The City of Galt, California has experienced accelerated growth during the last decade. In this climate, the City's ability to provide services has become strained. In an effort to decrease declining levels of service levels driven by rapid growth and unprecedented revenue shortfalls as well as to sustain the quality of life for its residents, the City of Galt sought the assistance of MuniFinancial to identify and implement reliable, predictable and alternate funding stream for maintaining service levels. Our comprehensive analysis determined that development results in a negative impact on the City's ability to finance services funded by the City's General Fund and suggested the imposition of special taxes on new development to offset the negative impacts of that development.
As a result, MuniFinancial assisted the City in forming a Community Facilities District to mitigate the impact to the City of providing police services and fire protection and suppression services to new developments in various areas of the City. It is the City's intention to annex property into the CFD as new developments are approved. |
