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RESOLUTION 34-17 A RESOLUTION OF THE CITY COUNCIL OF THE TOWN OF LOS ALTOS HILLS ADOPTING THE FISCAL YEAR 2017-18 APPROPRIATION LIMIT, AND 2017-18 APPROPRIATIONS AND INTER-FUND TRANSFERS WHEREAS, the City Council of the Town of Los Altos Hills has received and completed its review of the proposed 2017-18 Operating and Capital Budget; and WHEREAS, the City Council of the Town of Los Altos Hills now desires to adopt the Appropriations Limit, Appropriations and Inter-fund Transfers for fiscal year 2016-17. NOW THEREFORE, the City Council of the Town of Los Altos Hills does hereby resolve as follows: 1. The City Council does hereby approve and adopt an appropriations limit, pursuant to California Constitution Article XIII B, for fiscal year 2017-18 of$6,771,228 as set forth in Exhibit 1A: GANN Appropriation Limit Calculation. 2. The City Council does hereby approve and adopt the Town's budget of$17,967,520 for fiscal year 2017-18 consisting of appropriations and inter-fund transfers as set forth in Exhibit 1B of the Fiscal Year 2017-18 Operating and Capital Budget. 3. The amount of the 2017-18 fiscal year budget for each account area of the budget may be drawn upon in the form of warrants issued for payment of demands and certified in accordance with the provisions of California Government Code Section 37208 and 37209. 4. The City Manager is hereby authorized to prepare an administrative budget which further specifies the accounts for the expenditure of appropriations approved by the City Council and set forth in GANN Appropriation Limit Calculation section. The City Manager shall provide the Council with copies of this budget. 5. The City Manager shall periodically report to the City Council the amount and classification of revenues received and expenditures made. 6. A copy of the adopted budget, signed by the Mayor and attended to by the City Clerk, shall be kept on file with the City Clerk of the Town of Los Altos Hills, as the official budget of the Town of Los Altos Hills for the 2017-18 fiscal year. The above and foregoing Resolution was passed and adopted by the City Council of the Town of Los Altos Hills at a regular meeting held on the 15th day of June 2017 by the following vote: AYES: Waldeck, Radford, Corrigan, Spreen, Wu NOES: None ABSTAIN: None ABSENT: None Resolution 34-17 Page 1