Set legal spending limit of $473.6 million for city budget year 2022-2023
In Plain English
California law requires all cities to set annual spending limits for tax money based on 1979 levels adjusted for inflation and population growth. Richmond's current spending is substantially lower than this $473.6 million cap. If approved, this formal limit allows the city to legally spend tax revenue for the fiscal year that started July 2022.
Auto-generated summary. Source: official agenda documents.
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