Eastern Municipal Water District
California

Action/Info Item
4190
Received and Filed
Dec 11, 2019 9:00 AM

Receive Senate Bill 165 Annual Accountability Report for All Applicable Community Facilities Districts

Information

Department:FinanceSponsors:
Category:Action/Info ItemMeeting Workflows:Board Admin Committee Workflow

Attachments

  1. Printout
  2. Exhibit A - 2019 EMWD SB 165 Report

Background

The Local Agency Special Tax and Bond Accountability Act (the “Act”) was enacted by California State Legislature through the adoption of Senate Bill 165 to provide accountability measures and increase transparency.  The Act applies to any local special tax and/or bond measure, including all bond measures issued pursuant to the Mello-Roos Community Facilities Act, subject to voter approval on or after January 1, 2001.  The Act requires submittal of an annual accountability report which: a) contains a statement indicating the specific single purpose of the Special Tax; b) requires that the proceeds of the Special Tax be applied to that purpose; c) requires the creation of an account into which the proceeds shall be deposited; and d) requires an annual accountability report containing specific information concerning the use of the proceeds. 

 

The attached Senate Bill 165 Report (Exhibit A) fulfills the annual reporting requirements of the Act.  It outlines 2019 calendar year special tax expenses using 2018-19 Fiscal Year special tax levy receipts, and provides improvement fund balances as of September 30, 2019.  The report contains information for each Eastern Municipal Water District Community Facilities District for which bonds have been issued and/or Special Taxes assessed, subject to the requirements presented in the Act.  This is the first year CFD No. 2013-63 IA A (Belle Terre), CFD No. 201466 (Meadow Creek), and CFD No. 2016-75 (Washington Road) are on the report.  They were levied for the first time in Fiscal Year 2018-19.

 

In order to further define the use of the category “complete” within the report’s project status section, we added a footnote to those projects where project infrastructure improvements are ongoing, but no longer funded by bond proceeds.  A footnote is added to CFDs where the project is not complete as described within the bond documents, but where bond funds have been depleted.  The footnote will indicate that the project is considered complete due to depletion of CFD bonded funds, but that there may be additional infrastructure as described in the Official Statement to be funded by the Developer.  While this is a narrow distinction, the intent is to provide clarity and accountability to both the bonds’ investors and each District’s enrolled special tax payers.

 

Financial/Strat Plan/Enviro

FINANCIAL IMPACT:

None

 

STRATEGIC PLANNING GOAL/OBJECTIVE:

Ensure financial stability and demonstrate responsible stewardship of public funds.

 

ENVIRONMENTAL IMPACT:

None

Recommendation

Receive and file

Meeting History

Dec 9, 2019 7:30 AM  Board Administrative Committee Regular Meeting
draft Draft
RESULT:REVIEWED AT COMMITTEE
Dec 11, 2019 9:00 AM  Board of Directors Regular Meeting
draft Draft
RESULT:RECEIVED AND FILED