CC RES 1997-054RESOLUTION NO. 97 -5
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF RANCHO PALOS VERDES ESTABLISHING
THE 1997 -98 FISCAL YEAR APPROPRIATION LIMIT
FOR THE CITY OF RANCHO PALOS VERDES
WHEREAS, the City of Rancho Palos Verdes has established its 1996 -97 Fiscal Year
Appropriation Limit of $11,775,471 (Eleven Million Seven Hundred Seventy Five Thousand
Four Hundred Seventy One Dollars); and
WHEREAS, by letter, dated May 1, 1997, the State Department of Finance has provided the
following factors relevant to the calculation of the 1997 -98 Fiscal Year Appropriation Limit:
California Per Capita Personal Income change:
Plus 4.67% (+ Four Point Six Seven Percent).
Los Angeles County Population Adjustment:
Plus 1.24% (+ One Point Two Four Percent)
WHEREAS, the Finance staff has calculated the 1997 -1998 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 1997 -98 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 1997 -98 Fiscal Year Appropriation Limit of the City of Rancho Palos Verdes
is $12,478,220 (Twelve Million Four Hundred Seventy Eight Thousand Two Hundred Twenty
Dollars).
Section 2: The 1997 -98 Fiscal Year Appropriation Limit of the City of Rancho Palos Verdes
in the amount of $12,478,220 (Twelve Million Four Hundred Seventy Eight Thousand Two
Hundred Twenty Dollars) exceeds the proceeds from taxes, calculated in the amount of
$7,240,400 (Seven Million Two Hundred Forty Thousand Two Hundred Twenty 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 17th DAY OF JUNE, 1997.
ATTEST:
i
C 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. 97 -54 was duly and regularly passed and adopted by the said City
Council at a regular meeting thereof held on June 17, 1997.
CITY ERK
CITY F RANCHO PALOS VERDES
n:ana1ysis \gann \gann97.res
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