Los Angeles Municipal Code

Sec. 5.120.4. Creation of Fund.

der Article 1.6 of Chapter II of the LAMC and any other sales and use taxes allocated to the City by the County and the State; (v) Transient Occupancy Tax as provided under Article 1.7 of Chapter II of the LAMC; (vi) Real Property Transfer Tax as provided under Article 1.9 of Chapter II of the LAMC; and (vii) Parking Occupancy Tax under Article 1.15 of Chapter II of the LAMC. (7) Ongoing Tax Revenue. The term Ongoing Tax Revenue shall mean the General Fund Tax Revenue less the One-Time Tax Revenue. (8) One-Time Tax Revenue. The term One- Time Tax Revenue shall mean the revenue sources described in Subsection (b)(6) that are received or collected by the City on a one-time or non-recurring basis as stated in the Budget. (9) Projected Growth Dollar Amount. The term Projected Growth Dollar Amount shall mean the dollar difference in the Ongoing Tax Revenue measured between the current fiscal year’s Budget and the ensuing fiscal year’s Budget. (10) Projected Growth Rate. The term Projected Growth Rate shall mean the percentage change of the reported Ongoing Tax Revenue found in the current fiscal year’s Budget and the ensuing fiscal year’s Budget. (c) Computations with respect to the Budget Stabilization Fund. As part of the preparation of the Budget and in connection with this section, the Office of the City Administrative Officer shall compute the following: (1) Annual Growth Rate; (2) Average Threshold Dollar Amount; (3) Average Threshold Rate; (4) Projected Growth Dollar Amount; and (5) Projected Growth Rate. (d) Transfers to the General Fund from the Budget Stabilization Fund. (1) Subject to the provision in Subsection (g), in the event the Average Threshold Rate is greater than the Projected Growth Rate, as stated in the Budget, a transfer may be made to the General Fund from the Budget Stabilization Fund for the ensuing fiscal year’s Budget. (2) The amount of any transfer described in Subsection (d)(1) shall not be greater than: (i) five percent (5%) of the difference between the Average Threshold Dollar Amount and the Projected Growth Dollar Amount in cases when the Average Threshold Rate is greater than the Projected Growth Rate by one (1) percentage point;