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SR 80:125 <br />Page 2 <br /> <br />'following three years would have to be reduced by an amount <br />sufficient to recoup the excess appropriations. <br /> <br />Refund of Excess Revenues <br /> <br />If in any fiscal year, the City were to receive revenues in <br />excess of the appropriation limit, the City would be required <br />to return the excess to the taxpayers within the next two fiscal <br />years. The amendment specifies that these funds are to be <br />returned by lowering tax rates, fee schedules or a temporary <br />suspension of tax rates or fee schedules. <br /> <br />1980-81 Appropriations Subject to Limitation <br /> <br />The City appropriated $6,591,256 from the "proceeds of taxes" <br />in fiscal year 1978-79. After adjusting this figure by 21.14% <br />for the overall net increase in the cost of living and population <br />for fiscal years 1978-79 and 1979-80, the appropriation limit for <br />1980-81 is $7,984,544. The 21.14% is the net of 8.14% growth and <br />cost of living increase for 1978-79 and 12.02%,for 1979-80. <br /> <br />The General Fund appropriations subject to limitation represent <br />80% of the limit ($6,348,940) with the Special Funds representing <br />20% ($1,635,604). The $7,984,544, however, is an overall limit <br />and has to be exceeded in total before excess revenues must be <br />returned to the taxpayers. <br /> <br />The appropriations subject to limitation by fund are computed <br />as follows: <br /> <br />General Fund <br /> <br />Total Appropriations 1978-79 <br /> Less Non-Proceeds of Taxes <br /> 1978-79 Appropriations Subject <br /> Plus 8.14% <br /> 1979-80 Appropriatioh Limit <br /> Plus 12.02% <br /> 1980-81 Appropriation Limit <br /> <br />to Limitation <br /> <br />$6,191,~76 <br />950,214 <br />5,241,062 <br />426,622 <br />5,667,684 <br />681,256 <br />$6,348,940 <br /> <br /> <br />