1990 AGN AUG 21 I19 - Laserfiche WebLink

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CITY OF COLTON AGENDA REPORT (CONTINUED) FOR COUNCIL MEETING OF August 21, 1990 SUBJECT: Resolution Establishing Fiscal Year 1990-91 Budget and Tax Rate for 89-1 The proposed Fiscal Year 1990-91 Budget for this project would allocate $255,856.00 as follows: $243,335.00 debt service 12,000.00 general administration There are no funds available this fiscal year for services. The above budget may be accommodate within the approved first year maximum tax rate for the district. A listing of the current proposed assessments, by parcel, is at- tached to this report. Alternatives: None. Financial Impact: Staff recommendations will meet the district's debt service requirements and will, in time, provide the increased public/safety services promised by the district. Environmental Impact: In approving CFD 89-1, the City sought to provide for major drainage and circula- tion improvements, the acquisition of additional school and recreation facilities and to provide certain additional services which are necessary to meet increased demands placed upon the City as a result of development and/or rehabilitation occuring within the District. Recommendation: 1. Approve a fiscal year 1990-91 budget for CFD 88-1 in the amount of $255,856.00, as specified in the body of this report. 2. Approve the attached resolution by title as follows: RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLT -ON, CALIFORNIA, ESTABLISHING ANNUAL SPECIAL TAX FOR A CCMMUNITY FACILITIES DIS- TRICT Report prepared by Helen A. Ramos, City Clerk. Page 2 of___1_ Item No.