RESOLUTION NO. 2022-29
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF HUNTINGTON BEACH ESTABLISHING THE
GANN APPROPRIATION LIMIT FOR FISCAL YEAR 2022/2023
WHEREAS, Article 13B of the California Constitution imposes upon state agencies and local governments the obligation to limit each fiscal year's appropriation of the proceeds from taxes to the amount of such appropriations in fiscal year 1978/1979, adjusted for changes as prescribed under the law.
NOW, THEREFORE, the City Council of the City of Huntington Beach does hereby resolve as follows:
In compliance with provisions of Article 13B of the California Constitution and the formula set out therein, there is hereby established an appropriation limit of $1,126,155,850 for the fiscal year 2022/2023.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a regular meeting thereof held on the _day of_ , 2022.
Mayor
REVIEWED AND APPROVED: APPROVED AS TO FORM:
-
City Manager City Attorney Mu
INITIATED AND APPROVED:
Chief Financial Officer
Exhibit A - Gann Limit Calculation
22-11351/283716
EXHIBIT A
GANN LIMIT CALCULATION FISCAL YEAR 2022-2023
Under Proposition 111, there are two options available for each of the major adjustment factors. The values of these factors for the purpose of calculating the Fiscal Year 2022-2023 adjustment are as follows:
Price Factor:
Percent growth in State per Capita Personal Income: 7.55% (Source: Dept. of Finance, California)
(B) Percent change in Assessed Valuation due to new non-residential construction: 0.35% (Source: Orange County Assessor Prop I11 Report)
Population Factor:
(C) Percent growth in County Population: -0.23%
(Source: Dept. of Finance, California)
(D) Percent growth in City Population: -0.77%
(Source: Dept. of Finance, California)
Annual Adjustment Factor:
Based on the actual data, the four alternative adjustment factors are as follows:
(Ax C) 1.0755 x 0.9977 = 1.07302635
(Ax D) 1.0755 x 0.9923 = 1.06721865
(B x C) 1.0035 x 0.9977 1.00119195
(B x D) 1.0035 0.9923 = 0.99577305
Calculation of the Fiscal Year 2021-2022 Limit
FY 21/22 Limit $ 1,049,513,696
Recommended Adjustment Factor (Largest Allowable Increase) 1.07302635 FY 22/23 Limit $ 1,126,155,850