population growth and the change in the California per capita personal income factor is lower than the change in Alameda County’s Consumer Price Index. Based on these calculations, the City’s appropriations limit for Fiscal Year 2024 is $141,294,720.
DISCUSSION
Establishing an appropriations limit is a state law requirement that all cities must adopt at the beginning of each fiscal year at a regularly scheduled City Council meeting.
PREPARED BY: Lawrence Chiu, Finance Director
APPROVED AND FORWARDED TO THE
CITY COUNCIL OF THE CITY OF EMERYVILLE:
Paul Buddenhagen, City Manager
Attachments:
Draft Resolution
Attachment A – Gann Appropriations Limit Calculation Fiscal Year 2024 216 216
RESOLUTION NO. _____
Resolution Of The City Council Of The City Of Emeryville Adopting An Appropriations Limit For Fiscal Year 2024 Of $141,294,720 WHEREAS, pursuant to Article XIIIB of the California Constitution, the City of Emeryville is required to annually adopt an Appropriations Limit for the following fiscal year identifying the limit for appropriation of revenues from tax proceeds; and WHEREAS, the City Council must annually identify the population and inflation adjustment factors utilized to calculate the Appropriations Limit; and WHEREAS, the calculation of the Appropriations Limit is shown in Attachment A; now, therefore, be it
RESOLVED, that the City Council of the City of Emeryville hereby determines the adjustment factors used for calculation of the Fiscal Year 2024 Appropriations Limit is as follows:
1. Population: City population growth from January 1, 2022 to January 1, 2023 of 1.06 %.
2. Inflation: California Per Capita Personal Income growth of 4.44 %; and, be it, further RESOLVED, that the City Council of the City of Emeryville hereby establishes an Appropriations Limit for the Fiscal Year 2024 of $141,294,720.
ADOPTED, by the City Council of the City of Emeryville at a regular meeting held Tuesday, June 06, 2023, by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
MAYOR
ATTEST: APPROVED AS TO FORM:
CITY CLERK CITY ATTORNEY
217 217
City of Emeryville Fiscal Year 2023-24
Gann Appropriations Limit Calculations
City Population County Population
Change Change
Population Change as of January 1, 2023 1.06% A -0.47% A Per Capita Consumer
Change Price Index
Cost of Living FY 2023-24 4.44% B 5.60% C
FY 23-24 Gann Limit Growth Factor
1 + Larger of County and City Population 101.06%
1 + Larger of Per Capita Change and
12-Month Change in CPI for County x 105.60%
INCREASE in City's Appropriations Limit for FY 2023-24 1.067194 FY 2022-23 Appropriations Limit $ 132,398,346 D
Growth Factor x 1.067194
FY 2023-24 APPROPRIATIONS LIMIT $ 141,294,720
Notes:
C - Bureau of Labor Statistics CPI, 2022 Avg Change - SF Area (includes Alameda County) D - FY2022-23 General Fund Appropriations Limit as adopted by City Council A - California Department of Finance Population Estimate for Cities, Counties, and State, Dated May, 2023
B - California Department of Finance Letter - Price Factor and Population Information, Dated May, 2023
218 218
1 CITY OF EMERYVILLE
EXPENDITURE AND RESERVE POLICIES
GENERAL FUND
Economic Uncertainty Fund
The purpose of the Economic Uncertainty fund is to provide the fiscal capacity to absorb one-Ɵme problems without disrupƟng day-to-day operaƟons and services and for more systemic and ongoing problems, to take Ɵme needed to fully idenƟfy the impacts and develop and implement a thoughƞul longer-term strategy.
The City shall maintain a target reserve of 50% of the General Fund annual operaƟng budget.
AppropriaƟons are to be reserved for emergency situaƟons and limited to one-Ɵme or short-term (one or two fiscal years) use. Examples of such emergencies include, but are not limited to:
Unplanned, major event such as a catastrophic disaster requiring expenditures over 5% of the General Fund adopted budget.
Economic uncertainƟes, local disasters and other hardships or downturns in the local economy. Budgeted revenue taken by another government enƟty.
Drop in projected/actual revenue of more than 5% of the General Fund adopted revenue budget.
Should the Economic Uncertainty fund be used and its level falls below the target amount of 50%, the goal is to replenish the fund within three fiscal years.
Disaster Reserve Fund
The purpose of the Disaster Reserve Fund is to provide funding in response to a disaster or other imminent or emergency event for which a declaraƟon of a state of emergency has or could be declared.
The City shall maintain a target reserve of $5 million in the Disaster Reserve Fund.
In adopƟng this policy, it is the intent of the City Council that these funds remain uncommiƩed to permit the City Manager access to them without prior council approval in the event of a disaster or similar emergency.
Unassigned General Fund
This reserve is considered primarily a working capital requirement, bridging the gap between the Ɵme expenses are paid and the Ɵme revenues are collected. Undesignated reserve balances will fluctuate from 219 219
2 Ɵme to Ɵme and reflect annual operaƟng results. This fund has no minimum threshold although sufficient balances are maintained to provide conƟngencies for unseen operaƟng or capital needs and cash flow requirements.
EMERYVILLE MEASURE F FUNDS
In March 2020, Emeryville voters approved Measure F, a one quarter-cent sales tax levy which has permissible uses that are codified by the measure in Emeryville Municipal Code, SecƟon 3-3.354. Pursuant to these authorizaƟons and limitaƟons, the City Council has adopted the following policies for the expenditure and reserve of Measure F funds.
Expenditure Policy
In each budget year, Measure F funds shall be expended in the following order of priority:
(1) Provision of funding for one Code Enforcement Officer posiƟon; (2) Provision of funding for one Engineer posiƟon in the Public Works Department; (3) Funding to cover the costs of the Emeryville Child Development Center (ECDC), including maintenance of the Measure F Reserve Fund at the Reserve Policy funding level; (4) Funding to support the permissible public safety investments approved by voters, with posiƟon designaƟons to be determined by the City Council; and
(5) Any funds not expended in a given budget year for the above prioriƟes shall be allocated to the Measure F Reserve Fund
Reserve Policy/Measure F Reserve Fund
The City shall create and maintain a Measure F Reserve Fund. The primary purpose of this fund is to provide funds to secure the long-term stability of the Emeryville Child Development Center (ECDC) in the event of economic uncertainty.
The City shall maintain a minimum balance of $4 million in the Measure F Reserve Fund. This $4 million is reserved exclusively for the use of supporƟng the Emeryville Child Development Center. Any funds deposited in the Measure F Reserve Fund in excess of the $4 million minimum balance may be expended in support and furtherance of any of the other permissible uses of Measure F funds, as approved by the voters.
220 220
3 Real Property Transfer Tax Policy
Real Property Transfer Tax revenues include both the ResidenƟal Property Transfer Tax and the Commercial Property Transfer Tax revenues. To the extent that the City Council has adopted any prior policies governing the use of these revenues, those policies are hereby rescinded.
Expenditure Policy
For each fiscal year, the Real Property Transfer Tax (RPPT) revenues shall be deposited in the City’s General Fund and used for purposes adopted in the city budget, with any excess revenues being allocated subject to the following prioriƟes:
(1) At the end of each fiscal year, a contribuƟon of RPPT revenues that exceed the budgeted amount from the General Fund shall be made from the General Fund in the amount necessary to replenish the CriƟcal Needs Fund up to a maximum total reserve fund balance of $1 million; (2) At the end of each fiscal year, if the Real Property Transfer Tax revenues exceed their budgeted amount in the General Fund, including budget adjustments made during the fiscal year, and the CriƟcal Needs Fund has been replenished to the maximum reserve fund balance of $1 million, fiŌy percent (50%) of the remaining revenues shall be allocated to the City’s Capital Improvement Program (CIP) and the other fiŌy percent (50%) shall be allocated towards any of the City’s unfunded liabiliƟes, which may include but is not limited to pension liability, Other PostEmployment Benefits (OPEB) and the City’s SecƟon 115 Pension Trust. AllocaƟon of these funds shall be determined by the City Council, upon recommendaƟon of the Budget and Governance CommiƩee and the Budget Advisory CommiƩee.
CriƟcal Needs Fund
The City shall create and maintain a CriƟcal Needs Fund for the purpose of providing the City with funds to address one-Ɵme criƟcal maintenance or criƟcal service needs for which the costs are not part of the City’s regular budget and which are not reasonably anƟcipated to be an ongoing cost that should be budgeted as part of the biannual budget process. The City Manager shall have discreƟon in authorizing the release of these funds for materials, labor and contracts necessary to complete or repair a City facility or support an urgent service need up to the City Manager’s approval authority. Priority shall be given to infrastructure maintenance, environmental projects and programs, housing and homelessness services, and public safety services or programs.
221 221
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2013 Lease Revenue Bonds, Series A
The Emeryville Public Financing Authority (the Authority) issued $4,390,300 in Lease Revenue Bonds, 2013 Series A, with an effective interest rate of 3.02% per annum. The proceeds were used to refund $4,745,000 of outstanding 1998 Series A Lease Revenue Bonds.
The outstanding balance of this private placement bonds contains a provision in which the Purchaser of the bonds may terminate the agreement if any event occurs or becomes known that hohas a material adverse effect on the financial condition of the City or the ability of the City to perform under the Agreement.
Source of repayment – General Fund Revenues
The annual requirements to amortize the outstanding bond indebtedness as of June 30, 2023, including interest, are as follows:
Fiscal
Year Principal Interest
Annual
Debt
Service
Principal
Balance
2022-23 1,686,500
2023-24 319,200 50,932 370,132 1,367,300
2024-25 325,900 41,292 367,192 1,041,400
2025-26 336,900 31,450 368,350 704,500
2026-27 347,400 21,276 368,676 357,100
2027-28 357,100 10,784 367,884 -
282 282
General Obligation Bonds, Series 2023
The City Council of the City of Emeryville issued $50,000,000 of the general obligations bonds per the electors voting on the proposition of Measure C on June 5, 2018 to finance facilities to provide affordable housing and prevent displacement of the vulnerable populations, including low and middle-income households, veterans, local artists, seniors, and the disabled and provide supportive housing for people experiencing homelessness; and to low and middle-income households purchase homes as described in plan and in compliance with the Affordable Housing Bond Administration and Expenditure Plan adopted by the Council on March 2, 2021. Pursuant to Resolution No. 23-22, the general obligation bonds were issued on May 11, 2023 with the maturity date on August 1, 2048, interest rate ranges from 4.51% to 6.00%. The proceeds of the bond issuance will be used for the affordable housing plan and the tax levies collected from Measure C will be used to pay for the debt service.
Source of repayment – Measure C Tax Levies
The annual requirements to amortize the outstanding bond indebtedness as of June 30, 2023, including interest, are as follows:
Fiscal
Year Principal Interest
Annual
Debt
Service
Principal
Balance
2022-23 50,000,000
2023-24 1,855,340 1,855,340 50,000,000
2024-25 950,000 2,540,433 3,490,433 49,050,000
2025-26 1,035,000 2,480,883 3,515,883 48,015,000
2026-27 1,100,000 2,416,833 3,516,833 46,915,000
2027-28 1,165,000 2,348,883 3,513,883 45,750,000
2028-48 45,750,000 27,595,779 73,345,779 -
283 283
Successor Agency of the Former Redevelopment Agency
Tax Allocation Refunding Bonds Series 2014A
On July 24, 2014, the Successor Agency to the Emeryville Redevelopment Agency issued $95,450,000 of Tax Allocation Refunding Bonds. Proceeds from the issuance were used to refund the following Public Financing Authority Revenue Bonds: Series 1995, Series 1998B, Series 2001A, Series 2002, and Series 2004. Interest on the Bonds is payable on March 1 and September 1 of each year and the interest rate ranges from 2.0% to 5.0%. The Bonds mature starting September 1, 2015 and end on September 1, 2034. The bonds are secured by a pledge of tax increment funds distributed by the Redevelopment Property Tax Trust Fund (RTTPF). The outstanding balance from this public offering contains a provision stating that if an event of default has occurred and is continuing, the trustee may declare the principal of the Bonds, together with the accrued interest thereon, to be due and payable immediately, and upon any such declaration the same shall become immediately due and payable, anything in the Indenture or in the Bonds to the contrary notwithstanding. In addition, the Trustee shall exercise any other remedies available to the trustee in law or at equity.
Source of repayment – Property Taxes collected.
The annual requirements to amortize the outstanding bond indebtedness as of June 30, 2023, including interest, are as follows:
Fiscal
Year Principal Interest
Annual Debt
Service
Principal
Balance
2022-23 47,000,000
2023-24 7,435,000 2,146,125 9,581,125 39,565,000
2024-25 7,815,000 1,764,875 9,579,875 31,750,000
2025-26 8,180,000 1,365,000 9,545,000 23,570,000
2026-27 7,770,000 975,250 8,745,250 15,800,000
2027-28 1,855,000 743,625 2,598,625 13,945,000
2028-29 1,940,000 648,750 2,588,750 12,005,000
2029-30 1,595,000 560,375 2,155,375 10,410,000
2030-31 1,680,000 478,500 2,158,500 8,730,000
2031-32 1,770,000 392,250 2,162,250 6,960,000
2032-33 2,210,000 292,750 2,502,750 4,750,000
2033-34 2,315,000 179,625 2,494,625 2,435,000
2034-35 2,435,000 2,495,875 60,875 -
284 284
Successor Agency of the Former Redevelopment Agency
Tax Allocation Refunding Bonds Series 2014B
On July 24, 2014, the Successor Agency to the Emeryville Redevelopment Agency issued $14,270,000 of Tax Allocation Refunding Bonds. Proceeds from the issuance were used to refund the Public Financing Authority Revenue Bonds, Series 1998C and Series 2001B. Interest on the Bonds is payable on March 1 and September 1 of each year and the interest rate grows from 0.70% to 4.625%. The Bonds mature starting September 1, 2015 and end on September 1, 2031. The bonds are secured by housing set aside funds, also issued by the RTTPF. The outstanding balance from this public offering contains a provision stating that if an event of default has occurred and is continuing, the trustee may declare the principal of the Bonds, together with the accrued interest thereon, to be due and payable immediately, and upon any such declaration the same shall become immediately due and payable, anything in the Indenture or in the Bonds to the contrary notwithstanding. In addition, the Trustee shall exercise any other remedies available to the trustee in law or at equity.
Source of repayment – Property Taxes collected.
The annual requirements to amortize the outstanding bond indebtedness as of June 30, 2023, including interest, are as follows:
Fiscal
Year Principal Interest
Annual Debt
Service
Principal
Balance
2022-23 6,740,000
2023-24 1,065,000 263,273 1,328,273 5,675,000
2024-25 1,105,000 219,310 1,324,310 4,570,000
2025-26 1,170,000 172,981 1,342,981 3,400,000
2026-27 2,045,000 106,125 2,151,125 1,355,000
2027-28 245,000 57,003 302,003 1,110,000
2028-29 260,000 45,325 305,325 850,000
2029-30 275,000 32,953 307,953 575,000
2030-31 280,000 20,119 300,119 295,000
2031-32 295,000 6,822 301,822 -
285 285
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