1992 AGN AUG 04 I31 - Laserfiche WebLink

Browse Search

CITY OF COLTON AGENDA REPORT For Council Meeting of August 4, 1992 TO: Honor le a or and City Council FROM: M ity Manager SUBJECT: CONSIDER FISCAL YEAR 1992-93 BUDGET AND TAX RATE FOR COMMUNITY FACILITIES DISTRICT NO. 87-1 BACKGROUND: During 1988, the City Council completed proceedings for the formation of a Mello - Roos Community Facilities District (CFD 87-1) in a portion of the West Valley. This action was validated by the San Bernardino Superior Court in April 1988. On June 29, 1988, Council authorized the sale of $1.5 million in bonds to design and construct the Eucalyptus/Valley Storm drain system and to provide initial design and engineering for approved recreational facilities. 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 a first year flat base tax and the ability to increase this amount by 2% per year. The current tax is proposed at $649.45 per residential parcel and $1,082.43 per unimproved commercial acre. The proposed Fiscal Year 1992-93 budget for this project would allocate: $132,070 Debt Service 162,104.04 Services 15,000 District Administration $309,174.19 Total Expenditure Budget J;&w oto. a?