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Governor Proposes Shifting Redevelopment Funds to Schools

An excerpt of a circular received byAction Alameda which appears to have originated with the California Redevelopment Association:

Governor Proposes $675 million Take of Redevelopment Funds

Today Governor Arnold Schwarzenegger proposed taking the greater of 5% or $225 million of redevelopment funds annually for three years as part of another budget proposal that he claimed represents a compromise between Democratic and Republican lawmaker goals for a State budget.

His proposal does not include any borrowing of Prop 1A property tax and Prop 42 transportation funds from local government.

Other features of the Governor’s package include an additional $2 billion in expenditure reductions on top of what has been proposed in the Legislature’s Conference Committee Report, an increase in the state sales tax of 1 cent for three years followed by a permanent reduction of 1¼ cents, more authority for the Governor to make mid-year budget cuts, and the establishment of a rainy day fund.

Beginning with the current fiscal year through FY 2010-11, the Governor proposes that redevelopment agencies pay the greater of 5% of tax increment, or $225 million total, to ERAF funds in their respective counties. These funds would be shifted to K-12 schools and community colleges, thus reducing the State’s General Fund contributions to education by the same amount.

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