CC RES 2003-047RESOLUTION NO. 2003-47
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF RANCHO PALOS VERDES ESTABLISHING
THE FISCAL YEAR 2003 -2004 APPROPRIATION LIMIT
FOR THE CITY OF RANCHO PALOS VERDES
WHEREAS, the City of Rancho Palos Verdes has established its Appropriation Limit of
$17,015,289 (Seventeen Million Fifteen Thousand Two Hundred and Eighty -Nine Dollars) for
Fiscal Year 2003 -2004; and
WHEREAS, by a letter, dated May 1, 2003, the California Department of Finance has
provided the following factors relevant to the calculation of the Appropriation Limit for Fiscal
Year 2003 -2004:
California Per Capita Personal Income change:
Plus 2.31 % (+ Two Point Three One Percent).
City of Rancho Palos Verdes Population Adjustment:
Plus 1.24% (+ One Point Two Four Percent).
WHEREAS, the City Finance staff has calculated the Appropriation Limit for Fiscal Year
2003 -2004 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 Fiscal Year 2003 -2004.
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 $17,015,289
(Seventeen Million Fifteen Thousand Two Hundred and Eighty -Nine Dollars) for Fiscal Year
2003 -2004.
Section 2: The Appropriation Limit of the City of Rancho Palos Verdes in the amount of
$17,015,289 (Seventeen Million Fifteen Thousand Two Hundred and Eighty -Nine Dollars)
exceeds the proceeds from taxes, calculated in the amount of $8,606,316 (Eight Million Six
Hundred and Six Thousand and Three Hundred and Sixteen Dollars) for Fiscal Year 2003-
2004. 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, ADOPTED and APPROVED this 17"' ay June 20
toot)
Mayo
Attest:
f
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. 2003 -47; was duly and regularly passed and adopted by the said City Council at
regular meeting thereof held on June 17, 2003.
j.,
P L...
City Clerk
Resolution No. 2003 -47
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