(1) Adoption of a Resolution Making a Finding Pursuant to Health and Safety Code Section 33685 in Connection with the 2008 2009 Payment to the Educational Revenue Augmentation Fund required by State Law and (2) Approval of a Related Budget Amendment. City of Culver City California Redevelopment Agency Agenda Item Report Meeting Date: 05/04/09 AGENDA ITEM: (1) Adoption of a Resolution Making a Finding Pursuant to Health and Safety Code Section 33685 in Connection with the 2008 2009 Payment to the Educational Revenue Augmentation Fund required by State Law and (2) Approval of a Related Budget Amendment. Contact Person/Dept.: John Fisanotti Phone Number: (310) 253 5767 Item Number: A 1 Fiscal Impact: Yes X No General Fund: Yes No X Public Hearing: Action Item: X Attachments: X Public Notification: Master E Mail Notification List (04/29/09) Department Approval: Sol Blumenfeld (04/23/09) Chief Financial Officer Approval: Jeff Muir (04/29/09) Executive Director Approval: Jerry B. Fulwood (04/29/09) RECOMMENDATION: Staff recommends the Culver City Redevelopment Agency ( The Agency ): (1) approve the attached Resolution 2009 A___ making a finding pursuant to Health and Safety Code Section 33685 in connection with the 2008 2009 payment to the Educational Revenue Augmentation Fund required by State Law; and (2) approve a related budget amendment. BACKGROUND: Last Fall the Governor signed into law AB 1389 as part of the resolution of the California budget crisis. Assembly Bill 1389 required redevelopment agencies to make a payment from their tax increment income to the Educational Revenue Augmentation Fund (commonly known as ERAF ). The State has established ERAF as a mechanism to meet its obligation towards school funding by appropriating tax increment funds intended for redevelopment agencies. Statewide the amount of money to be shifted to ERAF this year is $350 million. The Agency s share of this total is $2 251 463. Payment must be made by May 10 2009. Pursuant to Section ...
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