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Item #25 <br />CITY OF COLTON <br />AGENDA REPORT <br />FOR CITY COUNCIL MEETING OF <br />August 6, 2002 <br />TO: Honorable Mayor and City Council Members <br />FROM: Dilu de Alwis, Director of Finance <br />SUBJECT: 2002-2003 ANNUAL APPROPRIATION LIMIT <br />DATE: July 22, 2002 <br />BACKGROUND <br />On November 6, 1979, the voters of California added Article XIII -B to the State Constitution placing various limitations on the <br />appropriations of state and local governments. Each year the City must calculate its annual limit by adjusting the previous year's limi <br />by changes in the cost of living and population <br />DISCUSSION/ ANALYSIS <br />The City's appropriation limit for fiscal year 2002-03 is $39,422,140. The appropriations subject to limitation are $11,544,744 (see <br />schedule B). Therefore, the City is under its limit by $27,877,396 (see schedule A). As a result, there is no possibility of the City <br />needing to refund any taxes previously collected <br />ALTERNATIVE <br />None <br />FINANCIAL IMPACT <br />None <br />ENVIRONMENTAL IMPACT <br />None <br />RECOMMENDATION <br />In order to comply with Article XIII -B of the State Constitution, staff recommends Council approve the calculation of the <br />2002-03 annual appropriations limit (as set forth in attached Schedules A and B) by adopting the attached Resolution. <br />Attachments: 2 schedules <br />REVIEW TEAM ONLX <br />City Attorney: l-^ Finance Director: <br />City Manager: OTHER: <br />