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CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of April 5, 1994 <br />TO: Honorable Mayor and City Council <br />FROM: Andrea Daroca, Interim Finance Director • <br />SUBJECT: Consider Recommendation by the Date: March 23, 1994 <br />Community Facilities Districts Commission <br />To Send An Annual Informational Letter to <br />CFD Residents <br />BACKGROUND: <br />At the last regularly scheduled meeting of the Community Facilities <br />Districts Commission meeting, the commission approved a motion to recommend <br />to the City Council that an annual letter be sent to residents in <br />districts. The letter would notify the CFD residents of the annual special <br />tax. The letter would be informational and have a disclaimer recommending <br />that residents consult an accountant, as to tax deductibility, since the <br />Internal Revenue Service has not provided a full opinion.Muni Financial <br />Services, the consultant preparing the special tax and placing it on the <br />county tax rolls for the City would prepare the letters. <br />FINANCIAL IMPACT: <br />There would be no financial impact to the City. It is estimated the costs, <br />including preparation and postage to be $2,000. These costs would be borne <br />by the five districts. <br />RECOMMENDATION: <br />Staff recommends that the City Council approve the Community Facilities <br />Districts Commission's recommendation to prepare the annual letters for the <br />five districts with no costs to the City. <br />City Manager.Concurrence <br />AD/bjw <br />Attachments: Minutes of March 7, 1994 CFD Meeting <br />Page 1 of Item No. <br />