RESOLUTION NO. _________
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COMMERCE
APPROVING AND ADOPTING THE ANNUAL APPROPRIATIONS LIMIT FOR FISCAL YEAR 2022-2023
WHEREAS, on November 6, 1979, the voters of California added Article XIII(B) to the State constitution placing various limitations on the appropriations of the state and local governments; and WHEREAS, Article XIII(B) provides that the appropriations limit for the fiscal year 2022-2023 is calculated by adjusting the base year appropriations of fiscal year 1978-79 for changes in the cost of living and population; and WHEREAS, the City of Commerce has complied with all the provisions of Article XIII(B) in determining the appropriations limit for fiscal year 2022-2023.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COMMERCE DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The City Council of the City of Commerce hereby finds and declares that the foregoing recitals are true and correct, and incorporates them herein as findings and as a substantive part of this Resolution.
Section 2. The appropriations subject to limitations for the City of Commerce in fiscal year 2022-2023 shall be $218,977.897.
Section 3. The City of Commerce selects the per capita personal income price factor of 7.55 and the population growth of -1.08 as the annual adjustment factors used in calculating the appropriation limit.
Section 4. Authorize the Mayor to execute the Resolution for and on behalf of the City of Commerce.
Section 5. This Resolution shall take full force and effect immediately upon adoption by the City Council.
PASSED, APPROVED and ADOPTED this 14th day of June, 2022.
Oralia Rebollo
Mayor
ATTEST:
Lena Shumway
City Clerk