HomeMy WebLinkAbout2003-04-22; Housing & Redevelopment Commission; 358; Approve & Appropriate special payment to ERAFI HOUSING AND REDEVELOPMENT COMMISSION - AGENDA BILk
u AB# 358
MTG. 04/22/03
CITY MGR. DEPT. RED
CITY ATTY. APPROVE A REDEVELOPMENT AGENCY SPECIAL
TITLE: DEPT HD. I+-
PAYMENT TO THE EDUCATION REVENUE
AUGMENTATION FUND (ERAF) AND
APPROPRIATION OF FUNDS
RECOMMENDED ACTION:
Adopt Resolution No. 367 , authorizing the Finance Director to appropriate and make a one-time
payment in the amount of $66,761 from the Redevelopment Agency’s Debt Service Fund to the County of San Diego pursuant to the Health and Safety Code as mandated by recent California State
legislation.
ITEM EXPLANATION:
As a result of recent California legislation (AB 1768), the Health and Safety Code (Section 33681.7)
requires redevelopment agencies to shift $75 million in property tax revenues to K-12 schools and
community colleges during the 2002-03 fiscal year.
Each redevelopment agency must make a special one-time payment in an amount determined by the
State Director of Finance to the County Auditor for deposit in the Education Revenue Augmentation
Fund (ERAF) on or before May IO, 2003. The Carlsbad Redevelopment Agency’s share of property
tax revenue to be paid to the County Auditor is $66,761.
FISCAL IMPACT:
There is no impact to the City’s General fund. The State Director of Finance has calculated the
Carlsbad Redevelopment Agency’s special payment to be $66,761. Adoption of the attached
resolution will appropriate funds from the Redevelopment Agency’s Debt Service Fund and approve
payment to the County Auditor, resulting in a decrease in the Agency’s available funds by $66,761.
EXHIBITS:
1. Resolution No. 367 , authorizing the Finance Director to appropriate and make a one-time
payment to the County of San Diego.
2. Letter dated October 1, 2002 from the State Department of Finance Director announcing the
mandatory shift in property tax revenues to K-12 schools and community colleges.
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RESOLUTION NO. 367
A RESOLUTION OF THE HOUSING AND REDEVELOPMENT COMMISSION
OF THE CITY OF CARLSBAD, CALIFORNIA, APPR0Vl.NG A
REDEVELOPMENT AGENCY SPECIAL PAYMENT TO THE EDUCATION
REVENUE AUGMENTATION FUND AND APPROPRIATION OF FUNDS
WHEREAS, due to recent California legislation (AB 1768), the Health and Safety Code
(Section 33681 -7) requires redevelopment agencies to shift $75 million in property tax revenues
to K-12 schools and community colleges during the 2002-03 fiscal year; and
WHEREAS, in accordance with this legislation, the Carlsbad Redevelopment Agency
must make a special one-time payment of $66,761, as determined by the State Director of
Finance to the County of San Diego Auditor for deposit in the Education Revenue Augmentation
Fund on or before May 10,2003;
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Commission of the City of Carlsbad, California, as follows:
1. That the above recitations are true and correct.
2. That the Finance Director is authorized 'to appropriate $66,761 from the
Redevelopment Agency Debt Service Fund for the purpose of making a special payment to the
County Auditor of San Diego for deposit into the Education Revenue Augmentation Fund on or
before May 10, 2003.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the Housing and
Redevelopment Commission of the City of Carlsbad, California, held on the 22nd day of
APRIL , 2003 by the following vote, to wit:
AYES: Commissioners Lewis, Finnila, Kulchin, Hall, Packard
NOES: None
ABSENT: None
AYES: Commissioners Lewis, Finnila, Kulchin, Hall, Packard
NOES: None
ABSENT: None
October 1 , 2002
TO ALL REDEVELOPMENT AGENCIES AND
THEIR LEGISLATIVE BODIES:
Chapter 1127, Statutes of 2002, requires redevelopment agencies to shift $75 million in property
tax revenues to K-12 schools and community colleges during the 2002-03 fiscal year. The
Director of Finance is required to determine an amount each redevelopment agency shall
transfer to the Education Revenue Augmentation Fund (ERAF). It further requires the Director
of Finance to notify each redevelopment agency and legislative body of the amount determined.
In accordance with the above requirements, the attached document provides the amount
determined for your redevelopment agency.
Each agency must allocate the specified amount to the county auditor for deposit into the ERAF
on or before May 10, 2003. If an agency determines that it will not be able to allocate the full
amount required, it must enter into an agreement with its legislative body to fund the difference
between the full amount required and the amount available for allocation by the agency.
If an agency fails to transmit to the county auditor the full amount required, is precluded by court
order from transmitting that amount, or is othetwise unable to meet its full obligation,
Section 33681.8 of the Health and Safety Code requires the county auditor, by no later than
May 15, 2003, to transfer any amount necessary to meet the obligation determined for that
agency from the legislative body's property tax allocation.
If you have any questions regarding this matter, please contact Matt Paulin, Principal Program
Budget Analyst, at (916) 322-2263.
B. TIMOTHY GAGE
Director. ._,
By: I
BETTY T. YEE
Chief Deputy Director
Attachment
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