CC RES 1998-045 RESOLUTION NO. 98-45
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF RANCHO PALOS VERDES ESTABLISHING
THE 1998-99 FISCAL YEAR APPROPRIATION LIMIT
FOR THE CITY OF RANCHO PALOS VERDES
WHEREAS, the City of Rancho Palos Verdes has established its 1997-98 Fiscal Year
Appropriation Limit of$12,478,220 (Twelve Million Four Hundred Seventy Eight Thousand
Two Hundred Twenty Dollars); and
WHEREAS, by letter, dated May 1, 1998, the State Department of Finance has provided the
following factors relevant to the calculation of the 1998-99 Fiscal Year Appropriation Limit:
California Per Capita Personal Income change:
Plus 4.15% (+ Four Point One Five Percent).
Los Angeles County Population Adjustment:
Plus 1.39% (+ One Point Three Nine Percent)
WHEREAS, the Finance staff has calculated the 1998-1999 Fiscal Year Appropriation Limit
based upon on the foregoing factors and the provisions of Article XIII B of the Constitution of
the State of California. The work papers supporting the calculation are maintained in the
files of the Finance department.
WHEREAS, the 1998-99 Fiscal Year Appropriation Limit of the City of Rancho Palos Verdes
establishes the ceiling for which proceeds from taxes can be appropriated.
BE IT, THEREFORE, RESOLVED BY THE CITY COUNCIL OF THE CITY OF RANCHO
PALOS VERDES:
Section 1: The 1998-99 Fiscal Year Appropriation Limit of the City of Rancho Palos Verdes
is $13,176,712 (Thirteen Million One Hundred Seventy Six Thousand Seven Hundred
Twelve Dollars).
Section 2: The 1998-99 Fiscal Year Appropriation Limit of the City of Rancho Palos Verdes
in the amount of$13,176,712 (Thirteen Million One Hundred Seventy Six Thousand Seven
Hundred Twelve Dollars) exceeds the proceeds from taxes, calculated in the amount of
$7,651,200 (Seven Million Six Hundred Fifty One Thousand Two Hundred Dollars).
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 JUNE, 1998.
Afti-dA__(_JJAA__n_i_., __
MAYOR
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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. 98-45 was duly and regularly passed and adopted by the said City
Council at a regular meeting thereof held on June 3, 1998.
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CITY ERK
n:analysis\gann\gann98.res
-2- Resol. No. 98-45