HomeMy WebLinkAboutMINUTES - 04261994 - FC.3 f
TO: BOARD OF SUPERVISORS
Contra
`J L
Finance Committee Costa
FROM: •;�,� _
or•
April 26, 1994 County
DATE: ffsT+cotir C�c*
FISCAL IMPACT of PROPOSITION 180 - PARK LANDS, HISTORIC SITES,
SUBJECT: WILDLIFE AND FOREST CONSERVATION BOND ACT (CALIFORNIANS for
PARKS and WILDLIFE BOND ACT of 1994)
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
1. Accept findings on fiscal impact of Parks and Wildlife Bond Act of 1994.
FISCAL IMPACT:
Findings discuss the impact to California State debt service levels, not County
monies.
BACKGROUND:
Last December Supervisor Bishop introduced a resolution endorsing and supporting
the Californians for Parks and Wildlife Bond Act of 1994 initiative. The initiative has
.qualified for the June 7, 1994 primary election as Proposition 180. Duping discussion
of the resolution, questions were raised regarding the fiscal impact to the state of
additional bonds. The Finance Committee met on April 18 and is submitting the
following comments on. the proposed bonds' fiscal impact.
According to the Governor's Budget Summary, total anticipated debt service for FY
1994/95 is approximately $2.2 billion. This figure includes both Lease Revenue
bonds requiring only legislative approval and General Obligation bonds requiring
approval from the electorate. Proposition 180, a General Obligation bond, would
authorize a bond issue of $2 billion and is estimated to increase the annual debt
service by $142.million for a new state total of $2.327 billion.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION.OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
•
APP ROVE �kiER�
SIGNATURE(S): Tom Torlakson Gayle Bishop
ACTION OF BOARD ON O-A/ X "Z�r 9 f I/ APPROVED AS RECOMMENDED — OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE
UNANIMOUS(ABSENT ) AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN. /
ATTESTED
Contact: Linda Bulkeley, 646-4870 PHIL BATCHE OR,CLERK OF THE BOARD OF
CC. County Administrator SUPERVISORS AND COUNTY ADMINISTRATOR
BY DEPUTY
Page 2
Debt service expenditures are approximately 4.9% of the current fiscal year's State
General Fund and are estimated at 5.3% for FY 1994/95. The portion of the General
Fund spent on the redemption of bonds and related interest is increasing. Please
see the attached Contra Costa Times article.
Additional general obligation bonds totalling $3.9 billion for earthquake
recovery/seismic upgrades to bridges and highways ($2 billion), kindergarten through
twelfth grade school construction ($1 billion) and higher education construction ($900
million) will also come before the voters in 1994.
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