HomeMy WebLinkAbout058-03RESOLUTION NO. 58-2003
APPROVING THE 2003-2004 FINANCIAL PLAN AND
THE 2003-2004 APPROPRIATION LIMIT
WHEREAS, a draft Financial Plan for FY 2003-2004 was submitted to the Town Council on
May 6, 2003; and
WHEREAS, the Town Council held three public study sessions on May 6, May 20 and May
27 and one public hearing on June 3, 2003 to discuss ths proposed Financial Plan; and
WHEREAS, the Town Council reviewed and made various revisions to th~ 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 service 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 non-residential assessed valuation due to new construction within
Town and the increase in County population as the adjustment factors for FY 2003-04; now
therefore, be it
RESOLVED, that the Danville Town Council does hereby appropriate funds in the amount
of $18,988,866 and adopt the proposed 2003-2004 Financial Plan; and be it further
RESOLVED, that the Danville Town Council does hereby set the FY 2003-04 appropriation
limit at $19,667,839.
APPROVED by the Danville Town Council at a regular meeting on June 3, 2003 by the
following vote:
AYES:
NOES: None
ABSTAINED: None
ABSENT: None
Shimansky, Arnerich, Doyle, Greenberg, Stepper
r-~ APPROVF~9~A~ORM:
CITY ATTORNEY
CITY CLERK
PAGE 2 OF RESOLUTION NO. 58-2003