Council Agendas and Reports
Item 04 - FY2016/17 GANN Appropriation Limit
8/15/2016 12:31:01 PM
6/6/2016 1:06:16 PM
Docs Ref Code
Notes - Clerk
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
All rights reserved.
Page 1 of 1
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View plain text
MN p <br />1 <br />SOS caios COUNCIL AGENDA REPORT <br />DATE: JUNE 6, 2016 <br />TO: MAYOR AND TOWN COUNCIL <br />FROM: LAUREL PREVETTI, TOWN MANAGER <br />MEETING DATE: 06/07/16 <br />ITEM NO: 4 <br />ADDENDUM <br />SUBJECT: ADOPT RESOLUTION ESTABLISHING THE FY 2016/17 GANN <br />APPROPRIATIONS LIMIT FOR THE TOWN OF LOS GATOS <br />REMARKS: <br />After the distribution of the staff report, a Council Member asked: <br />How does $37,000,000 affect FY 16117 budget which anticipated $25,000,000? <br />Resuonse: The Gann Limit of $37.7M for FY 2016/17 is the calculated "appropriation from <br />taxes" limit for that year. This means that the Town has a limit of appropriations from tax <br />revenues of $37.7M for FY 2016 /17. The total appropriations from tax sources in the FY <br />2016/17 proposed budget is $25.3M. In other words, the Town is substantially below (i.e. <br />$12.2M below) the legal appropriations limit for the fiscal year. It is highly unlikely that the <br />Town will receive and budget additional unanticipated tax revenues in the next fiscal year above <br />the FY 2016/17 estimated taxes of $25.3 M that were incorporated into the proposed budget. <br />Therefore, staff believes there is virtually no scenario where the Town would come close to the <br />$37.7M limit. <br />PREPARED BY: STEPHEN D. CONWAY <br />Director of Finance <br />Reviewed by: Assistant Town Manager Town Attorney Finance <br />&TOUNCIL REPORTS \2016 \06 -07 -16\04 Gon\Addmd= - FY 2016 -17 Gaon Limit FINAL v2.doc <br />
The URL can be used to link to this page
Your browser does not support the video tag.