RPVCCA_IA_SR_2013_04_02_03_FY12-13_Budget_AdjustmentCrrvOF
MEMORANDUM
4o RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
Project Manager:
HONORABLE CHAIR &COMMISSION MEMBE~
DENNIS McLEAN,DIRECTOR OF FINANCE &<t.fl?
INFORMATION TECHNOLOGY
APRIL 2,2013
FY12-13 BUDGET ADJUSTMENT
CAROLYN LEHR,CHIEF ADMINISTRATIVE OFFICER &-
Kathryn Downs,Deputy Director of Finance &Information
Technology
RECOMMENDATION
Adopt Resolution No.IA 2013-,approving the adjustment to the Improvement Authority
budget recommended with the Midyear Financial Report presented on March 5,2013.
BACKGROUND
On March 5,2013,the Commission received a Midyear Financial Report for the
Improvement Authority.A resolution to adjust the FY12-13 Improvement Authority budget
was attached to the Staff Report,but was inadvertently not included in the
recommendation;and therefore,was not adopted by the Commission.
This is simply a housekeeping item to adopt the budget adjustment recommended on
March 5,2013.An excerpt ofthe March 5th Staff Report describing the adjustmentfollows.
"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 FY1 0-11 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 3-1
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 2nd day of April 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 3-2
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 April 2,2013.
AUTHORITY SECRETARY
Resolution No.IA 2013-
Page 2 of 2
IA 3-3