Attachment No. 1
RESOLUTION NO. 24-26
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NORWALK
APPROVING AND ADOPTING THE ANNUAL APPROPRIATIONS LIMIT
FOR FISCAL YEAR 2024/25
WHEREAS, the voters of California on November 6, 1979, added Article XIIIB to the State Constitution placing various limitations on the appropriations of the state and local governments; and
WHEREAS, Proposition 111 established fiscal year 1986-87 as the base year for establishing the appropriations limit; and
WHEREAS, the City of Norwalk has complied with all the provisions of Article XIIIB in determining the appropriations limit for Fiscal Year 2024/25.
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF NORWALK
HEREBY DETERMINES, FINDS, AND RESOLVES AS FOLLOWS:
Section 1. The appropriations limit for Fiscal Y ear 2024/25 is $111,201,981 as reflected on Exhibit “A,” attached hereto.
Section 2. In calculating the appropriations limit, the City has utilized the California per capita personal income growth factor for Fiscal Year 2024/25 as shown on Exhibit “A.”
Section 3. The City utilized the population growth factor for the County of Los Angeles for Fiscal Year 2024/25 to calculate the appropriations limit, as shown on Exhibit “A.”
Section 4. The City reserves the right to change or revise any growth factors associated with the calculation of the appropriations limit if such changes or revisions would result in a more advantageous appropriations limit in the present or future.
Section 5. The Mayor, or presiding officer, is hereby authorized to affix h er signature to this Resolution signifying its adoption by the City Council of the City of Norwalk and the City Clerk, or her duly appointed assistant, is directed to attest thereto.
APPROVED AND ADOPTED this 4
th day of June 2024.
__________________________
MARGARITA L. RIOS
MAYOR
ATTEST:
__________________________
THERESA DEVOY, CMC
CITY CLERK
Resolution No. 24-26 Page 3 of 3
Appropriations Limit Calculation
Appropriations Limit FY 2023/24 $ 107,265,343
Adjustment Factor for FY 2024/25 x 1.0367
Appropriations Limit FY 2024/25 $ 111,201,981
Calculation of Adjustment Factor for FY 2024/25
= 3.62 %
Population Change - City = -0.39 %
Population Change - County = 0.05 %
Per Capita converted to a ratio: 3.62+ 100
Appropriations Limit FY 2024/25 100
Population converted to a ratio: .05 + 100
100
Calculation of adjustment factor for FY 2024/25 1.0444 x 1.0005 = 1.0367 = 1.0005
EXHIBIT A
CITY OF NORWALK
APPROPRIATIONS LIMIT
FISCAL YEAR 2024/25
Per Capita Cost Of Living Change
= 1.0362