Los Angeles Municipal Code

Sec. 5.120.4. Creation of Fund.

Growth Threshold Rate by one-half of one (0.5) percentage point; (ii) ten percent (10%) of the difference between the Projected Growth Dollar Amount and the Average Threshold Dollar Amount in cases when the Projected Growth Rate is greater than the Growth Threshold Rate by one (1) percentage point; (iii) fifteen percent (15%) of the difference between the Projected Growth Dollar Amount and the Average Threshold Dollar Amount in cases when the Projected Growth Rate is greater than the Growth Threshold Rate by one and one-half (1.5) percentage points; (iv) twenty percent (20%) of the difference between the Projected Growth Dollar Amount and the Average Threshold Dollar Amount in cases when the Projected Growth Rate is greater than the Growth Threshold Rate by two (2) percentage points; or (v) twenty-five percent (25%) of the difference between the Projected Growth Dollar Amount and the Average Threshold Dollar Amount in cases when the Projected Growth Rate is greater than the Growth Threshold Rate by two and one-half (2.5) percentage points or more. (f) Limitations on Contributions to the Budget Stabilization Fund. Any transfer described under Subsection (e) may be suspended in the event: (i) the City adopts a resolution declaring a fiscal emergency; (ii) the City suspends any contributions to the Budget Stabilization Fund upon the approval of the Mayor and a majority vote of the City Council; or (iii) the City suspends any contributions to the Budget Stabilization Fund upon the majority vote of the City Council, subject to the approval of the Mayor, or passage by the City Council over the Mayor’s veto by a two- thirds vote. If any City Council order suspending said contributions is not returned to the City Clerk by the Mayor, for presentation to the City Council, with objections in writing, within ten days after it has been presented to the Mayor, it shall become effective and be as valid as if the Mayor had approved and signed it. (g) Application of the Charter and Other Policies. Notwithstanding the provision found under this section but with regard to the Charter and subject to the policy decisions and determination made by the City Council and the Mayor, any transfer to and from the Budget Stabilization Fund may occur in connection with the Budget or to mitigate any short- term budgetary shortfalls. SECTION HISTORY Chapter and Section Added by Ord. No.