|REDEVELOPMENT AGENCY AGENDA
ITEM NO. 2
Meeting Date: March 22, 2005
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 2004-05 in the amount of $320,485.98.
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 2004-05 in the amount of $320,485.98.
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 its share of $163,985 for the mandated ERAF shift in 2003-04, and $84,158 in 2002-03.
The Brentwood Redevelopment Agency’s share of this shift for 2004-05 is $320,485.98. See attached November 8, 2004, letter from the State Department of Finance.
The Agency has the budgeted funds to pay our share of the 2004-05 ERAF shift in the amount of $320,485.98 from the Agency’s 2004-2005 budget (Debt Service Fund 303).
Attachment: 11/08/04 State Department of Finance letter
City of Brentwood City Council
150 City Park Way
Brentwood, CA 94513
Fax (925) 516-5441