CC RES 2022-038 RESOLUTION NO. 2022-38
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO PALOS VERDES RESCINDING RESOLUTION
NOS. 2020-35 AND 2021-25 AND ESTABLISHING THE
FISCAL YEAR 2022-23 APPROPRIATION LIMIT FOR THE
CITY OF RANCHO PALOS VERDES AT $36,291,352
WHEREAS, the City of Rancho Palos Verdes has established its Appropriation
Limit of $36,291,352 (Thirty-Six Million Two Hundred Ninety-One Thousand Three
Hundred Fifty-Two Dollars) for FY 2022-23; and,
WHEREAS, by a letter, dated May 2022, the California Department of Finance has
provided the following factors relevant to the calculation of the Appropriation Limit for FY
2022-23:
California Per Capita Personal Income change:
7.55% (Seven Point Fifty-Five Percent)
County of Los Angeles Population Adjustment:
-0.71% (Negative Zero Point Seventy-One Percent)
WHEREAS, the City's Finance Staff has calculated the Appropriation Limit for FY
2022-23 based upon the foregoing factors and the provisions of Article XIII B of the
Constitution of the State of California. In addition, the calculation for the Appropriation
Limit for FY 2022-23 comprises of corrected limits in FY 2020-21 for$32,431,834 and FY
2021-22 of $33,984,996. The corrections increased the City's appropriation limits by
$1,130,425 and $1,184,561 respectively. The corrected limits had no fiscal impact as the
adopted budget for operating revenues for FY 2021-22 and FY 2022-23 were well below
the corrected limits. 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
2022-23.
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 of
$36,291,352 (Thirty-Six Million Two Hundred Ninety-One Thousand Three Hundred Fifty-
Two Dollars) for FY 2022-23.
Section 2: The Appropriation Limit of the City of Rancho Palos Verdes in the
111 amount of $36,291,352 (Thirty-Six Million Two Hundred Ninet -One Thousand Three
Ninety
-One
Fifty-Two Dollars) for FY 2022-23 exceeds the proceeds from taxes, calculated
in the amount of$28,333,280 (Twenty-Eight Million, Three Hundred Thirty-Three and Two
Hundred Eighty Dollars)for FY 2022-23. 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 21st DAY OF JUNE 2022.
6 a-yer4 /Jot-
/ YOR
ATTEST:
ITY CLERK
State of California )
County of Los Angeles ) ss
City of Rancho Palos Verdes )
I, Teresa Takaoka, City Clerk of The City of Rancho Palos Verdes, hereby certify that the
above Resolution No. 2022-38 was duly and regularly passed and adopted by the said
City Council at a regular meeting thereof held on June 21, 2022.
CLERK
111
Resolution No. 2022-38
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