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William Lyon Homes Report

Springfield Meadows CSD Facilities Maintenance Programs

William Lyon Homes Report

William Lyon Homes, Inc., developer of the Stonebriar community, commissioned the preparation of a Draft Financial Plan for the Springfield Meadows CSD Board of Directors entitled “Springfield Meadows CSD Facilities Maintenance Programs,” dated May 28, 2003.

The report contains information about the public facility maintenance costs for the District, a cash flow analysis, and estimated projections for needed annual assessments in order that the projected maintenance costs can be met.  Costs are discussed for each subdivision of the District.  It contains recommended maintenance activities for roads, drainage, lighting, and other infrastructure on annual, 7 year, 10 year, 30 year, and 50 year maintenance cycles.  It provides baseline costs for analysis.  As noted in the report, it is prepared in 2003 dollars.  To date, no increases in the per parcel annual assessment have been approved since preparation of this report.  The per parcel assessment remains at $200 per year which was approved in 1987.  The report utilized a proposed annual assessment of $350 per parcel per year for its calculations, but that increase was not approved.  As noted in the report, “without approval of an assessment increase, the CSD would have costs greater than the sum of revenues and cash reserves in 4 years.”

Since the issuance of this report, CSD laws changed with the passage of SB 135 (Kehoe) in 2006. This overhaul of the CSD law imposed many changes including a 5-member Board of Directors, distinguished the roles of the directors and General Manager, staggered the directors’ four-year terms, and added requirements for the adoption of formal budgets, fiscal transparency, and annual financial reports, among other things.  These requirements added costs not envisioned when the financing report was prepared. In addition, with the aging infrastructure of the District, these maintenance issues become more critical with each passing year.

The District encourages review of this report for a better understanding of the maintenance and aging infrastructure issues facing the District.