City Council
MEETING DATE: 5/27/2015
TITLE:
Title
Amend the City's Appropriation Limit for Fiscal Year 2014-2015
End
FROM:
Tami Scott, Administrative Services Director
RECOMMENDATION:
Recommendation
Staff recommends that the City Council approve a resolution to amend the city's appropriations limits for the FY 2014 - 2015 Gann Initiative Limitation.
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BACKGROUND:
On May 14, 2014, the Council adopted the resolution for setting the Gann Initiative Limitation for FY 2014 - 2015. The limit originally calculated and adopted by Council for FY 2014 - 2015 was $68,304,379.
DISCUSSION:
While preparing the FY 2015 - 2016 Gann Initiative Limitation calculation, we identified an error relating to the population change factor used for the FY 2014 - 2015 calculation. Therefore, we have revised the factor used, recalculated the Gann Initiative Limitation, and prepared the attached resolution to approve the amended appropriations limit.
In adjusting for the population change factor correction, the limit for FY 2014 - 2015 was changed to $61,669,096. With this amendment to the appropriation limit calculation, the City is still in compliance with the Gann Limit requirements for FY 2014 - 2015.
FISCAL IMPACT:
None
ATTACHMENTS:
Gann Limit Calculation FY 15 (amended)
Gann Limit Resolution FY 15 (amended)