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CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of September 6, 1994 <br />TO: Honorable Mayor and City Council q��d P <br />FROM: Paula Chamberlain, Finance Director <br />SUBJECT: Annual Appropriations Limit Date: August 24, 1994 <br />BACKGROUND: <br />Article XIIIB (Proposition 4) of the California Constitution and modifying <br />Proposition III established that an annual appropriation limit be subject <br />to the factors contained in the legislation. This appropriation limit is <br />now also required to be annually reviewed by the City's independent <br />auditor, published in the annual budget document, and informationally <br />submitted to the State Controller along with the filing of the Annual State <br />of Financial Transaction no later than 90 days after the start of each <br />fiscal year. The limit for the City of Colton, for fiscal year 1993-94 is <br />$24,399,922. This amount exceeds estimated proceeds from taxes subject to <br />the limit by $14,998,847. <br />RECOMMENDATION: <br />Adopt resolution titled: <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON APPROVING <br />AND ADOPTING THE ANNUAL APPROPRIATIONS LIMIT FOR THE FISCAL YEAR <br />1993-94 <br />PC/bjw <br />City Manager's Concurrence ZA-�, <br />Attachments: Resolution <br />Page 1 of Item No. 0/ <br />