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CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of August 4, 1992 <br />TO: Honora M City Council <br />FROM: r w ity Manager <br />SUBJECT: Consider Fiscal Year 1992-93 Budget and Tax <br />Rate for Community Facilities District 90-1 <br />BACKGROUND: <br />Date: July 30, 1992 <br />During 1990, the City completed proceedings for the formation <br />of a Mello -Roos Community Facilities District (90-1) in the vicinity <br />of Mount Vernon and Colton Avenues. On November 6, 1990, Council <br />authorized the sale of $4.8 million in bonds to purchase and <br />rehabilitate a public parking lot in the Mount Vernon Shopping <br />Center. <br />DISCUSSION: <br />Each year the Council is required to set the actual tax for the <br />district and to adopt a budget for the expenditure of available <br />funds. The first obligation of the district is to collect <br />sufficient funds to meet debt service requirements. Only when <br />this requirement is met can monies be spent on other facilities <br />and services authorized in the district's formation. The Council's <br />initial actions forming this district established a total maximum <br />tax which could be collected from property owners in each of two <br />tax rate areas. <br />The proposed Fiscal Year 1992-93 Budget for the project would <br />allocate: <br />$427,950.00 <br />19,077.81 <br />15,000.00 <br />$462,027.81 <br />Attachments: 1 <br />Page 1 of-2— <br />Debt Service <br />Replenishment of Reserve Fund <br />District Administration <br />Total Expenditure Budget <br />Item No.5 3 <br />