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B - 5 City of Pleasanton Operating Budget • FY 2023/24 - FY 2024/25 APPENDIX B Appropriation An authorization by the City Council to make expenditures and to incur obligations for specific amounts and purposes. All annual appropriations lapse at fiscal year-end. Appropriations Limit As defined by Section 8 of Article XIIIB of the California Constitution, enacted by the passage of Proposition 4 at the November 6, 1979 general election, the growth in the level of certain appropriations from tax proceeds are generally limited to the level of the prior year’s appropriation limit as adjusted for changes in cost of living and population. Other adjustments may be made for such reasons as the transfer of services from one government entity to another. Appropriation Resolution The official enactment by the City Council to establish legal authority for City officials to obligate and expend resources. Arbitrage The simultaneous purchase and sale of the same or an equivalent security in order to profit from price discrepancies. In government finance, the most common occurrence of arbitrage involves the investment of the proceeds from the sale of tax-exempt securities in a taxable money market instrument that yields a higher rate, resulting in interest revenue in excess of interest costs. Assessed Valuation An official value established for real estate or other property as a basis for levying property taxes. Assessments Charges made to parties for actual services or benefits received. Assets Government-owned property that has monetary value. Assigned Fund Balance A portion of unreserved fund balance designed by city policy for a specific future use. Audit A financial audit is a review of the accounting system and financial information to determine how government funds were spent and whether expenditures were in compliance with the legislative body’s appropriations. Audit Trail Documentation which permits the sequence of financial transactions to be followed. Authorized Positions Those ongoing positions approved in the final budget of the preceding year. Average Cost Total of all costs for all units bought (or produced) divided by the number of units acquired (or produced). Balance Available The amount of money available for appropriation or encumbrance. It is the excess of cash and near- cash assets of a fund over its liabilities and reserves; or commonly called surplus available for appropriation. It is also the unobligated balance of an appropriation which may be encumbered for the purposes of the specific appropriation.