CC - 2024-31 - Adopting an Appropriations Limit for the FY 2024-25RESOLUTION NO. 2024-31
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ROSEMEAD, CALIFORNIA, ADOPTING AN APPROPRIATIONS
LIMIT FOR THE FISCAL YEAR 2024-25
WHEREAS, Article XIII -B of the Constitution of the State of California provides that total
annual appropriations subject to limitation of the City shall not exceed the appropriations limit of the
City for the prior year as adjusted for annual adjustment factors; and
WHEREAS, Section 7910 of the Government code of the State of California directs the
governing body of each local jurisdiction to establish its appropriations limit by resolution each
year; and
WHEREAS, the governing body of each local jurisdiction must select the annual
-idjxstment factors to be used in determining the appropriations limit pursuant to Article XIIIB of
the -State Constitution.
NOW;THEREFORE, THE CITY COUNCIL OF THE CITY OF ROSEMEAD, DOES
HEREBY RESOLVE, DECLARE, DETERMINE, AND ORDER AS FOLLOWS:
SECTION 1. The City Council hereby elects the change in the California per capita
personal income as the cost -of -living adjustment factor and the annual population change for the
City of Rosemead as the population adjustment factor.
SECTION 2. The appropriations limit fiscal year 2024-25 is hereby set at $63,540,638, as
detailed in the attached Exhibit A, which is hereby made a part of this Resolution.
SECTION 3. The City reserves the right to adjust or amend the appropriations limit based
upon the use of alternative growth factors as authorized by Proposition 111 if such changes or
revisions would result in a more advantageous appropriations limit, now or in the future.
SECTION 4. The City Clerk shall certify to the adoption of this resolution and hereafter the
same shall be in full force and effect.
PASSED, APPROVED, AND ADOPTED this 27th day of June, 2024.
APPROVED AS TO FORM:
Rachel Richman, City Attorney
ATTEST:
Eric ca Hernandez; eity.Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES) §
CITY OF ROSEMEAD )
I, Ericka Hernandez, City Clerk of the City Council of the City of Rosemead, California,
do hereby certify that the foregoing City Council Resolution No. 2024-31 was duly adopted
by the City Council of the City of Rosemead, California, at a special meeting thereof held on
the 27`h day of June, 2024, by the following vote, to wit:
AYES: ARMENTA, CLARK, DANG, LOW, LY
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
Ericka H dez, City Clerk" - ,'
Exhibit A
City of Rosemead
Appropriations Limit
FY 2024-25
APPROPRIATIONS SUBJECT TO LIMITATION
a)
Proceeds of Taxes
$
Amount
a)
Prior Year Appropriations Limit
$
61,271,807
b)
Adjustment Factors Percent
Ratio
24,481,353
d)
1) Population Change* 0.08%
1.0008
63,540,638
e)
2) Cost of Living ** 3.62%
1.0362
39,059,285
3) Combined Adjustment Factor
1.0370
c)
Adjusted Limit
$
63,540,638
d)
Alterations
-
e)
Appropriations Limit -Current Year
$
63,540,638
APPROPRIATIONS SUBJECT TO LIMITATION
a)
Proceeds of Taxes
$
24,481,353
b)
Exclusions
0
c)
Appropriation Subject to Limitation
$
24,481,353
d)
Appropriation Limit - Current Year
$
63,540,638
e)
Under (Over) Limit
$
39,059,285
Sources:
* Annual Percent Change in Population City of Rosemead - Provided by CA Dept of Finance
* * Price Factor: Per Capita Personal Income - Provided by CA Dept of Finance
Computations based on the 2024-25 Adopted Budget