The City of Pacifica has relied upon the approximate $700,000+ annualized revenue to balance its budget. Now that funding is gone, except for smaller amounts received in 2015 and 2016.
|Nothing coming but a truck|
"In its meeting last week, the Financing City Task Force heard the latest in financial bad news to hit the city -- a loss of $1.4 million over the next two years due to the loss of ERAF (Educational Revenue Augmentation Fund). City staff had counted on receiving that money from the state because it had been a mainstay in the budget for years, but now faces a shortfall of $700,000 in each of the next two years. .... At a study session tomorrow, City Council is expected to discuss with task force members the options the task force developed to balance the city's budget, to gain revenue and to cut expenses. This will be the last scheduled meeting of the Financing City Services Task Force.
Revenue options include putting taxes on the ballot. Some of the options include a fire suppression assessment to gain $1 million a year, a revised utility users tax to generate $800,000 a year, a one-half cent sales tax on the Nov. 2013 ballot to collect $1 million a year, a potential $118 parcel tax to generate $1.2 million a year, or service reductions. .... The final distributions will occur in January 2014 -- $815,000 (50 percent of 2012 and 10 percent of 2010), January 2015 -- $128,700 (10 percent of 2011) and finally January 2016 -- $152,940 (10 percent of the 2012).
|Thanks again NIMBIES !|
Reference - City Study Session. City Calendar, Thursday, February 7, 2013, 6 PM. "Joint Study Session City Council and the Financing City Services Task Force," meeting agenda. Community television Channel 26.
Reference - ERAF background information. Educational Revenue Fund (ERAF), 1/08, "Overview". League of CA Cities, 8/12. "Fact Sheet: The ERAF property tax shift." "The state has provided some funding to local governments that it considers mitigation of ERAF. However, the vast majority of these funds are earmarked for particular purposes. ... In 1992, California voters approved Proposition 172, which provided sales tax funding for police, fire and other public safety programs. Proposition 172 funds will provide about $2.8 billion to local governments in FY2012-13, leaving local citizens facing a $4 billion net ERAF gap in FY 2012-13."
Posted by Kathy Meeh