The Eagle Mountain Community Facilities District is about to dissolve.
Members of the Fountain Hills Town Council met as the EMCFD board of directors on May 4 to approve a tentative budget for the district. Its last one totaled just $1,000 for administrative costs, with $240 in revenue from interest income.
The district was formed in 1996 as a vehicle for a developer to sell bonds for infrastructure in the Eagle Mountain subdivision. The district will make its final bond payment effective June 30 this year.
Residents in the subdivision had paid a property tax levy to pay the debt service.
Craig Rudolphy, representing the Eagle Mountain homeownerâs association, told the council there are expected to be excess funds in the account and asked that those funds be turned over to the HOA.
There will also be a budget open house for public outreach on Monday, April 12.
The budget documents will be posted on the town website, fh.az.gov, as of Thursday, April 8, to allow for review prior to the discussions.
The open house on April 12 is scheduled from 5:30 to 6:30 p.m. while the workshop session on April 13 will begin at 5 p.m.
The meetings are set to take place in council chambers at Town Hall.
Staff is proposing preliminary budget numbers for the General Fund budget, excluding contingency, will be $18. million. A preliminary contingency amount of $3.8 million is programmed for FY22.