City Council

2. Consideration and possible action to adopt the Fiscal Year (FY) 2024-25 Budget for all City funds, Five-Year Capital Improvement Program (CIP), and Improvement Authorities (IA). (Ramos/Loya) (30 mins) Recommendation: 1) Conduct a public hearing on the FY 2024-25 Budget of all City funds, the Five-Year CIP, and IA. 2) Review and, if acceptable, approve the following proposed budget changes since the Preliminary Budget Meeting on June 4, 2024: i. Increase General Fund expenditures by $488,000 for the increases in property tax assessments from the Klondike Canyon Landslide Abatement District (KCLAD) and Abalone Cove Landslide Abatement District (ACLAD); ii. Fund a portion of the assessments from the unallocated balance of $266,650 reported in the FY 2024-25 Preliminary Budget; iii. Fund the remaining portion of $221,350 by reducing the additional transfer to CIP Fund from $1,400,00 to $1,178,650; iv. Increase the FY 2024-25 Capital Improvement Program Budget by $185,000 for Intersection Improvements at Palos Verdes Drive South. The $100,000 is proposed to be funded by the Capital Infrastructure Fund and $85,000 from the Proposition C Fund. 3) If deemed acceptable, adopt Resolution No. 2024-___, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES APPROVING A BUDGET APPROPRIATION AND ADOPTING THE OPERATING AND CAPITAL IMPROVEMENT BUDGET FOR FISCAL YEAR 2024-25; and, 4) Adopt Resolution No. IA 2024-___, A RESOLUTION OF THE RANCHO PALOS VERDES JOINT POWERS IMPROVEMENT AUTHORITY ADOPTING THE OPERATING BUDGET FOR FISCAL YEAR 2024-25. Agenda Report