IA RES 2020-008 RESOLUTION NO. IA 2020-08
A RESOLUTION OF THE RANCHO PALOS VERDES JOINT POWERS
IMPROVEMENT AUTHORITY ADOPTING THE OPERATING BUDGET
FOR FISCAL YEAR 2020-2021
WHEREAS,, the Commission of the Rancho Palos Verdes Joint Powers
Improvement Authority desires to adopt the following resolution adopting the operating
budget for FY 2020-21; and
WHEREAS, the Rancho Palos Verdes Joint Powers Improvement Authority
currently has an estimated $1,164,902 in available funds as of June 30, 2021.
NOW, THEREFORE, BE IT RESOLVED, THAT THE COMMISSION OF THE
RANCHO PALOS VERDES JOINT POWERS IMPROVEMENT AUTHORITY DOES
HEREBY ADOPT THE FOLLOWING FY 2020-21 OPERATING AND CAPITAL BUDGET.
Section 1: The FY 2020-21 Revenue Budget (inclusive of transfers from the City's
General Fund) is hereby adopted, establishing the following revenue levels:
Interest Earnings - Portuguese Bend $ 2,600
Interest Earnings - Abalone Cove 20,000
Transfer In — Portuguese Bend 20,000
Transfer In —Abalone Cove 0
TOTAL REVENUES $ 42,600
Section 2: An operating budget for FY 2020-21 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 7th day of July 2020.
tili
Athority Chair
ATTEST:
CitAi' ON
orit Secretary
rY
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 2020-08 was duly
and regularly passed and adopted by the said Joint Powers Improvement Authority at
regular meeting thereof held on July 7, 2020. 111
c7-4 .
SecFLry
01203 0007/301841 1 Resolution No. IA 2020-08
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