CC RES 2004-043RESOLUTION NO. 2004-43
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
PALOS VERDES ESTABLISHING THE FISCAL YEAR 2004 -2005
APPROPRIATION LIMIT FOR THE CITY OF RANCHO PALOS VERDES.
WHEREAS, the City of Rancho Palos Verdes has established its Appropriation Limit of
$17,745,609 (Seventeen Million, Seven Hundred Forty -Five Thousand, Six Hundred
and Nine Dollars) for FY04 -05; and
WHEREAS, by a letter, dated May 3, 2004, the California Department of Finance has
provided the following factors relevant to the calculation of the Appropriation Limit for
FY04 -05:
California Per Capita Personal Income change:
Plus 3.28% (+ Three Point Two Eight Percent).
City of Rancho Palos Verdes Population Adjustment:
Plus 0.98% (+ Zero Point Nine Eight Percent)
WHEREAS, the City Finance staff has calculated the Appropriation Limit for FY04 -05
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 FY04 -05.
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 $17,745,609
(Seventeen Million Seven Hundred Forty -Five Thousand, Six Hundred and Nine
Dollars) for FY04 -05.
Section 2: The Appropriation Limit of the City of Rancho Palos Verdes in the amount of
$17,745,609 (Seventeen Million, Seven Hundred Forty -Five Thousand, Six Hundred
and Nine Dollars) exceeds the proceeds from taxes, calculated in the amount of
$8,803,717 (Eight Million, Eight Hundred and Three Thousand, Seven Hundred and
Seventeen Dollars) for FY04 -05. 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
Attest:
Vp
City Clerk
State of California )
County of Los Angeles )ss
City of Rancho Palos Verdes )
I, JO PURCELL, City Clerk of the City of Rancho Palos Verdes, hereby
certify that the above Resolution No. 2004 -43 was duly and regularly passed and
adopted by the said City Council at a regular meeting thereof held on June 1, 2004.
City Clerk
Resolution No. 2004 -43
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