Loading...
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