HomeMy WebLinkAboutRDA TRANSFER ERAF 05-03-93RDA No.
5-3-93
—AG E y--v (�
DATE: APRIL 13, 1993 I n t e r- C o m10
WILLIAM A. HUSTON, EXECUTIVE DIRECTOR, TUSTIN COMMUNITY
TO: REDEVELOPMENT AGENCY
FROM: RONALD A. NAULT, TREASURER OF TUSTIN COMMUNITY REDEVELOPMENT
AGENCY
SUBJECT: TRANSFERS OF RDA TAX ALLOCATION FUNDS TO THE COUNTY
EDUCATIONAL REVENUE ALLOCATION FUND (ERAF)
RECOMMENDATION:
Authorize the Redevelopment Agency Treasurer to return current year
tax increment, $327,810.97 from the South Central Project Area and
$370,940.94 from the Town Center Project Area, to the County of
Orange for deposit in the County (ERAF) in compliance with Chapter
700 (SB 844), Statutes of 1992, the 1992 Budget Act for the State
of California.
FISCAL IMPACT:
A total loss of current year tax increment to the Redevelopment
Agency of $698,751.91.
DISCUSSION:
SB 844 modified certain sections of the State's Budget Act of 1992
regarding a one time shift of Redevelopment Agency tax increment
for 1992-93 to a newly created County Educational Revenue
Allocation Fund. This "shift" is to make up a portion; about $205
million total, of the shortfall in state funding to schools.
Cities, counties and special districts are permanently losing $1.1
billion from their property tax base to back fill lost revenues to
schools.
The redevelopment shift is based on sixteen (16) percent of the
actual tax increment for 1990-91. The State Director of Finance
has notified us by the attached letter of the amount due to be
returned to the County. The Agency has until May 10, 1993 to send
the County a check for the full amount or to notify the County of
its inability to comply. If we cannot make the transfer by May 15,
the County Auditor/Controller will transfer a like sum fron the
Cit 's property tax
/yallocation for 1992-93.
Ronald A. Nault
Treasurer
Tustin Community Redevelopment Agency
RAN:ls
At era f. rrcla
5T4T[ Of GALIFONNlt
PEI[ WILSON 0, u x
DEPARTMENT OF F'NANCE
OFFICE OF THE DIRE C0=
=ems
CAPITOL, ROOD: !!4-
SA:.RALtENTO, CA
OCT 1 ,99:
TO ALL PED .=LOPMENT AGENCIES AND
TuFIF L=G15_=-IVE BODIES:
The 199: BL=_et Act and related legislation requires virtually every sector of
California __vernment to share in necessary state funding reductions. Chapter
700 (SB 844 . Statutes of 1992, requires redevelopment agencies to shift a total
of 5200 wif _ 3,-, in property Lax revenues to is -12 schools and community colleges.
It requires _-e Director of Finance to determine an amount for each redevelopment
agency to be allocated to the county Educational Revenue Allocation Fund (ERAF).
It further -=quires the Director of 'Finance to notify each redevelopment agency
and its lec dative body of the amount determined.
In accordar__ with this requirement, the attached document provides the amount
determined =_-r your redevelopment agency. if more than one project area exists
for your aeer.cy, a detail of the amount is provided on a project area basis.
Each agency -.:st allocate the amount determined to the county auditor for deposit
in the ERA-' _rn or before May 10, 1993. If an agency determines that it will be
unable to a- ocate the full amount required, it must enter into an agreement with
its leeisla.-ve body to fund the payment of the difference between the full
amount reg -_--ed and the amount available for allocation by the agency.
If an acenc, fails`to transmit the full amount required, is precluded by court
order from _ ansmitting that amount, or is otherwise unable to meet its full
obligation. section 33682(e) of the Health and Safety Code requires the county
auditor, b,. -o later than May 15, 1993, to transfer any amount necessary to meet
the oblic_a. _n determined for that agency from the legislative body's property
tax alloca: _n.
If you have a -v questions regarding this matter, please contact Douglas Craig at
(916) --
Sincere'-,,.
THOMAS F. IrL ES
Directo-
Attachce-,;
TRANSFERS TO EDUCATIONAL REVENUE ALLOCATION FUND
Tustin
South Central
Town Center
October 1, 1992
5327,810.97
2370,940.94