2004 AGN JUL 06 I01 - Laserfiche WebLink

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Item #1 CITY OF COLTON AGENDA REPORT FOR COUNCIL MEETING OF JULY 6, 2004 TO: HONORABLE MAYOR AND CITY COUNCIL FROM: Amer Jakher, City Engineer SUBJECT: Approval of 2 Resolutions for LLMD1 : 1)Resolution Approving the Final Engineer's Report and 2) Resolution Approving the Order of the Levy and Collection of Assessments. DATE: June 29, 2004 71L91:telaoill _IF This is the annual Public Hearing for the Levy of Assessments pursuant to provisions of the Streets and Highways Code, Landscape and Lighting Act of 1972. The City Council, after preliminary review of the Engineer's Report, is required to approve the final report, along with the summary of assessments for the 2004/2005 annual tax levy for LLMD No. 1. DISCUSSION/ANALYSIS: The District provides maintenance, service and operation of landscape and lighting improvements and associated appurtenances located within the public right-of-way and dedicated landscape easements, which are throughout the City. The District includes five (5) distinct Zones. Each Zone has specific improvements and services that provide special and direct benefit to the parcels within the Zones. The costs associated with the improvements are equitably spread between all benefiting parcels within the Zones. Only parcels that receive direct benefit from the improvements are assessed. FINANCIAL IMPACT: The method of assessment spread is based on equivalent dwelling units (EDU) per parcel. Pursuant to the Act, the costs of the District may be apportioned by any formula or method that fairly distributes the net amount to be assessed. The formula used for each Zone reflects the composition of the parcels and improvements are provided to fairly apportion the costs. The proposed assessments for 2004/2005 are changed from those levied for Fiscal Year 2003/2004 only for Zone 8; the assessment for Zone 8 will experience a decreased levy of $53.32 per EDU. The fiscal year 2004/2005 beginning fund balance is $151,757. State law requires special districts to maintain a fund balance that is no more than fifty (50) percent of the district's operating costs. LLMD No. 1 currently has a fixed assessment amount that no longer covers its budget needs. A total of $117,216 will be transferred from its reserve fund held by Zones 2,3,4 and 5 as their costs exceed their assessed rates; Zone 8 which is being assessed the total administrative and production costs it incurrs will not need to contribute from its reserve fund. After the contribution from the Zones 2, 3, 4 and 5's reserve fund an