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If Proposition D passes the city will have less than five months to meet the 10 reforms attached to the half-cent tax increase if it wants the new sales tax money by the time its new budget goes into effect.
Let’s consider Prop. D passes Nov. 2. Before the new tax increase can be official, the city must submit proof they have completed the measure’s 10 fiscal reforms to the city auditor. He decides if those conditions are met. If they are, he will tell the Board of Equalization to implement the tax.
The board requires 110 days from when the auditor notifies it to when it can implement the tax and can only instate the tax at the beginning of a quarter.
This puts the city on a March 13 deadline — or 110 days before July 1 — if it wants the new revenue for the 2012 fiscal year, BOE spokesperson Anita Gore said. But since the 110 days falls on Sunday, the BOE would need to go ahead no later than Friday, March 11.
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