[River Creek Development Corporation Meeting ]
[00:00:05]
>> I AM SHOWING 5:15. ARE WE GOOD TO START?
>> YES. >> I WOULD LIKE TO CALL THIS MEETING TO ORDER ON JUNE 20TH AT 5:15 P.M. I WILL START WITH ROLL CALL.
DO WE HAVE ANYONE SIGNED UP FOR PUBLIC COMMENT TODAY?
>> NO. >> OKAY. WE WILL MOVE TO ITEM 4.1. DISCUSSION ABOUT ACTION -- DISCUSSION OF POSSIBLE ACTION RELATING TO THE RIVER DEVELOPMENT CORPORATION FY '24 FINANCIAL REPORT AND PROPOSED FOR FY '25.
>> THANK YOU. ALBERTA BARRETT, FINANCE DIRECTOR. IN THE FIRST COLUMN FOR THE RIVER CREEK DEVELOPMENT OPERATION, WE ENDED THE FISCAL YEAR 2023 WITH A FUND BALANCE OF 3,187,913.
PROJECTED FOR THIS YEAR, WE HAVE TOTAL REVENUES PROJECT THAT 2,852,795. AND EXPENSES, WHICH MAINLY CONSISTS OF PRINCIPAL AND INTEREST PAYMENTS ON THESE PARTICULAR CORPORATIONS WHICH TOTAL 2,445,640 WHICH WOULD ADD 407,155 TO THE FUND BALANCE FOR A PROJECTED ENDING BALANCE IN SEPTEMBER OF 3,999,068. WE HAVE PROPOSED REVENUES OF 648,631.
EXCUSE ME, EXPENDITURES AT 2,538,978 ADDING 109,653 TO THAT BALANCE FOR AN ENDING BALANCE OF 7,704,721.
>> THE NUMBERS THAT YOU JUST TALKED ABOUT DON'T MATCH THE FILE THAT I HAVE. WAS THERE AN UPDATED FILE SENT OUT?
>> YES. I'M SORRY. I THOUGHT YOU HAD IT. IT WAS NOT CALCULATING THE EXPENSE OF THE TRUSTEE AGENT FEES. IT WAS OFF
6000. SO WE REVAMPED IT. >> HAS THERE BEEN AN EMAIL, A
SUBSEQUENT EMAIL? >> NO. I THINK WE HAD COPIES HERE. I APOLOGIZE FOR THAT BUT WE CAN EMAIL YOU ONE.
>> THAT WOULD BE GOOD. >> OKAY. IT DOES THAT CONCLUDE
YOUR PRESENTATION? >> IT DOES, THANK YOU.
>> ALL RIGHT. I WILL OPEN FOR DISCUSSION. ANY QUESTIONS, ANYONE? I'VE GOT A COUPLE IF ANYONE DOESN'T.
>> I HAD A COUPLE. BASICALLY, I JUST WANTED YOU TO DEAL OUT FOR CROSS CREEK AND SAND CREEK AND CO-OP, WHAT ARE THE DEBT SERVICES WE ARE PAYING THEM? DO WE KNOW WHEN THEY ARE GOING TO
>> WENT TO THE END AND WHAT EXACTLY ARE THEY ALL FOR, ALL
THREE? >> I DON'T HAVE THAT TODAY. DO
YOU KNOW? >> I CANNOT TELL YOU EXACTLY WHEN THEY ALL END. I KNOW THAT THEY WILL BE PAID ON FOR A WHILE. THESE ARE THE CO-OP SENSIBLE PAYMENTS THAT JUST STARTED LAST YEAR. SO THESE ARE BASIC WE THE. BONDS. ALL THE PUBLIC IMPROVEMENT IN MUSTANG CREEK, CROSS CREEK, THOSE ARE LEVIED. EVERY YEAR ON THE HOMEOWNERS. THE CO-OP AND BUSINESS OWNERS HERE AND THOSE ASSESSMENTS WILL PAY ON THE DEBT FOR THESE IMPROVEMENTS DONE IN THE AREA.
>> OKAY. >> I HAD A QUESTION ON WHY THE CO-OP PIT ASSESSMENT IS GOING DOWN HERE FROM THE '24 PROJECTED TO THE '25 PROPOSED. I CAN THINK OF POSSIBLE REASONS
BUT I WANTED TO ASK. >> SURE. SOMETIMES PROPERTY OWNERS WILL PREPAY THEIR ASSESSMENTS. THEY COME IN AND SAY I DO NOT WANT TO DEAL WITH THIS EVERY YEAR AND THEY MAKE A LUMP SUM IN TRUST TO PAY OFF THEIR ENTIRE ASSESSMENT OF THE
PROPERTY. >> IS THAT BECAUSE OF THE
>> THAT WAS ALL MY QUESTIONS. PETER, DID YOU HAVE SOME?
[00:05:02]
>> YEAH, MY QUESTIONS WERE ONE, THIS WAS JUST ATE THAT I REMEMBER. THE RIVER CREEK CORPORATION WAS SET INITIALLY YEARS AGO IN ORDER TO KIND OF BE A PASTOR FOR KIDS. MY UNDERSTANDING THE REASON WE HAVE THESE KIDS THROUGH HERE, NO LONGER THROUGH THE DEVELOPMENT CORPORATION,
CORRECT? >> THAT'S WHAT I THOUGHT.
>> SO WHAT WAS THE OTHER QUESTION I HAD? THE OTHER QUESTION WAS SINCE COTTONWOOD OR RIVER CREEK, SHOULDN'T THE REVENUES AND THE EXPENSES ALWAYS MATCH.
>> CAN YOU ASK THAT QUESTION AGAIN? I'M SORRY.
>> SURE. SO WHEN THE ASSESSMENT COMES IN, DON'T KNOW WHETHER TO EXPECT THE ASSESSMENT INCLUDING PRINCIPAL, THE ATTORNEY FEES AND EVERYTHING. JUST BECAUSE WE DON'T KNOW WHAT THE ADMINISTRATIVE COSTS MIGHT BE. WHY IS IT ALWAYS
PASSED TO ZERO? >> WE DON'T KNOW EXACTLY WHAT THE ATTORNEY SERVICE IS. WE DON'T KNOW WHEN THAT WILL BE EVERY YEAR. THE ATTORNEY FEES VARY. BASICALLY, IT INCLUDES AN ASSESSMENT OF WHAT THEY THINK ADMINISTRATIVE FEES WILL BE.
MAKING THAT GO ON I THINK INCREASES THE ATTORNEY SERVICE
PIT EXPENSES ARE NOT COVERING WHAT THE EXPENSES ARE, WHAT
HAPPENS AT THAT POINT? >> THE ADMINISTRATOR IS THE ONE WHO CALCULATES THE ASSESSMENT. THEN YOU HAVE AN ASSESSMENT ORDINANCE UNDER CHAPTER 372. THAT'S CALCULATED WITH A REVENUE THAT THE PIT ASSESSMENT GENERATES, PLUS ANY ADMINISTRATIVE OR LEGAL EXPENSES THAT ARE WRAPPED INTO THAT. THAT'S WHY THAT MIGHT FLUCTUATE. JOHN SNYDER WILL BE HERE JULY 11TH TWO RESENT THE ASSESSMENT ORDINANCES.
>> I BELIEVE IT IS THE 18TH. THESE ESTIMATES FOR THE BUDGET WERE FOR LAST YEAR. THEY PROJECT OUT FIVE YEARS.
>> YOU WILL GET TO ASK JOHN SNYDER THOSE QUESTIONS AND HE CAN TELL YOU EXACT THE HOW THEY CALCULATE THE ASSESSED THINGS UNDER THE ORDINANCE EVERY YEAR.
>> MY OTHER QUESTION WAS AS YOU KNOW FOR '23, THEY TOOK AN ALMOST A THIRD OF $1 MILLION MORE THAN THE ASSESSMENTS WERE IN THERE PROJECTING THIS YEAR THAT THEY WILL TAKE IN 400,000 MORE THAN WHAT THEY ARE. I'M JUST CURIOUS. THAT'S ALMOST 3/4 OF $1 MILLION OVER TWO YEARS. JUST WONDERING, YOU KNOW, AT WHAT POINT IS THERE A LAW ABOUT HOW MUCH YOU CONTINUE TO GROW BEFORE YOU DISCOUNT WHAT THEY ARE. IS THERE A
RATIO? >> IT ALL GOES INTO THE FUND.
IF IT WAS EVER ASSESSED, IT CAN GO BACK TO THE PRESENT HOMEOWNER. THERE IS RECONCILIATION. THAT'S A JOHN
SNYDER QUESTION. >> THANK YOU.
>> THAT'S WHERE I WAS GOING, TOO. WHAT HAPPENS IF ON THE ONE END, OR REFLECTING TOO MUCH, HOW DO WE GET BACK TO THAT? SO THAT MAKES SENSE. OKAY. ANY QUESTIONS?
>> I WILL MAKE A MOTION TO APPROVE THE BUDGET AS
>> MOTION BY BOARD MEMBER CLARK. AND SECOND BY VICE CHAIR GORDON. ANY DISCUSSION ON THE MOTION? I WILL CALL A VOTE.
>> BOARD MEMBER CLARK . >> AYE.
>> THE MOTION PASSES 3-0. >> THANK YOU.
>> THANK YOU. I DON'T SEE ANY OTHER ITEMS SO UNLESS THERE ARE ANY OBJECTIONS I WILL ADJOURN THIS MEETING AT 5:24 P.M. I'M
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NOT HEARING ANY OBJECTIONS,* This transcript was compiled from uncorrected Closed Captioning.