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Jan 31

Excess Educational Revenue Augmentation Fund revenues exceed expectations

Posted on January 31, 2015 at 11:04 pm by Clay Curtin

The City received its fiscal year 2014-15 share of Excess Educational Revenue Augmentation Fund revenue recently. Excess ERAF occurs when the amount of property tax shifted from the cities is more than what is needed to meet the minimum funding requirements for the schools, and this occurrence is limited to a small number of counties. The City’s share of Excess ERAF for fiscal year 2014-15 is $1.75 million, which is well above the $800,000 that was budgeted. Since this revenue source is vulnerable to State action, the City, along with all other cities in San Mateo County, are very conservative when making projections, typically only budgeting for the amount that is sure to be distributed.