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6.3B <br /> __ __ __ _ Page 1 <br /> �f���'��T <br /> TQ th� F��rt�r���e I�lla�or a�d' City Coun�i� <br /> �ro�th� Ci; : I�I�n �� <br /> June 18, 2007 <br /> SUBJECT <br /> Annuai Appropriations Limi#for FY 2007/08 <br /> RECUMMENDATION <br /> Adopt a resolutian establishing the appropriations limit fior FY 2Q07/08. <br /> BACKGROUND <br /> In 1979 the voters of the State of Cali€ornia passed Proposition 4, the Gann spending <br /> limit inifiiative. The initiative establishes and defines annua! appropriation limits for state <br /> and local government entities and requires that the City adopt an appropriations limit <br /> annualiy. Moreover, the initiative pravides for annual adjustments far changes in <br /> population (for the City or County, whichever is greater} and either the sta#ewide <br /> percentage change in per capita personal income or percentage change in assessed <br /> valuation aftributable to growth in non-residential new construction. <br /> The recommended appropriations limit for FY 2007/08 is $28$,449,808 while the limit <br /> for FY 2006/07 was $273,586,214. The estimated proceeds of taxes for FY 2007I08 is <br /> only$59,177,Q64, we(I below the $288,449,$081ega1 limit. <br /> The attachment displays the calculations utilized to arrive at this amount. <br /> ALTERNATIVES <br /> There are no practical alternatives as Article XfIIB of the State Constitution requires that <br /> the state and all local entities adopt an appropriations limit annualfy. <br /> FISCAL(MPAC7 <br /> There is na fiscal impact associated with adopting the recommended appropriations <br /> limit as the appropriation of the proceeds of taxes is we,.1�-u�der#he recommended iimit. <br /> � � J� '� ��/� <br /> `-'�. ✓'��' <br /> �� ��-"��'t��'°" � <br /> Brian J. Ponty Edward Evereft <br /> Director of Finance and Financial Planning City Manager <br /> ATTACHMENTS <br /> 1. Propasition 4 Appropriation Limitatians FY 2007/08 <br /> RELATED DOCUMENTS IN CITY C�ERK�S C7FFICE <br /> None <br /> . _. __. _ <br />