IA SR 20150707 D - FY 2015-16 IA BudgetCITYOFILARANCHO
PALOS VERDES
MEMORANDUM
TO: HONORABLE CHAIR & COMMISSION MEMBERS
FROM: DEBORAH CULLEN, DIRECTOR OF FINANCE
DATE: JULY 7, 2015
SUBJECT: FY15-16 IMPROVEMENT AUTHORITY BUDGET
REVIEWED: DOUG WILLMORE, CHIEF ADMINISTRATIVE OFFICER uW
Staff Coordinator: Allan Kaufman, Senior Administrative Analyst
RECOMMENDATION
Adopt Resolution No. IA 2015- ; A RESOLUTION OF THE RANCHO PALOS VERDES
JOINT POWERS IMPROVEMENT AUTHORITY ADOPTING THE OPERATING BUDGET
FOR FISCAL YEAR 2015-2016.
DISCUSSION
The proposed Improvement Authority budget for FY15-16 was included in the City's budget
document presented to the City Council on June 16, 2015. Expenditures are projected to
exceed revenues in FY15-16. The fund balance will be used to cover this variance. Staff
requests that the Commission approve the proposed budget of the Improvement Authority
for FY15-16 by adopting the attached resolution. If the Commission wishes to make any
changes to the proposed budget, they can be read into the record during the public
meeting.
Attachments
Resolution No. IA 2015- (page 2)
FY15-16 Improvement Authority Summary of Funds (page 4)
1
RESOLUTION NO. IA 2015-
A RESOLUTION OF THE RANCHO PALOS VERDES JOINT POWERS
IMPROVEMENT AUTHORITY ADOPTING THE OPERATING BUDGET
FOR FISCAL YEAR 2015-2016
WHEREAS, the Commission of the Rancho Palos Verdes Joint Powers
Improvement Authority desires to adopt the following resolution adopting the operating
budget for FY15-16.
NOW, THEREFORE, BE IT RESOLVED, THAT THE COMMISSION OF THE
RANCHO PALOS VERDES JOINT POWERS IMPROVEMENT AUTHORITY DOES
HEREBY ADOPT THE FOLLOWING FY15-16 OPERATING AND CAPITAL BUDGET.
Section 1: The FY15-16 Revenue Budget (inclusive of transfers from the City's
General Fund) is hereby adopted, establishing the following revenue levels:
Interest Earnings - Portuguese Bend $ 2,520
Transfer In — Portuguese Bend 57,000
Interest Earnings - Abalone Cove 9,400
Transfer In — Abalone Cove 37,000
TOTAL REVENUES $ 105,920
Section 2: An operating budget for FY15-16 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 $ 113,200
Maintenance - Abalone Cove 71,900
TOTAL OPERATING EXPENDITURES $ 185,100
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 7th day of July 2015.
2
AUTHORITY CHAIRPERSON
ATTEST.
AUTHORITY SECRETARY
State of California
County of Los Angeles
City of Rancho Palos Verdes
I, CARLA MORREALE, Authority Secretary of the Rancho Palos Verdes Joint Powers
Improvement Authority, hereby certify that the above Resolution No. IA 2015- was duly
and regularly passed and adopted by the said Joint Powers Improvement Authority at
regular meeting thereof held on July 7, 2015.
AUTHORITY SECRETARY
Resolution No. IA 2015 -
Page 2 of 2
W,
FY15-16 IMPROVEMENT AUTHORITY SUMMARY OF FUNDS
Estimated Estimated
Fund Balance Fund Balance
Fund 613.012015 Revenues Transfers In Expenditures Transfers Out 613012016
IMPROV_AUTH PORTUGUESE BEND 280,496 2,520 57,000 113,200 - 226,816
IMPROV AUTH ABALONE COVE 11048,548 9,400 37,000 71,900 - 1,023,048
ALS 1,329,044 ' 11,920 94,000 185,100 - 1,249,864
0