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CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of June 17, 1997 <br />TO: Honorable Mayor and City Council <br />APPROVAL: Gracie Harmon, Acting City Managerw <br />FROM: Anna A. Vega, Finance Director <br />SUBJECT: Annual Appropriations Limit <br />DATE: June 10, 1997 <br />BACKGROUND <br />On November 6, 1979, the voters of California added Article XIII -B to the State <br />Constitution placing various limitations on the appropriations of state and local <br />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 97/98 is $29,789,066. The appropriations <br />subject to limitation is $8,687,708 (see schedule B). Therefore, the City is under its limit <br />by $21,101,358 (see schedule A). As a result, there is no possibility of the City needing <br />to refund any taxes previously collected. <br />ALTERNATIVES <br />None. <br />FINANCIAL IMPACT <br />None. <br />Anna A. Vega, Finan c irector <br />ENVIRONMENTAL IMPACT <br />None. <br />RECOMMENDATION <br />In order to comply with Article XIII -13 of the State Constitution, staff recommends <br />Council approve the calculation of the 1997/98 annual appropriations limit (as set forth <br />in attached Schedules A and B) by adopting Resolution R-97. <br />Attachments <br />Item No. 8 <br />