HomeMy WebLinkAbout090-97RESOLUTION NO. 90-97
APPROVING THE 1997-98 FINANCIAL PLAN AND
THE 1997-98 APPROPRIATION LIMIT
WHEREAS, a draft Financial Plan for fiscal years 1997-98 was submitted to the Town Council
on May 2, 1997; and
WHEREAS, the Town Council held four public study sessions on May 8, May 15, May 22 and
May 29 and one public hearing on June 17, 1997 to discuss the proposed Financial Plan; and
WHEREAS, the Town Council reviewed and made various revisions to the proposed Financial
Plan; and
WHEREAS, the emphasis in the draft Financial Plan is focused upon maintaining current
program and service levels, with a modest expansion of services levels in certain areas; and
WHEREAS, the draft Financial Plan proposes programmatic service levels which are within
the Town's financial means while reserving funds for capital projects, meeting debt service
obligations, and adequate reserve and contingency levels; and
WHEREAS, the Town Council is required to adopt an appropriation limit for proceeds of taxes;
and
WHEREAS, this limit fixes the amount of general tax revenue that can be appropriated in a
given fiscal year; and
WHEREAS, any excess revenue must be returned to the taxpayers; and
WHEREAS, pursuant to Proposition 111 passed by the voters in June 1990, the Town has
selected the growth in the non-residential assessed valuation due to new construction within the
Town and the change in Town population as the adjustment factors for 1997-98; now therefore,
be it
RESOLVED, that the Danville Town Council does hereby adopt the proposed 1997-98
Financial Plan; and be it further
RESOLVED, that the Danville Town Council does hereby set the fiscal year 1997-98
appropriation limit at $12,580,942.
APPROVED by the Danville Town Council at a regular meeting on June 17, 1997 by the
following vote:
AYES:
NOES:
ABSTAINED: None
ABSENT: None
Doyle, Waldo, Arnerich, Greenberg, Shimansky
None
'%
MAYOR
ROVED AS TO FORM:
/
CITY ATTORNEY
ATTEST:
CITY CLERK
PAGE 2 OF RESOLUTION NO. 90-97