RPVCCA_IA_SR_2013_03_05_03_FY11-12_IA_Mid-Year_Financial_ReportCITY OF
MEMORANDUM
RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
Project Manager:
HONORABLE CHAIR &COMMISSION MEMBE~
DENNIS McLEAN,DIRECTOR OF FINANCE &@;
INFORMATION TECHNOLOGY
MARCH 5,2013
FY12-13 IMPROVEMENT AUTHORITY MIDYEAR
FINANCIAL REPORT
CAROLYN LEHR,CHIEF ADMINISTRATIVE OFFICER ~
Kathryn Downs,Deputy Director of Finance &Information
Technology
RECOMMENDATION
Receive and file the attached midyear financial report.
BACKGROUND
On September 4,1990,the City Council approved a Joint Powers Agreement between the
City and Redevelopment Agency (the Agency).The Agreement requires separate
accounting of repair and maintenance activities of the improvements constructed (i.e.de-
watering wells)within the Abalone Cove and Portuguese Bend landslide project areas.
While the improvements were under construction,repair and maintenance expenditures
were budgeted and accounted for by both the Agency and the City,"Beginning in FY97-98
the accounting for the activities of the Authority was separated from the City and Agency.
Since that time an operating budget has been adopted annually by the Improvement
Authority Commission.
The Improvement Authority is separated into two funds -the Abalone Cove Maintenance
Fund and the Portuguese Bend Maintenance Fund.In accordance with the
Reimbursement and Settlement Agreement (Horan Agreement),the repair and
maintenance costs associated with the Abalone Cove landslide improvements are
recorded in the Abalone Cove Maintenance Fund and are paid from the accumulated
interest earned on $1,000,000 of County bond proceeds received in 1991.Annual
transfers from the City's General fund are required to finance the repair and maintenance
expenditures for Portuguese Bend landslide abatement improvements accounted for in the
IA 3-1
CITY OF
MEMORANDUM
RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
Project Manager:
HONORABLE CHAIR &COMMISSION MEMBE~
DENNIS McLEAN,DIRECTOR OF FINANCE &@;
INFORMATION TECHNOLOGY
MARCH 5,2013
FY12-13 IMPROVEMENT AUTHORITY MIDYEAR
FINANCIAL REPORT
CAROLYN LEHR,CHIEF ADMINISTRATIVE OFFICER ~
Kathryn Downs,Deputy Director of Finance &Information
Technology
RECOMMENDATION
Receive and file the attached midyear financial report.
BACKGROUND
On September 4,1990,the City Council approved a Joint Powers Agreement between the
City and Redevelopment Agency (the Agency).The Agreement requires separate
accounting of repair and maintenance activities of the improvements constructed (i.e.de-
watering wells)within the Abalone Cove and Portuguese Bend landslide project areas.
While the improvements were under construction,repair and maintenance expenditures
were budgeted and accounted for by both the Agency and the City,"Beginning in FY97-98
the accounting for the activities of the Authority was separated from the City and Agency.
Since that time an operating budget has been adopted annually by the Improvement
Authority Commission.
The Improvement Authority is separated into two funds -the Abalone Cove Maintenance
Fund and the Portuguese Bend Maintenance Fund.In accordance with the
Reimbursement and Settlement Agreement (Horan Agreement),the repair and
maintenance costs associated with the Abalone Cove landslide improvements are
recorded in the Abalone Cove Maintenance Fund and are paid from the accumulated
interest earned on $1,000,000 of County bond proceeds received in 1991.Annual
transfers from the City's General fund are required to finance the repair and maintenance
expenditures for Portuguese Bend landslide abatement improvements accounted for in the
FY12·13 Improvement Authority Midyear Financial Report
March 5,2013
Page 2 of2
Portuguese Bend Maintenance Fund.
DISCUSSION
Fund Summary
Portuguese Bend Fund
At this time,revenue,expenditures and operating transfers are not expected to materially
deviate from the budgeted amounts for FY12-13.The remaining fund balance will be used
to finance repair and maintenance activities in future periods.The only funding source for
this maintenance fund is an annual General fund subsidy.
Abalone Cove Fund
With one exception discussed below,revenue,expenditures and operating transfers are
not expected to materially deviate from the budgeted amounts for FY11-12.The remaining
fund balance will be used to finance repair and maintenance activities in future periods.
The primary funding source for this maintenance fund is the interest revenue earned on the
non-spendable $1,000,000 of County bond proceeds noted above.
In FY1 0-11,the Improvement Authority budget included a $60,000 contribution to the
Abalone Cove Landslide Abatement District (ACLAD).The ACLAD project was completed
and invoices were submitted to the Improvement Authority in accordance the maintenance
agreement with ACLAD.Staff requests an adjustment to re-budget the FY10-11
contribution of $60,000 which was not carried forward.If the Improvement Authority
Commission adopts the attached resolution,the revised estimated fund balance at June
30,2013 for the Abalone Cove fund will be $1,098,814.As the spendable portion of the
Abalone Cove fund balance can no longer bear annual contributions to ACLAD,no future
contributions have been budgeted at this time..
IA 3-2
FY12·13 Improvement Authority Midyear Financial Report
March 5,2013
Page 2 of2
Portuguese Bend Maintenance Fund.
DISCUSSION
Fund Summary
Portuguese Bend Fund
At this time,revenue,expenditures and operating transfers are not expected to materially
deviate from the budgeted amounts for FY12-13.The remaining fund balance will be used
to finance repair and maintenance activities in future periods.The only funding source for
this maintenance fund is an annual General fund subsidy.
Abalone Cove Fund
With one exception discussed below,revenue,expenditures and operating transfers are
not expected to materially deviate from the budgeted amounts for FY11-12.The remaining
fund balance will be used to finance repair and maintenance activities in future periods.
The primary funding source for this maintenance fund is the interest revenue earned on the
non-spendable $1,000,000 of County bond proceeds noted above.
In FY1 0-11,the Improvement Authority budget included a $60,000 contribution to the
Abalone Cove Landslide Abatement District (ACLAD).The ACLAD project was completed
and invoices were submitted to the Improvement Authority in accordance the maintenance
agreement with ACLAD.Staff requests an adjustment to re-budget the FY10-11
contribution of $60,000 which was not carried forward.If the Improvement Authority
Commission adopts the attached resolution,the revised estimated fund balance at June
30,2013 for the Abalone Cove fund will be $1,098,814.As the spendable portion of the
Abalone Cove fund balance can no longer bear annual contributions to ACLAD,no future
contributions have been budgeted at this time..
RESOLUTION NO.IA 2013-
A RESOLUTION OF THE RANCHO PALOS VERDES JOINT POWERS
IMPROVEMENT AUTHORITY AMENDING THE OPERATING BUDGET
FOR FISCAL YEAR 2012-2013
WHEREAS,on July 3,2012,the Commission of the Rancho Palos Verdes Joint
Powers Improvement Authority adopted Resolution No.IA 2012-08,adopting the operating
budget for FY12-13;
WHEREAS,the Commission of the Rancho Palos Verdes Joint Powers
Improvement Authority desires to provide for a FY1 0-11 contribution to the Abalone Cove
Landslide Abatement District (ACLAD)that was appropriated,but not continued to FY12-
13;
WHEREAS,ACLAD has completed the project and submitted invoices to the
Improvement Authority in accordance with the agreement between ACLAD and the
Improvement Authority dated May 2,2000;
NOW,THEREFORE,BE IT RESOLVED,THAT THE COMMISSION OF THE
RANCHO PALOS VERDES JOINT POWERS IMPROVEMENT AUTHORITY DOES
HEREBY ADOPT THE FOLLOWING AMENDMENT TO THE FY12-13 OPERATING AND
CAPITAL BUDGET.
Improvement Authority Abalone Cove 795-3089-431-43-00 Maintenance $60,000
PASSED,APPROVED,and ADOPTED the 5th day of March 2013.
AUTHORITY CHAIRPERSON
ATTEST:
AUTHORITY SECRETARY
State of California )
County of Los Angeles )
City of Rancho Palos Verdes )
Resolution No.IA 2013-
Page 1 of 2
IA 3-3
RESOLUTION NO.IA 2013-
A RESOLUTION OF THE RANCHO PALOS VERDES JOINT POWERS
IMPROVEMENT AUTHORITY AMENDING THE OPERATING BUDGET
FOR FISCAL YEAR 2012-2013
WHEREAS,on July 3,2012,the Commission of the Rancho Palos Verdes Joint
Powers Improvement Authority adopted Resolution No.IA 2012-08,adopting the operating
budget for FY12-13;
WHEREAS,the Commission of the Rancho Palos Verdes Joint Powers
Improvement Authority desires to provide for a FY1 0-11 contribution to the Abalone Cove
Landslide Abatement District (ACLAD)that was appropriated,but not continued to FY12-
13;
WHEREAS,ACLAD has completed the project and submitted invoices to the
Improvement Authority in accordance with the agreement between ACLAD and the
Improvement Authority dated May 2,2000;
NOW,THEREFORE,BE IT RESOLVED,THAT THE COMMISSION OF THE
RANCHO PALOS VERDES JOINT POWERS IMPROVEMENT AUTHORITY DOES
HEREBY ADOPT THE FOLLOWING AMENDMENT TO THE FY12-13 OPERATING AND
CAPITAL BUDGET.
Improvement Authority Abalone Cove 795-3089-431-43-00 Maintenance $60,000
PASSED,APPROVED,and ADOPTED the 5th day of March 2013.
AUTHORITY CHAIRPERSON
ATTEST:
AUTHORITY SECRETARY
State of California )
County of Los Angeles )
City of Rancho Palos Verdes )
Resolution No.IA 2013-
Page 1 of 2
I,CARLA MORREALE,Authority Secretary of the Rancho Palos Verdes Joint Powers
Improvement Authority,hereby certify that the above Resolution No.IA 2013-was duly
and regularly passed and adopted by the said Joint Powers Improvement Authority at
regular meeting thereof held on March 5,2013.
AUTHORITY SECRETARY
Resolution No.IA 2013-
Page 2 of 2
IA 3-4
I,CARLA MORREALE,Authority Secretary of the Rancho Palos Verdes Joint Powers
Improvement Authority,hereby certify that the above Resolution No.IA 2013-was duly
and regularly passed and adopted by the said Joint Powers Improvement Authority at
regular meeting thereof held on March 5,2013.
AUTHORITY SECRETARY
Resolution No.IA 2013-
Page 2 of 2