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55A - RESO - GAS TAX BONDS
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55A - RESO - GAS TAX BONDS
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Last modified
10/30/2019 12:55:49 PM
Creation date
10/30/2019 11:40:51 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
55A
Date
11/5/2019
Destruction Year
2024
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(except revenues received by the City in accordance with Streets and Highways Code Section 2107.5), if any, <br />received by the City from taxes imposed on the purchase of motor vehicle fuels and any payments, subventions, <br />or reimbursements received by the City from the State in lieu of such revenues. Gas Tax Revenues are received <br />by the City, as applicable, and held and maintained in the Gas Tax Fund of the City. See " Statewide Gas Tax <br />Apportionments" below. <br />Statewide Gas Tax Apportionments <br />Statewide Gas Tar Apportionments. Apportionment to the City of per gallon gas taxes that comprise the <br />City's Gas Tax Revenues is made monthly by the Controller of the State pursuant to Sections 2103, 2105, 2106, <br />and 2107 of the California Streets and Highways Code (respectively, "Section 2103," "Section 2105," "Section <br />2106," and "Section 210T). <br />Section 2103. In March 2010, subsequent to the issuance of the 2017 Certificates, a part of a special <br />budget session called by Governor Schwarzenegger, the State legislature enacted a swap of State sales taxes on <br />gasoline for a gasoline excise tax. Intended to be "revenue neutral," the gas tax swap provided the State legislature <br />with greater flexibility in the use of funds, in particular relieving the general fund from the cost of State <br />transportation debt service payments. The gas tax swap set forth the following: <br />1. Repealed the State sales tax on gasoline, excluding certain local rates; <br />2. Increased the excise tax on gasoline by 17.322 cents and added an annual adjustment mechanism <br />intended to ensure the new excise tax provides, over time, the same amount of revenues expected <br />from the sales tax on gas (no more, no less); <br />3. Increased the sales tax on diesel by 1.75 percent and allocates 75 percent to local transit agencies <br />and 25 percent to state transit programs. The excise tax on diesel is reduced from 18 cents to 13.6 <br />cents. Sales tax revenues from diesel must go to transit funding; and <br />4. Provided for a speck allocation of the funds among state and local transportation needs. <br />Revenues from such excise tax rate authorized pursuant to California Streets & Highways Code Section <br />2103 are now allocated as follows: <br />1. State transportation debt service; and <br />2. Remainder allocated: <br />a. 44 percent to the State Transportation Improvement Program (STIP); <br />b. 12 percent State Highway Operation and Protection Program (SHOPP); and <br />C. 44 percent evenly split between cities and counties using current HUTA formulas. <br />Section 2103 funds are allocated to cities on a per capita basis and to counties 75 percent based on the <br />proportion of registered vehicles and 25 percent based on the proportion of maintained county road miles. <br />Section 2105. Pursuant to Section 2105, cities are apportioned a sum equal to 5.8 percent of the per gallon <br />tax under Section 7360 of the Revenue and Taxation Code, 11.5 percent of any per gallon tax in excess of nine <br />cents ($0.09) per gallon under Sections 8651, 8651.5 and 8651.6 of the Revenue and Taxation Code, and 6.5 <br />percent of the per gallon tax under Sections 60050 and 60115 of the Revenue and Taxation Code. <br />Section 2106. Pursuant to Section 2106, a sum equal to the net revenue derived from 5.8 percent of the <br />per gallon tax under the Motor Vehicle Fuel License Tax Law (Part 2, commencing with Section 7301, of Division <br />9 <br />55A-96 <br />
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