SB 1129 (Steinberg) – Oppose
CSAC has had a long-standing oppose position on SB 1129, Senator Darrell Steinberg’s measure that seeks to make changes to three components of the dissolution process: enforceable obligations, long range property management plans and compensation agreements, and use of bond proceeds for debt issued in 2011. Recent amendments to the bill include new deadlines for the State Controller’s Office to complete audits of asset transfers by former redevelopment agencies, as well as audits of asset transfers by successor agencies. Because each of these directly affects the allocation of property tax revenues and we know that the allocation of property tax revenues is a zero-sum game, SB 1129 will have fiscal consequences for affected taxing entities, including counties.
SB 1129 was approved by the Legislature last week and now goes to the Governor for his consideration.
AB 2493 (Bloom) – Oppose
CSAC also opposes AB 2493, Assembly Member Bloom’s measure that would authorize successor agencies of dissolved redevelopment agencies to use and commit bond proceeds for those bonds issued between January 1, 2011 and June 28, 3011 for certain types of projects. Since use of these bond proceeds directly affects the allocation of property tax revenues and since the allocation of property tax revenues is a zero-sum game, CSAC believes AB 2493 will have fiscal consequences for affected taxing entities, including counties.
The Legislature approved AB 2493 last week and sent it to the Governor for his consideration.