DATE: June 4, 2024
TO: Mayor and City Council
FROM: Director of Finance
SUBJECT
Gann Limit Adoption: Adopt a Resolution Establishing a Gann Appropriations Limit for Fiscal Year 2025 (Report from Finance Director Gonzales)
RECOMMENDATION
That Council adopts a resolution (Attachment II) establishing a Gann appropriations limit for Fiscal Year 2025.
SUMMARY
Each fiscal year, the City is required to calculate and establish its appropriations limit. The Gann Limit for FY 2025 is calculated at $413,370,218, and the appropriations subject to limit total is $166,611,723.
ATTACHMENTS
Attachment I Staff Report
Attachment II Resolution
Attachment III Gann Appropriation Limit
Attachment IV FY 2025 Adjustment Factor