Monday Dec 12 2011
Folsom moves closer to South of Highway 50 annexation
By: Laura Newell, Telegraph staff writer
Officials hammer out deal on tax-sharing with county
The city of Folsom approved its tax-sharing agreements with civic stakeholders in the proposed annexation area south of Highway 50. On Tuesday, Dec. 6, the Folsom City Council voted 4-0 to approve the last in a series of agreements, mainly a tax revenue-sharing agreement with Sacramento County. According to reports, Sacramento County supervisors approved the agreement unanimously on the same day. The tax-sharing pacts are required before the Sacramento Local Agency Formation Commission (LAFCO) will approve Folsom's annexation of the expanse of largely agricultural land south of Highway 50. LAFCO tentatively plans to consider the annexation at a meeting in early January, according to reports. The annexation's expected "build-out" date is in 25 years and is expected to generate an estimated $50 million a year in tax revenues, according to officials. Reports show 44 percent of that will go to a variety of government entities, such as the Los Rios Community College District and the Folsom Cordova Unified School District. The balance, about $28 million, will be shared between Folsom and Sacramento County, officials said. Folsom will receive 83 percent and the other 17 percent will go to Sacramento County, in part to help finance the cost of providing countywide services to the area. For more information and a full staff report, visit folsom.ca.us.