HomeMy WebLinkAbout1. SR - CFD 90-2REPORT TO SUCCESSOR AGENCY
To: Honorable Agency Chairman and the Members of the Successor Agency
From: Jason Simpson, Executive Director
Prepared By: Shannon Buckley, Assistant Executive Director
Date: June 25, 2024
Subject: Resolution Confirming Fiscal Year 2024-25 Special Taxes For Community
Facilities District No. 90-2 (TUSCANY HILLS PUBLIC IMPROVEMENTS)
Recommendation
Adopt A RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY
OF THE CITY OF LAKE ELSINORE, CALIFORNIA, REQUESTING THE TAX COLLECTOR OF
THE COUNTY OF RIVERSIDE TO PLACE SPECIAL TAXES ON PROPERTIES WITHIN
COMMUNITY FACILITIES DISTRICT NO. 90-2 FOR FISCAL YEAR 2024-25.
Background
The City Council, as the Successor Agency to the Redevelopment Agency, is required by the
County of Riverside to provide a certified Resolution to the Auditor/Controller's office each year
to confirm special taxes for the property tax roll for CFD No. 90-2. This will be the twenty-ninth
year that CFD special taxes are levied in CFD 90-2.
Discussion
The FY 2024-25 budget for CFD 90-2 is comprised of bond debt service payments and
administrative costs. In addition, the Mello-Roos Act authorizes the increase of the CFD tax up
10% for anticipated futures delinquencies. In order to make sure funds are available to pay the
required bond debt service payment on the bonds, the levy includes less than 1% for anticipated
property tax delinquencies. The total tax levy for FY 2024-25 is $885,115.10.
Fiscal Impact
There is no fiscal impact directly associated with this item. The CFD levy includes administrative
fees and an amount sufficient to cover direct costs as well as the required bond debt payments.
Attachments
Attachment 1 - Resolution