Laserfiche WebLink
ALAMEDA COUNTY REDEVELOPMENT AGENCY - <br />SAN LEANDRO JOINT PROJECT AREA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />JUNE 30, 2008 <br />At June 30, 2008, the Agency owed various departments within Alameda County for <br />indirect cost. 'The Finance, Planning, Housing and Community Development Departments <br />are due on a quarterly basis and there is no interest incurred for these payables. Amount <br />owed to the Construction Department is for the services provided during the year. <br />NOTE 5: SUBSEQUENT EVENT - ERAF PAYMENT <br />Under AB 1389, Redevelopment Agencies are required to pay aone-time $350 million of <br />property tax increment to the State's Educational Revenue Augmentation Fund (ERAF) as <br />away to reduce the State's budget deficit for the fiscal year 2008-09. The EARF money <br />will be paid to schools and community colleges. The Agency's share of this payment is <br />approximately $547,070 and payment is to be made by May 10, 2009. <br />NOTE 6: EXCESS SURPLUS REQUIREMENTS <br />Agency is required to report any "excess surplus" to the State Agency of Housing and <br />Community Development. As the administrative responsibility lies with the City of San <br />Leandro for the Joint Project Area, the City calculates and reports any "excess surplus" for <br />the Joint Project Area, as a whole. <br />26 <br />