BACKGROUND:
Senate Bill (SB) 165, California Government Code (GC) 50075.1, requires the Chief Fiscal Officer of the local agency to file an annual report with its governing body for any local special levy (measure) subject to voter approval on or after January 1, 2001.
DISCUSSION:
Since the Community Facilities District (CFD) 2006-1 was created, there have been nineteen (19) Improvement Areas (“IA”) 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. As of FY 2022/2023, ten of the IA received revenue for the purposes of supporting general fund services to the community, including Desert Princess (IA #2), River Canyon (IA #4), Lantana at Cimarron (IA #5), Northgate Community Church (IA #6), Stanton Place (IA #7), The District (IA #8), Horizon Gardens (IA #10), The District East (IA #11), Elyon Development (IA #12), and Newport Five (IA #14).
FISCAL IMPACT:
As reported in the annual budget review and adopted in the two-year biennial budget, CFD proceeds become revenues for the General Fund for law enforcement, fire, paramedic, park and general maintenance services provided (expensed). For FYE 2022/2023, total proceeds from the CFD for the General Fund were $239,472.
FIVE-YEAR STRATEGIC PLAN:
Goal C: Fiscal Stability and Sustainability
Objective: Cathedral City has economically prospered by facilitating the investment of private dollars in high quality development which benefits the community. We remain financially solvent by instituting prudent fiscal policies and transparent financial practices.