City Council

2. Consideration and possible action to adopt the Fiscal Year (FY) 2024-25\nBudget for all City funds, Five-Year Capital Improvement Program (CIP), and\nImprovement Authorities (IA). (Ramos/Loya) (30 mins)\nRecommendation: 1) Conduct a public hearing on the FY 2024-25 Budget of\nall City funds, the Five-Year CIP, and IA. 2) Review and, if acceptable, approve\nthe following proposed budget changes since the Preliminary Budget Meeting\non June 4, 2024: i. Increase General Fund expenditures by $488,000 for the\nincreases in property tax assessments from the Klondike Canyon Landslide\nAbatement District (KCLAD) and Abalone Cove Landslide Abatement District\n(ACLAD); ii. Fund a portion of the assessments from the unallocated balance\nof $266,650 reported in the FY 2024-25 Preliminary Budget; iii. Fund the\nremaining portion of $221,350 by reducing the additional transfer to CIP Fund\nfrom $1,400,00 to $1,178,650; iv. Increase the FY 2024-25 Capital\nImprovement Program Budget by $185,000 for Intersection Improvements at\nPalos Verdes Drive South. The $100,000 is proposed to be funded by the\nCapital Infrastructure Fund and $85,000 from the Proposition C Fund. 3) If\ndeemed acceptable, adopt Resolution No. 2024-___, A RESOLUTION OF\nTHE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES\nAPPROVING A BUDGET APPROPRIATION AND ADOPTING THE\nOPERATING AND CAPITAL IMPROVEMENT BUDGET FOR FISCAL YEAR\n2024-25; and, 4) Adopt Resolution No. IA 2024-___, A RESOLUTION OF THE\nRANCHO PALOS VERDES JOINT POWERS IMPROVEMENT AUTHORITY\nADOPTING THE OPERATING BUDGET FOR FISCAL YEAR 2024-25.\nAgenda Report