RPVCCA_RDA_SR_2011_09_20_B_FY_10-11_Year_EndBudget_AdjCrrvOF
MEMORANDUM
RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
Project Manager:
HONORABLE CHAIRMAN'&BOARD MEMBERS
DENNIS McLEAN,AGENCY TREASURER 'C1>~D,vlc::..
SEPTEMBER 20,2011
FY10·11 FISCAL YEAR END BUDGET ADJUSTMENTS
CAROLYN LEHR,EXECUTIVE DIRECTOR C&--,
Kathryn Downs,Deputy Director of Finance &Information
Technology
RECOMMENDATION
Adopt Resolution No.RDA 2011-, A RESOLUTION OF THE BOARD OF THE
RANCHO PALOS VERDES REDEVELOPMENT AGENCY,AMENDING RESOLUTION
NO.RDA 2010-09,THE BUDGET APPROPRIATION FOR FY10-11,TO ADJUST THE
BUDGET IN THE PORTUGUESE BEND CAPITAL PROJECTS FUND AND DEBT-
SERVICE FUND.
BACKGROUND AND DISCUSSION
This is an annual Redevelopment Agency (Agency)staff report (with accompanying
resolution)for the sole purpose of ensuring budgetary compliance for FY1 0-11.
PORTUGUESE BEND CAPITAL PROJECTS FUND
Staff requests an adjustment of $1 ,600 for Agency legal services.This expenditure
exceed the $10,000 budget by about $1 ,600 due to addressing issues related to the
new redevelopment dissolution law.
Staff requests an adjustment of $800 for Portuguese Bend improvements.The
Portuguese Bend roadside grading project in the landslide area was accounted for in
the Agency's Portuguese Bend Capital Projects Fund.The project budget of
$254,847 was exceeded by about $800.
RDA DEBT SERVICE FUND
Staff requests a year-end housekeeping adjustment to record the expenditure for theRDA B-1
FY10-11 FISCAL YEAR END BUDGET ADJUSTMENTS
September 20,2011
Page 2 of 2
FY10-11 Supplemental Educational Revenue Augmentation Fund (SERAF)payment of
$67,967.
FISCAL IMPACT
The estimated Portuguese Bend Fund balance at June 30,2011 after the
recommended adjustments will be $271,111.
The FY1 0-11 SERAF payment is funded with an additional advance from the City,
which was included in the General Fund budget and will be added to the consolidated
loan balance.
RDA B-2
RESOLUTION NO.RDA 2011-
A RESOLUTION OF THE BOARD OF THE RANCHO PALOS VERDES REDEVELOPMENT
AGENCY,AMENDING RESOLUTION NO.RDA 2010-09,THE BUDGET APPROPRIATION FOR
FY1 0-11,TO ADJUST THE BUDGET IN THE PORTUGUESE BEND CAPITAL PROJECTS FUND
AND DEBT-SERVICE FUND
WHEREAS,Section 3.32 of the Rancho Palos Verdes Municipal Code provides that all expenditures
in excess of budgeted allocations must be by supplemental appropriation of the Agency Board:and
WHEREAS,on July 6,2010,the Board of the Rancho Palos Verdes Redevelopment Agency adopted
Resolution No.RDA 2010-09,approving a spending plan and authorizing a budget appropriation for
FY1 0-11:and
WHEREAS,the Agency Board desires that certain expenditure budgets be adjusted.
BE IT,THEREFORE,RESOLVED BY THE BOARD OF THE RANCHO PALOS VERDES
REDEVELOPMENT AGENCY:
The following adjustments are made to the FY10-11 budget:
Portuguese Bend Capital Projects fund:
Port Bend #375-3072-431-33-00
Port Bend #375-3075-461-73-00
Debt-Service fund:
RDA Debt Service #410-2010-471-69-00
Legal Services
Improvements
Misc SERAF Shift
$1,600
$800
$67,967
PASSED,APPROVED,AND ADOPTED THE 20th DAY OF SEPTEMBER 2011.
AGENCY CHAIRPERSON
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 Board at regular meeting thereof held on September 20,2011.
AGENCY SECRETARY
RDA B-3