6. BUDGET �`-�j�,e-e-R
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123
The following table summarizes the estimated annual costs to fund the Improvements for Fiscal Year 2023/24:
Description Amount
Landscaping and Street Trees
Landscape Maintenance $273,289
Tree Maintenance 109 375
Trail Maintenance 38,797
—
Weed Abatement 7,210
Irrigation 92,000
Irrigation Parts and Repairs e4=5,
Contingency (5%) 5,201
Reserves (5%) —25,201
Subtotal Landscaping: $616,622 (1)
Street Lighting
Street Light Maintenance 9,200
Electricity 44,160
Contingency (5%) 2,375
Reserves (5%) 2,375
Subtotal Street Lighting: $58,110
Administration
City Staff Costs $46,961
County Fees 5,662-
Engineer/Consultant Costs 8,000"
Subtotal Administration 60,623
Total Cost of Improvements $735,354
(1) Does not aaa aue to rounaing.
The following table breaks down the estimated annual costs from above for Fiscal Year 2023/24 by Improvement type. The Landscaping and Lighting Budget, the % of Budget and the General Benefit Percentages by Improvement type utilized in the Table below have been rounded. The final assessment rates listed in Section 9 have been truncated to two decimal places.
Lighting Budget $58,110 1 8.61% 1 $55,135 cl) $5,220 $60,354 I 9,754 $b.1876 Landscaping Budget 616,622 91.39% 1 448,593 cZi 55,403 503,996 1 5,972 84.3964 T,f�11. S67d731 - 5503027 (4 ' $60,623• . • $WA,350'1 15,726 (1) Equals (Lighting Budget x.(1- 5.1296)).
(2) Equals (Landscaping Budget x (1- 27.25%)).
N BS City Fairfield
Engineer's Report—Landscaping and Lighting Maintenance District No. 2023-11 (Paradise Valley) 19
(3) Includes $5,662 for County fees, $8,000 for Engineer/Consultant costs and $46,951 for City staff costs. Equals (Total Admin Budget %of Budget).
(4) Does not add due to rounding.
6.1 Maximum Amount to Be Assessed
The total maximum amount to be assessed upon the assessable parcels is the total cost of the Improvements, as detailed above, less the portion of costs attributable to General Benefit as detailed in the Separation and Quantification of General Benefits section.
The calculation of the balance to be assessed is shown below:
(1) The final assessment rates in Section 9 have been truncated to two decimal places.
6.2 FY 23/24 Maximum Assessment Rate per Special Benefit Point for Each Improvement Type
The Maximum Assessment Rate per Special Benefit Point is calculated by dividing the total costs to be Assessed by the total Special Benefit Points assigned to the parcels within the District for each Improvement Type. The following formula provides the assessment rate per Special Benefit Point for each Improvement type.
Total Street Lighting Costs to be Assessed / Total Street Lighting Special Benefit Points = ($60,354.40) (9,754.16)
Assessment Rate per Street Lighting Special Benefit Point ($6.1876)
Total Landscaping Costs to be Assessed / Total Landscaping Special Benefit Points = ($503,995.73) (5,971.77)
Assessment Rate per Landscaping Special Benefit Point
($84.3964)
The Maximum Assessment Rate per.Special Benefit Point for each Improvement Type is then multiplied by each parcel's total special benefit points to determine the maximum assessment amount per parcel.
6.3 Annual Maximum Assessment Rate Inflation for Each Improvement Type (Street Lighting and Landscaping)
Each parcel's maximum assessment for an Improvement type is determined by multiplying the maximum assessment rate per special benefit point by the parcel's total special benefit points. If the total special benefit points for all assessable parcels in the District change in future years, the maximum allowable Q N BS City Fairfield
Enginea ere'ss Report—Landscaping and Lighting Maintenance District No. 2023-11 (Paradise Valley) 20
3. ESTIMATE OF COSTS
3.1 Improvement Costs .
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%J AMA , �r
The following table summarizes the estimated annual costs to fund the Improvements for Fiscal Year 2024/25:
Description Amount(')
Landscaping and Street Trees
Landscape Maintenance
$354,288
Tree Maintenance
1 ,375
Trail Maintenance
0 Weed Abatement
7,210
Irrigation
92,000
Irrigation Parts and Repairs
Contingency (5%)
0.00 10,000
Reserves (5%)
Subtotdl Landscaping:
Street Lighting
Street Light Maintenance
$9,200
Electricity
44,160
Contingency (5%)
1,925
Reserves (5%)
0 %4uptotal Street Lighting:
Administration
City Staff Costs
$91,752
County Fees
5,800
Engineer/Consultant Costs
8,725
SubtiotalAdministrativn.:
106;277
total Cost of Improvements
$737,4.35
Less General Benefit Portion (Lighting— 5.12%)
(2,831)
Less General Benefit Portion (Landscaping —27.25%)
(156,925)
Total,,Cost-of'improv�ments to M Assessed.
$577,679 '
Total Special Benefit Points (Z)
•.
17,763
Lighting
6.33400
Landscaping
86.3933
PointAssessed Rate Per Special Benefit
Lighting
6.3321
Landscaping
86.3891
(1) Slight variances may occur due to rounding.
(2) Total Benefit Points for each Lighting and Landscaping. (3) Refer to Section 6.6 for inflator information.
0 43 N BS City Fairfield
Landscaping and Lighting Maintenance District No. 2023-11 (Paradise Valley) — Fiscal Year 2024/25 Report 8
3.2 Fiscal Year 2024/25 Assessment
The following table breaks down the estimated annual costs from above for Fiscal Year 2024/25 by Improvement type. The Landscaping and Lighting Budget, the % of Budget and the General Benefit Percentages by Improvement type utilized in the Table below have been rounded. The final assessment rates listed in Section 9 have been truncated to two decimal places. (1) See Section 5 for Quantification of Special Benefit. (2) Includes County fees, Engineer/Consultant costs and City staff costs. Equals (Total Admin Budget x % of Budget).
Slight varlarices may occur due to rounding.
3.3 Fund Balance
It is the intent of the City to maintain a Fund Balance which shall not exceed the estimated costs of maintenance and servicing of the Improvements prior to December 10 of the fiscal year, or when the City expects to receive its apportionment of special assessments and tax collections from the County, whichever is later.
The reserve balance information for the District is as follows:
Estimated Fiscal Year Ending June, 30, 2024 Fund Balance $100,222
Fund Balance Contribution — Fiscal Year 2024/25
Tree Maintenance
$0.00
Lighting
0.00 Landscaping
0.00 Fund Balance Collection — Fiscal Year 2024/25 Ill
Tree Maintenance
$109,375
Lighting '
1,000
Landscaping
3,000
Estimated Fiscal Year Ending June'30, 2025 Fund Balance $213,597
(1) The City will continue.to collect reserves until it has accumulated fund balance in the amount equal to the cost of maintenance and servicing of the Improvements through the County of Solano's apportionment of special assessments.
This amount is approximately $368,000 for FY 2024/25.
r
40 V* NBS City Fairfield
Landscaping and Lighting Maintenance District No. 2023-11 (Paradise Valley) —Fiscal Year 2024/25 Report 9