I. Calculation of Appropriations Limit:
Fiscal Year 2024 Appropriations Limit as Amended $ 102,517,252 a. CPI Factor (change in California per capita income) 1.0362 b. Population Factor (Change in City population) * 1.0267 Change Factor (a. x b.) 1.0639
Amount of Annual Adjustment $ 6,547,422
Fiscal Year 2024-25 Appropriations Limit $ 109,064,674
II. Calculation of appropriations subject to the Appropriations Limit:
Fiscal Year 2024-25 Budgeted General Fund Revenue $ 73,787,007 Less: Non-proceeds of taxes (14,751,588)
Total FY 2024-25 appropriations subject to the Appropriations Limit: $ 59,035,419 Remaining Capacity $ 50,029,255
Percent change over prior year .2
(a) Per capita COLA (3.62 +100)/100 = 1.0362
City of Manteca Population % ∆ = 2.67
(b) Population converted to ratio (2.67+100)/100= 1.0267 Calculation of factor for FY 2024-25: 1.0362 x 1.027 = 1.0639 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 2024-25
Proposed Budget
ATTACHMENT 2