CC RES 1997-105RESOLUTION NO. 97 -105
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO PALOS
VERDES, AMENDING RESOLUTION 97 -55, THE BUDGET APPROPRIATION
FOR FISCAL YEAR 1997 -98, FOR A BUDGET ADJUSTMENT TO THE CITY'S
GENERAL FUND FORA LOAN TO THE RANCHO PALOS VERDES
REDEVELOPMENT AGENCY'S PROJECT AREA NO. 1
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 June 17, 1997, the City Council of the City of Rancho Palos Verdes
adopted Resolution 97 -55, approving a spending plan and authorizing a budget
appropriation for the 1997 -98 fiscal year: and
WHEREAS, certain 1997 -98 fiscal year program and /or department expenditures, as
described below, are expected to exceed the amount budgeted; a loan of $1,545,000 to
the Abalone Cove Fund of the Redevelopment Agency; and
WHEREAS, the City Council desires that the fiscal year 1997 -98 budget appropriation
be increased /or (decreased) as follows:
General Fund:
Long term advance - Abalone Cove
Transfers to other funds - C I P
CIP Fund:
Transfers from other funds - General fund
#001 - 000 - 140.51 $1,545,000
#001 - 000 - 391.20 ($1,545,000)
#330 - 000 - 391.10 ($1,545,000)
BE IT, THEREFORE, RESOLVED BY THE CITY COUNCIL OF THE CITY OF
RANCHO PALOS VERDES:
General Fund:
Long term advance - Abalone Cove #001 - 000 - 140.51 $115451000
Transfers to other funds (C I P) #001- 000 - 391.20 ($1,545,000)
CIP Fund:
Transfers from other funds (General Fund) #330 - 000 - 391.10 ($1,545,000)
PASSED, APPROVED, AND ADOPTED THE
ATT\EE ST:
CITY CLERK
State of California )
County of Los Angeles )ss
City of Rancho Palos Verdes )
I, JO PURCELL, City Clerk of The City of Rancho Palos Verdes, hereby certify that the
above Resolution No. 97 -105 was duly and regularly passed and adopted by the said
City Council at regular meeting thereof held on November 18, 1997.
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-2- Resolution No. 97 -105