6/12/2018 1:51:42 PM
6/12/2018 1:51:41 PM
CITY CLERK - TYPE
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THE CITY OF 1 3 <br /> "` "` ��'•'�'"' CITY COUNCIL AGENDA REPORT <br /> pLE ASANTON, <br /> June 19, 2018 <br /> Finance <br /> TITLE: APPROVE A RESOLUTION ADOPTING THE FY2018/19 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 (FY 2018/19) 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 2018/19 the Spending Limit was calculated based on <br /> the percentage change in the City's population and capita personal income. The <br /> Spending Limit for FY 2018/19 is $637,838,044. The City's FY 2018/19 appropriations <br /> subject to the limit totals $114,814,206. Therefore, the City will not exceed its <br /> appropriation limit for the FY 2018/19. <br /> RECOMMENDATION <br /> Staff recommends the Council adopt by resolution the FY 2018/19 appropriation limit of <br /> $637,838,044. <br /> FINANCIAL STATEMENT <br /> The FY 2018/19 appropriations subject to the limit are calculated as part of the budget <br /> process and are estimated to be approximately $114,814,206. Therefore, the City's <br /> Proposition 4 Spending Limit of $637,838,044 is not anticipated to be reached or <br /> exceeded in the FY 2018/19. <br />
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