (A) (3) for discussion or consultation for legal advice with the District Counsel concerning any matter listed on this agenda. Notice to parents: Meetings of the Mayor and Council are audio and video recorded. If you permit your child to participate in the Council Meeting, a recording will be made. You may exercise your right not to consent by not permitting your child to participate. You and your child may also leave the Council Meeting at any time. Regular Meeting Agenda- June 8, 2020 Page 2 of 2  4.A District Board Agenda Communication TO: Honorable Chairperson and District Board FROM: Lisa Cole MMC, District Clerk MEETING DATE: June 8, 2020 SUBJECT: Approval of the February 24, 2020 Rancho Sahuarita Community Facilities District Meeting Minutes. FINANCIAL / BUDGET SUMMARY STAFF RECOMMENDATION Staff recommends approval of the attached minutes. SUGGESTED MOTION I move to approve the minutes as submitted (or amended). DISCUSSION Draft minutes submitted for District Board approval. ATTACHMENTS 1. February 24, 2020 Rancho Sahuarita CFD Meeting Minutes Packet Pg. 3  4.A.1 District Board Meeting Minutes RANCHO SAHUARITA COMMUNITY FACILITIES DISTRICT MEETING MINUTES Attachment: February 24, 2020 Rancho Sahuarita CFD Meeting Minutes (Approval of Minutes) FEBRUARY 24, 2020 The District Board of the Rancho Sahuarita Community Facilities District met in the Sahuarita Council Chambers, 375 West Sahuarita Center Way, Sahuarita, AZ on February 24, 2020. 1. Call to Order The meeting was called to order at 6:33 PM by Chairperson Tom Murphy. 2. Roll Call Attendee Name Title Status Arrived Tom Murphy Chairperson Present Kara Egbert Vice Chairperson Present Bill Bracco Board Member Present Erik Dahl Board Member Present Simon Davis Board Member Present Melissa Hicks Board Member Present Gil Lusk Board Member Present Also in attendance were District Manager L. Kelly Udall, District Counsel Dan Hochuli and District Clerk Lisa Cole. 3. Call to the Public There were no speakers. 4. Consent Agenda MOTION was made to approve the consent agenda recommendations. RESULT: APPROVED [UNANIMOUS] MOVER: Melissa Hicks, Board Member SECONDER: Gil Lusk, Board Member AYES: Murphy, Egbert, Bracco, Dahl, Davis, Hicks, Lusk Regular Meeting Minutes- February 24, 2020 Page 1 of 3 Packet Pg. 4  Rancho Sahuarita Community Facilities District MEETING Minutes 4.A.1 A. Approval of the January 27, 2020 Rancho Sahuarita Community Facilities District Meeting Minutes. 5. Public hearing and presentation on the report of the feasibility and benefits of certain projects to be financed with the proceeds of the sale of general obligation bonds to be paid by the District’s ad valorem property tax. District Treasurer A.C. Marriotti introduced the item. Stifel, Nicolaus & Company (Stifel) Associate Jack Leeper summarized the Community Facilities Attachment: February 24, 2020 Rancho Sahuarita CFD Meeting Minutes (Approval of Minutes) District formation and provided an overview of the projects to be financed. Mr. Leeper reviewed property value growth progressions and the estimated development of projected home units for the next five years. Mr. Leeper highlighted the changes made to the feasibility report and responded to questions from the Board. Mayor Murphy opened the public hearing. There were no speakers. Mayor Murphy closed the public hearing. No action was taken. A copy of the presentation was distributed at the meeting. 6. Discussion and possible adoption of Resolution 2020-0015, a resolution of the Board of Directors of the Rancho Sahuarita Community Facilities District ratifying the giving of notice of hearing with respect to approving, and approving, a feasibility report which includes identifying the public infrastructure of the projects, the areas benefited or to be benefited, the expected method of financing and the system of providing revenues to operate and maintain the projects, including the nature and timing of the issuance of the bonds, all as provided in such report, and resolving the intent therefor; authorizing the sale and issuance of general obligation bonds, series 2020; approving the form and authorizing the execution and delivery of a First Amendment to District Development, Financing Participation and Intergovernmental Agreement (Rancho Sahuarita Community Facilities District), a Series 2020 Standby Contribution Agreement, a Series 2020 Depository Agreement, a Series 2020 Indenture of Trust and Security Agreement, a Placement Agent Agreement, and certain other documents relating to the bonds; awarding the bonds to the purchaser thereof; delegating the determination of certain terms of the bonds and matters related thereto to the District Manager; authorizing the subsequent levying of an ad valorem property tax with respect to the bonds and authorizing the taking of all other actions necessary to the consummation of the transactions contemplated by this Resolution. District Treasurer A.C. Marriotti summarized the item. MOTION was made to adopt Resolution No. 2020-0015. RESULT: APPROVED [UNANIMOUS] MOVER: Melissa Hicks, Board Member SECONDER: Gil Lusk, Board Member AYES: Murphy, Egbert, Bracco, Dahl, Davis, Hicks, Lusk Regular Meeting Minutes- February 24, 2020 Page 2 of 3 Packet Pg. 5  Rancho Sahuarita Community Facilities District MEETING Minutes 4.A.1 7. Adjournment Chairperson Murphy adjourned the meeting at 6:50 PM. ______________________________ Chairperson Tom Murphy ATTEST: Attachment: February 24, 2020 Rancho Sahuarita CFD Meeting Minutes (Approval of Minutes) ______________________ Lisa Cole, MMC District Clerk CERTIFICATION I hereby certify that the foregoing minutes are a true and correct copy of the minutes of the Meeting of the District Board of the Rancho Sahuarita Community Facilities District held on the 24th day of February, 2020. I further certify that the meeting was duly called and held and that a quorum was present. Dated this 8th day of June, 2020. __________________________________ Lisa Cole, MMC District Clerk Regular Meeting Minutes- February 24, 2020 Page 3 of 3 Packet Pg. 6  5 District Board Agenda Communication TO: Honorable Chairperson and District Board FROM: A.C. Marriotti, District Treasurer MEETING DATE: June 8, 2020 SUBJECT: Presentation, discussion and possible adoption of Resolution No. 2020-0016, approving a tentative budget for fiscal year 2021 in the amount of $3,779,510.00 pursuant to Section 48-716, Arizona Revised Statutes, as amended; setting a public hearing date on said tentative budget; filing statements and estimates of the operation and maintenance expenses of the Rancho Sahuarita Community Facilities District, the costs of capital improvements to be financed by the 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 Rancho Sahuarita Community Facilities 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 Rancho Sahuarita Community Facilities District; providing for notice of filing the statements and estimates and notice of a public hearing on the portions of the statements and estimates not relating to debt service on general obligation bonds; and providing that this resolution shall be effective after its passage and approval according to law. FINANCIAL / BUDGET SUMMARY Rancho Sahuarita CFD: Will establish 2021 tentative budget in the amount of $3,779,510.00. STAFF RECOMMENDATION Staff recommends adoption of Resolution No. 2020-0016. SUGGESTED MOTION I move to adopt Resolution No. 2020-0016. DISCUSSION Presented for your approval is the fiscal year 2021 Tentative Budget for the Rancho Sahuarita Community Facilities District. Staff will give a presentation on the 2021 Tentative Budget at the meeting. Packet Pg. 7  5 Rancho Sahuarita Community Facilities District Agenda Communication If the Tentative Budget is approved, a public hearing will be scheduled for the June 22nd Board Meeting at which point the Board may adopt the 2021 Budget and establish the property tax levy for the year. Public notices will be published in accordance with State law. Property Tax Levy The budget includes a total property tax levy of $4.99 per $100 of net assessed valuation on property located within the District’s boundaries, as follows: • $4.69 per $100 of net assessed valuation to pay for annual debt service obligations and • $0.30 per $100 of net assessed valuation to pay for District operating and maintenance costs. The proposed levy for next year is the same as the current year. ATTACHMENTS 1. Resolution No. 2020-016 2. FY2021 RSCFD Tentative Budget Presentation Packet Pg. 8  5.1 Attachment: Resolution No. 2020-016 [Revision 1] (Resolution No. 2020-0016: FY 21 Tentative Budget) RANCHO SAHUARITA COMMUNITY FACILITIES DISTRICT RESOLUTION NO. 2020-0016 A RESOLUTION OF THE DISTRICT BOARD OF THE RANCHO SAHUARITA COMMUNITY FACILITIES DISTRICT, A COMMUNITY FACILITIES DISTRICT OF ARIZONA, APPROVING A TENTATIVE BUDGET FOR FISCAL YEAR 2021 IN THE AMOUNT OF $3,779,510 PURSUANT TO SECTION 48-716, ARIZONA REVISED STATUTES, AS AMENDED; SETTING A PUBLIC HEARING DATE ON SAID TENTATIVE BUDGET; FILING STATEMENTS AND ESTIMATES OF THE OPERATION AND MAINTENANCE EXPENSES OF THE RANCHO SAHUARITA COMMUNITY FACILITIES DISTRICT, THE COSTS OF CAPITAL IMPROVEMENTS TO BE FINANCED BY THE 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 RANCHO SAHUARITA COMMUNITY FACILITIES 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 RANCHO SAHUARITA COMMUNITY FACILITIES DISTRICT; PROVIDING FOR NOTICE OF FILING THE STATEMENTS AND ESTIMATES AND NOTICE OF A PUBLIC HEARING ON THE PORTIONS OF THE STATEMENTS AND ESTIMATES NOT RELATING TO DEBT SERVICE ON GENERAL OBLIGATION BONDS; AND PROVIDING THAT THIS RESOLUTION SHALL BE EFFECTIVE AFTER ITS PASSAGE AND APPROVAL ACCORDING TO LAW. BE IT RESOLVED BY THE DISTRICT BOARD OF RANCHO SAHUARITA COMMUNITY FACILITIES DISTRICT as follows: WHEREAS, on April 28, 2014, the Rancho Sahuarita Community Facilities District (“RSCFD”), a community facilities district in accordance with Section 48-701 et seq., Arizona Revised Statutes, as amended, was formed; and WHEREAS, RSCFD is a special purpose district for purposes of Article IX, Section 19, Constitution of Arizona, a tax-levying public improvement district for the purposes of Article XIII, Section 7, Constitution of Arizona, and a municipal corporation for all purposes of Title 35, Chapter 3, Articles 3, 3.1., 3.2, 4 and 5, Arizona Revised Statutes, as amended, and [except as otherwise provided in Section 48-708(B), Arizona Revised Statutes, as amended] is considered to Resolution No. 2020-0016 Page 1 of 3 Rancho Sahuarita Community Facilities District Packet Pg. 9  5.1 be a municipal corporation and political subdivision of the State of Arizona, separate and apart from the Town; and WHEREAS, a primary purpose for creating RSCFD was to finance certain public improvements needed for the development known as “Rancho Sahuarita” through assessment of ad valorem taxes on all real and personal property within RSCFD; and Attachment: Resolution No. 2020-016 [Revision 1] (Resolution No. 2020-0016: FY 21 Tentative Budget) WHEREAS, in accordance with Sections 48-719 and 48-723, Arizona Revised Statutes, as amended, a special election was held on August 12, 2014, wherein the qualified electors of RSCFD voted to issue general obligation bonds in the maximum amount of $60,000,000 to cover costs of public infrastructure purposes, and to levy and collect an annual ad valorem tax at a rate not to exceed thirty cents (30¢) per one hundred dollars ($100) of assessed valuation for operation and maintenance expenses of RSCFD; and WHEREAS, in accordance with Sections 48-716 and 48-723, Arizona Revised Statutes, as amended, the District Treasurer of RSCFD has submitted to the District Board of RSCFD a proposed budget for fiscal year 2021, which includes statements and estimates of the operation and maintenance expenses of RSCFD, the costs of capital improvements to be financed by the authorized 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 RSCFD, 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 within RSCFD; and WHEREAS, the District Board of RSCFD desires now to approve said tentative budget for fiscal year 2021, to publish notice of having filed the required statements and estimates, and to set a date (and publish a notice thereof) for a public hearing to receive comment on the tentative budget and, particularly, on the portions of the statements and estimates not relating to debt service on general obligation bonds; and WHEREAS, after said public hearing (and on or before October 1), the District Board of RSCFD expects to adopt a final budget by resolution; and WHEREAS, on or before the third Monday in August, the District Board of RSCFD also expects to order the fixing, levying and assessment of required ad valorem taxes and to cause certified copies of the order to be delivered to the Pima County Board of Supervisors; NOW, THEREFORE, BE IT RESOLVED BY THE DISTRICT BOARD OF THE RANCHO SAHUARITA COMMUNITY FACILITIES DISTRICT, AS FOLLOWS: 1. That certain proposed budget prepared by the District Treasurer of RSCFD for fiscal year 2021, attached hereto and expressly made a part hereof as Exhibit “A” is hereby tentatively approved. 2. The statements and estimates of the operation and maintenance expenses of RSCFD, the costs of capital improvements to be financed by the 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 Resolution No. 2020-0016 Page 2 of 3 Rancho Sahuarita Community Facilities District Packet Pg. 10  5.1 bonds of RSCFD in fiscal year 2021 are hereby filed in accordance with Arizona Revised Statutes Section 48-723(C), as amended, and are attached hereto and expressly made a part hereof as Exhibit “A.” 3. A public hearing date of June 22, 2020, beginning at or after 6:30 p.m. at the Sahuarita Town Hall Council Chamber, 375 W. Sahuarita Center Way, Sahuarita, Arizona, is hereby set to consider said tentative budget (including, but expressly not limited to, consideration Attachment: Resolution No. 2020-016 [Revision 1] (Resolution No. 2020-0016: FY 21 Tentative Budget) of those portions of the statements and estimates not relating to debt service on general obligation bonds of RSCFD), and said notice (attached hereto and expressly made a part hereof as Exhibit “B”) shall be published once in the Sahuarita Sun no later than ten (10) days prior to said hearing date. 4. If any provision in this Resolution is held invalid by a court of competent jurisdiction, the remaining provisions shall not be affected but shall continue in full force and effect. 5. This Resolution shall be effective after its passage and approval according to law. PASSED by the District Board of the Rancho Sahuarita Community Facilities District this 8th day of June, 2020. Tom Murphy Chairperson Rancho Sahuarita Community Facilities District ATTEST: Lisa Cole, MMC District Clerk Rancho Sahuarita Community Facilities District APPROVED AS TO FORM: Daniel J. Hochuli District Attorney Rancho Sahuarita Community Facilities District Resolution No. 2020-0016 Page 3 of 3 Rancho Sahuarita Community Facilities District Packet Pg. 11  5.1 EXHIBIT “A” FISCAL YEAR 2021 RANCHO SAHUARITA COMMUNITY FACILITIES DISTRICT BUDGET (RSCFD STATEMENTS AND ESTIMATES OF EXPENSES FOR FISCAL YEAR 2021) Attachment: Resolution No. 2020-016 [Revision 1] (Resolution No. 2020-0016: FY 21 Tentative Budget) Packet Pg. 12  5.1 RANCHO SAHUARITA COMMUNITY FACILITIES DISTRICT SOURCES AND USES OF FUNDS 2020 2021 Adopted Amended Estimated Budget Budget Budget Actual Amount SOURCES Revenues: Taxes $ 76,370 $ 76,370 $ 76,370 $ 155,590 Attachment: Resolution No. 2020-016 [Revision 1] (Resolution No. 2020-0016: FY 21 Tentative Budget) Investment Earnings ‐ ‐ 7,500 5,000 Developer Contributions 370,690 370,690 46,490 491,920 Subtotal: 447,060 447,060 130,360 652,510 Other Sources: Face Amount Debt ‐ ‐ 3,365,000 ‐ Subtotal: ‐ ‐ 3,365,000 ‐ Beginning Fund Balance: Restricted for Capital Acquisition ‐ ‐ ‐ 3,127,000 Restricted for Debt Service ‐ ‐ 303,690 ‐ Subtotal: ‐ ‐ 303,690 3,127,000 TOTAL SOURCES $ 447,060 $ 447,060 $ 3,799,050 $ 3,779,510 USES Current Expenditures: General Government $ 2,320 $ 2,320 $ 2,160 $ 3,320 Streets 18,850 18,850 6,000 18,850 Subtotal: 21,170 21,170 8,160 22,170 Debt Service: Principal 129,000 129,000 129,000 201,000 Interest 291,890 291,890 291,890 424,340 Other 5,000 5,000 5,000 5,000 Debt Issuance Costs ‐ ‐ 238,000 ‐ Subtotal: 425,890 425,890 663,890 630,340 Capital Outlay: Infrastructure ‐ ‐ ‐ 3,127,000 Subtotal: ‐ ‐ ‐ 3,127,000 Subtotals Combined: 447,060 447,060 672,050 3,779,510 Ending Fund Balance: Restricted for Capital Acquisition ‐ ‐ 3,127,000 ‐ Restricted for Debt Service ‐ ‐ ‐ ‐ Subtotal: ‐ ‐ 3,127,000 ‐ TOTAL USES $ 447,060 $ 447,060 $ 3,799,050 $ 3,779,510 Packet Pg. 13  5.1 EXHIBIT “B” FORM OF PUBLISHED NOTICE RANCHO SAHUARITA COMMUNITY FACILITIES DISTRICT Attachment: Resolution No. 2020-016 [Revision 1] (Resolution No. 2020-0016: FY 21 Tentative Budget) 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 RANCHO SAHUARITA 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 2021 BUDGET OF THE DISTRICT IN THE AMOUNT OF $3,779,510 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 Rancho Sahuarita 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 2021 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 June 22, 2020, at or after 6:30 p.m. at the Sahuarita Town Hall Council Chambers, 375 W. Sahuarita Center Way, Sahuarita, Arizona. Copies of the budget are available from the Office of the District Clerk, 375 W. Sahuarita Center Way, Sahuarita, Arizona 85629, telephone number: (520) 822-8801; on the Town of Sahuarita website: www.sahuaritaaz.gov; and at the Pima County Library, Sahuarita Branch, 725 W. Via Rancho Sahuarita Blvd., Building #2, Sahuarita, Arizona 85629. Dated this 8th day of June, 2020. /s/ L. Kelly Udall District Manager Rancho Sahuarita Community Facilities District Packet Pg. 14  5/26/2020 5.2 Attachment: FY2021 RSCFD Tentative Budget Presentation (Resolution No. 2020-0016: FY 21 Tentative Budget) Tentative Budget Adoption Fiscal Year 2021 Board Meeting June 8, 2020 The District Formed on March 24, 2014 943 acres, all within Sahuarita town limits  Planned build-out  3,267 Residential Units + 1.25M sq. ft. commercial Assessor’s Info 46 residential lots (1.4% built out) $3.20M total taxable net assessed valuation  104% increase over last year Packet Pg. 15 1  5/26/2020 5.2 The District Attachment: FY2021 RSCFD Tentative Budget Presentation (Resolution No. 2020-0016: FY 21 Tentative Budget) Tax levying public improvement district Finance acquisition and maintenance of public infrastructure and facilities Bond election authorized $60M bond capacity and debt service property tax $9.13M outstanding debt  $5.78M GO Bonds issued in 2018 (term 2043)  $3.48M GO Bonds issued in 2020 (term 2045) The District Relationship to Town Legally separate entity Part of the Town’s financial reporting entity  Governmental Accounting Standards Board (GASB)  Blended component unit  Special Revenue Fund  Does not separately issue financial reports. Packet Pg. 16 2  5/26/2020 5.2 FY2021 Budget: $3,779,510 Attachment: FY2021 RSCFD Tentative Budget Presentation (Resolution No. 2020-0016: FY 21 Tentative Budget) Sources: Uses: $3,779,510 $3,779,510 Balanced District Revenues & Sources 2021 Budget: $3,779,510 Tax Rate Unchanged $4.99 / $100 Property Taxes TAV $155,590 Interest Earnings Beginning $5,000 Developer Balances Contributions $3,127,000 $491,920 Packet Pg. 17 3  5/26/2020 5.2 District Expenditures 2021 Budget: $3,779,510 Attachment: FY2021 RSCFD Tentative Budget Presentation (Resolution No. 2020-0016: FY 21 Tentative Budget) General Government $3,320 Streets $18,850 Debt Service, Capital Outlay, $630,340 $3,127,000 Resolution • Approves FY2021 Tentative Budget • Tentative Budget filed and made available • District Clerk, library, and website • Establishes a public hearing and notice for final budget adoption • June 22, 2020 Packet Pg. 18 4