HomeMy WebLinkAbout2013-06-25; Agricultural Conversion Mitigation Fee Committee Ad Hoc; ; Receive Report on the Available Fund BalanceAgenda Item #4
CITY OF CARLSBAD
AGRICULTURAL CONVERSION MITIGATION FEE
(ACMF) AD HOC CITIZENS ADVISORY
COMMITTEE
Subject: Receive Report on the Available Fund Balance
Meeting Date: June 25, 2013
Since 2009 the City Council has awarded a total of $7,415,393 in ACMF grant funding for 20
projects. Of that amount, approximately $4.8 million has been disbursed to grantees, while
approximately $2.6 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 $511,668.53
This available balance has a potential to increase due to the return of unused ACMF funds
previously awarded for AGP 06-10—Carlsbad Beach Nourishment. The City of Carlsbad has
fulfilled its financial obligation to SANDAG pursuant to the Memorandum of Understanding (and
subsequent amendments) entered into between both parties. The project was completed in
December 2012 and a five-year monitoring effort is currently underway. As a result of
partnering with SANDAG to complete the work as part of a regional effort, the project has been
completed under the $1.5 million that the city awarded from the ACMF fund. As a result, the
Committee may recommend that the City Council reprogram $615,940 in unused funds
previously awarded for AGP 06-10.
If the unused portions of awarded funding are reprogramed from AGP 06-10 it would increase
the available fund balance to $1,127,608.53.
The fund balance additionally has potential to increase in the future due to the following:
Accrual of Interest Income—Although approximately $3.1 million exists within the ACMF
account, the majority of that (approximately $2.6) 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 May 2013, interest income deposited into the account totaled
$2,686.
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,
Agenda Item #4
which totaled $79,000 in agriculture conversion mitigation fees paid for the Muroya
Subdivision project.
Respectfully Submitted,
PLANNING DIVISION