BACKGROUND:
Each fiscal year, the City Council must adopt a resolution establishing a Gann Initiative Limitation. Council has before them a request to approve the FY 2022/2023 Gann Initiative Limitation.
DISCUSSION:
The Gann Initiative Limitation for a fiscal year cannot be calculated until the per capita income change factor and the population change factor are provided by the State of California, Department of Finance. This information is usually made available May 1 st of each year prior to the upcoming fiscal year.
The attached calculation and summary shows the tax revenues of the City of Cathedral City are currently estimated at approximately 45.4% of the Gann limit, which indicates the City is not overtaxing its citizens. Approval of this Gann Initiative Limitation is required by statute before the start of each fiscal year.
FISCAL IMPACT:
None