BOARD AGENDA MEMORANDUM
SUBJECT:
Title
Resolutions Adopting the Fiscal Year 2020-2021 Operating and Capital Budget and Levy of Ad-Valorem Property Taxes, and Approval of Santa Clara Valley Water District Reserve Policy.
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RECOMMENDATION:
Recommendation
A. Discuss and adopt a Resolution APPROVING AND ADOPTING THE OPERATING AND CAPITAL BUDGET FOR FISCAL YEAR 2020-2021;
B. Discuss and adopt a Resolution PROVIDING FOR LEVY OF AD VALOREM REAL PROPERTY TAXES IN FISCAL YEAR 2020-21 TO MEET THE COST OF ITS WATER SUPPLY CONTRACT WITH THE STATE OF CALIFORNIA; and
C. Approve the Santa Clara Valley Water District (Valley Water) Reserve Policy.
Body
SUMMARY:
In accordance with the District Act, Section 20. Adoption of Budget, after conclusion of the public meeting(s) to hear comments from the general public on the proposed budget, the Board shall by Resolution adopt the budget as finally determined including any revisions that the Board determines advisable during or after the meeting(s) and no later than June 30 of each year.
Throughout the Fiscal Year 2020-21 (FY 21) budget process, staff provided numerous budget development updates for the Board and the public. The FY 21 budget proposal is consistent with the Board's direction given to staff at those meetings. Therefore, staff recommends Board approval of the Resolution Approving and Adopting the Santa Clara Valley Water District Operating and Capital Budget for Fiscal Year 2020-21. A copy of the resolution will be included in a supplemental agenda memo on May 22, 2020.
In addition, in order for Valley Water to receive funds to pay for the contract costs of water importation from the State of California, staff recommends approval of the Resolution to Provide for a Levy of Ad-valorem Real Property Taxes in Fiscal Year 2020-21. A copy of the resolution will be included in a supplemental agenda memo on May 22, 2020.
Staff recommends approval of the Valley Water Reserve Policy, which includes revised policy...
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