RSG

Intelligent Community Development

Case Studies Fiscal Health

FISCAL CONSULTANT SERVICES - INLAND VALLEY

RSG has provided fiscal consultant services for three of the Inland Valley Development Agency (a joint powers redevelopment agency for the Norton Air Force Base redevelopment project) tax allocation financings. The latest issue (1997) was a $44 million dollar financing that refunded the two prior financings for both the IVDA and their school agencies. Further, RSG has provided yearly calculation of pass-through amounts to these school agencies. IVDA’s taxing agency agreements require that calculations of tax increment be conducted for each of IVDA’s four jurisdictional areas and their five overlapping school agency jurisdictional areas. The agreements are based upon a complicated model that takes into consideration revenue generated by the Proposition 13 inflator, as well as the total annual cumulative assessed value growth percentage of each of the school jurisdictions. Consequently, verification and calculation of tax increment revenues and taxing agency pass-throughs involve tax rate analysis at the tax rate area level, as well as application of the agreements' complicated cumulative growth model.