Fiscal Year 2016 (Oct 1, 2015 - Sept 30, 2016)
MINUTES OF THE BEACON MEADOWS SPECIAL DEPENDENT DISTRICT
PUBLIC BUDGET HEARING
The public budget hearing for the Beacon Meadows Special Dependent District was convened by President Coon at 7:33 p.m. on June 11, 2015 at the Carrollwood Cultural Center, 4537 Lowell Road, Tampa, Florida.
Trustees present: Carol Coon, Violeta Seda, Barbara Appel, Penny Phillips, Anne Blevins, Michael Fisher
Trustees absent: John O’Neill
Public present: Roland Rodriguez, Margaret Rodriguez, Jeanette Morel
President Coon called the hearing to order at 7:33 p.m. and presented the budget for discussion, comparing estimates for FY 15 with projections for FY 16.
The proposed budget for FY 16 maintains the special assessment rate of $100 per improved parcel. There are 256 single family homes in Beacon Meadows, resulting in projected revenue of $25,600.
President Coon remarked that the estimated beginning fund balance (389.90) is high because money is needed to repair sections of the Gunn Hwy. wall during FY 16.
President Coon explained all budget categories and reviewed the backup schedule justifying how projected items are calculated.
Budget Transfers (99.01) is the standard amount that has been allocated for a number of years. Reserve for Contingency (99.03), which can be up to 10% of total revenues, is the amount that is estimated to cover three months of regular District expenses. President Coon explained the rationale used for proposing the budget and why non-operating money is included. She also explained when money can be transferred between budget categories and when the budget must be readopted, which requires an advertised public budget hearing.
President Coon reported that the proposed budget was posted on the District’s website (www.beaconmeadows.org) on June 8, 2015, in compliance with Chapter 189.418(4) of the Florida Statutes. The approved budget will be posted on the same website.
Discussion among Trustees resulted in an agreement that the budget projections for FY 16 appeared reasonable and that the special assessment rate should be maintained at $100 per improved parcel. However, they further agreed that, in the future, more ad valorem taxes would be needed to operate the District as costs continue to rise. Also, an increase in taxes may be needed if all sections of the Gunn Hwy. wall were to be repaired or replaced at the same time. President Coon explained that a referendum to increase ad valorem taxes would be required. She described the referendum process and added that a referendum could not be up for a vote until 2016. If the referendum was passed, funds would not be available until the following fiscal year.
Trustee Blevins asked if a wall along Gunn Hwy. was required by law. No definitive answer could be given, but other Trustees agreed that not having a consistent perimeter buffer would lower property value of homeowners with property along the perimeter buffer as well as within the subdivision. Trustee Fisher asked if funds were maintained in a bank, to which President Coon replied that it was TD Bank. He asked if money could be borrowed from the bank by the District to replace the Gunn Hwy. wall. Trustee Appel responded that, even with a 0% interest rate, she projected it would take 14 years to repay the loan at the current cost of wall replacement if there were no other expenses. President Coon added that there could be personal liability to Trustees with a loan like that.
President Coon opened the hearing for public comment. Resident Morel asked what FY meant, to which President Coon responded, “fiscal year.” There being no additional questions or comments from the public, Trustee Phillips made a motion, seconded by President Coon, to close public comment. The motion was approved by a unanimous vote of 6-0.
The resolution fixing the special assessment rate for the year 2015 was read. President Coon made a motion, seconded by Trustee Appel, to approve the budget, adopt the resolution, and set the special assessment rate at $100. The motion was approved by a unanimous vote of 6-0.
There being no further business, President Coon moved to adjourn the hearing. Trustee Phillips seconded the motion. The motion was approved by a unanimous vote of 6-0. The hearing was adjourned by President Coon at 8:14 p.m.
Signed _______________________________ Signed _______________________________
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RESOLUTION FIXING SPECIAL ASSESSMENT FOR THE YEAR 2015
Upon the motion by Trustee Carol Coon, seconded by Trustee Barbara Appel, the following Resolution was adopted by 6 votes to 0 votes.
WHEREAS, BEACON MEADOWS SPECIAL DEPENDENT DISTRICT is a special dependent district duly established and operating pursuant to Ordinance #87-53, as amended; and,
WHEREAS, Ordinance #87-53, as amended, provided that the Board of Trustees of BEACON MEADOWS SPECIAL DEPENDENT DISTRICT has the right, power, and authority to levy a special assessment against IMPROVED RESIDENTIAL PROPERTY in the district for the purpose of maintaining and improving common property; and,
WHEREAS, the Board of Trustees of BEACON MEADOWS SPECIAL DEPENDENT DISTRICT has determined that the assessment for the year 2015 shall be in the amount of $100.00; and,
WHEREAS, the Board of Trustees of BEACON MEADOWS SPECIAL DEPENDENT DISTRICT has had a duly advertised public hearing on the 11th day of June 2015; and,
WHEREAS, the Board of Trustees of BEACON MEADOWS SPECIAL DEPENDENT DISTRICT has presented the proposed assessment and proposed budget to the residents of BEACON MEADOWS SPECIAL DEPENDENT DISTRICT at the public hearing; and,
WHEREAS, the Board of Trustees of BEACON MEADOWS SPECIAL DEPENDENT DISTRICT has heard discussion and comments from the residents.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF BEACON MEADOWS SPECIAL DEPENDENT DISTRICT THIS 11TH DAY OF JUNE 2015;
That the above recitation of findings of fact is hereby incorporated into this Resolution.
The Board of Trustees of BEACON MEADOWS SPECIAL DEPENDENT DISTRICT approves the proposed budget for FY 16.
The Board of Trustees of BEACON MEADOWS SPECIAL DEPENDENT DISTRICT approves the proposed assessment of $100.00 for 2015.
Upon adoption, this Resolution shall be transmitted by the Trustees, along with the approved budget and all other materials required by Hillsborough County, to the Board of County Commissioners for their approval.
Penny Phillips, Secretary