CC RES 2017-030 RESOLUTION NO. 2017-30
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO PALOS VERDES ESTABLISHING THE FISCAL
YEAR 2017-2018 APPROPRIATION LIMIT FOR THE CITY
OF RANCHO PALOS VERDES.
WHEREAS, the City of Rancho Palos Verdes has established its Appropriation Limit of
$28,928,085 (Twenty-eight Million, Nine-Hundred Twenty Eight Thousand and Eighty-
Five Dollars) for FY 2017-2018; and
WHEREAS, by a letter, dated May 2017, the California Department of Finance has
provided the following factors relevant to the calculation of the Appropriation Limit for FY
2017-2018:
California Per Capita Personal Income change:
3.69% (Three Point Sixty Nine Percent)
County of Los Angeles Population Adjustment:
0.57% (Zero Point Fifty Seven Percent)
WHEREAS, the City Finance staff has calculated the Appropriation Limit for FY 2017-
2018 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 FY 2017-2018.
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 $28,928,085
(Twenty-Eight Million, Nine-Hundred Twenty Eight Thousand and Eighty-Five Dollars) for
FY 2017-2018.
Section 2: The Appropriation Limit of the City of Rancho Palos Verdes in the amount of
$28,928,085 (Twenty-Eight Million, Nine-Hundred Twenty Eight Thousand and Eighty-
Five Dollars) exceeds the proceeds from taxes, calculated in the amount of$24,109,140
(Twenty-Four Million, One Hundred and Nine Thousand and One Hundred Forty Dollars)
for FY 2017-2018. 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 this 20th day of June 2017.
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I, Emily Colborn, City Clerk of The City of Rancho Palos Verdes, hereby certify that the
above Resolution No. 2017-30 was duly and regularly passed and adopted by the said
City Council at a regular meeting thereof held on June 20, 2017.
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Resolution No. 2017-30
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