CA AB2040

Requires the County of Madera auditor to make an allocation adjustment of $5,856,457 for fiscal years 2005–06 through 2013–14, based on a September 2015 Controller's audit identifying misallocated vehicle license fee swap moneys.

Reduces the required reallocation to $4,627,723 by subtracting $1,228,734 previously reallocated in accordance with existing law.

Transfers the $4,627,723 from the county Educational Revenue Augmentation Fund over nine fiscal years beginning with the 2020–21 fiscal year, or as otherwise negotiated between the County of Madera and the Controller.

Exempts this reallocation from the standard 1% limit on property tax allocation adjustments that normally applies statewide.

Provides that if the Commission on State Mandates determines this bill imposes state-mandated costs, reimbursement shall be made pursuant to existing statutory procedures.