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Title:
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Receive and File a Report for the 2007 Fiesta La Ballona Event, and Authorize the Reimbursement of the Appropriated Reserves Account.
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City of Culver City, California
City Council Agenda Item Report
RECOMMENDATION:
Staff recommends the City Council receive and file the attached Expenditure and
Revenue Report for the 2007 Fiesta La Ballona event and authorize the
reimbursement of the appropriated reserves account.
BACKGROUND:
The Fiesta La Ballona event (Fiesta) is a community festival that celebrates the
heritage of the City of Culver City. The Fiesta began in 1951 as a weeklong
celebration with a theme that celebrated the early days of Culver City. Through the
years the Fiesta has evolved into a community fair.
In 2003 the Fiesta La Ballona Committee made numerous changes to the event
including changing the layout, community stage, increasing vendors and increasing
mid-week events. In 2004 carnival rides were added as was a Beer & Wine Garden.
Over the course of the next two (2) years, vendor participation and attendance has
increased at a steady rate.
DISCUSSION:
The Fiesta of 2007 has been labeled by many as the most successful Fiesta to date.
Attachment 1 consists of reports from the 2007 Fiesta La Ballona Committee Chair
and Sub-Committee Chairs outlining pertinent information such as the number of
Vendor booths, the many successes of the main stage performances, the Beer &
Wine Garden, and the Community Stage.
Meeting Date: 02/04/08 Item Number: A-2
AGENDA ITEM: Receive and File a Report for the 2007 Fiesta La Ballona Event,
and Authorize the Reimbursement of the Appropriated Reserves Account.
Contact Person/Dept.: Jeff Muir, CFO Phone Number: (310) 253-6016
Fiscal Impact: Yes [x] No [] General Fund: Yes [x] No []
Public Hearing: [] Action Item: [x] Attachments: []
Public Notification:
Fiesta La Ballona Committee on 01/31/08 and Master Notification List on 01/30/08
Department Approval:
William LaPointe (01/30/08)
City Attorney Approval:
Carol Schwab (by H. Baker) (01/30/08)
Fiscal Impact Review:
Jeff Muir (01/30/08)
City Manager Approval:
Jerry B. Fulwood (01/30/08) City of Culver City, California
City Council Agenda Item Report
FISCAL ANALYSIS:
Attachment 2 is the Expenditure and Revenue Report. In 2007, the Fiesta was
financed differently than in past years. In the past, all revenues and expenditures for
the Fiesta were accounted for in a checking account controlled by the Fiesta
Committee. In 2007 this checking account was closed and the account balance of
$79,089.64 was moved into a city-held account (and those funds remain in that
account under the care of the City Treasurer). To allow staff to review the
transactions which resulted in the $79,089.64 and to have a “clean slate” for the
2007 Fiesta, the City Council authorized the use of appropriated reserves to serve
as start-up funds for the 2007 Fiesta. Also, revenues received since the Fiesta
checking account was closed have been deposited into the City’s General Fund. All
activity was accounted for in a special business unit set up in the City’s general
ledger just for the Fiesta
As the Expenditure and Revenue report indicates, $124,605.10 was spent on the
2007 Fiesta and $125,549.60 was collected in revenues. Of the funds collected,
$102,449.60 were deposited into the General Fund. The other $23,100 in revenue
was deposited into the Fiesta checking account prior to the transfer. It is
recommended that this $23,100 be transferred into the Fiesta revenue account in
the General Fund to reimburse the City as part of revenues for the 2007 Fiesta.
This leaves $55,989.64 in cash left over from the old Fiesta checking account which
is not part of the 2007 Fiesta. It is apparent that over the course of the years, the
Fiesta La Ballona event revenues coupled with the City donations have more than
covered costs. This $55,989.64 balance would include the funds allocated by the
City annually over the years. Because this is a City event, it is recommended the
$55,989.64 be deposited back into the City’s General Fund to reimburse it for funds
that were not required over the years. The 2007 Fiesta La Ballona event generated
a $944.50 surplus.
Suggestions for Future Year Fiesta Operations
Later in February, Staff will be presenting a comprehensive report which will propose
policies for the City Council’s consideration relating to the interaction of Culver City
Community Groups with the City. Should the City Council determine to provide
policy direction at that time, such policy direction would be applicable to the Fiesta
La Ballona Committee. Application of that policy direction would impact the method
in which future Fiesta La Ballona accounting is performed.
ATTACHMENTS:
City of Culver City, California
City Council Agenda Item Report
1. Reports from the 2007 Fiesta La Ballona Committee Chairs
2. 2007 Expenditure and Revenue Report
MOTION:
That the City Council;
1. Receive and File the 2007 Fiesta La Ballona Revenue and Expenditure
Report, and;
2. Authorize the acceptance of $55,989.64 from prior Fiesta La Ballona
operations currently held in City account 101.127110.
3. Authorize the recordation of $23,100 as revenue for the 2007 Fiesta and the
recordation of said amount under City account 10132810, and; and
4. Authorize the release of the reimbursement to the City General Fund,
appropriated reserve account in the amount of $124,605.10.
MEETING DATE: February 4, 2008
AGENDA ITEM : Receive and File a Report for the 2007 Fiesta La Ballona
Event, and Authorize the Reimbursement of the
Appropriated Reserves Account
ATTACHMENTS
Pages
1. 2007 Fiesta La Ballona Expenditure and Revenue Report
2. 2007 Fiesta Committee Reports
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