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15 <br />THE CITY OF <br />— M- vmnl M"" <br />PLEASANTON. <br />CITY COUNCIL AGENDA REPORT <br />June 21, 2022 <br />Finance <br />TITLE: APPROVE A RESOLUTION ADOPTING THE FY 2022/23 <br />APPROPRIATIONS LIMIT <br />SUMMARY <br />Pursuant to Article XIIIB of the State Constitution, the City is required to annually adopt <br />its appropriations limit (Limit) also known as spending limit, for the coming fiscal year <br />(FY 2022/23) for those appropriations that are funded primarily from tax revenues. The <br />Limit is adjusted each year pursuant to Proposition 111 based on both an inflation factor <br />and population increases. For the FY 2022/23 the Limit was calculated based on the <br />percentage change in the Alameda County's population and capita personal income. <br />The Limit for FY 2022/23 is $786,407,036. The City's FY 2022/23 budget <br />appropriations subject to the Limit totals $137,245,542. Therefore, the City will not <br />exceed its Limit for the FY 2022/23. <br />RECOMMENDATION <br />Staff recommends the Council adopt by resolution the FY 2022/23 Appropriations Limit <br />of $786,407,036. <br />FINANCIAL STATEMENT <br />The FY 2022/23 appropriations subject to the limit are calculated as part of the budget <br />process and are estimated to be approximately $137,245,542. Therefore, the City's <br />Proposition 4 Appropriations Limit of $786,407,036 is not anticipated to be reached or <br />exceeded in the FY 2022/23. <br />