Rancho Palos Verdes City Council
   

APRIL 4, 2006 BUDGET ADJUSTMENT FOR PHASE 1 STUDY OF PROPERTY AT 6359 TARRAGON ROAD APRIL 4, 2006 BUDGET ADJUSTMENT FOR PHASE 1 STUDY OF PROPERTY AT 6359 TARRAGON ROAD
APRIL 4, 2006 BUDGET ADJUSTMENT FOR PHASE 1 STUDY OF PROPERTY AT 6359 TARRAGON ROAD



TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM: CITY MANAGER

DATE: APRIL 4, 2006

SUBJECT: BUDGET ADJUSTMENT FOR PHASE 1 STUDY OF PROPERTY AT 6359 TARRAGON ROAD

RECOMMENDATION:

ADOPT RESOLUTION NO. 2006- , AMENDING RESOLUTION NO. 2005-53, THE BUDGET APPROPRIATION FOR FY05-06, TO ADJUST APPROPRIATIONS IN THE GENERAL FUND WATER QUALITY FLOOD PROTECTION FUND.

BACKGROUND:
On October 11, 2006 the City extended a written offer to purchase property at 6359 Tarragon Road based on a market value appraisal. The property acquisition is necessary in order to install drainage improvements to prevent debris from entering a storm drain at the foot of McCarrell Canyon. During the February 19, 2005 rainstorm heavy rainfall caused debris to inundate the existing drainage improvements on the Tarragon property and clog the storm drain, which caused damage to private property located between Palos Verdes Drive South and the ocean.
The owner of the property, Mr. Carmeil Cohen, countered with his own appraisal that was substantially higher than that of the City’s appraiser. Since that time, the City and the property owner have verbally agreed to jointly engage the services of a mutually acceptable third appraiser to set the value of the property.
DISCUSSION:
Since it appears the City will be able to acquire the property in the near future, a Phase 1 evaluation of the property is advisable to insure there is no contamination. The source Group will conduct the study, including soil samples for $3,500.

FISCAL IMPACT:
Staff proposes to account for this expenditure in the WQFP fund. Program funding is not adequate to pay for these additional costs; therefore, staff proposes an additional General Fund equity transfer to the WQFP fund in the amount of $3,500. As these expenditures are beyond storm drain lining costs included in the WQFP program, future WQFP funding will not be adequate to repay the General Fund.

 

 

Estimated General Fund Reserves available to transfer to the WQFP fund are presented in Attachment I to this staff report.

Respectfully submitted

Les Evans
City Manager

Attachments: Attachment A
Resolution Amending Budget


 

 

RESOLUTION NO. 2006-

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO PALOS
VERDES, AMENDING RESOLUTION 2005-53, THE BUDGET APPROPRIATION
FOR FY05-06, TO ADJUST APPROPRIATIONS IN THE GENERAL FUND WATER QUALITY FLOOD PROTECTION FUND.

WHEREAS, Section 3.32 of the Rancho Palos Verdes Municipal Code provides that all expenditures in excess of budgeted allocations must be by supplemental appropriation of the City Council: and

WHEREAS, on May 31, 2005, the City Council of the City of Rancho Palos Verdes adopted Resolution 2005-53, approving a spending plan and authorizing a budget appropriation for FY05-06: and

WHEREAS, certain FY05-06 program and/or department revenues, expenditures and transfers, as described below, are expected to deviate from the amount budgeted; and

WHEREAS, the City Council desires that the FY05-06 budget be adjusted.

BE IT, THEREFORE, RESOLVED BY THE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES:

The following adjustments be made to the FY05-06 budget:

Water Quality Flood Protection Fund Adjustment:
McCarrell Canyon #501-3052-431-32-00 Engineering $ 3,500

PASSED, APPROVED, AND ADOPTED THE DAY OF 2006.

___________________________
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 February 21, 2006.

_____________________________
CITY CLERK