Laserfiche WebLink
<br />~.38-/ <br /> <br />REPORT <br /> <br />To the Honorable Mayor and City Council <br />From the City Manager <br /> <br />, <br />- <br /> <br />t <br /> <br />June 20, 2005 <br /> <br />Subject <br />Annual Appropriations Limit for FY 2005/06 <br /> <br />Recommendation - <br />That the City Council adopt a resolution establishing the Approp~ations Limit for the FY <br />2005/06. <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 (for the <br />City or County, whichever is greater) and either the statewide percentage change in per <br />capita personal income or percentage change in assessed valuation attributable to growth <br />in non-residential new construction. <br /> <br />The recommended appropriations limit for FY 2005/06 is $261,543,316 while the limit for <br />FY 2004/05 was $246,942,560. The recommended appropriation for FY 2005/06 is only <br />S51 ,330,492, well below the $261,543,316 legal limit. ' <br /> <br />The attachment displays the calculations utilized to arrive at this amount. <br /> <br />~ <br />.. <br />. <br /> <br />fr1 f~ <br /> <br />Brian ponty <br />Director of Finance and Financial Planning <br /> <br />/.r-- . , " , <br />l' / <br />¡ <br />~ t~{~ <br /> <br />Edward Everett '- , <br />City Manager <br /> <br />Attachment <br />Proposition 4 Appropriation Limitations FY 2005/06 <br />