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Current Council Agenda and Past Meeting Information

 

REDEVELOPMENT AGENCY AGENDA ITEM NO. 18

Meeting Date: January 24, 2006

Subject/Title: Approve payment to Contra Costa County of the Agency’s State-mandated shift of property tax revenues to the Educational Revenue Allocation Fund for 2005-06 in the amount of $302,058.34.

Prepared by: Gina Rozenski, Redevelopment Manager

Submitted by: Howard Sword, Director of Community Development

RECOMMENDATION
Approve payment to Contra Costa County of the Agency’s State-mandated shift of property tax revenues to the Educational Revenue Allocation Fund for 2005-06 in the amount of $302,058.34.

PREVIOUS ACTION
Chapter 610, Statues of 2004, requires redevelopment agencies to shift $250 million in property tax revenues to schools and colleges for the 2004-05 and 2005-2006 fiscal years. While not receiving the same ink as other State budget cuts, the tax revenue shift to Educational Revenue Allocation Fund (known as “ERAF”) continues to be one of the tools used to “balance” the State’s annual budget. In other words, redevelopment agencies will pay $250 million to schools in lieu of the State making a corresponding payment to schools from its general fund The Brentwood Redevelopment Agency paid $320,485.98 for the mandated ERAF shift in 2004/05, $163,985 in 2003-04, and $84,158 in 2002-03.

BACKGROUND
The Brentwood Redevelopment Agency’s share of this shift for 2005-06 is $302,058.34. See attached November 10, 2005, letter from the Department of Finance.

FISCAL IMPACT
The Agency has the budgeted funds to pay our share of the 2005-06 ERAF shift in the amount of $302,058.34 from the Agency’s 2005-2006 budget (Debt Service Fund 303).

Attachment: 11/10/05 Letter from the Department of Finance
 

City Administration
City of Brentwood City Council
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Brentwood, CA 94513
(925) 516-5440
Fax (925) 516-5441
E-mail allcouncil@brentwoodca.gov