City Council
MEETING DATE: 1/13/2016
TITLE:
Title
Annual California Government Code Section 50075 Report for Community Facilities District (CFD) 2006-1
End
FROM:
Tami E. Scott, Administrative Services Director
RECOMMENDATION:
Recommendation
Receive and file the City of Cathedral City FY 2014/2015 California Government Code Section 50075 Report for CFD 2006-1 Revenues and Expenditures
Body
BACKGROUND:
In 2006, the City established a citywide Community Facilities District (CFD) for services whereby under certain conditions, new residential and retail developments are required to annex into a new Improvement Zone within the district for their development. Effective January 1, 2001, Cities must provide a report of collected revenues from the district.
DISCUSSION:
California Government Code 50075 provides for any local special tax measure that is subject to voter approval on or after January 1, 2001 providing for the imposition of a special tax by a local agency, shall require the chief fiscal officer of the levying local agency to file a report with its governing body on an annual basis. Since the Community Facilities District (CFD) 2006-1 was created, there have been nine (9) Improvement Areas (IAs) approved for various new development projects throughout the City of Cathedral City. As required, the City has established a separate revenue account for each IA. During FY 2014/2015, three of the IAs have commenced and/or completed development, including Desert Princess (IA#2), River Canyon (IA #4), and Lantana at Cimarron (IA #5). From these three IAs, general fund revenues recognized totaled $66,548.00.
FISCAL IMPACT:
For FYE 2014/2015 the CFD paid the General Fund $66,658
ATTACHMENTS:
Annual California Government Code 50075 Report for the City of Cathedral City, Fiscal Year 2014/2015