City Council
MEETING DATE: 5/27/2015
TITLE:
Title
Appropriations Limit for Fiscal Year 2015-2016
End
FROM:
Tami Scott, Administrative Services Director
RECOMMENDATION:
Recommendation
Staff recommends that the City Council approve a resolution to establish the city's appropriations limit for the 2015-2016 Gann Initiative Limitation
Body
BACKGROUND:
Each fiscal year, the City Council must adopt a resolution establishing a Gann Initiative Limitation. Council has before them a request to approve the 2015-2016 Gann Initiative Limitation.
DISCUSSION:
The Gann Initiative Limitation for a fiscal year cannot be calculated until the per capita income change factor and the population change factor are provided by the State of California, Department of Finance. This information is usually received in May of each year preceding the fiscal year in question. We now have that information.
The attached summary and calculation demonstrates tax revenues of the City of Cathedral City are currently estimated at approximately 39% of the Gann limit, which indicates the City is in no way overtaxing its citizens. Approval of this Gann Initiative Limitation is required by statute before the start of each fiscal year.
FISCAL IMPACT:
None
ATTACHMENTS:
Gann Limit Narrative
Gann Limit Calculation FY16
Gann Limit Resolution FY 16