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TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: DENNIS McLEAN, DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
SUBJECT: RECEIPT OF REVENUE FROM THE VEHICLE LICENSE FEE GAP LOAN RECEIVABLE SALE
Staff Coordinator: Gary Gyves, Senior Administrative Analyst
Adopt Resolution No. 2004- , amending Resolution 2004-45, approving the City’s budget for FY04-05, to increase General fund revenues in the amount of $661,868.89 from the sale of the City’s FY03-04 Vehicle License Fee Gap Loan Receivable.
BACKGROUND AND DISCUSSION:
On February 1, 2005, the City Council adopted a resolution authorizing the sale of the City’s FY03-04 Vehicle License Fee (VLF) Gap Loan receivable. The resolution adopted by the City Council established a minimum sales price of $649,500, based upon 89.47% of the $725,942 receivable. The VLF Revenue Anticipation Notes were successfully priced on March 2, 2005. The City received $661,868.89, or 91.17% of the VLF Gap Loan Receivable on March 17, 2005.
The City’s FY04-05 Budget and 2004 Five-Year Model – Revision 2 does not contain the funds from the VLF Gap Loan Receivable sale. However, Staff will be sure to include these funds when preparing the 2005 Five-Year Model. The FY04-05 Statement of Estimated General Fund Reserves, which includes the sale proceeds, is attached as Exhibit A.
Director of Finance and Information Technology
FY04-05 Statement of Estimated General Fund Reserves
Including Future Budget Adjustments
RESOLUTION NO. 2005 -
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO PALOS
VERDES, AMENDING RESOLUTION 2004-45, THE BUDGET APPROPRIATION
FOR FY04-05, TO AMEND THE GENERAL FUND REVENUE BUDGET
WHEREAS, on June 1, 2004, the City Council of the City of Rancho Palos Verdes adopted Resolution 2004-45, approving the City’s budget for FY04-05; and
WHEREAS, on February 1, 2005, the City Council adopted a resolution authorizing the sale of the City’s FY03-04 Vehicle License Fee Gap Loan Receivable; and
WHEREAS, on March 17, 2005, the City received $661,868.89 from the sale of its FY03-04 Vehicle License Fee Gap Loan Receivable.
BE IT, THEREFORE, RESOLVED BY THE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES:
The following adjustment be made to FY04-05 budgeted revenue:
Increase the General fund revenue budget as follows:
Vehicle License Fees #101-6000-361-10-00 $661,868.89
PASSED, APPROVED, AND ADOPTED THE 5th DAY OF APRIL 2005.
State of California )
County of Los Angeles )ss
City of Rancho Palos Verdes )
I, CAROLYNN PETRU, City Clerk of The City of Rancho Palos Verdes, hereby certify that the above Resolution No. 2005- was duly and regularly passed and adopted by the said City Council at regular meeting thereof held on April 5, 2005.
CITY OF RANCHO PALOS VERDES