HomeMy WebLinkAbout92-65 - Appropriation Limit for 1992-93RESSOLUTION NO. 92-65
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, DETERMINING AND ADOPT-
ING AN APPROPRIATION LIMIT FOR FISCAL YEAR 1992-93
IN ACCORDANCE WITH ARTICLE XIII -B OF THE CONSTI-
TUTION OF THE STATE OF CALIFORNIA AS AMENDED BY
PROPOSITION 111 AND SENATE BILL 88.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY RESOLVE
AS FOLLOWS:
WHEREAS, Article XIII -B was added to the Constitution of the State of California at
a general election held on November 6, 1979; and
WHEREAS, Article XIII -B was subsequently modified by Proposition 111 and SB 88
(Chapter 60/90) at a general election held on June 5, 1990; and
WHEREAS, in accordance with Section 7910 of the Government Code of the State of
California, an annual appropriations limit must be established for this City effective for the fiscal
year beginning July 1, 1992; and
WHEREAS, in accordance with Section 7910 of the Government Code of the State of
California, fifteen days prior to the date of adoption of this resolution, documentation used in
the determination of the appropriations limit has been made available to the public in the office
of the Director of Finance; and
WHEREAS, Public Notice of this resolution and the availability of documentation used
in the determination of the appropriations limit has been accomplished by advertising in the
Orange Coast Daily Pilot, a newspaper of general circulation; and
WHEREAS, the growth in nonresidential assessed valuation due to new construction
within the City is not known at this time;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Costa
Mesa has determined that in accordance with Article XIII -B of the Constitution and Section 7902
of the Government Code of the State of California as modified by Proposition 111 and SB 88,
and as set forth in detail in attached Exhibit "A", that the appropriations limit for the fiscal year
beginning July 1, 1992, is $70,803,000.00. When the growth in nonresidential assessed
valuation due to new construction within the City becomes known, the City reserves the right
to establish its 1992-93 Appropriations Limit based on this additional information.
PASSED AND ADOPTED this 15th day of June, 1992.
Mayor Of the City of Costa Mesa
ATTEST;
ity Clerk of the City of Costa Me
[i
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, EILEEN P. PHINNEY, City Clerk and ex -officio Clerk of the City Council of the City
of Costa Mesa, hereby certify that the above and foregoing Resolution No. 92-65 was duly and
regularly passed and adopted by the said City Council at a regular meeting thereof held on the
15th day of June, 1992.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of the City
of Costa Mesa this 16th day of June, 1992.
ity Clerk and ex -officio Clerk of the
City Council of the City of Costa Mesa
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EXHIBIT "A"
Resolution No. 92-65
Calculation of the City of Costa Mesa's 1992-93 Appropriations Limit.
STEP 1: Appropriations Limit for 1991-92 Budget
STEP 2: Adjust the 1991-92 Figure By:
(1) California Per Capita Income Growth
Inflationary Factor: ($69,541,386.00
x -0.64% _ $69,096,321.00)
Plus
(2) County Population Growth Factor:
($69,096,321.00 x 2.47% _ $70,803,000.00
APPROPRIATIONS LIMIT FOR 1992-93 BUDGET
$69,541,386.00
$70,803,000.00
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