Rancho Palos Verdes City Council
   

APRIL 5, 2005 RECEIPT OF REVENUE FROM THE VEHICLE LICENSE FEE GAP LOAN RECEIVABLE SALE APRIL 5, 2005 RECEIPT OF REVENUE FROM THE VEHICLE LICENSE FEE GAP LOAN RECEIVABLE SALE

TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM: DENNIS McLEAN, DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY

DATE:

SUBJECT: RECEIPT OF REVENUE FROM THE VEHICLE LICENSE FEE GAP LOAN RECEIVABLE SALE

Staff Coordinator: Gary Gyves, Senior Administrative Analyst

RECOMMENDATION:

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.

FISCAL IMPACT:

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.

Respectfully submitted,

Dennis McLean

Director of Finance and Information Technology

Reviewed,

Les Evans

City Manager

Exhibit A

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.

___________________________

MAYOR

ATTEST:

______________________

CITY CLERK

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 CLERK

CITY OF RANCHO PALOS VERDES