TO: Members of Governing Board
FROM: Christopher Silke - District Engineer
REPORT BY: Sarah Geiss - Staff Services Analyst II
SUBJECT: Budget Amendment for NBRID Debt Service Sub-Division
RECOMMENDATION
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Approve a Budget Amendment for Fiscal Year 2023-24 Napa Berryessa Resort Improvement (NBRID) Debt Service totaling $356,621 to pay the debt service for the Series A (Wastewater System Improvements) and Series B (Water System Improvements) Bonds. (Fiscal Impact: $356,621 expense; NBRID-Debt Service Fund; Not budgeted; Mandatory)
[4/5 vote required]
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BACKGROUND
DIVISION 52410, Sub-Division 5241000 NBRID DEBT SERVICE
Total appropriations requested totals $356,621.
In Fiscal Year 2012-13, the District successfully issued $10,883,600 in Limited Obligation Improvement Bonds, comprised of $7,959,728 in Series A Bonds (Wastewater System Improvements) and $2,923,728 in Series B Bonds (Water System Improvements). The appropriations requested are to pay the debt service currently scheduled for Fiscal Year 2023-24. Additionally, Fiscal Year 2023-24 will be the tenth year of assessment collections made from District residents to repay the debt service for the bond.
Requested Actions:
1. Approval of Budget Amendment for the following:
a. Increase appropriations by $147,000 to Principal on Other Debt (account 54105, Sub-division 5241000);
b. Increase appropriations by $209,621 to Interest on Other Debt (account 54315, Sub-division 5241000) offset by increase of revenue;
c. Increase revenue by $4,600 to Penalties/Costs-Delinquent Taxes (account 44400, Subdivision 5241000); and
d. Increase revenue by $356,621 to Special Assessments (account 46700, Sub-division 5241000).
FISCAL & STRATEGIC PLAN IMPACT
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Is there a Fiscal Impact? |
Yes |
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Is it currently budgeted? |
No |
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Is it Mandatory or Discretionary? |
Mandatory |
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Is the general fund affected? |
No |
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Future fiscal impact: |
Future Debt service payments will be budgeted |
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Consequences if not approved: |
Without the budget adoption the District will be unable to process principal and interest payments. |
ENVIRONMENTAL IMPACT
ENVIRONMENTAL DETERMINATION: The proposed action is not a project as defined by 14 California Code of Regulations 15378 (State CEQA Guidelines) and therefore CEQA is not applicable.