RESOLUTION NO. 2023-25
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF HUNTINGTON BEACH ESTABLISHING THE
GANN APPROPRIATION LIMIT FOR FISCAL YEAR 2023/2024
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 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 $1,171,687,773 for the fiscal year 2023/2024.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a regular meeting thereof held on the _ day of , 2023.
Mayor
REVIEWED AND APPROVED: APPROVED AS TO FORM:
City Manager City Attorney W/
INITIATED AND APPROVED:
Acting Chief Financial Officer
Exhibit A - Gann Limit Calculation
23-12909/310298
EXHIBIT A
GANN LIMIT CALCULATION FISCAL YEAR 2023-2024
tandors Propos purpose otherlatating the fiscal ear 202-ach or the men a as mlo factors. The values of these Price Factor:
Percent growth in State per Capita Personal Income: 4.44% (Source: Dept. of Finance, California)
Percent change in Assessed Valuation due to new non-residential construction: 0.82% (Source: Orange County Assessor Prop 111 Report)
Population Factor:
(C) ercent growth in County Population -0.38%
Source: Dent. of Finance. California
(D) Percent growth in City Population: -0.46%
(Source: Dept. of Finance, California)
Annual Adjustment Factor:
Based on the actual data, the four alternative adjustment factors are as follows:
(A x C) 1.0444 x 0.9962 1.04043128
(A x D) 1.0444 0.9954 = 1.03959576
(B x C) 1.0082 0.9962 1.00436884
(B x D) 1.0082 0.9954 1.00356228
Calculation of the Fiscal Year 2023-2024 Limit
FY 22/23 Limit $ 1,126,155,850
Recommended Adjustment Factor (Largest Allowable Increase) 1.04043128 FY 23/24 Limit $ 1,171,687,773