TO: Honorable Mayor and Members of the City Council
THRU: Jarad Hildenbrand, City Manager
FROM: Trang Nguyen, Finance Director
1. SUBJECT
title
Agreement with Willdan Financial Services, Inc. for special district administration services and Community Facilities District No. 06-1 (Del Rio) refunding support
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2. SUMMARY
A five-year agreement with Willdan Financial Services, Inc. to provide ongoing administration services and support the refunding of Community Facilities District No. 06-1 (Del Rio).
3. RECOMMENDED ACTION
recommendation
Approve the agreement with Willdan Financial Services, Inc. in the amount of $199,385 for special district administration and to support of the Community Facilities District refunding process; and authorize the Mayor and City Clerk to execute on behalf of the City.
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4. FISCAL IMPACT
The total five-year cost for this contract is $199,385. Of this, $124,000 is paid directly from assessments collected in the respective districts. Costs related to Redevelopment Agency bonds of $29,400, are reimbursed by the Redevelopment Property tax Trust Fund, and the remaining $45,900, related to the Lease Revenue Bonds and Pension Obligation Bonds, will be funded through the General Fund (100).
5. STRATEGIC PLAN GOALS
Goal 2: Enhance Economic Development and Achieve Fiscal Sustainability.
6. DISCUSSION AND BACKGROUND
The City maintains several special districts, including two Community Facilities Districts (CFDs), three Landscape Maintenance Districts (LMDs), and a sanitation district. These districts require ongoing administration, including annual reporting, property tax levies and collections, and arbitrage calculations, all of which require specialized expertise and software. In addition, the City administers various debt obligations, including Lease Revenue Bonds, Pension Obligation Bonds, and Tax Allocation Bonds managed by the Successor Agency to the former Redevelopment Agency (RDA).
The City's current five-year ag...
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