Laserfiche WebLink
same fiscal year and expressed as a percentage. <br />The resulting percentage shall be referred to as the <br />"Jurisdictional SFF Rate" for the fiscal year. <br />(6) For those SFF Jurisdictions whose Jurisdictional SFF <br />Rate Is greater than the Average SFF Rate ("the Over -Funded SFF <br />Jurisdictions"), a Jurisdictional Equity Adjustment Payment ("JEAP") shall be <br />calculated using the data sources cited above and the following formula: <br />(Jurisdictional SFF Rate x Jurisdictional AV Figure x 0.01) — (Average SFF Rate x <br />Jurisdictional AV Figure x 0.01) <br />(7) The JEAPs calculated in subdivision (6) shall be paid <br />by the Authority in two equal payments in December and April each fiscal year, <br />provided that the Authority has received its distribution of property tax revenues <br />In or before such months. <br />(8) The JEAP payments in subdivision (6) shall be made <br />according to the following phase -in schedule: <br />Fiscal Year <br />Irvine <br />Other Jurisdictions <br />FY 2013/14 <br />100% <br />0% <br />FY 2014/15 <br />100% (a) <br />26% <br />FY 2015/16 <br />100% (b) <br />50% <br />FY 2016/17 <br />100% <br />75% <br />FY 2017/18 and thereafter <br />100% <br />100% <br />a. The timing of payment for FY 2014/15 will be <br />dependent on the Authority's Adopted Budget. If the General Fund is <br />balanced in the Adopted Budget (Operating Revenues are equal to, or <br />greater than, operating expenses), then 100% of the calculated JEAP will <br />be paid to the City of Irvine as identified by the above schedule. (For <br />purposes of this Agreement "Operating Revenues" includes Unrestricted <br />General Fund Revenues and SFF revenues. If the General Fund is not <br />955601.1 6 <br />