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THE CITY OF O <br /> --,3, " e� CITY COUNCIL AGENDA REPORT <br /> pL£ASANTON. <br /> May 21, 2013 <br /> Finance <br /> TITLE: APPROVE A RESOLUTION ADOPTING THE 2013/14FY 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 (2013/'14FY). 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 2013/14FY the Spending Limit was <br /> calculated based on the percentage change in Alameda County's population and the <br /> change in the local assessment roll due to non-residential construction. The Spending <br /> Limit for 2013/14FY is $484,380,003. The City's 2013/14FY appropriations subject to <br /> the limit totals $72,500,000. Therefore, the City will not exceed its appropriation limit for <br /> the 2013/14FY. <br /> RECOMMENDATION <br /> Staff recommends the Council adopt by resolution the 2013/14FY appropriation limit of <br /> $484,380,003. <br /> FINANCIAL STATEMENT <br /> The 2013/14FY appropriations subject to the limit are calculated as part of the budget <br /> process and are estimated to be approximately $72,500,000. Therefore, the City's <br /> Proposition 4 Spending Limit of $484,380,003 is not anticipated to be reached or <br /> exceeded in the 2013/14FY. <br />