Laserfiche WebLink
<br />('A-fl <br /> <br />the Chamber of Commerce and the Downtown Business Group, as well as countywide <br />organizations such as the San Mateo County Economic Vitality Partnership and Joint Venture <br />Silicon Valley. <br /> <br />III. PROJECTED REVENUES AND EXPENDITURES FOR FISCAL YEAR 2000-2001 <br /> <br />The Agency receives revenue solely from the property tax increment on property within the <br />redevelopment area, and from interest on fund balances. Upon receipt, this revenue is divided into <br />two funds. These funds are identified as: Fund 806 -- Housing General Fund; and Fund 807 -- <br />Agency General Fund. The Redevelopment Law requires that no less than 20% of total revenue <br />must be deposited into Fund 806 and used strictly for housing activities. In Redwood City's case, <br />the agreements reached with other taxing agencies in 1989 result in the Agency depositing <br />approximately 32% of total net revenue to Fund 806. This occurs because the tax sharing <br />payments to other taxing agencies have to be made with Agency General Fund revenue. We are <br />precluded by statute from using the housing funds for such tax sharing agreements. This results <br />in the housing funds constituting more than 20% of the Agency's "net" revenue. <br /> <br />Revenues <br /> <br />In 2000-2001, the Agency is projecting to receive $5,162,863 in revenue 1, divided as follows: <br /> <br /> <br />Housing Fund <br />$1,582,114 <br /> <br />1 Including $4,917,012 in tax increment and $245,851 in interest <br /> <br />5 <br />