RPVCCA_CC_SR_2013_04_30_C_FY12-13_Budget_AdjustmentsCITY OF
MEMORANDUM
4o RANCHO PALOS VERDES
Project Manager:
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE MAYOR &CITY COUNCIL MEM~
DENNIS McLEAN,DIRECTOR OF FINANCE ~
INFORMATION TECHNOLOGY
APRIL 30,2013
FY12-13 BUDGET ADJUSTMENTS An
CAROLYN LEHR,CITY MANAGER l!Y--
Kathryn Downs,Deputy Director of Finance &Information
Technology LCD
RECOMMENDATION
Adopt Resolution No.2013-_,A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF RANCHO PALOS VERDES,AMENDING RESOLUTION 2012-43,THE BUDGET
APPROPRIATION FOR FY12-13,TO ADJUST THE BUDGET IN VARIOUS FUNDS OF
THE CITY.
DISCUSSION
The proposed resolution is merely a housekeeping adjustment to reflect two decisions
made by the City Council on March 19,2013 during the discussion of Budget Policy Issues.
1.Transfer the FY11-12 favorable General Fund expenditure variance of $1,187,897
to the Capital Improvement Projects (CIP)Reserve;and
2.Defer the Hawthorne Blvd.median improvement project with a current FY12-13
budget of $250,000.
FISCAL IMPACT
Other than un-appropriating a previously planned improvement project pursuant to City
Council direction,the proposed budget adjustments do not affect current service levels.
The revised estimated fund balances at June 30,2013 for the affected funds are:
1.General Fund $10,513,723 ($701,987 above the policy minimum of $9,811 ,736 or
50%of budgeted expenditures);
2.CIP Fund $6,822,269 ($3,822,269 above the policy minimum of $3,000,000);and
3.Beautification Fund $512,751 (enough to provide funding for about 2.4 years of
median maintenance).
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RESOLUTION NO.2013-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO PALOS
VERDES,AMENDING RESOLUTION 2012-43,THE BUDGET APPROPRIATION
FOR FY12-13,TO ADJUST THE BUDGET IN VARIOUS FUNDS OF THE CITY
WHEREAS,on June 19,2012,the City Council of the City of Rancho Palos Verdes
adopted Resolution 2012-43,approving a spending plan and authorizing a budget
appropriation for FY12-13:and
WHEREAS,on March 19,2013,the City Council directed Staff to defer the Hawthorne
Blvd.median improvement project appropriated in FY12-13,and to transfer an amount
equal to the FY11-12 favorable General Fund expenditure variance from the General
Fund to the Capital Improvement Projects (CIP)Fund Reserve;and
WHEREAS,the City Council desires that the FY12-13 budget be adjusted.
BE IT,THEREFORE,RESOLVED BY THE CITY COUNCIL OF THE CITY OF
RANCHO PALOS VERDES:
The following adjustments are made to the FY12-13 budget:
Street Improvements
CIP Transfer In
Beautification Transfer Out
General Fund Transfer Out
CIP Transfer In
330-3031-461-73-00
330-3031-391-10-00
212-3012-491-91-00
101-6000-491-91-00
330-3030-391-10-00
($250,000)
($250,000)
($250,000)
$1,187,897
$1,187,897
PASSED,APPROVED,AND ADOPTED THE 30 th DAY OF APRIL 2013.
MAYOR
ATTEST:
CITY CLERK
State of California )
County of Los Angeles )ss
City of Rancho Palos Verdes )
I,CARLA MORREALE,City Clerk of The City of Rancho Palos Verdes,hereby certify
that the above Resolution No.2013-was duly and regularly passed and adopted by
the said City Council at regular meeting thereof held on April 30,2013.
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CITY CLERK
CITY OF RANCHO PALOS VERDES
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