1993 AGN AUG 03 I19 - Laserfiche WebLink

Browse Search

CITY OF COLTON AGENDA REPORT For Council Meeting of August 3y 1993 TO. Honorable Mayor and City Council FROM: Richard E Acevedo, Finance Direct' SUBJECTS CONSIDER FISCAL YEAR 1993-94 BUDGET AND TAB LEVY FOR COMMUNITY FACILITIES DISTRICT NO. 8-1 BACKGROUND: During 1988, the City Council completed proceedings for the formation of a Mello -Roos Community Facilities District (CFD 88-1) in the vicinity of Meridian and Laurel Streets; a portion of which is in the City of San Bernardino. This action was validated by the San Bernardino Superior Court in December 1988. On January 17, 1989, the City authorized the sale of $2.55 million in bonds to design and construct the Citrus Street storm drain and improvements to Davis Park. DISCUSSION: Each year theCityCouncil is required to set the district and to adopt a budget for the expe funds. The first obligation of the disti sufficient funds to meet debt service requireme requirement is met can monies be spent on o services authorized in the district's format initial actions forming the district establish base tax and the ability to increase this amc The rate for parcels in the City of San Bernard less than that in Colton since all district ser - not available to those property owners. The proposed at $519.78 per residential parcel Bernardino and $802.40 per residential part Colton. As recommended by the Community l Commission at their July 26, 1993 meeting, the has been included in the 1993-94 tax levy. The proposed Fiscal Year 1993-94 budget for allocate: $210,397.50 Debt Service (15,409.68) Credit To Levy 37,000.00 Services 20,557.00 District Administrat $252,544.82 Total Expenditure Buc the actual tax for diture of available -ict is to collect nts . Only when this ther facilities and Lon. The Council's ad a first year flat unt by 2% per year. ino, is significantly rices/facilities are current tax rate is Ln the City of San el in the City of 'acilities District 2% escalator factor this project would .on V, /I?___