Government Finance and Operations 07/22/2013
Department of Finance Releases Summary of RDA Residual Payments
Late last week, the Department of Finance (DOF) released a
summary of the residual payments that have been made to affected
taxing entities as a result of redevelopment agency dissolution.
Counties can review the summary on the DOF website here.
The Residual Payment Summary includes all residual payments that have been reported by county auditor-controllers to DOF as of July 17, 2013 and includes residual payments associated with Recognized Obligation Payment Schedules (ROPS) 1 through 13-14A, the Low and Moderate Income Housing Fund (LMIHF) and Other Funds and Accounts (OFA) Due Diligence Reviews (DDRs), and the Long-Range Property Management Plans. Also, note that the summary does not include all residual payments that have been made to affected taxing entities at a specific point in time as there is often a delay between when the residual payments are made to the taxing entities and when they are reported to DOF. DOF plans to periodically update this summary chart as county auditor-controllers provide new information.
Recall that residual payments are those funds that remain in the Redevelopment Property Tax Trust Fund after administrative and pass-through distributions are made and enforceable obligations are paid.
The summary shows that nearly $4 billion in former redevelopment agency property taxes have been allocated to cities, counties, schools, and special districts over the dissolution period. Of that $4 billion, about $862 million has been allocated to counties.