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10 <br /> THE CITY OF <br /> --�_ CITY COUNCIL AGENDA REPORT <br /> pL-EASANTON@ <br /> June 6, 2023 <br /> Finance <br /> TITLE: ADOPT A RESOLUTION APPROVING THE FY 2023/24 APPROPRIATIONS <br /> 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 the spending limit, for the coming fiscal <br /> year (FY 2023/24) for those appropriations that are funded primarily from tax revenues. <br /> The Limit is adjusted each year pursuant to Proposition 111 based on both an inflation <br /> factor and population changes. For FY 2023/24 the Limit was calculated based on the <br /> percentage change in the county's population and per capita personal income. The <br /> Limit for FY 2023/24 is $817,463,288. The City's FY 2023/24 budget appropriations <br /> subject to the Limit total of $123,235,400 such that the City will not exceed its Limit for <br /> FY 2023/24. <br /> RECOMMENDATION <br /> Staff recommends the Council adopt a resolution approving the FY 2023/24 <br /> Appropriations Limit of $817,463,288. <br /> FINANCIAL STATEMENT <br /> The FY 2023/24 appropriations subject to the limit are calculated as part of the budget <br /> process and are estimated to be approximately $123,235,400: therefore, the City's <br /> Appropriations Limit of $817,463,288 is not anticipated to be reached or exceeded in FY <br /> 2023/24. <br /> Page 1 of 2 <br />