IA RES 2018-009 RESOLUTION NO. IA 2018-09
A RESOLUTION OF THE RANCHO PALOS VERDES JOINT POWERS
IMPROVEMENT AUTHORITY ADOPTING THE OPERATING BUDGET
FOR FISCAL YEAR 2018-2019
WHEREAS, the Commission of the Rancho Palos Verdes Joint Powers
Improvement Authority desires to adopt the following resolution adopting the operating
budget for FY 18-19; and
WHEREAS, the Rancho Palos Verdes Joint Powers Improvement Authority
currently has an estimated $1,157,121 in available funds.
NOW, THEREFORE, BE IT RESOLVED, THAT THE COMMISSION OF THE
RANCHO PALOS VERDES JOINT POWERS IMPROVEMENT AUTHORITY DOES
HEREBY ADOPT THE FOLLOWING FY18-19 OPERATING AND CAPITAL BUDGET.
Section 1: The FY 18-19 Revenue Budget (inclusive of transfers from the City's
General Fund) is hereby adopted, establishing the following revenue levels:
Interest Earnings - Portuguese Bend $ 1,100
Interest Earnings -Abalone Cove 3,400
Transfer In — Portuguese Bend 20,000
Transfer In —Abalone Cove 25,000
TOTAL REVENUES $ 49,500
Section 2: An operating budget for FY18-19 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 $ 122,000
Maintenance - Abalone Cove 75,700
TOTAL OPERATING EXPENDITURES $ 197,700
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 7th day of August 2018.
AUTHORITY CH IRPERSON
ATT" ,T:
AUTH•RI SECRETARY
State of California )
County of Los Angeles )
City of Rancho Palos Verdes )
I, Emily Colborn, Authority Secretary of the Rancho Palos Verdes Joint Powers
Improvement Authority, hereby certify that the above Resolution No. IA 2018-09 was duly
and regularly passed and adopted by the said Joint Po ,:rs Improvement Authority at
regular meeting thereof held on August 7, 2018.
- /AIL
AUT • ITY SECRETARY
01203.0007/301841.1 Resolution No. IA 2018-09
Page 2 of 2
FY 18-19 IMPROVEMENT AUTHORITY
SUMMARY OF FUNDS
Estimated Estimated
Fund Balance Fund Balance
Fund 6/30/2018 Revenues Transfers In Expenditures Transfers Out 6/30/2019
IMPROV AUTH PORTUGUESE BEND 105,412 1,100 20,000 122,000 - 4,512
IMPROV AUTH ABALONE COVE 1,051,709 3,400 25,000 75,700 - 1,004,409
TOTALS 1,157,121 4,500 45,000 197,700 - 1,008,921
IA 2018-09
Attachment
Page 1 of 1