The Fiscal Year Budget is adopted by the Board at a public hearing, to which the public is invited and allowed to make comments on the budget.
At least 60 days prior to the budget hearing, the Board will approve the initial budget in draft form, adopt a Resolution approving the budget and setting the public hearing, and provide a copy to Hillsborough County for their review and comment. Once presented to the Board for their initial approval, the budget is available to the public upon request. The Board will discuss the budget at its interim meetings prior to the public hearing and can make changes to the budget up to the point when it is formally adopted by Resolution.
The two operative words in the budget process are “approve” and “adopt.” The Board is required to approve an initial budget in order to set the public hearing and to provide it to Hillsborough County. Only after a public hearing may the Board officially adopt its budget.
The Bahia Lakes CDD Budget contains the following budget elements:
General Fund Budget (the administration and general operations and maintenance of the District and its common areas)
Debt Service Budget (repayment of the bonds that were issued for the public infrastructure for the common areas as well as the utility system, including amortization schedules)
Reserve Fund Budget (operation and maintenance of the utility system)
Assessment Schedule (list of O&M and debt assessments for each product type for the fiscal year, levied pursuant to Chapters 170, 190, and 197, Florida Statutes)