TO: LINDA REICH, CITY MANAGER
FROM: NADYNE LOWRY, ACTING DIRECTOR OF FINANCE
SUBJECT
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Community Facilities Districts Annual Reporting for Fiscal Year Ending June 30, 2024.
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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
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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.
The City has issued the following Community Facilities Districts bonds since January 1, 2001: CFD 2001-1; CFD 2003-1; CFD 2003-2; CFD 2003-3 Improvement Area 1; CFD 2003-3 Improvement Area 2; CFD 2003-3 Improvement Area 6, CFD 2003-3 Improvement Area 7, CFD 2003-3 Improvement Area 8, CFD 2003-3 Improvement Area 9, CFD 2003-4; CFD 2005-1 Improvement Area 1; CFD 2005-1 Improvement Area 2; CFD 2005-1 Improvement Area 3; CFD 2005-1 Improvement Area 4; CFD 2005-2; CFD 2006-1; CFD 2006- 2; CFD 2006-3, CFD 2009-1, CFD 2016-1, CFD 2016-2, CFD 2019-1 and CFD 2021-1. These special tax bond issues are subject to Senate Bill 165 requirements.
ISSUES/ANALYSIS
Section 53411 of the California Government Code deals with annual reports and states, “The chief fiscal officer of the issuing local agency shall file a report with its governing body no later than January 1st, and at least once a year thereafter. The annual report shall contain the following:
a) The amount of funds collected and expended
b) The status of any project required or authorized to be funded as identified in subdivision (a) of Section 53410.”
The report, complying with Section 53411 of the California Government Code, has been compiled for Fiscal Year ending June 30, 2024 by the City’s special district consultant, Webb & Associates. Detailed information concerning CFD boundaries, outstanding balances, or project status, can be obtained by contacting the City of Chino Finance Department.
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Attachment: Exhibit 1 - Senate Bill 165 Report