CC RES 2015-045 RESOLUTION NO. 2015-45
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO PALOS
VERDES ESTABLISHING THE FISCAL YEAR 2015-2016 APPROPRIATION
LIMIT FOR THE CITY OF RANCHO PALOS VERDES.
WHEREAS, the City of Rancho Palos Verdes has established its Appropriation Limit of
$26,104,866 (Twenty-Six Million, One-Hundred and Four Thousand, Eight Hundred and Sixty
Six Dollars) for FY15-16; and
WHEREAS, by a letter, dated May 2015, the California Department of Finance has provided
the following factors relevant to the calculation of the Appropriation Limit for FY15-16:
California Per Capita Personal Income change:
Minus 3.82% (+ Three Point Eighty Two Percent)
County of Los Angeles Population Adjustment:
Plus 0.82% (+ Zero Point Eighty Two Percent)
WHEREAS, the City Finance staff has calculated the Appropriation Limit for FY15-16 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 FY15-16.
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 $26,104,866
(Twenty-Six Million, One-Hundred and Four Thousand, Eight Hundred and Sixty Six Dollars)
for FY15-16.
Section 2: The Appropriation Limit of the City of Rancho Palos Verdes in the amount of
$26,104,866 (Twenty-Six Million, One-Hundred and Four Thousand, Eight Hundred and Sixty
Six Dollars) exceeds the proceeds from taxes, calculated in the amount of$22,430,257
(Twenty Two Million, Four-Hundred and Thirty Thousand, Two Hundred and Fifty Seven
Dollars) for FY15-16. 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, APPROVED, AND ADOPTED THE 16th DAY OF JUNE 2015.
d'A/1/*INA� nor
ATT ST:
City Clerk
State of California )
County of Los Angeles ) ss
City of Rancho Palos Verdes )
I, Carla Morreale, City Clerk of the City of Rancho Palos Verdes, hereby certify that the
above Resolution No. 2015-45 was duly and regularly passed and adopted by the said City
Council at a regular meeting thereof held on June 16, 2015.
City Clerk
Resolution No. 2015-45
Page 2 of 2