BOARD AGENDA MEMORANDUM
SUBJECT:
Title
Approval of the Fiscal Year 2017-18 Operating and Capital Budget and Levy of Ad-valorem Property Taxes.
End
RECOMMENDATION:
Recommendation
A. Discuss and adopt a Resolution APPROVING AND ADOPTING THE OPERATING AND CAPITAL BUDGET FOR FISCAL YEAR 2017-18; and
B. Discuss and adopt a Resolution PROVIDING FOR LEVY OF AD VALOREM REAL PROPERTY TAXES IN FISCAL YEAR 2017-18 TO MEET THE COST OF ITS WATER SUPPLY CONTRACT WITH THE STATE OF CALIFORNIA.
Body
SUMMARY:
In accordance with Section 20 of the District Act, after conclusion of the public meeting(s) to hear general public comments 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 FY 2017-18 budget process staff held numerous budget developments updates with the Board and the public. The FY 2017-18 budget proposals is the result of 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 2017-18 (to be submitted as supplemental).
In addition, in order for the District 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 2017-18 (Attachment 2).
The final summary budget document will be available on the District's website by June 30, 2017.
FINANCIAL IMPACT:
The FY 2017-18 Operating and Capital Budget Resolution and updated financial information will be submitted as supplemental for May 9, 2017.
Currently, the proposed FY 2017-18 Operating and Capital Budget includes a net expenditure budget appropriation of $500,993,062 which is comprised of Capital Outlays totali...
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