1993 AGN AUG 03 I20 - Laserfiche WebLink

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CITY OF COLTON AGENDA REPORT For council Meeting of August 3, 1993 TO: Honorable Mayor and City Council FROM: Richard E. Acevedo, Finance Direct SUBJECT: CONSIDER FISCAL YEAR 1993-94 BUDGET AND TAX RATE FOR COMMUNITY FACILITIES DISTRICT NO. 89-1 BACKGROUND: During 1989, the City Council completed proceedings for the formation of a Mello -Roos Community Facilities District (CFD 89-1) in a portion of the Cooley Ranch area. This action was validated by the San Bernardino Superior court in Decimber 1989. On December 19, 1989, Council authorized the sale of $2.9 million in bonds to finance the acquisition of a public school site, park site, and various street and utility improvements. DISCUSSION: Each year the City Council is required to set the actual tax for the district and to adopt a budget for the expenditure of available funds. The first obligation of the district is to collect sufficient funds to meet debt service requirements. Only when this requirement is met can monies be spent on other facilities and services authorized in the district's formation. The Council's initial actions forming the district established a first year flat base tax and the ability to increase this amount by two percent (2%) per year. The current tax as proposed is identified on Attachment "All of the attached Resolution and varies depending on whether property is developed or undeveloped, residential, or commercial. The average developed residential lots will be assessed $1,224.00. As recommended by the Community Facilities District Commission at their July 26, 1993 meeting, the 2% escalator factor has not been included in the 1993-94 tax levy. The proposed Fiscal Year 1993-94 budget for this project would allocate: $246,945.00 Debt Service 14,872.00 District Administration 23,092.73 Services (99,920.68) Credit to Levy $184,989.05 Total Expenditure Budget