R 4012RESOLUTION NO. 4012
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ARROYO GRANDE ADOPTING A TAX PROCEEDS
EXPENDITURE APPROPRIATION LIMIT FOR FISCAL YEAR
2007-08
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 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 of San Luis Obispo County,
California are recognized as the annual adjustment factors for Fiscal Year2007-08.
2. The appropriation limit for Fiscal Year 2007-08 is hereby set at Fifteen million, eight
hundred and seventy-seven thousand, three hundred and fifty-five dollars
($15,827,355).
3. Documentation used in determination of the tax proceeds expenditure appropriation
limit is attached hereto, as Exhibit A, incorporated herein by this reference.
4. This Resolution is effective on its date of adoption.
On motion of Council Member Fellows, seconded by Council Member
Costello, and on the following roll call vote, to wit:
AYES: Council Members Fellows, Costello, Arnold and Mayor Ferrara
NOES: None
ABSENT: Council Member Guthrie
the foregoing Resolution was passed and adopted this 22"d day of May, 2007.
RESOLUTION NO.'f~i2
PAGE 2
TONY FE ,MAYOR
ATTEST:
KELLY ET ORE, CITY CLERK
APPROVED AS TO CONTENT:
STEM- A ,CITY MANAGER
APPROVED AS TO FORM:
TI OTHY J. MEL, CITY ATTORNEY
Exhibit A
CITY OF ARROYO GRANDE
CALCULATION OF APPROPRIATION LIMIT FROM TAX PROCEEDS
FOR FISCAL YEAR 2007-08
Appropriation limit for 2006-07
Multiplied by the appropriation limit change factors:
Per Capita Persona! Income Change: 4.42%
Conversion to ratio:
Population Change:
2006 16,557
2007 16,759
Change 202
Conversion to ratio: 202
16,759
APPROPRIATION LIMIT FOR FISCAL YEAR 2007-08
4.42% + 100
100
1.2053%
1.2053+100
100
$ 14,976,882
1.0442
1.01205
$ 15,827,355
ESTIMATED 2007-08 PROCEEDS OF TAXES SUBJECT TO
APPROPRIATION LIMIT $ 12,959,798
OFFICIAL CERTIFICATION
I, KELLY WETMORE, 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. 4012 is a true, full, and correct copy of said Resolution passed and
adopted at a regular meeting of the City Council/Redevelopment Agency of the City of
Arroyo Grande on the 22nd day of May 2007.
WITNESS my hand and the Seal of the Ciry of Arroyo Grande affixed this 23`d day of
May 2007.
KELLY ET RE, CITY CLERK