TO: LINDA REICH, CITY MANAGER
FROM: KIM SAO, DIRECTOR OF FINANCE
SUBJECT
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Community Facilities District Annual Reporting for Fiscal Year Ending June 30, 2025.
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RECOMMENDATION
Receive and file the Community Facilities Districts Report pursuant to Senate Bill 165.
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FISCAL IMPACT
There is no fiscal impact to the City.
CITY OF CHINO MISSION / VISION / VALUES / STRATEGIC ISSUES
The recommendation detailed above furthers the City’s values and strategic issues that serve as key pillars on which identified priorities, goals, and action plans are built, by fostering:
• Financial Stability
• Responsible Long-Range Planning
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BACKGROUND
Senate Bill 165 enacted the Local Agency Special Tax and Bond Accountability Act. This Act requires that any local special tax/local bond measure subject to voter approval contain a statement indicating the specific purposes of the special tax, requires that the proceeds of the special tax be applied to those purposes, requires the creation of an account into which the proceeds shall be deposited, and requires that an annual report containing specified information concerning the use of the proceeds be prepared. The Act only applies to bonds issued on or after January 1, 2001, in accordance with Section 53410 of the California Government Code. Most of the requirements of the Act are handled at the formation (bond issuance) of the Community Facilities District and some are handled through annual reports.
ISSUES/ANALYSIS
Section 53411 of the California Government Code governs annual reporting requirements. It provides that the chief fiscal officer of the issuing local agency must file a report with the governing body no later than January 1 and at least once each year thereafter. The annual report must include:
a) The amount of funds collected and expended, and
b) The status of any project required or authorized to be funded as identified in subdivision (a) of Section 53410.
Since January 1, 2001, the City has issued multiple Community Facilities District bonds as outlined in the attached report. These special tax bond issues are subject to Senate Bill 165 requirements.
To comply with Section 53411, the annual report for the fiscal year ending June 30, 2025, has been prepared by the City’s special district consultant, Webb Municipal Finance, LLC. Additional information regarding CFD boundaries, outstanding balances, or project status is available upon request from the City of Chino Finance Department.
Attachments - Annual Report