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3/17/2011 <br /> Highlights of AB 101 and SB77 <br /> • Each Successor Agency would have an Oversight Board <br /> comprised of seven representatives appointed by the County, <br /> Mayor and outside agencies. <br /> ► Existing RDA debt and payment obligations are protected but <br /> subject to twice annual approval by Oversight Board. <br /> ► No protection for unobligated programs or contracts that can <br /> be legally terminated. <br /> ► Successor Agency will receive an administrative allowance to <br /> manage the Successor Agency: <br /> ► 5% of debt in FY 2012 (4300,000) <br /> ■ 3% of debt in FY 2013 and beyond (4180,000) <br /> Highlights of AB 101 and SB77 <br /> ■ Pass - Through Payments made prior to distributing funds <br /> to Successor Agency. <br /> ► FY 2012 all agencies receive current payments: $4.0 million. <br /> ► FY 2013 and beyond only schools: $600,000. <br /> ■ After all pass- throughs, debt and contract payments, and <br /> administrative allowances, the remaining tax increment is <br /> redistributed. <br /> ► FY 2012: no redistribution, all remaining funds to State. <br /> Statewide $1.7 billion transferred from agencies in FY 2012 <br /> ONLY to the State for trial courts and MediCal. <br /> • FY 2013 and beyond: an estimated $1.0 million to GF. <br /> 2 <br />