RPVCCA_IA_SR_2014_08_05_05_FY_2014-15_IA_BudgetCITY OF RANCHO PALOS VERDES
MEMORANDUM
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE CHAIR & COMMISSION MEMBE~
DENNIS McLEAN, DIRECTOR OF FINANCE '9
AUGUST 5, 2014
FY14-15 IMPROVEMENT AUTHORITY BUDGET
CAROLYNN PETRU, ACTING EXECUTIVE DIRECTO~
-Staff Coordinator: Kathryn Downs, Deputy Director of Finance ll/J
RECOMMENDATION
Adopt Resolution No. IA 2014-; A RESOLUTION OF THE RANCHO PALOS VERDES
JOINT POWERS IMPROVEMENT AUTHORITY ADOPTING THE OPERA TING BUDGET
FOR FISCAL YEAR 2014-2015.
DISCUSSION
The proposed Improvement Authority budget for FY14-15 was included in the City's budget
document presented to the City Council on June 17, 2014. Staff requests that the
Commission approved the proposed budget of the Improvement Authority for FY14-15 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 2014-
Attachment A -FY14-15 Improvement Authority Summary of Funds
IA 5-1
RESOLUTION NO. IA 2014-
A RESOLUTION OF THE RANCHO PALOS VERDES JOINT POWERS
IMPROVEMENT AUTHORITY ADOPTING THE OPERATING BUDGET
FOR FISCAL YEAR 2014-2015
WHEREAS, the Commission of the Rancho Palos Verdes Joint Powers
Improvement Authority desires to adopt the following resolution adopting the operating
budget for FY14-15.
NOW, THEREFORE, BE IT RESOLVED, THAT THE COMMISSION OF THE
RANCHO PALOS VERDES JOINT POWERS IMPROVEMENT AUTHORITY DOES
HEREBY ADOPT THE FOLLOWING FY13-14 OPERATING AND CAPITAL BUDGET.
SeCtion 1: The FY14-15 Revenue Budget (inclusive of transfers from the City's
General Fund) is hereby adopted, establishing the following revenue levels:
Interest Earnings -Portuguese Bend
Transfer In -Portuguese Bend
Interest Earnings -Abalone Cove
Transfer In -Abalone Cove
TOTAL REVENUES
$
$
640
40,000
2,300
35.000
77,940
Section 2: An operating budget for FY14-15 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
Maintenance -Abalone Cove
TOTAL OPERATING EXPENDITURES
$
$
97,600
70,300
167,900
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 5th day of August 2014.
IA 5-2
AUTHORITY CHAIRPERSON
ATTEST:
AUTHORITY SECRETARY
State of California )
County of Los Angeles )
City of Ra.ncho 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
~n.d regularly passed and adopted by the said Joint Powers Improvement Authority at
regular meeting thereof held on August 5, 2014.
AUTHORITY SECRETARY
Resolution No. IA
Page 2 of 2
IA 5-3
IMPROV AUTH PORTUGUESE BEND 292,732 640 40,000 97,600 235,772
IMPROV AUTH ABALONE COVE 1,059,908 2,300 35,000 70,300 1,026,908
IA 5-4