Arizona Laws 48-5563. Budget and tax levy
A. On or before July 15 of each year, the board of directors shall furnish to the board of supervisors a report of the operation of the district for the past year and a written statement of the amount of money needed to be raised by taxation during the next fiscal year for all operating purposes of the district, including maintaining and operating the district’s facilities, payments for professional and other services to the district, debt service, including principal and interest on any bonds issued and outstanding pursuant to section 48-5566 and intergovernmental transfers in connection with special payments, and any other purpose required or authorized by this chapter.
Terms Used In Arizona Laws 48-5563
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Property: includes both real and personal property. See Arizona Laws 1-215
- Special payments: means any payments made pursuant to Section 36-2903. See Arizona Laws 48-5501
B. The board of supervisors shall thereupon levy on the taxable property in the district a secondary tax that, together with other monies on hand or that will accrue during the ensuing fiscal year, exclusive of reserves and taxes levied in connection with bonds issued pursuant to section 48-5566, will provide sufficient revenues to meet the financial needs of the district as provided in subsection A of this section.
C. The secondary tax shall be computed, entered on the tax rolls and collected in the same manner as other secondary property taxes in the county in which the district is located. Monies collected on behalf of the district shall be remitted promptly to and shall be handled by the county treasurer as other special district monies are handled. Amounts levied for debt service on bonds issued pursuant to section 48-5566 or reserves for the bonds maintained pursuant to section 48-5567 are and shall be considered special revenues of the district, shall be kept in a special, segregated fund, are not and shall not be general property taxes and may not be used for any other purpose of the district.