Loading...
(a) There is created and established in the Treasury of the City of Los Angeles a special fund to be known as the “Permit Parking Program Revenue Fund” (Fund).
(b) The purpose of the Fund shall be the receipt, retention and disbursement of funds received by the Los Angeles City Department of Transportation for the formulation, implementation, maintenance and enforcement of Preferential Parking Districts, Overnight Parking Districts, Oversize Vehicle Restricted Areas, Carshare, and other vehicle permitting functions and the administration of the permit parking programs. The Fund shall also be used for the disbursement of monies transferred into the Fund by the City Council.
(c) The Fund shall be administered by the General Manager of the Department of Transportation or the Manager’s designee(s).
(d) The Department of Transportation shall collect payments derived from the sale of parking permits to residents of Preferential Parking Districts, Overnight Parking Districts, Oversize Vehicle Restricted Areas, Carshare, and other vehicle sharing permitting functions, and remit these funds to the Treasury of the City of Los Angeles for deposit into the Fund. All interest and other earnings attributable to monies in the Fund or to any of the separate accounts within the Fund shall be credited to the Fund or to the account to which it is attributable and shall be devoted to the purposes of the Fund.
(e) The General Manager of the Department of Transportation shall inform the Controller of any special condition or restriction imposed upon any monies accepted for deposit in the Fund. The Controller shall establish a separate account in the Fund for each of the Overnight Parking Districts, Preferential Parking Districts, Oversize Vehicle Restricted Areas and the Carshare and other Vehicle sharing permits programs.
(f) The General Manager of the Department of Transportation is authorized to establish appropriate procedures to carry out the provisions of this Article.
(g) Monies not expended from the Fund at the close of any fiscal year shall not revert to the Reserve Fund, but shall remain in the Fund.
(h) The General Manager of the Department of Transportation shall maintain appropriate accounting records of the actual costs of the services rendered pursuant to the Fund.
SECTION HISTORY
Added by Ord. No. 176,861, Eff. 9-14-05.
Amended by: Article Title and Section, Ord. No. 181,918, Eff. 12-6-11.
(a) The Reserve Fund is established by Charter Section 302. Pursuant to Charter Section 302, the Reserve Fund shall include funding for unanticipated expenditures and revenue shortfalls in the City’s General Fund and includes two accounts within the Reserve Fund, the Contingency Reserve Account and the Emergency Reserve Account. It is the goal of the City Council that the amount allocated annually to the Reserve Fund, including the amount required by the Charter to be allocated to the Emergency Reserve Account, shall be not less than 5 percent (5%) of all General Fund receipts anticipated for that fiscal year in the adopted budget. The provisions and limitations applicable to the Reserve Fund, Contingency Reserve Account, and Emergency Reserve Account are set forth in Charter Section 302. However, the Charter provides that the City Council shall, by ordinance, establish policies for the use of the Contingency Reserve Account.
(b) Policies for Use of the Contingency Reserve Account. The Contingency Reserve Account shall include all monies in the Reserve Fund over and above the amount required to be allocated to the Emergency Reserve Account pursuant to Charter Section 302
. The Contingency Reserve Account will be the source of additional funding needed as a result of unanticipated expenditures and revenue shortfalls. Transfers and appropriations from the Contingency Reserve Account shall be made in compliance with Charter Sections 340 and 341 in accordance with the policy decisions and determinations made by the Council and Mayor in connection with the City budget, as revised from time to time.
SECTION HISTORY
Based on Charter Sec. 380.
Amended by: Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00; Ord. No. 182,928, Eff. 4-12-14.
(a) Finding and Purpose. Pursuant to Charter Section 302, there is hereby established within the City Treasury a fund to be known as the Budget Stabilization Fund. The purpose of the Budget Stabilization Fund is to provide a method to mitigate against excessive spending during prosperous years and to provide resources to help maintain service levels during lean years. The Budget Stabilization Fund is not intended to be a funding source for the expansion or enhancement of City services nor intended to provide long-term budgetary relief.
(b) Definitions.
(1) Annual Growth Rate. The term Annual Growth Rate shall mean the percentage change in the Ongoing Tax Revenue measured between one completed fiscal year and its preceding fiscal year.
(2) Average Threshold Dollar Amount. The term Average Threshold Dollar Amount shall mean the product of the Average Threshold Rate and the Ongoing Tax Revenue reported in the Budget with respect to the prior fiscal year’s Budget.
(3) Average Threshold Rate. The term Average Threshold Rate shall mean the average Annual Growth Rate measured over the previous twenty (20) completed fiscal years.
(5) Budget Stabilization Fund. The term Budget Stabilization Fund shall mean the fund created pursuant to this Section 5.120.4.
(6) General Fund Tax Revenue. The term General Fund Tax Revenue shall mean the total sum of all non-encumbered, pledged, or special purpose tax revenues collected from the following sources:
(i) Property Taxes, as provided under Article XIIIA of the California Constitution, and any personal property taxes or fees allocated to the City by the County of Los Angeles or the State;
(ii) Telephone (Communications), Electricity, and Gas Users Tax as provided under Article 1.1 of Chapter II of the Los Angeles Municipal Code (LAMC);
(iii) Business Taxes as provided under Article 1 of Chapter II of the LAMC;
(iv) Uniform Sales and Use Taxes as provided under 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;
(ii) ten percent (10%) of the difference between the Average Threshold Dollar Amount over the Projected Growth Dollar Amount in cases when the Average Threshold Rate is greater than the Projected Growth Rate by two (2) percentage points;
(iii) fifteen percent (15%) of the difference between the Average Threshold Dollar Amount over the Projected Growth Dollar Amount in cases when the Average Threshold Rate is greater than the Projected Growth Rate by three (3) percentage points;
(iv) twenty percent (20%) of the difference between the Average Threshold Dollar Amount over Projected Growth Dollar Amount in cases when the Average Threshold Rate is greater than the Projected Growth Rate by four (4) percentage points; or
(v) twenty-five percent (25%) of the difference between the Average Threshold Dollar Amount over the Projected Growth Dollar Amount in cases when the Average Threshold Rate is greater than the Projected Growth Rate by five (5) percentage points or more.
(e) Transfers to the Budget Stabilization Fund from the General Fund.
(1) Subject to the provisions in Subsections (f) and (g), in the event the Projected Growth Rate is greater than the Average Threshold Rate, as stated in the Budget, a transfer shall be made to the Budget Stabilization Fund from the General Fund for the ensuing fiscal year’s Budget.
(2) The amount of any transfer described in Subsection (e)(1) shall not be less than:
(i) five percent (5%) 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-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. 182,928, Eff. 4-12-14.
Amended by: In Entirety, Ord. No. 186,252, Eff. 9-24-19; Title and Section, Ord. No. 188,008, Eff. 11-19-23.
Loading...