2011/12 Annual Report. Western Municipal Water District Community Facilities District No December 2011

Transcription

1 2011/12 Annual Report Western Municipal Water District Community Facilities District No December 2011 Main Office Temecula Parkway, Suite 100 Temecula, CA Toll free: Fax: Regional Office 870 Market Street, Suite 1223 San Francisco, CA Toll free: Fax:

2 TABLE OF CONTENTS DISTRICT ANALYSIS FINANCIAL STATUS APPENDICES CURRENT DEBT SERVICE SCHEDULE FINAL BUDGET FOR FISCAL YEAR 2011/12 FINAL DETAIL REPORT FOR THE 2011/12 BILLING

3 DISTRICT ANALYSIS DISTRICT Community Facilities District No (the CFD ) was formed in 2000 to finance the construction of water and sewer facilities, including the costs of planning, designing, acquiring, constructing, and improving said facilities; and school facilities, including classrooms, non-classroom campus facilities, on-site office space, central support and administrative facilities, interim housing, transportation facilities, and school buses needed by Murrieta Valley Unified School District. The original bonds of the CFD, the Series 2000 Special Tax Bonds, were refunded by the Western Municipal Water District (the WMWD ) in September 2011 by the issuance of the Series 2011 Special Tax Refunding Bonds (the Bonds ). The Maximum Special Tax for the CFD is currently $300,274.90, and increases by 2% each year. Fiscal Year 2029/30 is the scheduled final levy for parcels within the CFD with the Bonds scheduled to mature in LEVY For Fiscal Year 2011/12, 161 parcels within the CFD were levied for a total of $208,713.96, which is 69.51% of the Maximum Special Tax. FUNDS As of September 29, 2011, the balance in Reserve Fund met the Reserve Requirement of $179, The balance in the Administrative Expense Fund, as of October 3, 2011, was not sufficient to cover the estimated administrative expenses of the CFD through the end of The WMWD should ensure that sufficient funds are available to cover administrative expenses through the end of SPECIAL ISSUES NBS monitors the delinquency rate, and reviews the delinquency situation after each payment date. The CFD s current delinquency rate for the prior fiscal year is 1.86%, representing approximately $5,000 in delinquent special taxes. Delinquencies have been historically low for the CFD and no further action is required at this time. Collections will be reviewed once again following the December 2011 County apportionment of funds. NBS will provide an updated delinquency report at that time along with any further recommendations. NBS Nick Dayhoff, Financial Analyst David Schroeder, Project Manager Dave Ketcham, Client Services Director Community Facilities District No Annual Report Western Municipal Water District Prepared by NBS Fiscal Year 2011/12

4 FINANCIAL STATUS Escrow Fund 9/29/2011 Balance 10/1/2011 Payment and Bond Call (1) Amount Credited to 2010/11 Levy Surplus / (Deficit) $3,075, $3,075, $ $ (1) Includes debt service due October 1, 2011 on the Series 2000 Special Tax Bonds, the defeasance of the remaining Series 2000 Special Tax Bonds, and redemption premium of $29,100. Administrative Expense Fund 10/3/2011 Balance Estimated Administrative Expenses (1) Surplus / (Deficit) $6, $16, ($9,871.88) (1) Represents approximately six months worth of administrative expenses. Reserve Fund Initial Proceeds 9/29/2011 Balance Reserve Requirement (1) Surplus / (Deficit) IRS Size Limitation $179, $179, $179, $ $179, (1) As of any date of calculation, the lesser of (i) ten percent (10%) of the initial principal amount of the Bonds, (ii) maximum annual debt service on the outstanding Bonds, or (iii) one hundred twenty-five percent (125%) of average annual debt service on the outstanding Bonds, as determined by the WMWD. Arbitrage Rebate Requirements and Liability Date of Issuance 9/29/2011 Balance Most Recent Calculation as of Date Liability 9/29/2011 $ Not Applicable Not Applicable Special Tax Spread Property Classification Total Amount Levied Maximum Special Tax Percentage of Maximum Developed $208, $300, % Community Facilities District No Annual Report Western Municipal Water District Prepared by NBS Fiscal Year 2011/12

5 Value to Maximum Special Tax Ratio Accounts Total Value Maximum Special Tax Value to Maximum Special Tax Ratio 161 $61,405, $300, :1 Delinquency and Foreclosure Status Foreclosure Attorney Foreclosure Recap Delinquency Management Steps Taken None No foreclosures have been initiated None Foreclosure Covenant Pursuant to the Mello-Roos Community Facilities Act of 1982 (the Act ), in the event any special tax or installment thereof or any interest thereon is not paid when due, the WMWD may order the institution of a Superior Court action to foreclose the lien therefore. In such an action, the real property subject to the unpaid amount may be sold at judicial foreclosure sale. This foreclosure sale procedure is not mandatory under the Act. Under the Fiscal Agent Agreement, the WMWD will, on or about July 15 of each fiscal year, compare the amount of special taxes theretofore levied in the CFD to the amount of special tax revenues theretofore received by the WMWD, and: Individual Delinquencies. If the WMWD determines that any single parcel subject to the special tax in the CFD is delinquent in the payment of special taxes in the aggregate amount of $2,500 or more, then the WMWD shall send or cause to be sent a notice of delinquency (and a demand for immediate payment thereof) to the property owner within 45 days of such determination, and (if the delinquency remains uncured) foreclosure proceedings shall be commenced by the WMWD within 90 days of such determination to the extent permissible under the County s Teeter Plan program and applicable law. Aggregate Delinquencies. If the WMWD determines that (i) the total amount of delinquent special tax for the prior fiscal year for the CFD, (including the total of individual delinquencies above), exceeds 5% of the total special tax due and payable for the prior fiscal year, or (ii) there are ten (10) or fewer owners of real property within the CFD, determined by reference to the latest available secured property tax roll of the County or other official records of the County, then the WMWD shall notify or cause to be notified property owners who are then delinquent in the payment of special taxes (and demand immediate payment of the delinquency) within 45 days of such determination, and shall commence foreclosure proceedings within 90 days of such determination against each parcel of land in the CFD with a special tax delinquency. Community Facilities District No Annual Report Western Municipal Water District Prepared by NBS Fiscal Year 2011/12

6 APPENDICES CURRENT DEBT SERVICE SCHEDULE FINAL BUDGET FOR FISCAL YEAR 2011/12 FINAL DETAIL REPORT FOR THE 2011/12 BILLING

7 Western Municipal Water District CFD CFD 99-1 Current Debt Service Schedule Bonds Dated: 9/29/2011 Bonds Issued: $2,220,00 Payment Date CUSIP Interest Rate Balance Principal Interest Payment Total Annual Total Call Prem. Status 04/01/ /01/ BF2 04/01/ /01/ BG0 04/01/ /01/ BH8 04/01/ /01/ BJ4 04/01/ /01/ BK1 04/01/ /01/ BL9 04/01/ /01/ BM7 04/01/ /01/ BN5 04/01/ /01/ BP0 04/01/ /01/ BQ8 04/01/ /01/ BR6 04/01/ /01/ BS4 04/01/ /01/ BT2 04/01/ /01/ BU9 04/01/ /01/ BV7 04/01/ /01/ BW5 04/01/ /01/ BX3 04/01/ /01/ BY1 04/01/ /01/ BZ % $2,220,00 $ $45, $45, $ 00% Unpaid ,220,00 85,00 45, , , Unpaid ,135,00 44, , ,135,00 90,00 44, , , Unpaid ,045,00 43, , ,045,00 90,00 43, , , Unpaid ,955,00 42, , ,955,00 90,00 42, , , Unpaid ,865,00 41, , ,865,00 95,00 41, , , Unpaid ,770,00 40, , ,770,00 95,00 40, , , Unpaid ,675,00 38, , ,675,00 100,00 38, , , Unpaid ,575,00 37, , ,575,00 105,00 37, , , Unpaid ,470,00 35, , ,470,00 105,00 35, , , Unpaid ,365,00 32, , ,365,00 110,00 32, , , Unpaid ,255,00 30, , ,255,00 115,00 30, , , ,140,00 28, , ,140,00 120,00 28, , , Unpaid ,020,00 25, , ,020,00 125,00 25, , , Unpaid ,00 22, , ,00 130,00 22, , , Unpaid ,00 19, , ,00 140,00 19, , , Unpaid ,00 16, , ,00 145,00 16, , , Unpaid ,00 12, , ,00 150,00 12, , , Unpaid ,00 8, , ,00 160,00 8, , , Unpaid ,00 4, , ,00 170,00 4, , , Unpaid Grand Total: $2,220,00 $1,142, $3,362, $3,362, Copyright NBS Page 1 of 1 12/20/2011 4:20:05PM

8 Western Municipal Water District CFD 99-1 Final Budget for Fiscal Year 2011/12 Category/Item FY 2011/12 FY 2010/11 Increase/(Decrease) Principal and Interest $175, $237, ($61,119.07) Admin. Expenses 32, , , Miscellaneous (1.12) (0.83) (0.29) Grand Total: $208, $268, ($59,322.06) Total Accounts: The Grand Total may be reduced by county collection fees if the county retains such fees from the apportionment of funds. Copyright NBS 12/21/ :46 AM

9 Western Municipal Water District CFD 99-1 Final Detail Report for the 2011/12 Billing Account ID Property ID DB Developed Levy Misc Adjs Total $1, $(0.01) $ , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) Copyright NBS Page 1 of 4 12/20/2011 4:20:06PM

10 Western Municipal Water District CFD 99-1 Final Detail Report for the 2011/12 Billing Account ID Property ID DB Developed Levy Misc Adjs Total , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) Copyright NBS Page 2 of 4 12/20/2011 4:20:06PM

11 Western Municipal Water District CFD 99-1 Final Detail Report for the 2011/12 Billing Account ID Property ID DB Developed Levy Misc Adjs Total , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) Copyright NBS Page 3 of 4 12/20/2011 4:20:06PM

12 Western Municipal Water District CFD 99-1 Final Detail Report for the 2011/12 Billing Account ID Property ID DB Developed Levy Misc Adjs Total , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) , (0.01) 161 Accounts $208, $(1.61) $208, Copyright NBS Page 4 of 4 12/20/2011 4:20:06PM