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THE CITY OF 17 <br /> z 'I CITY COUNCIL AGENDA REPORT <br /> PLEASANTON, <br /> June 16, 2020 <br /> Finance <br /> TITLE: APPROVE A RESOLUTION ADOPTING THE FY 2020/21 <br /> APPROPRIATIONS 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 (FY 2020/21) for those <br /> appropriations that are funded primarily from tax revenues. The Spending Limit is <br /> adjusted each year pursuant to Proposition 111 based on both an inflation factor and <br /> population increases. For the FY 2020/21 the Spending Limit was calculated based on <br /> the percentage change in the County's population and capita personal income. The <br /> Spending Limit for FY 2020/21 is $698,402,897. The City's FY 2020/21 appropriations <br /> subject to the limit totals $121,440,240. Therefore, the City will not exceed its <br /> appropriation limit for the FY 2020/21. <br /> RECOMMENDATION <br /> Staff recommends the Council adopt by resolution the FY 2020/21 appropriation limit of <br /> $698,402,897. <br /> FINANCIAL STATEMENT <br /> The FY 2020/21 appropriations subject to the limit are calculated as part of the budget <br /> process and are estimated to be approximately $121,440,240. Therefore, the City's <br /> Proposition 4 Spending Limit of$698,402,897 is not anticipated to be reached or <br /> exceeded in the FY 2020/21. <br />