REQUEST FOR CITY COUNCIL ACTION
DATE: 12/7/2022
TO: Honorable Mayor and City Council Members
FROM: City Manager's Office
SUBJECT:
Title
Interfund Loan Agreement - City of Corona General Fund 110 to LMD 84-2 Zone 19 Fund 468.
End
EXECUTIVE SUMMARY:
This staff report asks the City Council to consider approving an Interfund Loan Agreement from City of Corona General Fund 110 to Landscape Maintenance District (LMD) 84-2 Zone 19 Fund 468 in the maximum amount of $166,548 to help pay for the maintenance of landscaping and facilities. This LMD is currently operating at a deficit in FY 2023, and expenditures are currently outpacing revenues. This loan will help fund landscape services for the current fiscal year while a long-term funding solution is identified.
RECOMMENDED ACTION:
Recommended action
That the City Council approve the Interfund Loan Agreement for the City of Corona General Fund 110 to LMD 84-2 Zone 19 Fund 468 in the amount of $166,548.
B
BACKGROUND & HISTORY:
Zone 19 of Landscape Maintenance District No. 84-2 ("LMD 84-2" or "Zone 19") was established in 1986 under the Landscaping and Lighting Act of 1972 for the purpose of providing landscape maintenance and operating services within the Zone 19 boundaries.
Zone 19 is made up of approximately 36.78 acres dispersed throughout South Corona and includes 3,692 benefit units. An annual assessment of $126.00 is levied on each benefit unit to pay for services to maintain the landscaping within the public right-of-way throughout Zone 19, including all necessary operations, administration, capital improvements, and maintenance required to keep the improvements in satisfactory working condition. This levy was first assessed in 1987, and it has remained the same since 2002. The levy amount cannot be raised without a Prop 218 ballot measure, which requires that a majority of the property owners within Zone 19 vote to approve the increase. As a result, the cost of Zone 19's services are current...
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