title
CAF - (1) Approval of Financial Reports of the Cultural Affairs Foundation for FY 2016-2017 to September 30, 2016; (2) Approval of the Schedule of Disbursements for FY 2016-2017 to September 30, 2016, 2016; and, (3) Review, Approve, and Recommend to the City Council Adoption of the Foundation Budget for FY 2016-2017 (Continued from September 21, 2016).
body
Meeting Date: December 14, 2016
Contact Person/Dept: B. Christine Byers/Cultural Affairs Division
Phone Number: (310) 253-6003
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Public Hearing: [] Action Item: [X] Attachments: []
Public Notification: (E-Mail) Meetings and Agendas - Cultural Affairs Commission (12/08/16)
Department Approval: N/A
______________________________________________________________________
RECOMMENDATION
Staff recommends that the Cultural Affairs Foundation Board (“Board”): (1) receive and file the financial information presented for Fiscal Year 2016-2017 through to September 30, 2016; (2) approve the schedule of disbursements for Fiscal Year 2016-2017 through September 30, 2016; and, (3) review, approve, and recommend to the City Council adoption of the Foundation Budget for FY 2016-2017.
BACKGROUND/DISCUSSION
Financial Reports and Schedule of Disbursements: Staff presents financial statements for review and approval by the Board at each of the Regular meetings of the Board. The financial statements for FY 2016-2017 through September 30, 2016, including a schedule of disbursements, will be presented at the meeting.
Foundation Budget for FY 2016-2017: The Bylaws of the Foundation state that the “Chairperson and Treasurer, with assistance from the City Manager (or his or her designee) of the City shall prepare a budget, which shall then be presented for recommendation by the Board to the City Council no later than the following June, as required by Article III, Section 8. Subsections B and C.”
The Chief Executive Officer Recommended Budget for Fiscal Year 2016-2017 (CEO’s Budget) will be presented for the Board’s consideration at the meeting.
The CAF Board decided to continue the item pertaining to its annual budget to the meeting in December.
FISCAL ANALYSIS
Financial Reports and Schedule of Disbursements: There is no additional fiscal impact to what is included in the financial reports and schedule of disbursements for FY 2016-2017 through September 30, 2016.
Foundation Budget for FY 2016-2017: Should the Board take the recommended actions with regard to the Foundation Budget, staff will present the Foundation Budget for FY 2016-2017 for approval by the City Council.
ATTACHMENTS
None - Staff will make a presentation and distribute the financial reports, schedule of disbursements, and recommended Foundation Budget for Fiscal Year 2016-2017.
MOTION
That the Cultural Affairs Foundation Board:
1. Review and approve the financial information for Fiscal Year 2016-2017 to September 30, 2016; and,
2. Approve the Schedule of Disbursements for Fiscal Year 2016-2017 to September 30, 2016; and,
3. Approve and recommend the City Council adopt the Foundation Budget for Fiscal Year 2016-2017.