HomeMy WebLinkAbout2009-06-01; Agricultural Conversion Mitigation Fee Committee Ad Hoc; ; Receive Report on Available Fund BalanceJune l, 2009
Agenda Item #5
CITY OF CARLSBAD
AGRICULTURAL COVNERSION MITIGATION
FEE AD HOC CITIZENS' ADVISORY COMMITTEE
Subject:
Meeting Date:
Receive Report on Available Fund Balance
June 1, 2009
At the January 6, 2009 Committee meeting, staff reported on the balance of Agricultural
Conversion Mitigation funds. Since that date, interest income deposited into the account has
resulted in increases in the available/unencumbered balance from which grant awards may be
funded. Staff assesses that the current available/unencumbered balance that may be awarded
to grant projects is $876,035.70.
Although $876,035.70 is available as of the date of preparation of this report, the fund has
potential to increase due to the following:
• Accrual of Interest Income-Although approximately $6 million exists within the fund,
the majority of that (approximately $5.1 million) is encumbered and available for
disbursement to grantees of previously awarded projects. The City, however, is accruing
interest income on the total balance within the fund.
• Potential Conversion of Agricultural Land to Urban Uses-As coastal agricultural land is
developed and converted to urban uses, mitigation requires developers to deposit into
the fund (i.e. pay agricultural conversion mitigation fees) at a rate of $10,000 per acre of
converted land.
Respectfully Submitted,
PLANNING DEPARTMENT