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C
ity of Merced
Community Facilities District No. 2003-2
(Services)
Senate Bill 165 Reporting Requirements for
Fiscal Year 2023-24
Jan
uary 15, 2025
Community Facilities District No. 2003-2
Senate Bill 165 Reporting Requirements
Fiscal Year 2023-24
TABLE OF CONTENTS
Section Page
I. Introduction ...........................................................................................................................1
II. Senate Bill 165 Reporting Requirements ..............................................................................2
Appendix A: CFD No. 2003-2 Balance Sheet as of June 30, 2024 City of Merced Community Facilities District No. 2003-2 (Services) Senate Bill 165 Reporting Requirements Page 1
I. INTRODUCTION
City of Merced Community Facilities District No. 2003-2 (Services)
The City of Merced Community Facilities District No. 2003- 2 (the “CFD” or “CFD No. 2003- 2”) is located in the City of Merced (the “City”), in Merced County, in the State of California, approximately 132 miles south of Sacramento. On January 5, 2004, the City passed Resolution No. 2004-3, forming CFD No. 2003- 2. A successful landowner election was then held, authorizing the levy of the special tax. T he special tax funds general services authorized under the Mello-Roos Act which include, but are not limited to:
1) Public safety services, including police and fire protection. 2) Landscaping, sidewalk, park, and parkway maintenance (including lighting). 3) Flood control services.
4) Miscellaneous administrative fees and expenses.
CFD No. 2003-2 currently is made up of 49 distinct improvement areas throughout the City. As additional new areas within the City apply for development approval , those development areas will annex to CFD No. 2003-2.
The Mello-Roos Community Facilities Act of 1982
The California State Legislature approved the Mello -Roos Community Facilities Act of 1982 that provides for the levy of a special tax within a defined geographic area, namely a community facilities district, if such a levy is approved by two -thirds of the qualified electors in the area.
Community facilities districts can generate funding for a broad range of facilities and eligible services. These services include police protection services, fire protection and suppression services, library services, recreation program services, maintenance of roads, parks, parkways and open space, and flood and storm protection services. Special taxes can be allocated to property in any reasonable manner other than on an ad valorem basis.
City of Merced Community Facilities District No. 2003-2 (Services) Senate Bill 165 Reporting Requirements Page 2
II. SENATE BILL 165 REPORTING REQUIREMENTS
On September 18, 2000, former Governor Gray Davis approved Senate Bill 165 which enacted the “Local Agency Special Tax and Bond Accountability Act”. In approving the bill, the Legislature declared that local agencies need to demonstrate to the voters that special taxes and bond proceeds are being spent on the facilities and services for which they were intended. To further this objective, the Legislature added Section 50075.3 to the California Government Code setting forth annual reporting requirements relative to special taxes collected by a local public agency. The amount of special taxes collected and expended for the fiscal year 2023- 24 special tax levy is set forth in the table on the following page:
City of Merced Community Facilities District No. 2003-2 (Services) Senate Bill 165 Reporting Requirements Page 3
Fiscal Year 2023-24 Revenues*
Charges for Services $7,061,486
Investment Earnings $288,148
Miscellaneous $70,000
Total Revenues Collected $7,419,634
Fiscal Year 2023-24 Expenditures*
General Government $53,191
Public Safety $3,089,183
Public Works $1,406,221
Parks $4,397
Capital Outlay $26,025
Debt Service – Interest $6,687
Total Expenditures $4,585,704
Revenue Over (Under) Expenditures $2,833,930
Other Financing Sources (Uses)*
Transfer In $605,796
Transfer Out ($1,176,910)
Total Other Financing Sources (Uses) ($571,114)
Beginning Fund Balance $6,219,819
Ending Fund Balance $8,482,635
Net Change in Fund Balance $2,262,816
* Note: This is unaudited financial information.
APPENDIX A
CFD No. 2003-2 Balance Sheet
as of June 30, 2024
City of Merced
Balance Sheet
June 30, 2024
CFD Services
ASSETS
Cash, cash equivalents and investments $8,406,106
Receivables:
Interest Recievable $23,981
Accounts Receivable $61,319
Due from other governments $378,950
Total assets $8,870,356
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $43,277
Other payables $33,516
Advance from other funds $310,928
Total liabilities $387,721
Fund Balance $8,482,635
Total liabilities and fund balance $8,870,356