RESOLUTION NO. 2024-28
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF HUNTINGTON BEACH ESTABLISHING THE
GANN APPROPRIATION LIMIT FOR FISCAL YEAR 2024/2025
WHEREAS, Article 13B of the California Constitution imposes upon state agencies and taxes love amount of sui appropriations in fiscal year 198172, idiot the ponds from 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 $1,217,866,589 for the fiscal year 2024/2025.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a regular meeting thereof held on the day of , 2024.
Mayor
REVIEWED AND APPROVED: APPROVED AS TOFORM:
salia. Cal
City Manager City Attorney
INITIATED AND APPROVED:
Chief Finadelal Officer
Exhibit A - Gann Limit Calculation
24-14716/342472
EXHIBIT A
GANN LIMIT CALCULATION FISCAL YEAR 2024-2025
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 2024-2025 adjustment are as follows:
Price Factor:
Percent growth in State per Capita Personal Income: 3.62% (Source: Dept. of Finance, California)
Percent change in Assessed Valuation due to new non-residential construction: -1.07% (Source: Orange County Assessor Prop 111 Report):
Population Factor:
(C) Percent growth in County Population: 0.31%
(Source: Dept, of Finance, California)
(D) Percent growth in City Population: -0.30%
(Source: Dept. of Finance, California)
Annual Adjustment Factor:
Based on the actual data, the four alternative adjustment factors are as follows:
(Ax C) 1.0362 1.0031 1.039412220
(Ax D) 1.0362 0.9970 1.033091400
0.9893 xx 1.0031 0.992366830
(B x C)
(B x D) 0.9893 0.9970 0.986332100
Calculation of the Fiscal Year 2024-2025 Limit
FY 23/24 Limit $ 1,171,687,773
Recommended Adjustment Factor (Largest Allowable Increase) 1.03941222 FY 24/25 Limit $ 1.217,866,589