Bill Transferring Funds to Calabasas Signed
Gov. Pete Wilson on Tuesday signed legislation transferring about $563,000 in property tax revenues from Los Angeles County to the city of Calabasas.
The measure speeds up the transfer of property tax revenues to the city to July 1 of this year. Without the bill, the city would have had to wait another year for the money, according to a legislative consultant.
The legislation by Sen. Ed Davis (R-Santa Clarita) won unanimous approval earlier this month from both houses of the Legislature.
Hunt Braly, an aide to Davis, said Calabasas would have qualified for the money if it had been a city before Jan. 1. But since its incorporation did not take effect until April 5, the city was in no position to collect the funds without the legislation.
“It was a totally inequitable situation,” Braly said.
Under the law, the new city of Malibu also qualifies for about $1 million in property tax revenues. Malibu officially became a city March 28.
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