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JREPORT To the Honorable Mayor and City Council <br /> <br /> From the City Manager <br /> <br />September 9, 2002 <br /> <br />Subject <br />Annual Appropriations Limit for FY 2002/03 <br /> <br />Recommendation <br />That the City Council adopt a resolution? establishing the Appropriations Limit for the fiscal <br />year 2002/03. <br /> <br />Background <br />In 1979 the voters of the State of California passed Proposition 4, the Gann spending limit <br />initiative. The initiative establishes and defines annual appropriation limits for state and <br />local government entities and requires that the City adopt an appropriations limit annually. <br />Moreover, the initiative provides for annual adjustments for changes in population, and <br />either the statewide percentage change in per capita personal income or percentage <br />change in assessed valuation attributable to growth in non-residential new construction. <br /> <br />The recommended appropriations limit for 2002/03 is $104,246,342 while the limit for <br />2001/02 was $89,671,218. This later amount has been restated due to using an incorrect <br />factor in the FY 2001/02 computation (the previous amount was $89,403,662). The actual <br />appropriation for FY 2002/03 is only $52,318,883, well below the $104,246,342 legal limit. <br /> <br />The attachment displays the calculations utilized to arrive at this amount. <br /> <br /> Ed r Everett <br />Brian Ponty <br /> Director of Finance and Financial Pla;,ning City Manager <br /> <br /> Attachment <br /> Proposition 4 Appropriation Limitations Fiscal Year 2002/03 <br /> <br /> <br />