Laserfiche WebLink
CITY OF COLTON <br />AGENDA REPORT <br />FOR THE COUNCIL MEETING OF: JUNE 5, 2001 <br />TO: HON. MAYOR AND CITY COUNCIL MEMBERS <br />FROM: AL HOLLIMAN WV <br />FINANCE DIRECTOR <br />SUBJECT: APPROPRIATION LIMIT CALCULATION <br />DATE: MAY 22, 2001 <br />BACKGROUND: <br />On November 6, 1979, the voters of California added Article XIII -B to the State Constitution placing <br />various limitations on the appropriations of state and local governments. Each year the City must calculate <br />its annual limit by adjusting the previous year's limit by changes in the cost of living and population. <br />ANALYSIS/DISCUSSION: <br />The City's appropriation limit for fiscal year 2001-02 is $36,387,038. The appropriations subject to <br />limitation are $10,752,689 (see schedule B). Therefore, the City is under its limit by $25,634,349 (see <br />schedule A). As a result, there is no possibility of the City needing to refund any taxes previously collected. <br />ENVIRONMENTAL IlVIPACT: <br />NONE <br />FISCAL W PACT: <br />NONE <br />RECOMMENDATION: <br />Iti order to comply with Article XIII -B of the State Constitution, staff recommends Council approve the <br />calculation of the 2001-02 annual appropriations limit (as set forth in attached Schedules A and B) by <br />adopting Resolution R- -01 <br />11 REVIEW TEAXONLY \ 7 A ( '\ P <br />City Attorney: <br />City Manager: <br />t 3 t <br />! 4 <br />Finance Director: <br />OTHER: <br />Item #11 <br />