Laserfiche WebLink
PAGE 2 <br />MAYOR AND TOWN COUNCIL <br />SUBJECT: ADOPT RESOLUTION ESTABLISHING THE FY 2009/10 GANN <br />APPROPRIATIONS LIMIT FOR THE TOWN OF LOS GATOS <br />MAY 14, 2009 <br />appropriation limit for FY 2010/11 was calculated using a factor comprised of the change in <br />County or Town population (which ever is higher) and the change in California per capita <br />personal income. Calculation of the 2010/11 Gaim Appropriations Lunit is as follows: <br />FY 2010/11 Calculation <br />Increase in Change in 2009/10 2010/11 <br />County Per Capita Appropriation Appropriation Appropriation <br />Population Income Factor Limit Limit <br />1.0126 X 0.9746 = 0.98687996 X $ 29,048,811 = $ 28,667,689 <br />The appropriations lirnit is the total amount of tax money that can be appropriated by the Town <br />in the FY 2010/11. The proposed FY 2010/11 budget anticipates $21,155,598 in taxes, which is <br />$7;512;091 less than the appropriation limit of $28,667,689. <br />CONCLUSION: <br />It is recormnended that the Council adopt the attached resolution establishing the FY 2010/11 <br />Gann Appropriations Limit of approximately $28,667,689. <br />ENVIRONMENTAL ASSESSMENT: <br />Is not a project defined under CEQA, and no further action is required. <br />Attaclunent: <br />1. Resolution establishing the Gann Appropriations Lunit foz FY 2010/11 <br />