CC RES 2002-041 RESOLUTION NO. 2002-41
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF RANCHO PALOS VERDES ESTABLISHING
THE FISCAL YEAR 2002-2003 APPROPRIATION LIMIT
FOR THE CITY OF RANCHO PALOS VERDES
WHEREAS, the City of Rancho Palos Verdes has established its Appropriation
Limit of$16,427,410 (Sixteen Million Four Hundred and Twenty-Seven Thousand
Four Hundred and Ten Dollars) for Fiscal Year 2002-2003; and
WHEREAS, by a letter, dated May 1, 2002, the California Department of Finance
has provided the following factors relevant to the calculation of the Appropriation
Limit for Fiscal Year 2002-2003:
California Per Capita Personal Income change:
Minus 1.27% (- One Point Two Seven Percent).
City of Rancho Palos Verdes Population Adjustment:
Plus 1.42% (+ One Point Four Two Percent)
WHEREAS, the City Finance staff has calculated the Appropriation Limit for
Fiscal Year 2002-2003 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 2002-2003.
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
$16,427,410 (Sixteen Million Four Hundred and Twenty-Seven Thousand Four
Hundred and Ten Dollars) for Fiscal Year 2002-2003.
Section 2: The Appropriation Limit of the City of Rancho Palos Verdes in the
amount of$16,427,410 (Sixteen Million Four Hundred and Twenty-Seven
Thousand Four Hundred and Ten Dollars) exceeds the proceeds from taxes,
calculated in the amount of$9,903,010 (Nine Million Nine Hundred and Three
Thousand and Ten Dollars) for Fiscal Year 2002-2003. 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 12th DAY OF JUNE 2002.
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CI 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. 2002-41 was duly and regularly passed and
adopted by the said City Council at a regular meeting thereof held on June 12,
2002.
CITY CLERK
Resolution No. 2002-41
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