Loading...
HomeMy WebLinkAbout2012-11-28; Agricultural Conversion Mitigation Fee Committee Ad Hoc; ; Receive Report on the Available Fund Balance and Consider Recommending that the City Council Direct Staff to Solicit Grant Applications for the Committee’s ReviewAgenda Item #4 CITY OF CARLSBAD AGRICULTURAL CONVERSION MITIGATION FEE AD HOC CITIZENS ADVISORY COMMITTEE (ACMF COMMITTEE) Subject: Receive Report on the Available Fund Balance and Consider Recommending that the City Council Direct Staff to Solicit Grant Applications for the Committee’s Review. Meeting Date: Nov. 28, 2012 Since 2009 the City Council has awarded a total of $7,415,393 in ACMF grant funding for 20 projects. Of that amount, approximately $3.7 million has been disbursed to grantees, while approximately $3.7 million remains to be disbursed. 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 $488,487.67 This available balance has a potential to increase due to the following: Accrual of Interest Income—Although approximately $4.2 million exists within the ACMF account, the majority of that (approximately $3.7 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 October 2012, interest income deposited into the account totaled $4,678. 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 November 2011, which totaled $79,000 in agriculture conversion mitigation fees paid for the Muroya Subdivision project. Return of Unused ACMF Funds Previously Awarded to Grantees—The status report submitted by the grantee for AGP 06-10—Carlsbad Beach Nourishment (Exhibit 3.2), indicates that the project is likely to be completed under budget. As a result of partnering with SANDAG to complete the work as part of a regional effort, the city can expect the project to be completed anywhere between $615,940 and $865,940 below the $1.5 million that was awarded for the project. The project is expected to be complete in December 2012. Once the project is completed the City Council may reprogram the unspent funds such that they may be made available for other potential Agenda Item #4 grant projects. Once the funding is no longer appropriated, it would increase the available fund balance to anywhere between $1,104,427.67 and $1,354,427.67. If the Committee believes that there is a sufficient balance of available funds to consider the funding of additional projects, it could recommend that City Council direct staff to solicit grant applications for the Committee’s review. The Committee could subsequently review grant applications received and make recommendations to City Council on awarding funding available at the time, which is projected to include unused funds previously appropriated for AGP 06-10— Carlsbad Beach Nourishment. Respectfully Submitted, PLANNING DIVISION