IA RES 2003-007RESOLUTION NO. IA 2003 -07
A RESOLUTION OF THE RANCHO PALOS VERDES JOINT
POWERS IMPROVEMENT AUTHORITY ADOPTING THE
OPERATING BUDGET FOR FISCAL YEAR 2003 -2004.
WHEREAS, the Commission of the Rancho Palos Verdes Joint Powers
Improvement Authority desires to adopt the following resolution adopting the operating
budget for the 2003 -2004 fiscal year.
NOW, THEREFORE, BE IT RESOLVED, THAT THE COMMISSION OF THE
RANCHO PALOS VERDES JOINT POWERS IMPROVEMENT AUTHORITY DOES
HEREBY ADOPT THE FOLLOWING 2003 -2004 OPERATING AND CAPITAL BUDGET.
Section 1: The 2003 -2004 Revenue Budget (inclusive of transfers from the City's
General Fund) is hereby adopted, establishing the following revenue levels:
2003 -2004
PROGRAM ADOPTED BUDGET
Maintenance - Portuguese Bend $ 949300
Maintenance - Abalone Cove 26,400
TOTAL REVENUES $ 1209700
Section 2: An operating budget for Fiscal Year 2003 -2004 is hereby adopted as
contained in the Annual Budget of the Rancho Palos Verdes Joint Powers Improvement
Authority attached hereto and incorporated and referenced as part of this resolution. The
following expenditure levels (including operating transfers out) are hereby established:
2002 -2003
PROGRAM ADOPTED BUDGET
Maintenance - Portuguese Bend $ 91,500
Operating Transfer to the General fund — Portuguese Bend 75,000
Maintenance - Abalone Cove 107,700
TOTAL OPERATING EXPENDITURES
$ 274,200
Section 3: Upon adoption of said Budget, the Authority may revise and /or update
said Budget in part or in its entirety, depending on the Authority's fiscal resources,
circumstances, and needs.
Section 4: The Chief Administrative Officer of the Rancho Palos Verdes Joint
Powers Improvement Authority shall be responsible for administration and execution of
said Budget.
PASSED, APPROVED, and ADOPTED the 3rd of Ju .0 k I
Authority Cfiairperson
Attest:
i
Aut ority Secretary
State of California )
County of Los Angeles )ss
City of Rancho Palos Verdes )
I, JO PURCELL, Authority Secretary of the Rancho Palos Verdes Joint Powers
Improvement Authority, hereby certify that the above Resolution No. IA 2003 -07 was duly
and regularly passed and adopted by the said Joint Powers Improvement Authority at
regular meeting thereof held on June 3, 2003.
Authority Secretary
Resolution No. IA 2003 -07
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