RESOLUTION NO. 2024-37
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CORONADO, CALIFORNIA, APPROVING AND ADOPTING THE
ANNUAL APPROPRIATIONS LIMIT FOR FISCAL YEAR 2024-25
WHEREAS, the voters approved the Gann Spending-Limitation initiative on November 6, 1979, and Proposition 111 on June 5, 1990, which establish and define annual appropriations limits on state and local government agencies; and
WHEREAS, regulations required that the governing body of each local agency establish its appropriations limit and annual adjustment factors by resolution; and WHEREAS, the required calculations to determine the City’s appropriations limit and estimated appropriations subject to limitation for FY 2024-25 have been performed by the Department of Administrative Services; and
WHEREAS, documentation used to determine the City’s appropriations limit for FY 2024- 25 was provided in advance to the public on the City’s website.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Coronado as follows:
1. That the above recitations are true.
BE IT FURTHER RESOLVED that the City Council of the City of Coronado hereby adopts the City’s Appropriations Limit for FY 2024-25 of $77,234,438; and the Annual Adjustment Factors as presented hereto in Exhibit A.
Attachment 2
PASSED, ADOPTED, AND APPROVED by the City Council of the City of Coronado, California, at a regular meeting thereof this fourth day of June, 2024 by the following vote to wit:
AYES:
NAYS:
ABSTAIN:
ABSENT:
APPROVED:
____________________________________
RICHARD BAILEY, Mayor of the
City of Coronado, California
ATTEST:
__________________________________
KELSEA HOLIAN, City Clerk of the
City of Coronado, California
Attachment 2
Appropriations Subject to Limit:
FY 2024-25 Revenues (all funds) $ 99,766,135
Less: Non-Proceeds of Taxes (28,882,045)
Total Appropropriations Subject to Limit (Proceeds of Taxes) 70,884,090 FY 2023-24 Appropriation Limit 74,484,087
A. Change in California Per Capita Cost of Living
(Converted to a Ratio) 1.03620
B. Greater of the Change in Population (Converted to a Ratio) City of Coronado -0.54%: 0.99460
County of San Diego 0.07%: 1.00070 1.00070
Compound Adjustment Factor = (A multiplied by B) 1.036925 FY 2024-25 Appropriations Limit 77,234,438
Estimated Appropriation Subject to Limit: 70,884,090
Under/(Over) Maximum Appropriation Limit $ 6,350,348
City of Coronado Appropriations Limit
And Appropriations Subject to Limit
Attachment 2 Exhibit A