RESOLUTION NO. 24-____
Resolution of the City Council of the City of Hercules ESTABLISHING THE APPROPRIATIONS LIMIT FOR THE 2024-25 FISCAL YEAR IN ACCORDANCE WITH PROPOSITION 111 AND ARTICLE XIII B.
WHEREAS, Article XIII B of the State Statute (Government Code Section 7910) requires the City of Hercules to establish each year an appropriations limit for the following fiscal year; and WHEREAS, the determination of the appropriations limit is considered to be a legislative act and should be adopted at a regularly scheduled Council Meeting; and WHEREAS, effective in the 1990-1991 fiscal year, Proposition 111 amended Article XIII B to allow a selection of annual adjustment growth factors (personal income, commercial/industrial assessed value, and population) which must also be adopted at a regularly scheduled Council Meeting; and WHEREAS, the annual appropriations limitation has been computed by the Finance Director based on methodology in accordance with provisions of Government Code Sections 7900-7910 and Proposition 111 amendments, as indicated in Attachment A.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Hercules as follows:
The City Council hereby establishes the appropriations limit for the City of Hercules for FY 2024-25 at $552,477,093 using the City of Hercules Population Change and Per Capital Cost of Living Change.
The foregoing Resolution was duly and regularly adopted at a regular meeting of the City Council of the City of Hercules held on the 11th day of June 2024, by the following vote of the Council:
AYES:
NOES:
ABSENT:
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Alexander Walker-Griffin, Mayor
ATTEST:
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Eibleis Melendez, City Clerk