June 18, 2024
Finance Department
DATE: June 18, 2024
TO: Mayor Martinez and Members of the City Council
FROM:
Andrea Miller, Director of Finance
Mubeen Qader, Deputy Director of Finance
Subject:
Fiscal Year 2024-25 Annual Appropriations Limit
FINANCIAL IMPACT: Adoption of the resolution establishes the appropriations limit for Fiscal Year 2024-25 in the amount of
$521,086,232
PREVIOUS COUNCIL
ACTION:
N/A
STATEMENT OF THE
ISSUE:
The Fiscal Year 2024-25 appropriations limit for the City of Richmond is required to be established and adopted
pursuant to Article XIIIB of the Constitution of the State of California.
RECOMMENDED ACTION:
ADOPT a resolution approving the Fiscal Year 2024-25
appropriations limit for the City of Richmond pursuant to Article XIIIB of the Constitution of the State of California – Finance Department (Andrea Miller 510-620-6790/
Mubeen Qader 510-412-2077).
AGENDA
REPORT
June 18, 2024
DISCUSSION:
Article XIIIB of the California Constitution, passed by California voters in 1979, establishes an annual limitation on appropriations of tax proceeds for all municipalities.
Article XIIIB requires all local government entities to establish annual appropriations limits. The limitation is calculated by using appropriations of 1979 as the base year and adjusting for changes in growth of inflation and population.
California Government Code Section 7910 requires cities to establish appropriations limit by resolution. Adoption of the attached resolution will approve the Fiscal Year 2024-25 appropriations limits.
For Fiscal Year 2024-25, the appropriations limit has been determined to be $521,086,232.
DOCUMENTS ATTACHED:
Attachment 1 – Resolution for FY 2024-25 Appropriations Limit