§ 1032.

SUBSEQUENT OPTION

For each tax year after 1990, the Controller shall determine the amount of fund revenues actually generated in the prior year, including the interest thereon and the balance, if any, remaining at the close of the tax year. On the basis of the prior year’s experience of taxpayer contributions and total revenues generated by the payroll expense and business taxes, the Controller shall calculate a percentage ceiling of total tax liability which taxpayers may designate for deposit in the fund the following tax year. The Controller shall set the percentage ceiling so that the revenues produced thereby are most likely to generate a total of one million dollars (adjusted for inflation) in the fund for the forthcoming tax year. The Controller shall transmit his or her calculation to the Board of Supervisors, which shall adopt a new tax designation ceiling, if necessary, in advance of the tax year to enable the Tax Collector to perform his or her collection duties.

History

(Added by Proposition D, 6/5/90)

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