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CITY OF COLTON <br />AGENDA REPORT <br />FOR COUNCIL MEETING OF JUNE 20, 2006 <br />TO: HONORABLE MAYOR AND CITY COUNCIL <br />FROM: DILU DE ALWIS, FINANCE DIRECTOR W - <br />SUBJECT: ANNUAL APPROPRIATION LIMIT <br />DATE: JUNE 12, 2006 <br />BACKGROUND: <br />ITEM 07 <br />On November 6, 1979, the voters of California added Article XIII -B to the State <br />Constitution placing various limitations on the appropriations of state and local <br />governments. Each year the City must calculate its annual limit by adjusting the previous <br />year's limit by changes in the cost of living and population. <br />DISCUSSION/ANALYSIS: <br />The City's appropriation limit for fiscal year 2006-2007 is $50,162,901. The <br />appropriations subject to limitation are $23,173,545 (see schedule B). Therefore, the City <br />is under its limit by $26,989,356 (see schedule A). As a result, there is no possibility of <br />the City needing to refund any taxes previously collected. <br />FINANCIAL IMPACT: <br />None. <br />ENVIRONMENTAL IMPACT: <br />None. <br />CONFLICT OF INTEREST — Gift Disclosure Requirements <br />(Exact Company Name) <br />President: (Name & Title) <br />Contact: (Name) <br />01G1011 <br />RECOMMENDATION: <br />In order to comply with Article XIII -B of the State Constitution, staff recommends Council <br />approve the calculation of 2006-2007 annual appropriations limit (as set forth in attached <br />Schedules A and B) by adopting the attached Resolution. <br />7/10/03 City Clerk's Office Cb <br />