RECOMMENDATION TO COUNCIL
Staff recommends that City Council adopt two ordinances to approve the attached budget adjustments for the City's community facilities districts (CFD) and Downtown Roseville Property Improvement District (PBID) to true up the district budgets to the FY2022-23 tax levies that were submitted to Placer County for the property tax roll and to budget for CFD bond issuances and draws since the beginning of the fiscal year.
|
BACKGROUND
The City's budget is developed and proposed for adoption before the final tax and assessment levies for the City's CFDs and PBID are determined. The first recommended budget adjustment amends the CFD budgets to include bond proceeds received prior to October 2022 and pay-as-you-go developer reimbursements. The second recommended budget adjustment trues up district budgets after final expenditure estimates, developed parcel counts and levy credits have been taken into consideration for each district. These adjustments align the FY2022-23 budgeted amounts with what was submitted to Placer County for the property tax roll as well as what was received and reimbursed through bond proceeds.
|
FISCAL IMPACT
There are sufficient fund balances in all the identified CFDs and the PBID to accommodate the budget adjustments. The impact of the budget adjustments on the fund balance of the General Fund is an increase of $234,712 in additional revenue from Community Facilities District No. 3, Municipal Services.
|
ENVIRONMENTAL REVIEW
The California Environmental Quality Act (CEQA) does not apply to activities that will not result in a direct or reasonably foreseeable indirect physical change in the environment, or is otherwise not considered a project as defined by CEQA Statute §21065 and CEQA State Guidelines §15060(c)(3) and §15378. Adoption of ordinances meets the above criteria and are not subject to CEQA. No additional environmental review is required.
|
CITY COUNCIL STRATEGIC PLAN/OVERARCHING GOALS
Goal A - Remain fiscally responsible in a changing world
|
Respectfully Submitted,
Jeannine Thrash, Management Analyst
Dennis Kauffman, Assistant City Manager/Chief Financial Officer |
| |
_____________________________
Dominick Casey, City Manager
|