Item Coversheet

Agenda Item Summary


Ordinance # / Resolution #: Resolution 1275-R2024
Contact Person / Sponsor: Sabrena Harris, CFO/ Finance
Department: Finance
Date Requested to be on Agenda: 8/26/2024
Council Action Requested:

The County has several Assessment Improvement District Revenue Bonds for which annual assessments are collected from the residents in the appropriate district.  The districts are: Sun City, Walnut Creek (Bond Areas 1, 2, & 3), and Edgewater (1 & 2). 

 

The County contracts with special consultants to perform the annual calculations and provide specialized reports to the bond market.  The annual assessment report for tax year 2024 is attached and has been provided to the County Assessor & County Auditor.  



Strategic Plan Focus Area Alignment:

Points to Consider:

Formally approving the assessment rolls is an annual function of County Council for the life of the revenue bonds.



Funding and Liability Factors:

Taxpayers within the districts are billed the assessment fees to ensure payment for debt service and operating expenses.  The County is responsible for submitting the collections to the bond trustees and is not obligated to pay the debt.

 

The Walnut Creek Bond Area 3 revenue requirement for tax year 2024 is $597,684.14.



Recommendation:

Approve the annual assessment roll for Walnut Creek Bond Area 3 Improvement District for tax year 2024.



ATTACHMENTS:
DescriptionUpload DateType
Resolution 1275-R20248/20/2024Resolution
Fiscal Year 2024-2025 Administration Report for Walnut Creek Improvement District Bond Area 38/8/2024Exhibit