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55C - RESO APPR LIMIT 07/08
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55C - RESO APPR LIMIT 07/08
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Last modified
1/3/2012 4:39:01 PM
Creation date
6/27/2007 10:31:09 AM
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City Clerk
Doc Type
Agenda Packet
Item #
55C
Date
7/2/2007
Destruction Year
2012
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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />JULY 2, 2007 <br />TITLE: <br />RESOLUTION ESTABLISHING THE <br />APPROPRIATION LIMIT OF THE CITY <br />OF SANTA ANA FOR <br />FY 2007-08 <br />~~~~ <br />CITY MANAGER <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 1~' Reading <br />^ Ordinance on Intl Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />RECOMMENDED ACTION <br />Adopt a resolution establishing the appropriation limit for the fiscal <br />year 2007-08 <br />DISCUSSION <br />The State of California Constitution includes provisions, which impose a <br />limit ("the Gann Limit") on tax proceeds that may be appropriated for <br />expenditures by a local government in any given fiscal year and requires <br />the cities establish this limit by resolution. Adoption of the subject <br />resolution is necessary for compliance with these provisions for the fiscal <br />year ending June 30, 2008. <br />As detailed in the exhibits to the subject resolution, the City's spending <br />limitations from "Proceeds of Taxes" is calculated to be $734,815,099 <br />(Exhibit A) for FY 2007-08. This represents the permitted growth rate <br />factor of 21.8432 times the adjusted base year (1978-1978) appropriation <br />limit of $33,640,451. Exhibit B identifies the factors used to determine <br />the allowable increase; Exhibit C categorizes FY 2007-08 anticipated <br />revenues from "Proceeds of Taxes" and "Non-Proceeds of Taxes"; and Exhibit <br />D computes the fiscal year 2007-2008 appropriations subject to this <br />limitation and identifies the difference between the limit and the budgeted <br />appropriation. As demonstrated in Exhibit D the City's anticipated FY 2007- <br />08 "Proceeds of Taxes" revenue will be $600,037,457 below the allowable <br />limit. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />rancisco Gutierrez <br />xecutive Director <br />Finance & Management Services Agency <br />55C-1 <br />
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