ANNUAL REPORT OF THE PROJECTS & FINANCE COMMITTEE

OF THE

COLLEGE AREA COMMUNITY COUNCIL (CACC)

_______________________________________________

 

March 12, 2003

 

            The newly reorganized Projects & Finance Committee, formerly known as the “Dollar Per Ticket Committee” of the CACC, met frequently during the 2002-2003 year at the College Area Community Service Center, located at 4704 College Avenue. 

 

            The Committee spent the 2003-2003 year engaged in evaluating the Cox Arena Community Agreement Escrow Account (“Account”) in order to determine the precise amount in the Account, how best to manage the Account, and to establish criteria by which future proposals may be evaluated in order to obtain potential funding from the Account.

           

            As part of its duty, the Committee established two Sub-Committees, identified as the “Escrow Sub-Committee” and the “Criteria Implementation Sub-Committee.”  Both of these Sub-Committees met independent of the Committee at various times in order to more thoroughly evaluate the Account and its potential disposition.

 

            The Escrow Sub-Committee, working in conjunction with the Committee, determined that to date, the Account has a total of $263,363.31 (See Treasurer’s Report for a detailed breakdown by event).  This amount is in addition to the sum of $100,000 which is currently on deposit with the City of San Diego for median strip maintenance along Montezuma Road.  The Account is administered by the State Diego State University–Trust Fund Accounting Department, and is invested in the Local Agency Investment Fund under the jurisdiction of the California State Treasurer.   Interest on the Account is determined at a “pooled rate” up to 4% and is distributed semi-annually.  The Escrow Sub-Committee’s recommendation, which was approved by the Committee and the CACC, was that the Account should continue to be maintained by San Diego State University and invested in the Local Agency Investment Fund and that the City of San Diego provide accounting documentation to the President of the CACC as to the distribution of the $100,000 disbursed for median strip maintenance.

 

            The Criteria Implementation Sub-Committee evaluated various Memorandum of Agreements (MOAs) between the College Area Associations, San Diego State University, the City of San Diego, and the CACC, as well as other recommendations made to the former Dollar Per Ticket Committee, in order to establish criteria by which future proposals may be evaluated in order to obtain potential funding from the Account.  The Criteria Implementation Sub-Committee’s recommendation, which was approved by the Committee and the CACC, was that the following criteria is to be used in evaluating project proposals for funding from the Account:

 

 

Any and all projects must be evaluated by the CACC and determined to be a capital improvement project or include operating costs in support of a capital project.  Additionally, any proposed project must meet any one (1) or more of the following three Criteria:

 

                        1.  Any project that mitigates the impact of traffic intrusion arising out of Cox Arena

                        events; 

 

                        2.  Any project that reduces the parking impact arising out of Cox Arena events;

 

                        3.  Any project that reduces the impact of neighborhood intrusion arising out of Cox

                        Arena events.

 

In evaluating proposals for funding from the Community Agreement Escrow Fund, the CACC  should give priority to proposals that meet all of the Criteria listed above, including any sources of matching funding from other sources.

 

            To date, the Committee has completed its objectives related to the Account.  Future recommendations which the Committee should explore include: evaluating new sources of funding for future projects within the College Area community, and the identification of areas within the community which may selected as recipients for those funds.

 

Respectfully Submitted,

 

 

Scott A. Moomjian

Chair, Projects & Finance Committee