CC RES 2018-034 RESOLUTION NO. 2018-34
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO PALOS VERDES ESTABLISHING THE FISCAL
YEAR 2018-2019 APPROPRIATION LIMIT FOR THE CITY
OF RANCHO PALOS VERDES
WHEREAS, the City of Rancho Palos Verdes has established its Appropriation
Limit of$30,142,693 (Thirty Million, One Hundred Forty-Two Thousand and Six Hundred
Ninety-Three Dollars) for FY18-19; and,
WHEREAS, by a letter, dated May 2018, the California Department of Finance has
provided the following factors relevant to the calculation of the Appropriation Limit for
FY18-19:
California Per Capita Personal Income change:
3.67% (Three Point Sixty-Seven Percent)
County of Los Angeles Population Adjustment:
0.51% (Zero Point Fifty-One Percent)
WHEREAS, the City Finance Staff has calculated the Appropriation Limit for FY18-
19 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 FY18-
19.
NOW 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
$30,142,693 (Thirty Million, One Hundred Forty-Two Thousand and Six Hundred Ninety-
Three Dollars) for FY18-19.
Section 2: The Appropriation Limit of the City of Rancho Palos Verdes in the
amount of $30,142,693 (Thirty Million, One Hundred Forty-Two Thousand and Six
Hundred Ninety-Three Dollars) exceeds the proceeds from taxes, calculated in the
amount of$25,078,500 (Twenty-Five Million, Seventy-Eight Thousand and Five Hundred
Dollars) for FY18-19. 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 19TH DAY OF JUNE 2018.
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C TY LERK
State of California )
County of Los Angeles ) ss
City of Rancho Palos Verdes )
I, Emily Colborn, City Clerk of The City of Rancho Palos Verdes, hereby certify that the
above Resolution No. 2018-34 was duly and regularly pa- --d and adopted by the said
City Council ata regular meeting thereof held on June 19, 25 8.
Cr Y CLERK
Resolution No. 2018-34
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