Eastmark CFD - Annual Budget & Financial Reporting

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The annual approved tax rate is used to determine the budgeted expenditures for Eastmark 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 are covered by a rate that is currently $0.30 per $100 of net assessed value as calculated by Maricopa County Assessor. This tax will continue indefinitely.

Expected debt payments are 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 Eastmark infrastructure, the debt payment will increase.

The rate assessed to cover the debt payments will be affected by the amount of the debt payment due as well as the number and value of houses the cost is spread over. During the initial stages of Eastmark, the tax rate could go up if additional debt is issued, or the rate could go down if additional houses are built. For Fiscal Year 2017/2018, the rate is $3.85 per $100 net assessed value. This tax will continue until 25 years after the last reimbursement is made to the developer for Eastmark infrastructure.