Adoption of a Resolution Approving and Adopting the Annual Appropriations Limit for Fiscal Year 2006 2007. City of Culver City California City Council Agenda Item Report Item Number: A 5 Phone Number: (310) 253 5844 Meeting Date: 06/26/06 AGENDA ITEM: Adoption of a Resolution Approving and Adopting the Annual Appropriations Limit for Fiscal Year 2006 2007. Contact Person/Dept.: Karen Maggio/City Treasurer's Office Fiscal Impact: Yes Public Hearing: Public Notification: Notice published in the Culver City News on 6/15/06 and 6/22/06; Master Notification List on 6/21/06. Department Approval: Crystal C. Alexander (06/15/2006) City Controller Approval: Marlee Chang (06/20/2006) General Fund: Yes X No Attachments: X CAO Approval: Jerry B. Fulwood (06/20/2006) X No Action Item: X RECOMMENDATION: Staff recommends the City Council adopt the Resolution approving and adopting the Annual Appropriations Limit for Fiscal Year 2006/2007. BACKGROUND: The Appropriations Limit otherwise known as the Gann Limit or Proposition 4 approved by the voters on November 6 1979 added Article XIIIB to the State Constitution. Article XIIIB places an appropriations limit on State and local governments and requires them to establish their appropriations limit by resolution each year at a regularly scheduled meeting or a noticed special meeting. FISCAL ANALYSIS: The base year for calculating the appropriations limit is Fiscal 1978 1979. Each subsequent year the total annual appropriations subject to the limit may not exceed the appropriations limit for the prior year adjusted for changes in the cost of living and city or county population. Based on the proposed 2006 2007 budget the City Treasurer has calculated the City's 2006 2007 Appropriations Limit to be $73 289 086. The City's 2006 2007 appropriations which are applicable to this limit are expected to be $27 751 746 under the appropriations limit. City of Culver City California City Council Agenda Item Report ATTACHMENTS: Resolution approving...
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