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HomeMy WebLinkAbout5998 RESOLUTION NO. 5998 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA ESTABLISHING AN APPROPRIATIONS LIMIT FOR THE FISCAL YEAR 1997-98 PURSUANT TO ARTICLE XIII B OF THE CALIFORNIA CONSTITUTION WHEREAS, Article XUI B of the Constitution of the State of California imposes upon this City, the obligation to limit each fiscal year's appropriations of the procaeds of taxes to the amount of such appropriations in fiscal year 1978-79 as adjusted for inflation and population; and WHEREAS, the City of Arcadia has opted to use as the inflation adjustment factor, the percentage change in California per capital personal income in lieu of the growth in the non-residential assessed valuation due to new construction within the City; and WHEREAS, at the time the appropriations limit cala.lIations were prepared, the data necessary to calculate the increase in the non-residential assessed valuation was generally not available from the County Assessor; and WHEREAS, there exists a possible need to adjust the appropriations limit once the assessment data is available: and consequently this resolution is being adopted on a provisional basis; and WHEREAS, the City of Arcadia has opted to use, as the population adjustment factor, the growth in the population of the City of Arcadia in lieu of the growth in the population of the County of Los Angeles; and WHEREAS, pursuant to said Article XIIIB of said California Constitution, the City is required to set its appropriation limit for each fiscal year, and has made available to the public the documentation used in the determination of said appropriation limit; NOW, THEREFORE, THE CITY COUNCil OF THE CITY OF ARCADIA, CALIFORNIA, DOES HEREBY RESOLVE AS FOllOWS: SECTION 1. That the appropriation limit for Fiscal Year 1997-98 shall be and is hereby amended to be set in the amount of $37,111,997; SECTION 2. That the City Clerk shall certify to the adoption of this Resolution. Passed, approved and adopted this 17th of June 1997. /~~~ Mayor of the City of Arcadia ..J) . Clerk of the C. ia STATE OF CALIFORNIA COUNTY OF LOS ANGELES CITY OF ARCADIA ) )SS: ) I, June Alford, City Clerk of the City of Arcadia, hereby certify that the foregoing Resolution No. 5998 was passed and adopted by the City Council of the City of Arcadia, signed by the Mayor and attested to by the City Clerk at a regular meeting of said Council on the 17th day of June, 1997 and that said Resolution was adopted by following vote, to wit: AYES: Councilmember Chan~, Kovacic, Kuhn, Young and Harbicht NOES: None ABSENT: None ia -2- 5998