8H
Date: June 23, 2026
To: Honorable Mayor and Members of the City Council
From: Ian Dailey, Finance Director
By: David Cessor, Accounting Manager | [email protected] Subject: Finance – Approve the Repayment of an Existing Park and Recreation Facilities Fund Loan to the General Fund. Expenditure: None.
RECOMMENDATION
Recommendation of the Finance Director that City Council approve the repayment of a $600,000 loan previously made from the Park and Recreation Facilities Fund to the General Fund.
FUNDING
None required.
DISCUSSION
On March 1, 1988, Agenda Item 10D (Attachment 1), City Council adopted Resolution No. 88-50, making certain findings of the existence of an emergency and urgent necessity arising from a landslide that occurred on a City-owned portion of the hillside between Via Corona and Vista Largo and appropriating funds to restore the affected hillside.
Funds appropriated to facilitate the restoration, as recommended by staff and approved by City Council, included the use of a loan of up to $1.1 million from the Park and Recreation Facilities Fund.
As of today, the City's financial statements still report an outstanding balance of $600,000 on this loan from the Park and Recreation Facilities Fund to the General Fund.
It is the recommendation of the Finance Director that City Council approve the repayment of the remainder of this loan for $600,000, previously made from the Park and Recreation Facilities Fund to the General Fund.
The funds repaid to the Park and Recreation Facilities Fund will continue to be used in accordance with the fund's purpose, as defined in the Torrance Municipal Code Chapter 23, to finance the planning, acquisition, improvement and expansion of public parks, playgrounds, and recreation facilities to serve the City's growing population.
ATTACHMENT
1. Agenda Item 10D, March 1, 1988
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