Cheval West Community Development District Finances
The Cheval West Community Development District (the “District”) is authorized to determine, order, levy, impose, collect, and enforce special assessments pursuant to this Chapter 190 and Chapter 170 of the Florida Statues. Such special assessments may, in the discretion of the District, be collected and enforced pursuant to the provisions of ss. 197.3631, 197.3632, and 197.3635, Chapter 170, or Chapter 173. All bonds associated with the development of the District have been paid since 2012.
District Budget Information
The budget is a financial plan that serves as the basis for expenditure decision-making and subsequent control of expenditures. The plan strives to provide program services at the levels of service established by the Board during the budget process. However, the budget must also be flexible enough to account for unexpected events and expenditures. Otherwise, levels of service in other program areas may suffer to operate within the constraints of the overall budget.
District Operation & Maintenance Assessments
The operations and maintenance assessment (“O&M Assessment”) are a component part of the non-ad valorem assessments property owners within the District see on their annual tax bill from Hillsborough County. O&M Assessments are based on the District’s Operations and Maintenance Budget, which is adopted annually. This is the budget that deals with the needs of the District for the administration and operation of the District’s facilities and infrastructure. The Budget includes contributions to the District's reserves for infrastructure renewal. The District follows the budgeting process prescribed by section 190.008, Florida Statutes.
As part of this process, the District must annually adopt a proposed Operations and Maintenance Budget prior to June 15th and transmit the same to the Clerk of the Board of County Commissioners of Hillsborough County, Florida. After a minimum of 60 days after the submittal to the County, the District must conduct at least one public hearing to allow for public comment and testimony relating to the proposed Operations and Maintenance Budget. After the public hearing, the Board of Supervisors may adopt the Operations and Maintenance Budget and levy the assessments necessary to fund that adopted Operations and Maintenance Budget.
The District's Fiscal Year runs from October 1st through September 30th. It is important to note that the O&M Assessment varies depending upon the District's annual Operations and Maintenance Budget adopted for a given fiscal year.