Laserfiche WebLink
THE CITY OF OT <br /> pLEASANTON. CITY COUNCIL AGENDA REPORT <br /> June 17, 2014 <br /> Finance <br /> TITLE: APPROVE A RESOLUTION ADOPTING THE 2014/15FY 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 (2014/15FY). 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 2014/15FY the Spending Limit was <br /> calculated based on the percentage change in the City's population and the change in <br /> the local assessment roll due to non-residential construction. The Spending Limit for <br /> 2014/15FY is $496,314,235. The City's 2014/15FY appropriations subject to the limit <br /> totals $82,000,000. Therefore, the City will not exceed its appropriation limit for the <br /> 2014/15FY. <br /> RECOMMENDATION <br /> Staff recommends the Council adopt by resolution the 2014/15FY appropriation limit of <br /> $496,314,235. <br /> FINANCIAL STATEMENT <br /> The 2014/15FY appropriations subject to the limit are calculated as part of the budget <br /> process and are estimated to be approximately $82,000,000. Therefore, the City's <br /> Proposition 4 Spending Limit of $496,314,235 is not anticipated to be reached or <br /> exceeded in the 2014/15FY. <br />