So, the bonds have an outstanding appropriation authorization in place of a little over 800 million, 821 million. Now, no bonds have been issued against this authority as of yet and, so, this transaction would use up about half of that half of that authorization. Of course, our Capital Planning committee as well as our commission has approved this item. In terms of what well spend the money on, we have commercial Paper Program in place, about 300 million of authorization. Well refund outstanding commercial paper with this transaction. We have three main areas of spending in our capital program. We have an interim cip which are onetime needs in advance of our master planning process which involves pump stations, treatment facilities, facility improvements, that sort of thing. Thats the vast majority of this new money transaction. We also have annual replacement. We not only fund the cash program of between 30 and 40 million a year, but we will be funding through this bond issuance about
Confirm its appropriations limit under the gan provisions. In this calculation we have done, it reflects through calculations allowed by the state code that we have a 3. 77 local Income Growth and an 0. 4 0. 47 population growth and this allows for combined growth in the gam limit from the amount that you established last year of 2. 53 billion to a new level of 2. 63 billion for fiscal year 1213. Under the allowable calculations, we have shown that the budget for appropriations that are covered by this is at currently 2. 47 billion, so this reflects a level still 168 million below the gam limit. If the city were to collect so much revenue that it was above the gam limit, the law would require us to either change the rates to return or some other way return that excess revenue to tax payers or go to voters to ask voters to approve an increase in the limit, but we have not reached that point yet. A couple of other points you might be interested in, we did look back at fiscal year 1112 wi
Controllers office. Ill be very brief and happy to answer questions. This resolution before you is required by the california constitution and government code. Each year the city needs to confirm its appropriations limit under the gan provisions. In this calculation we have done, it reflects through calculations allowed by the state code that we have a 3. 77 local Income Growth and an 0. 4 0. 47 population growth and this allows for combined growth in the gam limit from the amount that you established last year of 2. 53 billion to a new level of 2. 63 billion for fiscal year 1213. Under the allowable calculations, we have shown that the budget for appropriations that are covered by this is at currently 2. 47 billion, so this reflects a level still 168 million below the gam limit. If the city were to collect so much revenue that it was above the gam limit, the law would require us to either change the rates to return or some other way return that excess revenue to tax payers or go to vo
Limit for fy 20122013 pursuant to california constitution article xiii b. Thank you very much for this item from the Controllers Office. We have [speaker not understood]. Thank you, members of the committee. Neil levinson, [speaker not understood] from the Controllers Office. Ill be very brief and happy to answer questions. This resolution before you is required by the california constitution and government code. Each year the city needs to confirm its appropriations limit under the gan provisions. In this calculation we have done, it reflects through calculations allowed by the state code that we have a 3. 77 local Income Growth and an 0. 4 0. 47 population growth and this allows for combined growth in the gam limit from the amount that you established last year of 2. 53 billion to a new level of 2. 63 billion for fiscal year 1213. Under the allowable calculations, we have shown that the budget for appropriations that are covered by this is at currently 2. 47 billion, so this reflects
Controllers office. Ill be very brief and happy to answer questions. This resolution before you is required by the california constitution and government code. Each year the city needs to confirm its appropriations limit under the gan provisions. In this calculation we have done, it reflects through calculations allowed by the state code that we have a 3. 77 local Income Growth and an 0. 4 0. 47 population growth and this allows for combined growth in the gam limit from the amount that you established last year of 2. 53 billion to a new level of 2. 63 billion for fiscal year 1213. Under the allowable calculations, we have shown that the budget for appropriations that are covered by this is at currently 2. 47 billion, so this reflects a level still 168 million below the gam limit. If the city were to collect so much revenue that it was above the gam limit, the law would require us to either change the rates to return or some other way return that excess revenue to tax payers or go to vo