RPVCCA_RDA_SR_2010_07_06_C_FY10-11_Redevelopment_Agency_BudgetCITY OF
MEMORANDUM
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE CHAIR &BOARD MEMBERS ~
DENNIS McLEAN,DIRECTOR OF FINANCE &IT ~
JULY 6,2010
FY10-11 REDEVELOPMENT AGENCY BUDGET
CAROLYN LEHR,CITY MANAGER GSL-.
Staff Coordinator:Kathryn Downs,Deputy Director of Finance &Information !if)
Technology
RECOMMENDATION
Adopt Resolution No.RDA 2010-; A RESOLUTION OF THE RANCHO PALOS
VERDES REDEVELOPMENT AGENCY ADOPTING THE OPERATING AND CAPITAL
IMPROVEMENT BUDGET FOR FISCAL YEAR 2010-2011.
DISCUSSION
The draft Redevelopment Agency (RDA)budget for FY10-11 is begin presented to the
Board at a public meeting for review and adoption (see Attachment A).Ifthe 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 2010-
Attachment A -FY10-11 Redevelopment Agency Summary of Funds
RDA C-1
RESOLUTION NO.RDA 2010-
A RESOLUTION OF THE RANCHO PALOS VERDES
REDEVELOPMENT AGENCY ADOPTING THE OPERATING
AND CAPITAL IMPROVEMENT BUDGET FOR FISCAL YEAR
2010-2011.
WHEREAS,the Board of the Rancho Palos Verdes Redevelopment Agency desires
to adopt the following resolution adopting the capital budget for FY1 0-11.
NOW,THEREFORE,BE IT RESOLVED,THAT THE BOARD OF THE RANCHO
PALOS VERDES REDEVELOPMENT AGENCY DOES HEREBY ADOPT THE
FOLLOWING FY10-11 OPERATING AND CAPITAL BUDGET.
Section 1:The FY10-11 Revenue Budget is hereby adopted,establishing the
following revenue levels:
Portuguese Bend Project Area
Abalone Cove Project Area
RDA Housing Set Aside Fund
RDA Debt Service Fund
TOTAL REVENUES
$1,520
30
225,900
1,509,880
$1,737,330
Section 2:An operating and capital budget for FY10-11 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
$28,966
2,400
278,957
1,543,615
$1,853,938
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 6th day of July 2010.
RDA C-2
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 2010-was duly and regularly
passed and adopted by the said Redevelopment Agency at regular meeting thereof held
on July 6,2010.
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
710,376
613,276
303,516
6,261
225,900
1,509,880
1,520
30
278,957
1,543,615
31,366
657,319
579,541
273,670
6,291
RDA C-4