AgdaPkt 2004-08-09 - Laserfiche WebLink

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� �� SCA from page 5 • • • • • • • • • • • • • • • • • POB from page 1 • • • • • . . . . . . . . . . . . Unfunded pension liabilities are still • SCA 9 does not proteot individual city and growing for cities in CaIPERS. Some cities may county sales tax rates and the method of wish to pay those obligations by issui�g Pension distribution. The state could reduce or eliminate Obliga6on Bonds. the Bradley Bums rate, for example, and replace it with a comparable rete for state purposes. The Shifting local revenue sources—the "triple state could also reallocate the sales tax on a flip" from the 2003-04 state budget, and possible different basis to any city or county in the state. �F-property tax trade-ofis in the 2004-05 state budget--make cities more reliant on property tax. • SCA 9 does not contain a constitutionally Cities may find it advarrtageous to participate in a guaranteed repayment of the VLF gap loan �II Tax and Revenue AMiapation Notes (TRANs) issue for short-term cash to fill the gap until ($1.3 billion), or specfic provisions, which would p�p � �e�nues ar�e received allow local governments to borrow against that debt. Califomia Statewide Communities Develop- ment Authority (CSCDA), the financing authority • Requires only 2/3 vote of the Legislature to sponsored by the League and the Califomia State suspend protections and borrow local govern- Association of Counties (CSAC), has completed ment funds. SCA 9 currently allows suspension successful Pension Obligation Bond (POB) and with a 2/3 vote where the LOCAL July 9 compro- TRANs issues during the past month. Some aties mise frameworic would require an even higher have expressed interest in similar pools later this super-majority vote (3/4 or 4/5). SCA 9 also fails to Year. require repayment of deferred mandate reimburse- ments and the VLF gap loan before the Legislature The oonference call agenda will inGude (a) the is able to borrow local govemment funds, which are recently completed POB issue, (b) plans for a fall both part of the LOCAL July 9 framework. P�B ��ue, (c) results of the latest TRANs issue, and (d) possible TRANs issue later this year. • No specific protection of redevelopment To access the call dial 1 800 456-4706 and agency revenues. If housing is what you want, ask for the Califamia Communities coriference cutting funding for redevelopment agenaes — call. To access the web presentation; which exist in pa�t to help finance afforclable hous- ing — makes no sense. • Go to the following Web Meeting URL: «htt�://y�y�.ql linfo.com/interface/ partici�antLogin js��host • In the Phone Number field type in: 8663654406 (do not enter a"1" prior to the number, or dashes between numbers. • In the Access Code field type in: 3624137 • Register by entering your name, email address, phone number and local agency name. Irrformation on the CSCDA financing programs is available at www.cacommunities.00m. For more information about the web meeting, please contad FOR LEGISLATORS' PHONE NUMBERS, Dan Harrison at 916-65&8267 or ADDRESSES AND E-MAIL PLEASE SEE THE dharrisonC�cacities.orQ LEAGUE'S WEBSITE (YYWW.CACITIES.ORG/ ADVOCACYCENTER). " - PAGE 6/PRIORITY FOCUS www.cacities.org