pages: CityCouncil/2010-01-26.pdf, 8
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CityCouncil | 2010-01-26 | 8 | Vice Mayor deHaan seconded the motion, which carried by unanimous voice vote - 5. CITY MANAGER COMMUNICATIONS (10-033 CC) Supplemental Education Revenue and Augmentation Fund (SERAF) - Proposed Payment Plan The Interim City Manager gave a brief presentation. Mayor Johnson stated no one knows what the State will do to balance its budget this year. The Interim City Manager stated the State had a $24 billion shortfall in June 2009; the deficit was $14 to $15 billion in January, 2010; the deficit will continue to accelerate since the State has not made significant cuts; the biggest concern is whether the State will securitize more property tax borrowing from cities; that she does not know what the State will do with the gas tax. Councilmember Matarrese stated redevelopment tax increment is no longer sheltered but is being taken away; any thought of selling redevelopment bonds will be seriously encumbered. Mayor Johnson inquired whether a job loss analysis has been performed, to which the Economic Development Director responded in the affirmative. Vice Mayor deHaan stated the State has taken money away [from cities] for years. The Interim City Manager stated Alameda has given $54 million to the State over the years. Councilmember Matarrese stated over $5 million has been taken from redevelopment. Mayor Johnson stated State representatives will be coming to the Mayor's Conference in February. The Interim City Manager continued the presentation. Mayor Johnson inquired what will happen to cities that have made tax increment commitments. The Interim City Manager responded cities have to meet obligations; stated trying to get a developer to forego repayment of tax increment commitments is very optimistic. Mayor Johnson stated some amounts are so large that some cities would not be able to Special Joint Meeting Alameda City Council, Alameda Reuse and Redevelopment Authority and 8 Community Improvement Commission January 26, 2010 | CityCouncil/2010-01-26.pdf |