Presentation and Adoption of a Resolution Adopting Revised City Council Policies: Policy # 5001 Mission Driven Budgeting and Policy # 5002 Financial Policy. City of Culver City California City Council Agenda Item Report Meeting Date: 07/16/2007 AGENDA ITEM: Presentation and Adoption of a Resolution Adopting Revised City Council Policies: Policy # 5001 Mission Driven Budgeting and Policy # 5002 Financial Policy. Contact Person/Dept.: Marlee Chang City Controller Fiscal Impact: Yes No x General Fund: Yes No Item Number: A 4 Phone Number: (310) 253 6011 Public Hearing: Public Notification: Master Notification (07/11/07) Department Approval: Marlee Chang (7/02/07) City Controller Approval: Marlee Chang (07/10/07) Action Item: X Attachments: X City Attorney Approval: Carol Schwab (by H. Iker) (07/02/07) City Manager Approval: Jerry B. Fulwood (07/11/07) RECOMMENDATION: Staff recommends the City Council adopt the resolution adopting the following revised City Council Policies related to Budget and Finance: Policy # 5001 Mission Driven Budgeting and Policy # 5002 Financial Policy. BACKGROUND/DISCUSSION: On June 25 2007 staff presented the financial policies to the City Council for discussion and adoption of the resolution. During the meeting City Council directed staff to make some clarifications and modifications to the policies. Tonight staff brings back the revised policies for further discussion and adoption of the proposed resolution. In conjunction with the preparation of the City s two year budget staff also updated the existing financial policies. The Mission Driven Budgeting policy was established to streamline the City s Budget process promote prudent management of City funds and encourage innovation and cost effective solutions to city service needs. It also provides flexibility of budget management to the operating departments. The updated financial policy is intended to establish a comprehensive set of guidelines for use by the City Council and City staff on d...
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