IA RES 2019-007 RESOLUTION NO. IA 2019-07
A RESOLUTION OF THE RANCHO PALOS VERDES JOINT POWERS
IMPROVEMENT AUTHORITY ADOPTING THE OPERATING BUDGET
FOR FISCAL YEAR 2019-2020
WHEREAS, the Commission of the Rancho Palos Verdes Joint Powers
Improvement Authority desires to adopt the following resolution adopting the operating
budget for FY 2019-20; and
WHEREAS, the Rancho Palos Verdes Joint Powers Improvement Authority
currently has an estimated $1,047,399 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 FY 2019-20 OPERATING AND CAPITAL BUDGET.
Section 1: The FY 2019-20 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 55,000
Transfer In —Abalone Cove 50,000
TOTAL REVENUES $ 109,500
Section 2: An operating budget for FY 2019-20 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 $ 90,000
Maintenance -Abalone Cove 56,000
TOTAL OPERATING EXPENDITURES $ 146,000
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 6th day of August 2019.
k4CAU ITY CHAIRPERSON
EST:
A' THO' ' 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 2019-07 was duly
and regularly passed and adopted by the said Joint Po ers Improvement Authority at
regular meeting thereof held on August 6, 2019.
ITY SECRETARY
01203.0007/301841.1 Resolution No. IA 2019-07
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FY 2019-20 IMPROVEMENT AUTHORITY
SUMMARY OF FUNDS
Estimated Estimated
Fund Balance Fund Balance
Fund 6/30/2019 Revenues Transfers In Expenditures Transfers Out 6/30/2020
IMPROV AUTH PORTUGUESE BEND 36,557 1,100 55,000 90,000 - 2,657
IMPROV AUTH ABALONE COVE 1,010,842 3,400 50,000 56,000 - 1,008,242
TOTALS 1,047,399 4,500 105,000 146,000 - 1,010,899
IA 2019-07
Attachment A
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