Community colleges: property tax revenues.

Existing law requires the Board of Governors of the California Community Colleges, in calculating each community college district's revenue level for each fiscal year, to subtract, among other things, local property tax revenue specified by law for general operating support, exclusive of bond interest and redemption, from the total revenues owed. This bill would require the annual Budget Act to specify the total local property tax revenue, as defined, for community college districts upon which the General Fund appropriation for community college districts is based. The bill would require the Chancellor of the California Community Colleges to certify to the Controller the actual property tax revenue for the prior year. The bill would require the Controller to transfer funds between the General Fund and Section B of the State School Fund, as applicable, based on whether the amount of property tax revenue received plus any previous amount transferred to Section B of the State School Fund is greater than or less than the amount specified in the annual Budget Act. The bill would thereby make an appropriation. To the extent that the funds appropriated by this bill are allocated to community college districts for purposes of the bill, the funds may be applied toward the minimum funding requirements imposed by Section 8 of Article XVI of the California Constitution.