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TO: <br />FROM <br />SUBJECT: <br />CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of August 3, 1993 <br />Honorable Mayor and City Council <br />Richard E. Acevedo, Finance Direc r <br />CONSIDER FISCAL YEAR 1993-94 BUDGET TAX LEVY FOR <br />COMMUNITY FACILITIES DISTRICT 90-1' <br />BACKGROUND: <br />During 1990, the City completed proceedings for the formation of a <br />Mello -Roos Community Facilities District (90-1) in the vicinity of <br />Mount Vernon and Colton Avenues. I <br />On November 60 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 districtis to collect <br />sufficient funds to meet debt service requirements. Only when this <br />requirement is met can monies be spent on other facilities and <br />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. As recommended by the Community' Facilities District <br />Commission at their July 26, 1993 meeting, the 2% escalator factor <br />has been included in the 1993-94 tax levy. <br />The proposed Fiscal Year 1993-94 Budget for the project would <br />allocate: <br />$427,950.00 Debt Service <br />251,862.75 Replenishment of Reserve Fund <br />20,187.25 District Administration <br />$700,000.00 Total Expenditure Budget <br />i A2. <br />�i� X10 r <br />