HomeMy WebLinkAbout2014-12-01; Agricultural Conversion Mitigation Fee Committee Ad Hoc; ; Report on Available Fund Balance
AGRICULTURAL CONVERSION MITIGATION FEE (ACMF)
AD HOC CITIZENS ADVISORY COMMITTEE
Agenda Item: #6
Subject: Report on Available Fund Balance
Meeting Date: December 1, 2014
Since 2009 the City Council has awarded a total of $7,852,061 in ACMF grant funding for 26 projects. Of
that amount, approximately $6.4 million has been disbursed to grantees, while approximately $1.4 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 $107,183.
The available fund balance has potential to increase in the future due to the following:
Accrual of Interest Income— Although approximately $1.6 million exists within the ACMF account,
the majority of that (approximately $1.5) 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 2014,
interest income deposited into the account totaled $1,183.
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).
Staff Contact:
Kevin Pointer, Associate Analyst, Economic Development
760-602-4620 kevin.pointer@carlsbadca.gov