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City of Colton Item #10 <br />AGENDA REPORT <br />FOR COUNCIL MEETING OF JUNE 1, 2004 <br />TO: HONORABLE MAYOR AND CITY COUNCIL <br />FROM: DILU DE ALWIS, FINANCE DIRECTOR <br />SUBJECT: ANNUAL APPROPRIATION LIMIT <br />DATE: JUNE 1, 2004 <br />BACKGROUND: <br />On November 6, 1979, the voters of California added Article XIII -B to the State Constitution placing various limitations on <br />the appropriations of state and local governments. Each year the City must calculate its annual limit by adjusting the <br />previous year's limit by changes in the cost of living and population. <br />DISCUSSION/ANALYSIS : <br />The City's appropriation limit for fiscal year 2004-2005 is $43,806,265. The appropriations subject to limitation are <br />$15,416,585 (see schedule B). Therefore, the City is under its limit by $28,389,680 (see schedule A). As a result, there is <br />no possibility of the City needing to refund any taxes previously collected. <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 />2004-05 annual appropriations limit (as set forth in attached Schedules A and B) by adopting the attached Resolution. <br />REVIEW TEAM ONLY <br />City Attorney: 1��- Finance Director: <br />City Manager: OTHER: <br />Attachments: 2 schedules <br />