Starting in the late spring of 2020 the Encinitas ranch Golf Course has seen an enormous increase in rounds played and revenue. The golf course has done so well that the Encinitas Ranch Golf Authority (ERGA) and their board has estimated excess golf course net revenues calculated for FY 2020-21 will be $1,031,283. After funding the Operating Reserve in the amount of $7,533 the remaining estimated excess golf course net revenues of $1,023,750 will be contributed in part toward the golf course’s $372,227 share of the Community Facilities District #1 (CFD #1) fiscal year 2021-22 special taxes and the remaining portion of $651,523 be used to pay portions of the five year lookback balance. CFD #1 was set up in the late 1990’s to pay for all of the infrastructure for Encinitas Ranch (excluding the golf course) which includes roads, sewers and utilities. There are 943 homes in CFD #1 including the 500 homes in Encinitas Ranch.

After applying $7,533 toward the Operating Reserve for FY 2020-21 and $372,227 toward the
golf course’s share of the CFD No. 1 2021-22 special assessments, $651,523 is available for
payment toward the lookback balance and corresponding redemption of CFD #1 Bonds. The
payments will reimburse the shortfall for the following years:
2016 $243,926
2017 319,052
2018 88,545
TOTAL = $651,523

This is very good news for homeowners in CFD #1 including homeowners in Encinitas Ranch as they will see the portion of their property taxes associated with CFD #1 decrease for 2022.

It is uncertain if the very high level of play at the golf course will continue in future years but it re-assuring to know that ERGA is holding to their financial obligations.

Also, the ERGA board and the CFD #1 administrator is working on refinancing these bonds to take advantage of low interest rates. If they are successful with the refinancing that will also help to reduce property taxes.