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PAGE 2 <br />MAYOR AND TOWN COUNCIL <br />SUBJECT: ADOPT RESOLUTION ESTABLISHING THE FY 2016/17 GANN <br /> APPROPRIATIONS LIMIT FOR THE TOWN OF LOS GATOS <br />MAY 23, 2016 <br /> <br />County or Town population (whichever is higher) and the change in California per capita <br />personal income. Calculation of the FY 2016/17 Gann Appropriations Limit is as follows: <br /> <br />% Increase in Change in 2015/16 2016/17 <br />County Per Capita Appropriation Appropriation Appropriation <br />Population Income Factor Limit Limit <br />1.0126 X 1.0537 =1.06697662 X 35,384,256$ =37,754,174$ <br />FY 2016/17 Calculation <br /> <br />The appropriations limit is the total amount of tax money that can be appropriated by the Town <br />in FY 2016/17. The proposed FY 2016/17 budget anticipates $25,294,026 in taxes, which is <br />$12,460,148 less than the appropriation limit of $37,754,174. <br /> <br />CONCLUSION: <br /> <br />It is recommended that the Council adopt the attached resolution establishing the FY 2016/17 <br />Gann Appropriations Limit of approximately $37,754,174. <br /> <br />ENVIRONMENTAL ASSESSMENT: <br /> <br />The adoption of the proposed resolution is not a project defined under CEQA, and no further <br />action is required. <br /> <br />Attachment: <br />1. Resolution establishing the Gann Appropriations Limit for FY 2016/17