ATTACHMENT K
1 City Council Meeting: June 25, 2024 Santa Monica, California RESOLUTION NUMBER ________ (CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA MONICA
ESTABLISHING THE GANN APPROPRIATIONS LIMIT FOR
THE FISCAL YEAR 2024-25
WHEREAS, pursuant to the provisions of Government Code section 7910 and Article XIIIB of the California Constitution, the City Council of the City of Santa Monica (the “City Council”) is required to establish its appropriations limit by resolution; and WHEREAS, pursuant to Government Code sections 7901 and 7910, the final calculation of the appropriations limit has been determined, and the adjustment factors on which the calculation is based are an 3.62% change in the State of California Per Capita Personal Income and a 0.34% change in population growth for the City of Santa Monica; and
WHEREAS, documentation used in the determination of the appropriations limit has been available to the public for at least fifteen (15) days prior to adoption as required by Government Code section 7910.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS FOLLOWS:
SECTION 1. For purposes of Article XIIIB of the California Constitution, the City of Santa Monica appropriations limit for the Fiscal Year 2024-25 shall be $3,064,466,336 calculated as follows:
ATTACHMENT K
2 FY 2023-24 Gann Limit a $2,947,395,776
Factors
State of California Per Capita Personal b 1.03620
City Population Change c 1.00340
Total adjustment factor (b*c) d X 1.03972
FY 2024-25 Gann Limit (a*d) $3,064,466,336
a As adopted by City Council on June 27, 2023 (Resolution No. 11539 CCS) b Per HdL Coren & Cone, City of Santa Monica Nonresidential New Construction c Per State Department of Finance – May 2024 SECTION 2. The City Clerk shall certify to the adoption of this resolution, and thenceforth and thereafter the same shall be in full force and effect.
APPROVED AS TO FORM:
_________________________
Douglas Sloan, City Attorney