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RESOLUTION NO. 66-2007
APPROVING THE 2007-08 FINANCIAL PLAN AND
THE 2007-08 APPROPRIATION LIMIT
WHEREAS, a draft Financial Plan for FY 2007-08 was submitted to the Town Council on
May 4, 2007; and
WHEREAS, the Town Council held three public study sessions on May 8, May 15 and May
29,2007 to review the proposed Financial Plan; and
WHEREAS, the Town Council accepted public testimony and made various revisions to
the proposed Financial Plan; and
WHEREAS, the emphasis in the Financial Plan is focused upon maintaining current
program and service levels, with selected service level increases in high priority areas; and
WHEREAS, the 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, sufficient revenues are available to fund all 2007-08 expenditures; and
WHEREAS, the Town Council is required to adopt an appropriation limit for proceeds of
taxes pursuant to Proposition 111 passed by the voters in June 1990; 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 Ill, the Town Council has selected the growth in per
capita income and the increase in county population as the adjustment factors for FY 2007-
08; now therefore, be it
RESOLVED, that the Danville Town Council does hereby appropriate funds and adopt the
2007-2008 Financial Plan; and be it further
RESOLVED, that the Danville Town Council does hereby set the FY 2007-2008
appropriation limit at $24,256,007.
APPROVED by the Danville Town Council at a regular meeting on June 19, 2007 by the
following vote:
AYES: Shimansky, Andersen, Arnerich, Doyle, Stepper
NOES: None
ABSTAINED: None
ABSENT: None
~~ II. ~~
APPROVED AS TO FORM:
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CITY ATTORNEY J-
PAGE 2 OF RESOLUTION NO. 66-2007