RPVCCA_IA_SR_2014_03_04_04_FY13-14_IA_Midyear_Financial_ReportCITY OF RANCHO PALOS VERDES
MEMORANDUM
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE CHAIR & COMMISSION MEMBE~
DENNIS McLEAN, DIRECTOR OF FINANCE & Y!J)
INFORMATION TECHNOLOGY
MARCH 4, 2014
FY13-14 IMPROVEMENT AUTHORITY MIDYEAR
FINANCIAL REPORT @)
CAROLYNN PETRU, ACTING CHIEF ADMINISTRATIVE
OFFICER
Project Manager: Kathryn Downs, Deputy Director of Finance & Information
Technology (/)fj
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
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
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FY13-14 Improvement Authority Midyear Financial Report
March 4, 2014
Page 2 of 2
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
Portuguese Bend Maintenance Fund.
DISCUSSION
Fund Summary
Portuguese Bend 273,422 820 70,000 119,100 225,142
Abalone Cow 1,098,813 3,300 20,000 53,300 1,068,813
Portuguese Bend Fund
At this time, revenue, expenditures and operating transfers are not expected to materially
deviate from the budgeted amounts for FY13-14. 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
The Abalone Cove Fund FY12-13 budget included an appropriation for GPS monitoring in
the amount of $18,635. That appropriation was not spent, and was not carried forward to
FY13-14. Staff recommends re-budgeting the appropriation in FY13-14. Doing so will not
impact the estimated fund balance at June 30, 2014, as the calculation already including
an assumption that the FY12-13 GPS appropriation would be spent.
Otherwise, revenue, expenditures and operating transfers are not expected to materially
deviate from the budgeted amounts for FY13-14. The remaining fund balance will be used
to finance repair and maintenance activities in future periods. As the interest revenue
earned on the non-spendable $1,000,000 of County bond proceeds noted above is
insufficient to provide for maintenance, the primary funding source is an annual General
Fund subsidy.
IA 4-2
RESOLUTION NO. IA 2014-
A RESOLUTION OF THE RANCHO PALOS VERDES JOINT POWERS
IMPROVEMENT AUTHORITY AMENDING THE OPERATING BUDGET
FOR FISCAL YEAR 2013-2014
WHEREAS, on August 6, 2013, the Commission of the Rancho Palos Verdes Joint
Powers Improvement Authority adopted Resolution No. IA 2013-09, adopting the operating
budget for FY13-14;
WHEREAS, the Commission of the Rancho Palos Verdes Joint Powers
Improvement Authority desires to provide for FY12-13 GPS monitoring that was
appropriated, but not continued to FY13-14;
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 FY13-14 OPERATING AND
CAPITAL BUDGET.
Improvement Authority Abalone Cove 795-3089-431-32-00 Pro Services $18,635
PASSED, APPROVED, and ADOPTED the 4th day of March 2014.
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 2014-was duly
and regularly passed and adopted by the said Joint Powers Improvement Authority at
regular meeting thereof held on March 4, 2014.
AUTHORITY SECRETARY
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