City of Pleasanton
5/29/2019 11:23:34 AM
5/29/2019 11:23:33 AM
CITY CLERK - TYPE
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THE CITY OF ^ <br /> p L EASANTON. CITY COUNCIL AGENDA REPORT <br /> June 4, 2019 <br /> Finance <br /> TITLE: APPROVE A RESOLUTION ADOPTING THE FY 2019/20 <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 2019/20) 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 2019/20 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 2019/20 is $670,807,223. The City's FY 2019/20 appropriations <br /> subject to the limit totals $120,710,276. Therefore, the City will not exceed its <br /> appropriation limit for the FY 2019/20. <br /> RECOMMENDATION <br /> Staff recommends the Council adopt by resolution the FY 2019/20 appropriation limit of <br /> $670,807,223. <br /> FINANCIAL STATEMENT <br /> The FY 2019/20 appropriations subject to the limit are calculated as part of the budget <br /> process and are estimated to be approximately $120,710,276. Therefore, the City's <br /> Proposition 4 Spending Limit of $670,807,223 is not anticipated to be reached or <br /> exceeded in the FY 2019/20. <br />
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