Cadence CFD - Annual Budget & Financial Reporting

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While plans for Cadence CFD are underway, Cadence does not currently have an approved tax levy, and no financials are currently reported. All current expenditures are covered by the developer, who is also the property owner.

At a future date, the annual approved tax rate will be used to determine the budgeted expenditures for Cadence each year. The budget is a combination of charges for operations and maintenance (which may include maintenance for the streets, lighting and sewers) as well as the annual debt payments.

Operations and maintenance costs will be covered by a rate no more than $0.30 per $100 of net assessed value as calculated by Maricopa County Assessor. This tax will continue indefinitely.

Debt payments will be determined based on the amount of debt outstanding and estimates of new debt that may be issued during the fiscal year. If additional debt is issued to reimburse the developer for Cadence infrastructure, the debt payment will increase.

The target rate assessed to cover the debt payments is $3.85 per $100 net assessed value, but may be adjusted as needed on an annual basis. This tax will continue indefinitely, at least until 25 years after the last reimbursement is made to the developer for Eastmark infrastructure.