James Rufus Koren, Staff Writer
Created: 05/07/2010 06:09:54 PM PDT
Redevelopment agencies will have to pay $1.7 billion to public schools Monday in a complicated funding scheme aimed at giving the state’s ailing budget a shot in the arm.
A Sacramento judge ruled Tuesday that the funding shift is legal, though redevelopment agencies have appealed that decision. The California Redevelopment Association asked an appellate court to allow agencies to hold on to its money while the appeal is heard, but the court denied that request Friday afternoon.
Agencies in San Bernardino will pay $176 million Monday. They’ll owe another $36.2 million next year. The money will technically go to school districts in the county, but the money will eventually find its way into the state’s general fund.
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Let me get out my miniature violin.
‘zactly, Little Stevie.
RDA money is money that was stolen from General Funds in the first place. To serve special interests. 99% of RDA funds do not provide any benefit to the local citizens. Redevelopment and the entire RDA bureaucracy is a joke. Not to mention a waste of taxpayer money.
Did I mention it’s also a waste of taxpayer money?
Bingo! RDA folks are crying about losing money that was never truly theirs in the first place! Don’t you just love ‘debt financing’?
In my experience, this type of funding does nothing but line the pockets of greedy developers and politicians.