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Riverwalk Landscape Maintenance District-Round 3Page 2 <br />community members to whom the assessments are levied each year. <br /> <br />2.Equity In order to maintain the improvements within the Riverwalk Landscape <br />Maintenance District, the annual maintenance cost is funded through an annual levy <br />calculated based on the special benefit shared by each parcel within the district. <br /> <br />3. Fiscal Responsibility Assessments are levied annually to pay costs associated with <br />maintaining enhanced improvements within the district. This ensures the additional cost of <br />maintaining the enhanced landscape and facility improvements is borne primarily by those <br />that benefit from them. <br /> <br />4. Innovation Utilizing Landscape Maintenance Districts is an innovative way to offset the <br />cost to maintain improvements that were constructed outside of normal City standards. <br /> <br />5. Sustainability & Resiliency The formation of a Landscape Maintenance District <br />provides a transparent and equitable way to fund and report on maintenance of <br />improvements that provide a special benefit to a select group of property owners. The <br />annual engineert and levy process helps to ensure transparent reporting to <br />members of the community and those within the district. <br /> <br />FISCAL IMPACT: <br /> <br />The total estimated fiscal impact of this action for FY 2022/23 is $575,933. The estimated <br />Riverwalk Landscape Maintenance District expenses for FY 2022/23 is $422,486 in Zone A and <br />$153,447 in Zone B. With an estimated annual levy of $461,540, it is anticipated the General <br />Fund will contribute $114,393, which is included in the proposed FYs 2022-2024 budget. The <br />annual assessment for FY 2022/23 will be $315.76 per residential parcel, and $1,590.09 per acre <br />within the business park. <br /> <br /> <br />Prepared by: Heidi Schrader, Debt & Treasury Manager <br />Certified as to <br />availability of funds: Edward Enriquez, Interim Assistant City Manager/Chief Financial <br /> Officer/Treasurer <br />Approved by: Edward Enriquez, Interim Assistant City Manager/Chief Financial <br /> Officer/Treasurer <br />Approved as to form: Phaedra A. Norton, City Attorney <br /> <br />Attachments: <br />1. Resolution <br />2. Fiscal Year 2022-2023 Riverwalk Landscape Maintenance District Engineers Report <br />3. Resolution 23858 declaring intention to levy and collect assessments for FY 2022-2023 <br />4. Presentation <br /> <br />