I. Calculation of Appropriations Limit:
Fiscal Year 2023 Appropriations Limit $95,923,964
a. CPI Factor (change in California per capita income) 1.0444 b. Population Factor (Change in City population) * 1.0233 Change Factor (a. x b.) 1.0687
Fiscal Year 2023-24 Appropriations Limit $102,517,252
II. Calculation of appropriations subject to the Appropriations Limit:
Fiscal Year 2023-24 Budgeted General Fund Revenue $67,876,429 Less: Non-proceeds of taxes ($11,491,100)
Total FY 2023-24 appropriations subject to the Appropriations Limit: $56,385,329 Remaining Capacity $46,131,923
Percent change over prior year 4.44
(a) Per capita COLA (4.44 +100)/100 = 1.0444
City of Manteca Population % ∆ = 2.33
(b) Population converted to ratio (2.33 +100)/100= 1.0233 Calculation of factor for FY 2023-24: 1.0444 x 1.0233 - 1.0687 Obtained from the Department of Finance (Price Factor and Population Information) Letter. Letter can be obtained via Internet in May:
http://www.dof.ca.gov/Forecasting/Demographics/
Appropriations Limit Calculation
Fiscal Year 2023-24
Proposed Budget
ATTACHMENT 3