HomeMy WebLinkAboutCC Reso No 2014-038 Appropriations Limit for FY 2015-15RESOLUTION NO. 2014 -038
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE, CALIFORNIA, ESTABLISHING THE APPROPRIATIONS
LIMIT FOR FY 2014 -15 AND SELECTING THE POPULATION AND
INFLATION FACTOR ACCORDINGLY
THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE DOES HEREBY
RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. The Appropriations Limit will be calculated based on the changes in
City population and California per capita personal income.
SECTION 2. The Appropriations Limit for the City of Lake Elsinore for FY 2014-
15, attached hereto, is hereby adopted.
SECTION 3. The City Clerk shall certify to the adoption of this Resolution.
`SECTION 4. This Resolution shall take effect from and after the date of its
passage and adoption.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City
Council of the City of Lake Elsinore, California, this 10th day of June, 2014.
0
C
a John §br�, Mayor
Virginia 41000, City Clerk
APPROVED AS TO
Id, City Attorney
CITY OF LAKE ELSINORE
APPROPRIATIONS (GANN) LIMIT
FISCAL YEAR 2014 -15
APPROPRIATIONS SUBJECT TO THE LIMIT
FY 2014 -15 Total Revenue*
Less Non - Proceeds of Tax
A) Total Appropriations Subject to the Limit
APPROPRIATIONS LIMIT
B) FY 2013 -14 Appropriations Limit
C) Change Factor **
Cost of Living Adjustment - CPI
Population Adjustment - PA
Change Factor (CPI x PA)
D) Increase (decrease) in Appropriations Limit
E) FY 2014 -15 Appropriations Limit (B x C)
REMAINING APPROPRIATIONS CAPACITY
(E - A)
Remaining Capacity as Percent of the FY 2014 -15
Appropriations Limit
*Revenues are based on FY 2014 -2015 Proposed Budget
State Department of Finance
Percent of Change in California Per Capita Income
Percent of Change in City of Lake Elsinore Population
% Increase Factor
-0.23 0.9977
2.30 1.0230
1.0206
$ 34,188,561
11,112,350
$ 23,076,212
73,075,959
$ 3,756,104
$ 76,832,063
$ 53,755,852
69.97%
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Virginia Bloom, City Clerk of the City of Lake Elsinore, California, do hereby certify
that Resolution No. 2014 -038 was adopted by the City Council of the City of Lake
Elsinore, California, at a regular meeting held on the 10th day of June 2014, and that
the same was adopted by the following vote:
AYES: Council Member Tisdale, Council Member Magee, Council Member
Hickman, Mayor Pro Tern Manos and Mayor Johnson
NOES: None
ABSENT: None
ABSTAIN: None
Clerk