FINANCE AND ADMINISTRATION COMMITTEE
ITEM:		ACTION ITEM
12.	CONSIDER ADOPTION OF RESOLUTION 2024-05 ESTABLISHING ARTICLE XIII (B) FISCAL YEAR 2023-2024 APPROPRIATIONS LIMIT
Meeting Date:			May 13, 2024	Budgeted:	N/A
From:			David J. Stoldt	Program/	N/A
			General Manager	Line Item No.:
Prepared By:			Nishil Bali	Cost Estimate:	N/A
General Counsel Review: N/A
Committee Recommendation: The Finance and Administrative Committee reviewed this item on May 13, 2024 and recommended _____________.
CEQA Compliance: This action does not constitute a project as defined by the California Environmental Quality Act Guidelines Section 15378.

SUMMARY: Article XIII (B) of the California Constitution requires that an appropriations limit be calculated on an annual basis. Attached as Exhibit 12-A is Resolution 2024-05, A Resolution of the Board of Directors of the Monterey Peninsula Water Management District Establishing an Appropriations Limit for Fiscal Year 2024-2025. The resolution establishes an appropriations limit of $2,236,614 for fiscal year 2024-2025 as calculated on the Property Tax Appropriations Limit worksheet, which is Attachment 1 to the resolution. The worksheet also shows that District estimates that it will receive $2,700,000 in property tax revenues during the fiscal year. After subtracting exempt appropriations of $722,350 from the estimated property tax revenues, the appropriations subject to the limit are $1,977,650, which is under the appropriations limit calculated under the provisions of Article XIII (B), resulting in no estimated excess tax revenue.

RECOMMENDATION: The Finance and Administration committee should recommend that the Board adopt Resolution 2024-05, A Resolution of the Board of Directors of the Monterey Peninsula Water Management District Establishing an Appropriations Limit for Fiscal Year 2024-2025 in the amount of $2,236,614.

EXHIBITS

12-A Resolution 2024-05

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