mr. greg kato, tax and treasurer's office and there kato is making the presentation at the request of supervisor campos' office. >> thank you, welcome >> thank you for your patience. >> thank you. good afternoon. the legislation before you today amends the business and tax regulations code with regard to enforcing the parking tax. our office would like to thank supervisor campos for carrying that legislation. this follows on the efforts of former supervisors mcgoldrick, dufty >> the parking tax is pretty significant tax for san francisco. it collects a little over $70 million a year in taxes. most of that is appropriated to the mta for transit programs, and so it's a very important tax. the legislation specifically amends how parking bonds are treated. parking bonds are required of operators to protect the city's interest and provide security for the taxes that the operator holds prior to remitting them to the city. so what happens is when you or i go and park in a parking lot, and we make a payment, we're actually paying the tax at that time. and the operator holds onto that and remit it's a mo