May 17, 2012
Further Limits Local Control, Reduces Payments for Enforceable Obligations and Shifts Housing and Other Reserves to Benefit State
As the League and successor agencies await further clarification of how the approaching log jam over approval of local ROPS will be resolved by the Department of Finance (DOF) before the June 1 property tax distribution, DOF has distributed a proposed budget trailer bill that further erodes local control by successor agencies and oversight boards, requires payment of unencumbered cash and appears to reduce the June 1 payment to successor agencies for approved purposes to compensate for “underpayments” to local taxing agencies last December.
Key words: Economic Development, Redevelopment, Affordable Housing, Revenue & Taxation, State Budget
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