§ 3-28.10. Return on Investment in Enterprise Funds.
Latest version.
As permitted by Hansen v. City of San Buena Ventura, 42 Cal.3d 1172 (1986), each of
the City's enterprise funds, other than the sewer service fund, shall make an annual
payment to the General Fund, as a return on the City's investment in the assets of
the enterprise fund, of one (1%) percent of the value of its fixed assets as of June
30, 2004, adjusted annually for inflation after that date in the amount of the lesser
of two (2%) percent or the increase in the Consumer Price Index for All Urban Consumers
for the San Francisco Bay Area published by the Bureau of Labor Statistics of the
United States Department of Labor, or any successor to that index.
Effective Fiscal Years 06-07 through 09-10, the Golf Fund's Return on Investment in
its assets shall be reduced from one (1%) percent to 0.43363%. Effective Fiscal Years
10-11, and thereafter, the Golf Fund shall be entirely exempt from making an annual
payment to the General Fund as a Return on Investment.
(Ord. No. 2934 N.S. § 2)
(Ord. 2998 N.S. § 1)
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