RPVCCA_RDA_SR_2010_09_07_D_FY09-10_Year-End_Budget_AdjustmentsCITY OF
MEMORANDUM
RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
Project Manager:
HONORABLE CHAIRMAN &BOARD MEMB~
DENNIS McLEAN,AGENCY TREASURER ~
SEPTEMBER 7,2010
FY09·10 CONTINUING APPROPRIATIONS &FISCAL
YEAR END BUDGET ADJUSTMENTS
CAROLYN LEHR,EXECUTIVE DIRECTOR 09--
Kathryn Downs,Deputy Director of Finance &Information
Technology
RECOMMENDATION
1)Adopt Resolution No.RDA 2010-, A RESOLUTION OF THE BOARD OF THE
RANCHO PALOS VERDES REDEVELOPMENT AGENCY,AMENDING RESOLUTION
NO.RDA 201 0-09,THE BUDGET APPROPRIATION FOR FY1 0-11,TO INCREASE THE
BUDGET FOR CERTAIN CONTINUING APPROPRIATIONS FROM FY09-10.
2)Adopt Resolution No.RDA 2010-, A RESOLUTION OF THE BOARD OF THE
RANCHO PALOS VERDES REDEVELOPMENT AGENCY,AMENDING RESOLUTION
NO.RDA 2009-07,THE BUDGET APPROPRIATION FOR FY09-10,TO REDUCE THE
BUDGET FOR APPROVED CONTINUING APPROPRIATIONS.
3)Adopt Resolution No.RDA 2010-, A RESOLUTION OF THE BOARD OF THE
RANCHO PALOS VERDES REDEVELOPMENT AGENCY,AMENDING RESOLUTION
NO.RDA 2009-07,THE BUDGET APPROPRIATION FOR FY09-10,TO ADJUST THE
BUDGET IN THE HOUSING SET-ASIDE FUND,PORTUGUESE BEND CAPITAL
PROJECTS FUND AND DEBT-SERVICE FUND.
BACKGROUND AND DISCUSSION
This is an annual staff report (with accompanying resolution)for the sole purpose of
ensuring budgetary compliance for FY10-11.At the end of each fiscal year,it is
necessary to prepare a summary of budgeted appropriations that should be carried
over to the next fiscal year as continuing appropriations.The recommended continuing
appropriation includes projects,which were included in the FY09-10 Redevelopment
RDA D-1
FY09-10 CONTINUING APPROPRIATIONS &FISCAL YEAR END BUDGET
ADJUSTMENTS
September 7,2010
Page 2 of2
Agency ("RDA")budget,but were not completed by the end of the fiscal year.
RDA HOUSING SET-ASIDE FUND
The FY09-1 0 Housing Set-Aside budget included an appropriation to provide partial
funding for the Mirandela affordable housing project.As part of its contribution,the
RDA transferred the Crestridge property to the developer.Staff requests a year-end
housekeeping adjustment to record the $702,392 land contribution in FY09-10.In
addition,$448,439 of the construction loan appropriation remains at June 30,2010.
Staff requests to continue the remaining appropriation to FY1 0-11 for completion of
the project.
RDA DEBT SERVICE FUND
Staff requests a year-end housekeeping adjustment to record the expenditure for the
FY09-10 Supplemental Educational Revenue Augmentation Fund (SERAF)payment of
$330,125.
RDA PORTUGUESE BEND CAPITAL PROJECTS FUND
Additional legal services in the amount of $998 were necessary during FY09-10.Staff
requests a year-end adjustment accordingly.
The FY09-10 budget included a $213,750 appropriation for the Palos Verdes Drive
South stability grading project.That project was completed in August 2010.Staff
requests to continue the appropriation to FY1 0-11 to ensure budgetary compliance.
FISCAL IMPACT
Staff included the entire amount of the continuing appropriations in the calculation of
the FY09-10 column of the 2010 Five-Year Financial Model.Therefore,the proposed
recommendations will have no material impacts on the estimated (budgeted)fund
balances as of June 30,2011.Accordingly,a revised estimate of ending fund balance
as of June 30,2011 has not been attached.
RDA D-2
RESOLUTION NO.RDA 2010-
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 INCREASE THE BUDGET FOR CERTAIN CONTINUING APPROPRIATIONS FROM
FY09-10.
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,certain project expenditures included in the FY09-10 budget were not completed by fiscal
yearend;and
WHEREAS,the carryover of these items will not change the estimated (budgeted)ending fund
balance at June 30,2011 ;
BE IT,THEREFORE,RESOLVED BY THE BOARD OF THE RANCHO PALOS VERDES
REDEVELOPMENT AGENCY:
The following adjustments are made to the FY10-11 budget:
Increase the Housing Set-Aside fund budget as follows:
RDA Hsg Set-Aside #218-4018-441-73-00 Improvements
Increase the Portuguese Bend Capital Projects fund budget as follows:
Port Bend #375-3075-461-73-00 Improvements
PASSED,APPROVED,AND ADOPTED THE t h DAY OF SEPTEMBER 2010.
$448,439
$213,750
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 Board at regular meeting thereof held on September 7,2010.
AGENCY SECRETARY
CITY OF RANCHO PALOS VERDES
RDA D-3
RESOLUTION NO.RDA 2010-
A RESOLUTION OF THE BOARD OF THE RANCHO PALOS VERDES REDEVELOPMENT
AGENCY,AMENDING RESOLUTION NO.RDA 2009-07,THE BUDGET APPROPRIATION FOR
FY09-10,TO REDUCE THE BUDGET FOR APPROVED CONTINUING APPROPRIATIONS
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 June 30,2009,the Board of the Rancho Palos Verdes Redevelopment Agency
adopted Resolution No.RDA 2009-07,approving a spending plan and authorizing a budget
appropriation for FY09-1 0:and
WHEREAS,projects included in the FY09-10 budget will be carried over as a continuing appropriation
to FY1 0-11;and
WHEREAS,the Agency Board desires that the FY09-10 budget be reduced for the specific project,as
part of the continuing appropriation carried over to FY10-11.
BE IT,THEREFORE,RESOLVED BY THE BOARD OF THE RANCHO PALOS VERDES
REDEVELOPMENT AGENCY:
The following adjustments are made to the FY09-10 budget:
Decrease the Housing Set-Aside fund budget as follows:
RDA Hsg Set-Aside #218-4018-441-73-00 Improvements
Decrease the Portuguese Bend Capital Projects fund budget as follows:
Port Bend #375-3075-461-73-00 Improvements
PASSED,APPROVED,AND ADOPTED THE t h DAY OF SEPTEMBER 2010.
$448,439
$213,750
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 Board at regular meeting thereof held on September 7,2010.
AGENCY SECRETARY
CITY OF RANCHO PALOS VERDES
RDA D-4
RESOLUTION NO.RDA 2010-
A RESOLUTION OF THE BOARD OF THE RANCHO PALOS VERDES REDEVELOPMENT
AGENCY,AMENDING RESOLUTION NO.RDA 2009-07,THE BUDGET APPROPRIATION FOR
FY09-10,TO ADJUST THE BUDGET IN THE HOUSING SET-ASIDE FUND,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 June 30,2009,the Board of the Rancho Palos Verdes Redevelopment Agency
adopted Resolution No.RDA 2009-07,approving a spending plan and authorizing a budget
appropriation for FY09-1 0: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 FY09-10 budget:
Housing Set-Aside fund:
RDA Hsg Set-Aside #218-4018-441-69-00
Debt-Service fund:
RDA Debt Service #410-2010-471-69-00
Portuguese Bend Capital Projects fund:
Port Bend #375-3072-431-33-00
Mise Land Contribution
Mise SERAF Shift
Legal Services
$702,392
$330,125
$998
PASSED,APPROVED,AND ADOPTED THE i h DAY OF SEPTEMBER 2010.
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 Board at regular meeting thereof held on September 7,2010.
AGENCY SECRETARY
RDA D-5