HomeMy WebLinkAboutDepartment of Finance Notice 11.12.08 ,+r,wo^pn��*����o. oovsmwop
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OF-FIGE OF THE: [DIREC-TOR
November 12, 2008
TO ALL COUNTY AUD\TORS, REDEVELOPMENT AGENC\E5, AND THBR LEGISLATIVE
BODIES:
Ch ot r 751 Statutes of 2008 requires redevelopment agencies to shift $350 million in property
\ax revenues to K-12 schools '~ 'and C�rnnOunkv colleges during the 2008-09 1|s:a| year. hn\/|e
Director of Finance is required 03 determine an amount each redevelopment agencyThea
ll
it further requires the Director
trmnsfer to the Education Revenue Augmentation Fund
Of Finance to notify each redevelopment agency and legislative
e 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 �\o the ERAF
OO or before May 102O09� By March 1. the legislative body shall report to the county auu..".
` i1 the amount required, or that the legislative uuvy v/`e.."s to
h0vvtha agency intends to ren« e pursuant to Section 33087 of the Health and Safety
r�nni\ the �rnOuO� in lieu of the agency Pu| t be able to 8\|oCute the full amount required, it may
Code. |f �n ug80cy d8��rrn|n�s that |�»«\| no 15 2DOg �o fund the difference
� agreement with its |mB\s|8Uvo body by February . .
enter into �n aQre�
between the full amount required and the amount available for allocation by the agancy.
If the legislative body, pursuant to Section 33085 of the Health and Safety
Code, n
reported"
8d to
U
le
county auditor that it intended to remit the amount in lieu of the agency and the legislative body
fails to transmit the full aDOUn\ as authorized by May 102009' the county auditor, no later than
May 15. 2009. shall transfer an amount necessary to nue1 the obligation from the legislative
b0dy'o allocations pursuant to Chapter (commencing with Section 95) oPart O 5 of Division 1
of the Revenue and Taxation Code. |fthe amounts o/ the legislative body's allocation are no
sufficient to meet this obligation, the county auditor shall transfer an additional 8nnun{
necessary to meet this obligation from the property tax increment revenue apportioned to the
agency pursuant to Section 33670. provided that no moneys allocated to the agency's Low and
Moderate Income
Housing Fund shall be used for this purpose.
if you have any questions regarding this matter, please COOt8Ct Chris HiU, Principal Program
Budget Analyst, at (916) 322-2263.
MICHAEL C. GENEST
Director
By:
.
��t T(}SANTD5
Chief Deputy Director
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