CC RES 2005-060RESOLUTION NO. 2005-60
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO PALOS
VERDES ESTABLISHING THE FISCAL YEAR 2005 -2006 APPROPRIATION LIMIT
FOR THE CITY OF RANCHO PALOS VERDES.
WHEREAS, the City of Rancho Palos Verdes has established its Appropriation Limit of
$18,822,857 (Eighteen Million, Eight Hundred and Twenty -Two Thousand, Eight
Hundred and Fifth -Seven Dollars) for FY05 -06; and
WHEREAS, by a letter, dated May 1, 2005, 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 5.26 % (+ Five Point Two Six Percent)
City of Rancho Palos Verdes Population Adjustment:
Plus 0.77% (+ Zero Point Seven Seven Percent)
WHEREAS, the City Finance staff has calculated the Appropriation Limit for FY05 -06
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 FY05 -06.
BE IT, THEREFORE, RESOLVED BY THE CITY COUNCIL OF THE CITY OF
RANCHO PALOS VERDES:
Section l: The Appropriation Limit of the City of Rancho Palos Verdes is $18,822,857
(Eighteen Million, Eight Hundred and Twenty -Two Thousand, Eight Hundred and Fifty -
Seven Dollars) for FY05 -06.
Section 2: The Appropriation Limit of the City of Rancho Palos Verdes in the amount of
$18,822,857 (Eighteen Million, Eight Hundred and Twenty -Two Thousand, Eight
Hundred and Fifty -Seven Dollars) exceeds the proceeds from taxes, calculated in the
amount of $11,271,942 (Eleven Million, Two Hundred and Seventy -One Thousand,
Nine Hundred and Forty -Two Dollars) for FY05 -06. 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.
PASSED, APPROVED, AND ADOPTED THE 7th DAY OF JUNE 2005.
Attest:
W2rFTMM
State of California )
County of Los Angeles )ss
City of Rancho Palos Verdes )
awtow &nL '
Mayor
I, Carolynn Petru, City Clerk of the City of Rancho Palos Verdes, hereby certify that the
above Resolution No. 2005 -60 was duly and regularly passed and adopted by the said
City Council at regular meeting thereof held on June 7, 2005.
City'kIerk
Resolution No. 2005 -60
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