HomeMy WebLinkAboutR-11376 amendment to the 2022-23 Budget Allocation (Housing Trust Fund contribution)R 11376
RESOLUTION NO. 11376 (2022 SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS
OBISPO, CALIFORNIA, APPROVING AN AMENDMENT TO THE 2022-
2023 BUDGET ALLOCATION
WHEREAS, the City Council adopted Ordinance 1348 (1999 Series) establishing
an Affordable Housing Fund (AHF) for the collection and distribution of in-lieu housing
fees to promote affordable housing in San Luis Obispo at the sole discretion of the City
Council; and
WHEREAS, in accordance with the San Luis Obispo City Charter Section 802, the
City Manager submitted the 2019-2021 Financial Plan to Council for its review and
consideration on June 4, 2019, approving the ongoing transfer of $40,000 from the AHF
to General Fund to support the operating expenses of the San Luis Obispo County
Housing Trust Fund; and
WHEREAS, the City Manager submitted the Fiscal Year 2022 -23 Supplemental
Budget to Council approving and appropriating the 2022-23 budget allocation including
operating expenditures, debt service, and capital improvement plan budget (R-11332) on
June 7, 2022; and
WHEREAS, the $40,000 was transferred from the Affordable housing fund to the
General Fund in FY 2022-23; and
WHEREAS, the $40,000 was not allocated to the operating expenditure budget so
the balance currently resides in the General Fund Undesignated Fund Balance; and
WHEREAS, the voters approved the Gann Spending-Limitation Initiative on
November 6, 1979 and Proposition 111 on June 5, 1990, which establish and define
annual appropriation limits on state and local government agencies; and
WHEREAS, regulations require that the governing body of each local agency
establish its appropriations limit and annual factors by resolution.
WHEREAS, the required calculations to determine the City’s appropriations limit,
and estimated appropriations subject to limitation for fiscal year 2022-23, were performed
by the Department of Finance and approved by Council on June 7, 2022 (R-11332); and
WHEREAS, in reviewing the calculations for the appropriation limit, staff found that
the incorrect Consumer Price Index was applied; and
WHEREAS, the Finance Department re-calculated the City’s appropriations limit
for 2022-23 and the City appropriated proceeds of taxes remain well below the
appropriation limit; and
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Resolution No. 11376 (2022 Series) Page 2
R 11376
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis
Obispo as follows:
SECTION 1. The 2022-23 budget is hereby amended to appropriate $40,000 of
the City’s General Fund Undesignated balance into operating budget operating budget
for the Housing Trust Fund.
SECTION 2. The City’s appropriation limit and annual adjustment factors for
fiscal year 2022-23 are adopted as follows:
Upon motion of Council Member Marx, seconded by Council Member Shoresman,
and on the following roll call vote:
AYES: Council Member Marx, Pease, Shoresman, Vice Mayor
Christianson, and Mayor Stewart
NOES: None
ABSENT: None
The foregoing resolution was adopted this 15th day of November 2022.
___________________________
Mayor Erica A. Stewart
ATTEST:
___________________________
Teresa Purrington, City Clerk
APPROVED AS TO FORM:
___________________________
J. Christine Dietrick, City Attorney
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of San Luis Obispo, California, on ______________________.
___________________________
Teresa Purrington, City Clerk
Appropriations Limit 2021-22 $79,470,558
Consumer Price Index (revised from 7.5%) 7.55%
Population Factor: County Population Growth 0.28%
Compounded Percentage Factor (multiplicative not additive) 1.025%
Appropriations Limit 2022-23 (revised) $85,706,220
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11/21/2022 | 7:24 AM PST