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SFGTV December 19, 2012

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 with the initial budget we expected to be well over 200 million below the gam limit, but 1112 was a year of very Strong Revenue growth above our budget ....

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