IA RES 2017-007 RESOLUTION NO. IA 2017-07
A RESOLUTION OF THE RANCHO PALOS VERDES JOINT POWERS
IMPROVEMENT AUTHORITY ADOPTING THE OPERATING BUDGET
FOR FISCAL YEAR 2017-2018
WHEREAS, the Commission of the Rancho Palos Verdes Joint Powers
Improvement Authority desires to adopt the following resolution adopting the operating
budget for FY17-18; and
WHEREAS, the Rancho Palos Verdes Joint Powers Improvement Authority
currently has an estimated $198,333 in available funds.
NOW, THEREFORE, BE IT RESOLVED, THAT THE COMMISSION OF THE
RANCHO PALOS VERDES JOINT POWERS IMPROVEMENT AUTHORITY DOES
HEREBY ADOPT THE FOLLOWING FY17-18 OPERATING AND CAPITAL BUDGET.
Section 1: The FY17-18 Revenue Budget (inclusive of transfers from the City's
General Fund) is hereby adopted, establishing the following revenue levels:
Interest Earnings - Portuguese Bend $ 1,100
Interest Earnings - Abalone Cove 3,400
Transfer In —Abalone Cove 38,000
TOTAL REVENUES $ 42,500
Section 2: An operating budget for FY17-18 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 are hereby established:
Maintenance - Portuguese Bend $ 114,900
Maintenance -Abalone Cove 74,600
TOTAL OPERATING EXPENDITURES $ 189,500
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 1st day of August 2017.
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A UTHO illy SECRETARY
State of California )
County of Los Angeles )
City of Rancho Palos Verdes )
I, Emily Colborn, Authority Secretary of the Rancho Palos Verdes Joint Powers
Improvement Authority, hereby certify that the above Resolution No. IA 2017-07 was duly
and regularly passed and adopted by the said Joint P• - . Improvement Authority at
regular meeting thereof held on August 1, 2017.
Th-ori RI SECRETARY
01203.0007/301841.1 Resolution No. IA 2017-07
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