CC RES 2007-074 RESOLUTION NO. 2007-74
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES ESTABLISHING
THE FISCAL YEAR 2007-2008 APPROPRIATION LIMIT FOR THE CITY OF RANCHO PALOS VERDES.
WHEREAS, the City of Rancho Palos Verdes has established its Appropriation Limit of$20,825,191
(Twenty Million, Eight Hundred and Twenty-Five Thousand, One Hundred and Ninety-One Dollars)for
FY07-08; and
WHEREAS, by a letter, dated May 1, 2007, the California Department of Finance has provided the following
factors relevant to the calculation of the Appropriation Limit for FY05-06:
California Per Capita Personal Income change:
Plus 4.42% (+ Four Point Four Two Percent)
County of Los Angeles Population Adjustment:
Plus 0.72% (+Zero Point Seven Two Percent)
WHEREAS, the City Finance staff has calculated the Appropriation Limit for FY07-08 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 FY07-08.
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 $20,825,191 (Twenty Million, Eight
Hundred and Twenty-Five Thousand, One Hundred and Ninety-One Dollars)for FY07-08.
Section 2: The Appropriation Limit of the City of Rancho Palos Verdes in the amount of$20,825,191
(Twenty Million, Eight Hundred and Twenty-Five Thousand, One Hundred and Ninety-One Dollars)exceeds
the proceeds from taxes, calculated in the amount of$14,345,175 (Fourteen Million, Three Hundred and
Forty-Five Thousand, One Hundred and Seventy-Five Dollars)for FY07-08. 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.
APPROVED AND ADOPTED THE 3rd DAY OF JULY 2007.
',-
Mayor
ATTEST:
-712,
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. 2007-74 was duly and regularly passed and adopted by the said City Counci t a regular meeting
thereof held on July 3, 2007. g4ke-eJ
City Clerk