Laserfiche WebLink
CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of July 2, 1996 <br />To: Honorable Mayor & City Council <br />Approval: Nabar Enrique Martinez, City Manager <br />ll <br />From: Anna A. Vega, Finance Directorc)—>—�� <br />Subject: Annual Appropriations Limit <br />Date: June 25, 1996 <br />BACKGROUND: <br />On November 6, 1979, the voters of California added Article XIII -B to the State Constitution <br />placing various limitations on the appropriations of state and local governments. Each year the <br />City must calculate its annual limit by adjusting the previous year's limit by changes in the cost <br />of living and population. <br />DISCUSSION/ANALYSIS: <br />The City's appropriation limit for fiscal year 1996/97 is $28,338,131. The appropriations subject <br />to limitation is $7,653,342 (see schedule B). Therefore, the City is under its limit by <br />$20,684,789 (see schedule A). As a result, there is no possibility of the City needing to refund <br />any taxes previously collected. <br />FINANCIAL IMPACT: <br />None. <br />RECOMMENDATION: <br />In order to comply with Article XIII -B of the State Constitution, staff recommends Council <br />approve the calculation of the 1996/97 annual appropriations limit ( as set forth in attached <br />Schedules A and B) by adopting Resolution R- -96. <br />Report prepared by Bonnie Johnson, Finance Assistant <br />Attachments <br />Page 1 of I tem No. 5 <br />