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
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.
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.
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
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