REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Jason Simpson, City Manager
Prepared by:Shannon Buckley, Assistant City Manager
Date:June 25, 2024
Subject:Fiscal Year 2024-25 Special Taxes for Community Facilities Districts and Assessment District No. 2021-1 (Canyon Hills)
Recommendation
1. Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,
CALIFORNIA, ORDERING THE LEVY AND COLLECTION OF SPECIAL TAXES WITHIN EACH COMMUNITY FACILITIES DISTRICT LISTED BELOW FOR FISCAL YEAR 2024-25; and
2. Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,
CALIFORNIA, ORDERING THE LEVY AND COLLECTION OF ASSESSMENTS WITHIN REASSESSMENT DISTRICT NO. 2021-1 (CANYON HILLS) FOR FISCAL YEAR 2024-25.
Background
The City is required by the County of Riverside to provide a certified Resolution to the Auditor/Controller's office each year to confirm the special tax and assessment levies within each Community Facilities District (CFD) and Assessment District (AD) for the annual property tax roll.
Discussion
The FY 2024-25 budgets for each CFD and AD are comprised of bond debt service payments, administrative costs, service costs and/or collection for construction of future facilities. In addition, for those CFDs that have bond debt, the Mello-Roos Act authorizes the increase of the CFD tax up 10% for projected futures delinquencies. In order to make sure funds are available to pay the required bond debt service payment on the bonds, the levy for each CFD with bond debt has been increased based on the anticipated property tax delinquency rate within each respective CFD.
CFD and AD Levy
The following table shows the annual levy amount needed for each district to cover district obligations for FY 2024-25.
CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICTS
PRELIMINARY SUMMARY OF FIXED CHARGES
FOR FISCAL YEAR 2024-25
District Name Fund No. Parcels
FY 2024-25
Levy
CFD 95-1 Civic Center 68-2372-FC 7 $165,432.48
CFD 98-1 Summerhill 68-2366-FC 422 $1,110,395.20
CFD 2003-1 Svcs Law, Fire, Paramedic 68-2352-FC 7,852 $3,589,931.20 CFD 2003-2 IA A Canyon Hills Imp. A 68-8709-FC 599 $1,006,882.19 CFD 2003-2 IA B Canyon Hills Imp. B 68-8710-FC 806 $2,044,013.15 CFD 2003-2 IA C Canyon Hills Imp. C 68-8711-FC 440 $877,599.30 CFD 2003-2 IA D Canyon Hills Imp. D 68-8712-FC 655 $1,979,759.12 CFD 2003-2 IA E Canyon Hills Imp. E 68-0053-FC 74 $184,625.00 CFD 2004-3 IA 1 Rosetta Canyon Imp. 1 68-8714-FC 509 $1,790,000.00 CFD 2004-3 IA 2 Rosetta Canyon Imp. 2 68-8715-FC 562 $1,969,417.88 CFD 2005-1 Serenity 68-8701-FC 233 $685,192.96
CFD 2005-2 IA A Alberhill Ranch Imp. A 68-8716-FC 441 $1,670,068.91 CFD 2005-2 Svcs Alberhill Ranch Services 68-8719-FC 644 $199,894.89 CFD 2005-4 Lakeview Villas 68-8703-FC 21 $10,500.00
CFD 2005-5 Wasson Canyon 68-8708-FC 190 $296,004.98
CFD 2005-5 Svcs Wasson Canyon Services 68-8721-FC 190 $66,984.18 CFD 2005-6 City Center Townhomes 68-4400-FC 144 $276,808.21 CFD 2006-1 IA A Summerly Imp. A 68-8722-FC 214 $254,995.84 CFD 2006-1 IA B Summerly Imp. B 68-8723-FC 182 $190,290.67 CFD 2006-1 IA CC Summerly Imp. CC 68-8724-FC 142 $195,268.78 CFD 2006-1 IA EE Summerly Imp. EE 68-8746-FC 181 $305,789.35 CFD 2006-1 IA FF Summerly Imp. FF 68-8747-FC 187 $230,789.02 CFD 2006-1 IA HH Summerly Imp. HH 68-8749-FC 180 $346,231.34 CFD 2006-1 IA II Summerly Imp. II 68-8750-FC 238 $446,663.44 CFD 2006-1 IA JJ Summerly Imp. JJ 68-8745-FC 211 $346,007.10 CFD 2006-1 IA KK Summerly Imp. KK 68-8748-FC 133 $284,085.62 CFD 2006-1 Svcs Summerly Services 68-8725-FC 1,677 $591,176.04 CFD 2006-2 Viscaya 68-8705-FC 168 $545,857.48
CFD 2006-2 Svcs Viscaya Services 68-8726-FC 168 $59,228.12 CFD 2006-3 La Strada 68-8706-FC 128 $10,500.00
CFD and AD Levy
CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICTS
PRELIMINARY SUMMARY OF FIXED CHARGES
FOR FISCAL YEAR 2024-25
District Name Fund No. Parcels
FY 2024-25
Levy
CFD 2006-4 Clurman 68-8728-FC 178 $319,019.82
CFD 2006-5 Svcs Parks, Open Space, SD 68-8707-FC 246 $121,977.95 CFD 2006-6 Tessera 68-8730-FC 90 $230,069.89
CFD 2006-8 Running Deer Estates 68-8732-FC 96 $237,288.05 CFD 2006-8 Svcs Running Deer Estates Services 68-8733-FC 96 $117,091.40 CFD 2007-1 Svcs Law, Fire, Paramedic 68-8738-FC 154 $122,033.84 CFD 2007-4 Makenna Court 68-8739-FC 81 $193,707.97
CFD 2007-4 Svcs Makenna Court Services 68-8740-FC 81 $31,858.06 CFD 2007-5 Red Kite 68-8741-FC 46 $134,592.00
CFD 2007-5 Svcs Red Kite Services 68-8742-FC 46 $16,216.50 CFD 2007-6 Holiday Inn Express 68-8743-FC 1 $6,864.12
CFD 2009-1 Svcs Parks, OS, St. Lt. 68-8744-FC 1,846 $805,578.18 CFD 2015-1 Svcs Safety Services 68-8781-FC 1,089 $1,028,869.10 CFD 2015-2 Svcs Zone 1 68-8776-FC 1 $487.72
CFD 2015-2 Svcs Zone 2 68-8777-FC 74 $34,164.82
CFD 2015-2 Svcs Zone 3 68-0054-FC 8 $10,980.01
CFD 2015-2 Svcs Zone 4 68-0055-FC 9 $28,260.33
CFD 2015-2 Svcs Zone 5 68-0146-FC 41 $19,684.93
CFD 2015-2 Svcs Zone 6 68-0190-FC 1 $6,492.99
CFD 2015-2 Svcs Zone 7 68-0191-FC 163 $72,283.65
CFD 2015-2 Svcs Zone 8 68-0201-FC 8 $17,060.05
CFD 2015-2 Svcs Zone 9 68-0252-FC 115 $138,975.50
CFD 2015-2 Svcs Zone 11 68-0328-FC 178 $119,619.38
CFD 2015-2 Svcs Zone 12 68-0329-FC 90 $31,738.18
CFD 2015-2 Svcs Zone 13 68-0330-FC 1 $8,325.12
CFD 2015-2 Svcs Zone 16 68-0392-FC 6 $8,201.55
CFD 2015-2 Svcs Zone 17 68-0393-FC 60 $26,340.53
CFD 2015-2 Svcs Zone 18 68-0394-FC 1 $2,230.79
CFD 2015-2 Svcs Zone 19 68-0395-FC 3 $5,940.85
CFD 2015-2 Svcs Zone 23 68-XXXX-FC 77 $51,936.31
CFD 2015-2 Svcs Zone 24 68-XXXX-FC 5 $11,124.68
CFD 2015-4 Terracina 68-8779-FC 85 $252,104.53
CFD 2015-4 Terracina Services 68-XXXX-FC 85 $62,540.93
CFD 2015-5 Trieste 68-8780-FC 75 $169,820.45
CFD and AD Levy
CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICTS
PRELIMINARY SUMMARY OF FIXED CHARGES
FOR FISCAL YEAR 2024-25
District Name Fund No. Parcels
FY 2024-25
Levy
CFD 2016-2 Canyon Hills 68-0143-FC 516 $1,350,775.49
CFD 2017-1 Svcs Mission Trail Services 68-0144-FC 1 $10,329.04 CFD 2018-1 Wasson Canyon II 68-0145-FC 20 $10,500.00
CFD 2019-1 Westlake 68-0192-FC 163 $384,279.74
CFD 2019-2 Nichols Ranch 68-0254-FC 123 $348,751.15
CFD 2021-1 IA 1 Tuscany/Valley Crest 68-0333-FC 11 $10,500.00 CFD 2021-1 IA 2 Tuscany/Valley Crest 68-0334-FC 4 $10,500.00 CFD 2022-1 Alberhill Ranch 68-XXXX-FC 115 $193,905.59
CFD 2022-2 Lakeshore 68-XXXX-FC 2 $10,500.00
CFD 2023-1 Lakeside 68-XXXX-FC 3 $10,500.00
CFD 2023-2 Mission Trails 68-XXXX-FC 3 $10,500.00
Total $28,524,913.64
For CFD 2005-4, CFD 2006-3, CFD 2018-1, CFD 2021-1 IA 1, CFD 2021-1 IA 2, CFD 2022-2, CFD 2023-1 and CFD 2023-2 only administrative costs are being levied.
The table below shows the annual levy amount needed for the Reassessment District 2021-1 to cover district obligations for FY 2024-25.
District Name Fund No. Parcels
FY 2024-25
Levy
RAD 2021-1 Canyon Hills 68-2369-FC 3,473 $1,999,427.08
Fiscal Impact
There is no fiscal impact directly associated with this item. The County of Riverside requires the resolutions as confirmation for the special tax amounts so there is a paperwork trail for them. The special taxes have already been established by Ordinance to ensure the authority for assessment and collection as required by the investors and bondholders for the CFD and AD bond proceeds.
The City charges administrative fees and an amount sufficient to cover direct costs as well as the required bond debt service principal and interest payments, as required by the bond indentures to the various special districts.
Attachments
Attachment 1 – CFDs Resolution
Attachment 2 – AD Resolution
City Manager’s Office