HomeMy WebLinkAbout2011-11-07; Agricultural Conversion Mitigation Fee Committee Ad Hoc; ; Available Fund BalanceAgenda Item #5
CITY OF CARLSBAD
AGRICULTURAL CONVERSION MITIGATION FEE
AD HOC CITIZENS ADVISORY COMMITTEE
(ACMF COMMITTEE)
Subject: Available Fund Balance
Meeting Date: Nov. 1, 2011
At the June 1, 2009 ACMF Committee meeting, the City Council awarded $847,822 in grant
funding for seven projects consistent with the ACMF Committee’s recommendations to
appropriate ACMF funds. Since the City Council began awarding ACMF funds in February 2007,
a total of 20 grants have been awarded at a sum of $7,415,393; of which, approximately $2.3
million has been disbursed to grantees, and approximately $5.1 million is encumbered within
the ACMF account and remains available for disbursement to grantees.
As of the date of preparation of this report, the available/unencumbered balance within the
ACMF account that may be awarded to future grant projects is $329,253.
This available balance has a potential to increase due to the following:
Accrual of Interest Income—Although approximately $5.4 million exists within the ACMF
account, the majority of that (approximately $5.1 million) is encumbered and available
for disbursement to grantees of previously awarded projects. The City of Carlsbad,
however, is accruing interest income on the total balance within the ACMF account.
During the month of August 2011, interest income deposited into the account totaled
$8,887.
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 account). The last deposit to the account that was
made due to the conversion of coastal agricultural land took place in January 2011,
which totaled $12,400 in agriculture conversion mitigation fees paid for the Hilton
Carlsbad Beach Resort project.
Anticipated future ACMF funds resulting from conversion of agricultural lands include
approximately $79,000 to be paid for the Muroya Subdivision, which was approved by
the City Council in June 2010 and is currently pending approval by California Coastal
Commission.
Respectfully Submitted,
PLANNING DIVISION