2004 AGN AUG 03 I08 - Laserfiche WebLink

Browse Search

CITY OF COLTON Item #8 AGENDA REPORT FOR CITY COUNCIL MEETING OF AUGUST 3, 2004 TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: DILU DE ALWIS, FINANCE DIRECTOR�P---_ SUBJECT: Resolutions Authorizing the Levy of the 2004-05 Annual Special Tax for Community Facilities District 87-1, 88-1, 89-11 89-2, and 90-1. DATE: July 22, 2004 BACKGROUND Pursuant to the Mello -Roos Community Facilities Act of 1982, at various times in the past the City Council approved the issuance of bonds for the purpose of infrastructure improvements. These bonds are identified as Community Facilities Districts (CFD's) 87-1, 88-1, 89-1, 89-2 and 90-1. Property owners within the CFD's are obligated to pay the debt service and administrative costs. These costs are paid via annual taxes placed on the tax roll. DISCUSSION/ ANALYSIS The annual special tax levy is determined by summing the amounts necessary to pay debt service on the bonds and pay administrative expenses for the year. These annual levy calculations have been prepared by Scott Associates, CFD Consultants and were presented to the CFD Commission on July 12, 2004. A detailed parcel listing is available in the Finance Department for public review. FINANCIAL IMPACT This is not a general fund activity. However, the restricted revenues, debt service payments and administrative expenditures are accounted for in each respective CFD fund. Investment of these funds is in separate bank accounts and/or administered by a fiscal agent. The tax levy and proposed expenditures are as follows: CFD 87-1 $ 89,551.80 CFD 88-1 174,584.96 CFD 89-1 203,861.12 CFD 89-2 273,855.04 CFD 90-1 259,565.36 ENVIRONMENTAL IMPACT None. RECOMMENDATION The CFD Commission and staff recommends that the City Council approve the attached resolutions authorizing the 2004- 2005 annual special tax levy for CFDs 87-1, 88-1, 89-1, 89-2 and 90-1. REVIEW TEAM ONLY f� City Attorney: Finance Director: City Manager: OTHER: