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RANCHO PALOS VERDES CITY COUNCIL <br />AGENDA REPORT <br />AGENDA DESCRIPTION: <br />MEETING DATE: 06/21/2016 <br />AGENDA HEADING: Consent Calendar <br />Consideration and possible action to adopt a resolution establishing the City's <br />Appropriation Limit for FY16-17. <br />RECOMMENDED COUNCIL ACTION: <br />(1) Adopt Resolution No. 2016-_ establishing the City's Appropriation Limit for <br />FY16-17. <br />FISCAL IMPACT: None <br />Amount Budgeted: N/A <br />Additional Appropriation: N/A <br />Account Number(s): N/A <br />ORIGINATED BY: Vina Ramos, Accounting Supervisor U1Z <br />REVIEWED BY: Deborah Cullen, Director of Finance bE -- <br />APPROVED BY: Doug Willmore, City Manager.-�`, <br />ATTACHED SUPPORTING DOCUMENTS: <br />A. Resolution No. 2016-_, a Resolution of the City Council of the City of <br />Rancho Palos Verdes establishing the Fiscal Year 2016-2017 <br />Appropriation Limit for the City of Rancho Palos Verdes (Page A-1) <br />B. Gann Limit calculation (Page B-1) <br />BACKGROUND AND DISCUSSION: <br />The Gann Initiative of 1979 amended the State Constitution to require cities to adopt an <br />annual limit on the amount of tax revenue that can be appropriated for spending each <br />fiscal year. In coordination with the adoption of the annual budget, the City follows <br />statewide guidelines to calculate the Gann appropriation limit. The amount is adjusted <br />each year using inflationary and population growth statistics provided by the State <br />Department of Finance. <br />The adoption of Resolution No. 2016-_ will formalize the City's FY16-17 appropriation <br />limit of $27,740,597 (Attachment B). Based upon the proposed budget of $22,903,240 <br />for proceeds of taxes, the City is in compliance with the Gann limit, falling below 83% of <br />the appropriation limit. <br />1 <br />