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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 ...

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 g...