CC RES 2024-033 RESOLUTION NO. 2024-33
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO PALOS VERDES ESTABLISHING THE FISCAL
YEAR 2024-25 APPROPRIATION LIMIT AT $38,679,792
FOR THE CITY OF RANCHO PALOS VERDES
WHEREAS, the City of Rancho Palos Verdes has established its Appropriation
Limit of $38,679,792 (Thirty-Eight Million Six Hundred Seventy-Nine Thousand and
Seven Hundred Ninety-Two Dollars) for FY 2024-25; and,
WHEREAS, by a letter, dated April 2024 the California Department of Finance has
provided the following factors relevant to the calculation of the Appropriation Limit for FY
2024-25:
California Per Capita Personal Income change:
3.62% (Three Point Sixty Percent)
City of Rancho Palos Verdes Population Adjustment:
-0.50% (Negative One Point Fifty Percent)
WHEREAS, the City's Finance Department Staff has calculated the Appropriation
Limit for FY 2024-25 based upon the foregoing factors and the provisions of Article XIIIB
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
2024-25.
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
$38,679,792 (Thirty-Eight Million Six Hundred Seventy-Nine Thousand and Seven
Hundred Ninety-Two Dollars) for FY 2024-25.
Section 2: The Appropriation Limit of the City of Rancho Palos Verdes in the
amount of $38,679,792 (Thirty-Eight Million Six Hundred Seventy-Nine Thousand and
Seven Hundred Ninety-Two Dollars) for FY 2024-25 exceeds the proceeds from taxes,
calculated in the amount of $31,565,000 (Thirty-One Million Five Hundred Sixty-Five
Thousand Dollars) for FY 2024-25. 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 18TH DAY OF JUNE 2024.
( iljU
\u kshank, Mayor
ATTEST:
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ieresa T aoka, City 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. 2024-33 was duly and regularly passed and adopted by the said
City Council at a regular meeting thereof held on June 18, 2024.
(-42 -i
0(,0-406=
Teres kaoka, City Cierk
I
Resolution No. 2024-33
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