HomeMy WebLinkAbout2010-02-22; Agricultural Conversion Mitigation Fee Committee Ad Hoc; ; Receive Report on Available Fund BalanceAgenda Item #4
CITY OF CARLSBAD
AGRICULTURAL COVNERSION MITIGATION
FEE AD HOC CITIZENS' ADVISORY COMMITTEE
Subject: Receive Report on Available Fund Balance
Meeting Date: February 22, 2010
Following the June 1, 2009 Committee meeting, the City Council awarded $847,822 in grant
funding for seven projects consistent with the Committee's recommendations. Since the City
Council began awarding ACMF funds in February 2007, a total of 20 grants have been approved
at a sum of $7,340,393. To date, approximately $2.1 million has been disbursed to grantees,
while, approximately $5.3 million is encumbered within the account and remains available for
disbursement to grantees.
As of the date of preparation of this report, the available/unencumbered balance within the
account that may be awarded to future grant projects is $64,908.
This available balance has a potential to increase due to the following:
• Accrual of Interest Income-Although appinximately $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, developers can mitigate the loss of the
agricultural land by paying a fee at a rate of $10,000 per acre of converted land (the fee
is then deposited into the ACMF fund). Staff projects that the next accrual of ACMF
funds resulting from conversion of agricultural lands is the Muroya Subdivision (GPA 06-
09/LCPA 06-09/ZC 06-07), which is estimated to contribute approximately $79,000 in
agricultural conversion mitigation fees. Staff anticipates that the Muroya Subdivision
will be reviewed by the Planning Commission in April 2010.
Respectfully Submitted,
PLANNING DEPARTMENT '