Laserfiche WebLink
2 <br />THE CITY OF <br />j~L~E~S~NTON® CITY COUNCIL AGENDA REPORT <br />May 15, 2007 <br />Finance Department <br />TITLE: APPROVE A RESOLUTION ADOPTING FISCAL YEAR 2007-08 <br />APPROPRIATIONS LIMIT <br />SUMMARY <br />Pursuant to Article XIIIB of the State Constitution, the City is required to adopt its <br />appropriation (spending) limit for the coming fiscal year. Affected appropriations are <br />those funded primarily from tax revenues. The spending limit is adjusted each year <br />based on both an inflation factor and population increases. Using the optimal growth <br />factors provided by the State and County in calculating the current year appropriation <br />limit, the spending limit for 2007-08 is $336,349,156. The City will not exceed its <br />appropriation limit for 2007-08. <br />RECOMMENDATION <br />Select the percentage change in the City population and the percentage change in per <br />capita personal income as the growth factors for determining the City's Proposition 4 <br />spending limit in 2007-08, pursuant to Proposition 111. <br />Adopt the 2007-08 appropriation limit of $336,349,156. <br />FINANCIAL STATEMENT <br />The 2007-08 appropriations subject to the limit are calculated as part of the budget <br />process and are estimated to be less than $90 million. Therefore, the $336,349,156 <br />limit is not anticipated to be approached in either the near term or the long term. <br />