HomeMy Public PortalAboutM2003-01-21-LPFALYNWOOD PUBLIC FINANCE AUTHORITY ~ o
REGULAR MEETING
JANUARY 21, 2003
The Public Finance Authority of the City of Lynwood met in a Regular Meeting at 11330
Bullis Road on the above date at 7:13 p.m.
President Pedroza presiding.
Members Byrd, Reyes, Richazds, Rodriguez, and Pedroza answered roll call.
Also present were Chief Administrative Officer Gonzales, Deputy City Attorney Sylva
Secretary Hooper, and City Treasurer Pygatt
Interim City Attorney Montgomery was absent.
Secretary Hooper announced that the agenda had been posted in accordance with the
Brown Act.
PUBLIC ORAL COMMUNICATIONS
(Regarding Agenda Items Only)
NONE,
PUBLIC ORALS COMMUNICATIONS
NONE
Item #4: MINUTES OF PREVIOUS MEETING
It was moved by Member Reyes, seconded by Member Byrd and carried to approve the
minutes.
• Regulaz Meeting, December 17, 2002
Item #5: GOVERNOR'S PROPOSED VEHICLE LICENSE FEE BACKFILL
PAYMENT ELIMINATION TO CITIES
The motor vehicle license fee (VLF) is a tax that is imposed on the ownership of a
registered vehicle as opposed to taxing vehicles as personal property. In 1988, when the
state reduced the amount of vehicle license fee that vehicle owners pay, the state ensured
that counties and cities would continue to receive the same amount of revenues as under
prior law, with the reduced VLF amounts replaced by state General Fund revenues. The
gap between the actual revenue received for VLF and the amount paid to local
governments by the state is known as the "backfill".
In the Governor's most recently released budget proposal, he is recommending to the
Legislature elimination of the remaining fiscal yeaz 2002-2003 VLF backfill payments
($1.3 billion) and elimination of all VLF backfill payments for fiscal yeaz 2003-04 ($2.9
billion).
Estimates from the State Controller Annual reports indicate that of the $4.1 million in
r"~ revenue Lynwood anticipated for the current fiscal yeaz when the budget was adopted,
approximately $1.38 million in backfill payments could be withheld should the
~ Govemor's proposal be enacted. Furthermore, Lynwood would lose close to $3 million
in revenue in the upcoming 2003-04 fiscal yeaz.
It was moved by Member Reyes, seconded by Vice President Rodriguez and carried to
receive and file this item and authorize letters of opposition to be generated relative to
reduction/elimination of Vehicle License Fee Backfill Payments to Cities.
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ADJOURNMENT
Having no further discussion, it was moved by Vice President Rodriguez, seconded by
Member Reyes and can•ied to adjourn the meeting at 7:14 p.m.
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F rnando Pedroza, Preside
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Andrea L. Hooper, Secretary ,-~
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