IA RES 2024-006 RESOLUTION NO. IA 2024-06
A RESOLUTION OF THE RANCHO PALOS VERDES
JOINT POWERS IMPROVEMENT AUTHORITY
ADOPTING THE OPERATING BUDGET FOR FISCAL
YEAR 2024-2025
WHEREAS, the Commission of the Rancho Palos Verdes Joint Powers
Improvement Authority desires to adopt the following resolution adopting the operating
budget for FY 2024-25; and
WHEREAS, the Rancho Palos Verdes Joint Powers Improvement Authority
currently has an estimated $1,144,973 in available funds as of June 30, 2025.
NOW, THEREFORE, BE IT RESOLVED, THAT THE COMMISSION OF THE
RANCHO PALOS VERDES JOINT POWERS IMPROVEMENT AUTHORITY DOES
HEREBY ADOPT THE FOLLOWING FY 2024-25 OPERATING AND CAPITAL BUDGET.
Section 1: The FY 2024-25 Revenue Budget (inclusive of transfers from the City's
General Fund) is hereby adopted, establishing the following revenue levels:
Interest Earnings - Portuguese Bend $ 3,000
Interest Earnings - Abalone Cove 30,000
Transfer In — Portuguese Bend 15,000
Transfer In —Abalone Cove 0
TOTAL REVENUES $ 48,000
Section 2: An operating budget for FY 2024-25 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 $ 51,000
Maintenance - Abalone Cove 23,000
TOTAL OPERATING EXPENDITURES $ 74,000
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 18th day of June 2024.
A VORITY CHAIRPERSON
ATTEST:
—146.546(..
UT ITY SECRETARY
State of California )
County of Los Angeles )
City of Rancho Palos Verdes )
I, Teresa Takaoka, Authority Secretary of the Rancho Palos Verdes Joint Powers
Improvement Authority, hereby certify that the above Resolution No. IA 2024-06 was duly
and regularly passed and adopted by the said Joint Powers Improvement Authority at111
regular meeting thereof held on June 18, 2024.
€Veik L'</e412
AU RITY SECRETARY
Resolution No IA 2024-06 111
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