Notwithstanding any other law, for the 2004â05 fiscal year and for each fiscal year thereafter, all of the following apply: (a) (1) (A) The auditor shall reduce the total amount of ad valorem property tax revenue that is otherwise required to be allocated to a countyâs Educational Revenue Augmentation Fund by the countywide vehicle license fee adjustment amount. (B) If, for the fiscal year, after complying with Section 97.68 there is not enough ad valorem property tax revenue that is otherwise required to be allocated to a county Educational Revenue Augmentation Fund for the auditor to complete the allocation reduction required by subparagraph (A), the auditor shall additionally reduce the total amount of ad valorem property tax revenue that is otherwise required to be allocated to all school districts and community college districts in the county for that fiscal year by an amount equal to the difference between the countywide vehicle license fee adjustment amount and the amount of ad valorem property tax revenue that is otherwise required to be allocated to the county Educational Revenue Augmentation Fund for that fiscal year. This reduction for each school district and community college district in the county shall be the percentage share of the total reduction that is equal to the proportion that the total amount of ad valorem property tax revenue that is otherwise required to be allocated to the school district or community college district bears to the total amount of ad valorem property tax revenue that is otherwise required to be allocated to all school districts and community college districts in a county. For purposes of this subparagraph, âschool districtsâ and âcommunity college districtsâ do not include any districts that are excess tax school entities, as defined in Section 95. (2) The countywide vehicle license fee adjustment amount shall be allocated to the Vehicle License Fee Property Tax Compensation Fund that shall be established in the treasury of each county. (b) (1) The auditor shall allocate moneys in the Vehicle License Fee Property Tax Compensation Fund according to the following: (A) Each city in the county shall receive its vehicle license fee adjustment amount. (B) Each county and city and county shall receive its vehicle license fee adjustment amount. (2) The auditor shall allocate one-half of the amount specified in paragraph (1) on or before January 31 of each fiscal year, and the other one-half on or before May 31 of each fiscal year. (c) For purposes of this section, all of the following apply: (1) âVehicle license fee adjustment amountâ for a particular city, county, or a city and county means, subject to an adjustment under paragraph (2) and Section 97.71, all of the following: (A) For the 2004â05 fiscal year, an amount equal to the difference between the following two amounts: (i) The estimated total amount of revenue that would have been deposited to the credit of the Motor Vehicle License Fee Account in the Transportation Tax Fund, including any amounts that would have been certified to the Controller by the auditor of the County of Ventura under subdivision (j) of Section 98.02, as that section read on January 1, 2004, for distribution under the law as it read on January 1, 2004, to the county, city and county, or city for the 2004â05 fiscal year if the fee otherwise due under the Vehicle License Fee Law (Part 5 (commencing with Section 10701) of Division 2) was 2 percent of the market value of a vehicle, as specified in Sections 10752 and 10752.1 as those sections read on January 1, 2004. (ii) The estimated total amount of revenue that is required to be distributed from the Motor Vehicle License Fee Account in the Transportation Tax Fund to the county, city and county, and each city in the county for the 2004â05 fiscal year under Section 11005, as that section read on the operative date of the act that amended this clause. (B) (i) Subject to an adjustment under claus
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