1993 AGN AUG 03 I21 - Laserfiche WebLink

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CITY OF COLTON AGENDA REPORT For Council Meeting of August 3, 1993 TO: Honorable Mayor and City Council FROM: Richard E. Acevedo, Finance Direc or SUBJECT: CONSIDER FISCAL YEAR 1993-4 BUDGET AND TAS RATE FOR COMMUNITY FACILITIES DISTRICT NO. 89-2 BACKGROUND. During 1989, the City Council completed prodeedings for the formationofa Mello -Roos Community Facilities District (CFD 89-2) in a portion of the West Valley. This actionwas validated by the San Bernardino Superior Court in November 1989. On September 19, 1989, Council authorized the sale of $3.4 million in bonds to finance the construction and acquisition of drainage, street, and Utility improvements. 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 the district's formation. The -Council's initial actions forming the district established a first year flat base tax and the ability to increase this amount by two percent (2%) per year. The current tax as proposed is identified on Attachment "A" of the attached Resolution and varies depending on whether property is developed or undeveloped, residential, or commercial. The average developed residential lots will be assessed $832.32. As recommended by the Community Facilities District Commission at their July 26, 1993 meeting, the 2% escalator factor has been included in the 1993-94 tax levy. The proposed Fiscal Year 1993-94 budget for this project would allocate: $271.925.00 Debt Service (38,543-94) Credit to Levy 17,612.75 District Administration 43,120.25 Funds Available for Construction & Acquisition $294,114.06 Total Expenditure Budget .- -