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entity's legislative body and by a majority vote of the <br />electorate of the governmental entity; (ii) requires that any <br />special tax (defined as taxes levied for other than general <br />governmental purposes) imposed by a local governmental entity <br />be approved by a two-thirds vote of the voters within that <br />jurisdiction; (iii) restricts the use of revenues from a <br />special tax to the purposes or for the service for which the <br />special tax was imposed~ (iv) prohibits the imposition of ad <br />valorem taxes on real property by local governmental entities <br />except as permitted by Article XIIIA of the California <br />Constitution; (v) prohibits the imposition of transaction taxes <br />and sales taxes on the sale of real property by local <br />governments; (vi) requires that any tax imposed by a local <br />government on or after August 1, 1985 be ratified by a majority <br />vote of the electorate within two years of the adoption of the <br />initiative or be terminated by November 15, 1988~ <br />(vii) requires that, in the event a local government fails to <br />comply with the provisions of this measure, a reduction in the <br />amount of property tax revenue allocated to such local <br />government occur in an amount equal to the revenues received by <br />such entity attributable to the tax levied in violation of the <br />initiative; and (viii) permits these provisions to be amended <br />exclusively by the voters of the State of California. <br /> <br /> CITY OF PLEASANTON FINANCIAL INFORMATION <br /> <br />City Budget <br /> <br /> The City is required to adopt a final budget by June 30 of <br />each year. The City Manager prepares a proposed budget which <br />is presented to the Council. The proposed budget may be <br />modified by the City Council of the City (the "Council") during <br />the budget hearing process. After the hearings, a final budget <br />is adopted. <br /> <br /> The 1987-88 proposed budget was presented to the Council on <br />June 15, 1987. Budget hearings commenced on June 15, 1987 and <br />were completed on July 7, 1987. The Council adopted a budget <br />on July 7, 1987. <br /> <br /> Throughout the fiscal year, all revenues and appropriations <br />are subject to review and since the budget must remain in <br />balance, any overall reduction in revenues would require a <br />reduction in appropriations. <br /> <br /> 34 <br /> <br /> <br />