CC RES 2008-060 RESOLUTION NO. 2008-60
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
PALOS VERDES ESTABLISHING THE FISCAL YEAR 2008-2009
APPROPRIATION LIMIT FOR THE CITY OF RANCHO PALOS VERDES.
WHEREAS, the City of Rancho Palos Verdes has established its Appropriation Limit of
$21,905,371 (Twenty-One Million, Nine Hundred and Five Thousand, Three Hundred and
Seventy-One Dollars) for FY08-09; and
WHEREAS, by a letter, dated May 2008, the California Department of Finance has provided
the following factors relevant to the calculation of the Appropriation Limit for FYO8-09:
California Per Capita Personal Income change:
Plus 4.29% (+ Four Point Two Nine Percent)
County of Los Angeles Population Adjustment:
Plus 0.86% (+ Zero Point Eight Six Percent)
WHEREAS,, the City Finance staff has calculated the Appropriation Limit for FY08-09 based
upon the foregoing factors and the provisions of Article XIII B of the Constitution of the State
of California. The working papers supporting the calculation are maintained in the files of the
Finance department within the City.
WHEREAS, the Appropriation Limit for the City of Rancho Palos Verdes establishes the
ceiling for which proceeds from taxes can be appropriated during FY08-09.
BE IT, THEREFORE, RESOLVED BY THE CITY COUNCIL OF THE CITY OF RANCHO
PALOS VERDES:
Section 1: The Appropriation Limit of the City of Rancho Palos Verdes is $21,905,371
(Twenty-One Million, Nine Hundred and Five Thousand, Three Hundred and Seventy-One
Dollars) for FY08-09.
Section 2: The Appropriation Limit of the City of Rancho Palos Verdes in the amount of
$21,905,371 (Twenty-One Million, Nine Hundred and Five Thousand, Three Hundred and
Seventy-One Dollars) exceeds the proceeds from taxes, calculated in the amount of
$15,116,425 (Fifteen Million, One Hundred and Sixteen Thousand, Four Hundred and
Twenty-Five Dollars) for FY08-09. Therefore, the City of Rancho Palos Verdes shall be in
compliance with the provisions of Article XIII B of the Constitution of the State of California.
Section 3: The City Clerk shall certify to the passage of this resolution.
Resolution No. 2008-60
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PASSED APPROVED AND ADOPTED the 1st day July of Jul 200•
A
1111
Mayor
ATTEST:
16—
City Clerk
State of California )
County of Los Angeles ) ss
City of Rancho Palos Verdes )
I, Carla Morreale, City Clerk of the City of Rancho Palos Verdes, hereby certify that the
above Resolution No. 2008-60 was duly and regularly passed and adopted by the said City
Council at a regular meeting thereof held on July 1, 2008.
City Clerk
Resolution No. 2008-60
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