1993 AGN AUG 03 I18 - Laserfiche WebLink

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CITY OF COLTON AGENDA REPORT For Council Meeting of August, 1993 TO: Honorable Mayor and City Council) FROM: Richard E. Acevedo, Finance Dire or SUBJECT: CONSIDER FISCAL YEAR 1993-94 BUDG AND TAR LEVY FOR COMMUNITY FACILITIES DISTRICT NOr 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 ap�iroved 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 disIrict is to collect sufficient funds to meet debt service require ents. 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 $636.72 per improved residential parcel, $530.60 per unimproved residential parcel, and an avenge of $1,061.21 per unimproved commercial acre. As recommended by the Community Facilities District Commission at their July 26, 1993 meeting, the 2% escalator factor has not been included in the 1993-94 tax levy. The proposed Fiscal Year 1993-94 budget for this project would allocate: $130,720.00 Debt Service 129,586..42 Services 24,538.75 District Administration 1,466.72 Replenishment of Reserve Fund 286,311.89 Total Expenditure Budget