HomeMy WebLinkAboutR 5370 RESOLUTION NO. 5370
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ARROYO GRANDE ADOPTING A TAX PROCEEDS
EXPENDITURE APPROPRIATION LIMIT FOR FISCAL
YEAR 2024-2025
WHEREAS, sections 7900 et seq. of the Government Code provide for the effective and
efficient implementation of Article XIIIB of the California Constitution; and
WHEREAS, Government Code sections 7901 through 7914 provide that each year, the
governing body of each local jurisdiction shall, by resolution adopted at a regularly
scheduled meeting, establish the annual adjustment factors to be used and the tax
proceeds expenditure appropriation limit.
NOW, THEREFORE BE IT RESOLVED, by the City Council of the City of Arroyo Grande
as follows:
1. The California per capita income and the population for the County of San Luis
Obispo, California are recognized as the annual adjustment factors for Fiscal Year
2024-2025.
2. The appropriation limit for Fiscal Year 2024-2025 is hereby set at twenty-eight
million, eight hundred seventy-five thousand, thirty-six dollars ($28,875,036).
3. Documentation used in the determination of the tax proceeds expenditure
appropriation limit is attached hereto as Exhibit A and incorporated herein by this
reference.
4. This Resolution is effective on its date of adoption.
On motion of Council Member Barneich, seconded by Council Member George, and on
the following roll call vote, to wit:
AYES: Council Members Barneich, George, Secrest, Guthrie, and Mayor Ray Russom
NOES: None
ABSENT: None
the foregoing Resolution was passed and adopted this 11th day of June, 2024.
RESOLUTION NO. 5310
PAGE 2
Lt
CA-1." RAW OM, MAYOR
ATTEST:
ICA MATSON, CITY CLERK
APPROVED AS TO CONTENT:
MATTHEW DOWNING, CITY MANA
APPROVED AS TO FORM:
IS . OS N, Z7ATTORNEY
EXHIBIT A
CITY OF ARROYO GRANDE
CALCULATION OF APPROPRIATION LIMIT FROM TAX PROCEEDS
FOR FISCAL YEAR 2024-25
Appropriation limit for 2023-24 27,890,501 (A)
Multiplied by the appropriation limit change factors:
Per Capita Personal Income Change: 3.62%
Conversion to ratio: 3.62% +100 (B)
1.0362
100
Population Factor- San Luis Obispo County
2023 275,541
2024 275,307 -0.08%
(234)
Conversion to ratio: (C)
(234) = -0.50% +100 = 0.99915
275,307 100
Appropriation limit factor: (B x C) 1.0353 (D)
APPROPRIATION LIMIT FOR FISCAL YEAR 2024-25 (A x D) $ 28,875,036
ESTIMATED 2024-25 PROCEEDS OF TAXES SUBJECT $ 20,577,352
TO APPROPRIATION LIMIT
Amount under (over) limit 8,297,684
OFFICIAL CERTIFICATION
I, JULIE HAWKINS, Deputy City Clerk of the City of Arroyo Grande, County of San Luis
Obispo, State of California, do hereby certify under penalty of perjury, that the attached
Resolution No. 5370 was passed and adopted at a regular meeting of the City Council
of the City of Arroyo Grande on the 11th day of June, 2024.
WITNESS my hand and the Seal of the City of Arroyo Grande affixed this 13th day of
June, 2024.
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1A Lu. C -Ct. Li
JULIE WKINS, DEPUTY CITY CLERK