Malibu : Bill on Tax Revenues Signed
Gov. Pete Wilson this week signed legislation earmarking slightly more than $1 million in property tax revenues to the city of Malibu.
Beginning July 1, the measure speeds up the transfer of county property tax revenues to the city. Without the bill, the city would have had to wait another year for the money, according to a consultant to the Senate Local Government Committee.
The legislation, sponsored by Sen. Ed Davis (R-Santa Clarita), won unanimous approval from both houses of the Legislature earlier this month.
Charles Fennessey, an aide to Davis, said Malibu would have qualified for the money if it had been a city before Jan. 1. But since Los Angeles County delayed Malibu’s incorporation until March 28, the city was in no position to collect the funds from the county without the legislation, he said.
In addition to Malibu, the new city of Calabasas qualifies for $563,000 in county property tax revenues, according to the Los Angeles County Local Agency Formation Commission. Calabasas became a city on April 5.
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