Valagua Metropolitan District
Financial Information

The District is funded by property taxes levied on the properties within the District.  The majority of the taxes collected are dedicated towards the repayment of the $21,000,000 of Limited Tax General Obligation Bonds issued in by the District in 2008 to finance the infrastructure for the community.  Due to the decline in the real estate values within the community the District has been subsidizing the debt service payments with reserves previously intended to be used for additional infrastructure.  Beginning in late 2014, once these reserves were depleted and since the maximum levy of 50 mills for debt service is insufficient to fully fund the debt service requirements significant amounts of unpaid principal and interest are now being accrued to future years.   

The District also levies a separate mill levy of 15 mills to provide funding for general operating costs of the District.