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City of Colton <br />AGENDA REPORT <br />FOR COUNCIL MEETING OF JUNE % 1998 <br />TO: HONORABLE MAYOR AND CITY COUNCIL <br />APPROVAL: HENRY GARCIA, CITY MANAGE <br />FROM: ANNA A. VEGA, FINANCE DIRECTOR <br />SUBJECT: ANNUAL APPROPRIATION LIMIT <br />DATE: June 9, 1998 <br />BACKGROUND: <br />On November 6, 1979, the voters of California added Article XIII -13 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 1998199 is $31,593,075. The appropriations subject to limitation is $8,288,679 <br />(see schedule B). Therefore, the City is under its limit by $23,304,396 (see schedule A). As a result, there is no possibility <br />of the City needing to refund any taxes previously collected. <br />FINANCIAL IMPACT: <br />None: <br />RECOMMENDATION: <br />In order to comply with Article XIII -13 of the State Constitution, staff recommends Council approve the calculation of the <br />1998/99 annual appropriations limit (as set forth in attached Schedules A and B) by adopting Resolution R- -98 <br />Attachments: 2 schedules <br />Item # 12 <br />