Elk Grove To ‘Loan' State $2.2 Million
Payment offset by revenue neutrality As part of the State of California’s new budget deal that was passed and signed into law recent...
https://www.elkgrovenews.net/2009/08/elk-grove-to-loan-state-22-million.html
Payment offset by revenue neutrality
As part of the State of California’s new budget deal that was passed and signed into law recently, some of the budget hole was filled by borrowing funds from local government entities.
Now these entities have an idea of how much money will be sent to Sacramento. For Elk Grove, that amount is $2.2 million.
When the Elk Grove City Council passed its 2010 budget, it had already anticipated this maneuver by the state given the defeat of the May 19 tax initiatives. To account for this, the money was earmarked to be taken from the contingency reserve in the general fund.
“The figure of $2.2 million does not include an adjustment for the revenue neutrality agreement with Sacramento County. Essentially, the County will loan the State approximately $755,000 of the $2.2 million attributable to the City of Elk Grove,” said Elk Grove City Manager Laura Gill. “Consequently, the amount of the loan that the City of Elk Grove will make to the State totals approximately $1.45 million.”
It is not known when the “loan” will be repaid.
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Hey I have a great idea to get back some of that "loan" money; let's set up a toll booth at the off-ramp at Grantline Road! With all the Sacramento people flocking to the new mall we should have quick cash to throw around. We could go ahead and buy Wilton. Put a high-end developement where the old airport is and bring in another 8,000 houses out where more than a few of our old EG retired movers and shakers sold farm land and are still smiling.
Wait, this may not work. I forgot the mall is out there rusting.
How about more red light cameras?
Just thinking out loud.
I knew that was coming.... Where are the cuts going to be??
Let's take the Elk Grove Prommenade property through imminent domain and lease it to the Wilton Miwok Tribe for a casino! We could then set up the Grantline toll booth AND tax the casio's profits all the while saving the Earth by not burning all that gas driving to Thunder Valley, Jackson Rancheria, and Reno!!!
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