RPVCCA_RDA_SR_2011_07_05_C_FY11-12_RDA_BudgetCITY OF
MEMORANDUM
RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE CHAIR &BOARD MEMBERS
DENNIS McLEAN,DIRECTOR OF FINANCE &IT ({j)~0f'!'J-
JULY 5,2011
FY11·12 REDEVELOPMENT AGENCY BUD~Ell
CAROLYN LEHR,EXECUTIVE DIRECTOR ClY-
Staff Coordinator:Kathryn Downs,Deputy Director of Finance &Information
Technology
RECOMMENDATION
Adopt Resolution No.RDA 2011-; A RESOLUTION OF THE RANCHO PALOS
VERDES REDEVELOPMENT AGENCY ADOPTING THE OPERATING AND CAPITAL
IMPROVEMENT BUDGET FOR FISCAL YEAR 2011-2012.
DISCUSSION
The draft Redevelopment Agency (RDA)budget for FY11-12 is begin presented to the
Board at a public meeting for review and adoption (see Attachment A).If the Board wishes
to make any changes to the proposed budget,they can be read into the record during
tonight's budget hearing.
Attachments
Resolution No.RDA 2011-
Attachment A -FY11-12 Redevelopment Agency Summary of Funds
RDA C-1
RESOLUTION NO.RDA 2011-
A RESOLUTION OF THE RANCHO PALOS VERDES
REDEVELOPMENT AGENCY ADOPTING THE OPERATING
AND CAPITAL IMPROVEMENT BUDGET FOR FISCAL YEAR
2011-2012.
WHEREAS,the Board of the Rancho Palos Verdes Redevelopment Agency desires
to adopt the following resolution adopting the capital budget for FY11-12.
NOW,THEREFORE,BE IT RESOLVED,THAT THE BOARD OF THE RANCHO
PALOS VERDES REDEVELOPMENT AGENCY DOES HEREBY ADOPT THE
FOLLOWING FY11-12 OPERATING AND CAPITAL BUDGET.
Section 1:The FY11-12 Revenue Budget is hereby adopted,establishing the
following revenue levels:
Portuguese Bend Project Area
RDA Housing Set Aside Fund
RDA Debt Service Fund
TOTAL REVENUES
$1,370
234,600
1,608,500
$1,844,470
Section 2:An operating and capital budget for FY11-12 is hereby adopted as
contained in the Annual Budget of the Rancho Palos Verdes Redevelopment Agency
attached hereto and incorporated and referenced as part of this resolution.The following
expenditure levels are hereby established:
Portuguese Bend Project Area
Administration
Agency Attorney
RDA Housing Set Aside Fund
Agency Debt Service Fund
TOTAL OPERATING AND CAPITAL EXPENDITURES
$26,800
10,000
12,500
1,554,250
$1,603,550
Section 3:Upon adoption of said Budget,the Board may revise and/or update said
Budget in part or in its entirety,depending on the Agency's fiscal resources,circumstances,
and needs.
Section 4:The Executive Director of the Rancho Palos Verdes Redevelopment
Agency shall be responsible for administration and execution of said Budget.
PASSED,APPROVED,and ADOPTED the 5th day of July 2011.
AGENCY CHAIRPERSON
RDA C-2
ATTEST:
AGENCY SECRETARY
State of California )
County of Los Angeles )ss
City of Rancho Palos Verdes )
I,CARLA MORREALE,Agency Secretary of the Rancho Palos Verdes Redevelopment
Agency,hereby certify that the above Resolution No.RDA 2011-was duly and regularly
passed and adopted by the said Redevelopment Agency at regular meeting thereof held
on July 5,2011.
AGENCY SECRETARY
Resolution No.RDA 2010-
Page 2 of 2
RDA C-3
RDA -HOUSING SET-ASIDE
RDA -DEBT SERVICE
RDA -PORTUGUESE BEND
RDA -ABALONE COVE
18,133
304,726
273,510
6,234
234,600
1,608,500
1,370
12,500
1,554,250
36,800
240,233
358,976
238,080
6,234
RDA C-4