CC RES 2005-077RESOLUTION NO. 2005-77
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES,
AMENDING RESOLUTION 2005 -53, THE BUDGET APPROPRIATION FOR FY05 -06, FOR
BUDGET ADJUSTMENTS TO THE CITY'S CAPITAL IMPROVEMENT PROJECTS FUND.
WHEREAS, Section 3.32 of the Rancho Palos Verdes Municipal Code provides that all
expenditures in excess of budgeted allocations must be by supplemental appropriation of the
City Council: and
WHEREAS, on May 31, 2005, -the City Council of the City of Rancho Palos Verdes adopted
Resolution 2005 -53, approving a spending plan and authorizing a budget appropriation for
FY05 -06: and
WHEREAS, restricted grant funding for a purchase of open space does not pay 100% of the
funding prior to the open space purchase; and
WHEREAS, the Capital Improvement Projects (CIP) fund has a sufficient reserve balance to
contribute the retention portion of the restricted grant funding to the open space purchase
escrow account; and
WHEREAS, once the open space purchase is complete, the retention portion of the restricted
grant monies will be re -pa.id to the CIP fund reserve; and
WHEREAS, the City Council desires that the FY05 -06 budget appropriation for CIP
expenditures be increased to provide partial cash flow for an open space purchase.
BE IT, THEREFORE, RESOLVED BY THE CITY COUNCIL OF THE CITY OF RANCHO
PALOS VERDES:
The following adjustment be made to the FY05 -06 budget:
Adjust the CIP fund budget as follows:
Infrastructure Admin #330 - 3030 - 461 -69 -00 Misc. Expenditure $215,200
PASSED, APPROVED, AND ADOPTED THE 5th DAY OF J 2005.
Attest: Mayor
'%dFft' 7
C*., Clerk
State or California )
County of Los Angeles )ss
City of Rancho Palos Verdes }
I, Carolynn Petru, City Clerk of the City of Rancho Palos Verdes, hereby certify that the above
Resolution No. 2005 -77 was duly and regularly passed and adopted by the said City Council at
regular meeting thereof held on July 5, 2005.
i_ 1'�1 — .4 V 1 .