Facing a multimillion-dollar deficit in the coming years, local elected officials are building the case that Long Beach deserves a larger share of local oil revenues.
In a report filed Tuesday, Councilmembers Kristina Duggan, Cindy Allen and Joni Ricks-Oddie will ask the city — following an in-house analysis — to draft a new agreement with the state that establishes how much each party earns from local oil production.
Under the current agreement — established in 1964 — Long Beach receives 8.5% of oil revenues, compared to the state’s claim of 42.5% it deems “surplus.”
That equates to about $6 billion in revenue to the state since 2004 under this formula, even as “local trust obligations have grown.”
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