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THE CITY OF 9 <br /> pLEASANTONo CITY COUNCIL AGENDA REPORT <br /> June 5, 2012 <br /> Finance <br /> TITLE: APPROVE A RESOLUTION ADOPTING 2012/13FY APPROPRIATIONS <br /> LIMIT <br /> SUMMARY <br /> Pursuant to Article XIIIB of the State Constitution, the City is required to annually adopt <br /> its appropriation limit (Spending Limit) for the coming fiscal year (2012/13FY). Affected <br /> appropriations are those appropriations funded primarily from tax revenues. The <br /> Spending Limit is adjusted each year pursuant to Proposition 111 based on both an <br /> inflation factor and population increases. For the 2012/13FY the Spending Limit was <br /> calculated based on the percentage change in the City's population and the percentage <br /> change in California per capita personal income over the prior year. The Spending Limit <br /> for 2012/13FY is $410,031,764. The City's 2012/13FY appropriations subject to the <br /> limit totals $70,000,000. Therefore, the City will not exceed its appropriation limit for <br /> 2012/13FY. <br /> RECOMMENDATION <br /> Staff recommends the Council adopt by resolution the 2012/13FY appropriation limit of <br /> $410,031,764. <br /> FINANCIAL STATEMENT <br /> The 2012/13FY appropriations subject to the limit are calculated as part of the budget <br /> process and are estimated to be approximately $70,000,000. Therefore, the City's <br /> Proposition 4 Spending Limit of $410,031,764 is not anticipated to be reached or <br /> exceeded in the 2012/13FY. <br />