ATTACHMENT #2
RESOLUTION NO.
A RESOLUTION OF THE CITY
COUNCIL OF THE CITY OF THOUSAND
OAKS ESTABLISHING THE
APPROPRIATIONS LIMIT FOR
FISCAL YEAR 2024-2025
WHEREAS, the Gann Spending Limitation Initiative added Article XIII B to the Constitution of the State of California to establish and define annual appropriation limits on state and local government entities; and WHEREAS, Government Code Section 7900, et seq. provides for the implementation of Article XIII B by defining various terms and prescribing procedures to be used in implementing specific provisions, including the establishment each year by the governing body of each local jurisdiction of its appropriation limit; and
WHEREAS, the required computation to determine the City of Thousand Oaks Appropriation Limit for FY 2024-2025 has been performed by the Finance Department and is on file with the Finance Department, and available for public review for fifteen days prior to the City Council meeting on this action; and WHEREAS, a summary of this computation is provided in “Exhibit A,” which is herein incorporated by reference and attached hereto.
NOW, THEREFORE, the City Council of the City of Thousand Oaks resolves as follows:
1. The City of Thousand Oaks Appropriation Limit for FY 2024-2025 is $239,776,954.
2. This Appropriation Limit includes adjustments made pursuant to Section 3 of Article XIII B of the California Constitution and SB 1352, as of the date of this Resolution.
3. This Appropriation Limit is subject to amendments, deletions, and additions, which may be provided pursuant to Article XIII B of the California Constitution and legislation in implementation thereof.
This limitation may be amended from time to time to reflect new or changed information as such is encountered.
PASSED AND ADOPTED this 18th day of June, 2024 by the following vote:
Ayes:
Noes:
Absent:
ATTEST/CERTIFY:
Al Adam, Mayor
City of Thousand Oaks, California
Laura B. Maguire, City Clerk
Date Attested:
APPROVED AS TO FORM:
Office of City Attorney
Tracy Friedl, Assistant City Attorney
APPROVED AS TO ADMINISTRATION:
Andrew P. Powers, City Manager
The presence of electronic signature certifies that the foregoing is a true and correct copy as approved by the City of Thousand Oaks City Council on the date cited above.
FIN:380-70\H:\COMMON\Council\2024\Administration\061824 Gann ATTACH 2 Reso.docx
EXHIBIT A
CITY OF THOUSAND OAKS
GANN APPROPRIATIONS LIMIT
CALCULATION OF FY 2024-2025 LIMIT:
Appropriations limit for fiscal year ended June 30, 2024: $ 219,559,478 Adjustment factors for setting the 2024-2025 appropriations limit:
Net Change in Assessed
Valuation due to Non-
Residential New Construction
County
Population
Factor
Combined
Factor
1.094600 x0.997700 =1.092082x1.092082
Adjustment for Change in Assessed Value and County Population Factors $20,217,476 Other Adjustments $ -
Total Adjustments $20,217,476
Appropriations limit for Fiscal Year ended June 30, 2025: $ 239,776,954 Per Auditor, manually
round to 6th decimals.