McDowell Mountain CFD
Overview
Formed in 1994, the McDowell Mountain Community Facilities District (District) is a special purpose taxing district and separate political subdivision under Arizona statutes. As such, the District can levy taxes and issue bonds, independent of the City of Scottsdale, Arizona (City). Property owners within the District boundaries pay for District infrastructure and functions through secondary property tax assessments. City staff administers the District and the costs of their services are reimbursed by District funds. The Scottsdale City Council also serves as the District Board of Directors.
The District was formed to finance and acquire or construct amenities that are subsequently dedicated to the City for operation. The District does not own or operate infrastructure. Since formation, District bonds have been issued, and the proceeds used for the completion of Thompson Peak Parkway and other infrastructure, such as water and sewer lines necessary for the McDowell Mountain Ranch development.
Financial Highlights
For the year ending 2019/20, the District’s:
- Tax collections and beginning fund balances were sufficient to pay debt service.
- Tax rate continued to comply with the City-imposed assessment limit of $3.00 per $100 assessed valuation; the tax rate was $0.67 per $100 assessed valuation.
- Governmental funds reported an ending fund balance of $199,508; the entire amount was restricted for debt service.
- Governmental fund revenues were less than expenditures by $7,188, the tax rate decreased from $0.70 in fiscal year 2018/19 to $0.67.
- Total long-term debt decreased by $1,230,000 due to scheduled principal payments.
- Significant bond indentures were in compliance.
Documentation
Current Fiscal Year Documents
- Receipts and Disbursements for Fiscal Year 2019/20
- Annual Financial Report for Fiscal Year Ended June 30, 2020
- Council Action Report for Resolutions 65 & 66
- District Board Meeting Minutes for June 11, 2019
- Resolution No. 65 adopting the district budget for FY2019/20 and Levying a tax
- Resolution No. 66 approving a proposed district budget for FY2019/20 and ordering a hearing for such budget