Receipt and Filing of Fiscal Year 2012/2013 General Fund Preliminary Year End Report. City of Culver City California City Council Agenda Item Report Item Number: C 4 Meeting Date: 11/25/2013 AGENDA ITEM: Receipt and Filing of Fiscal Year 2012/2013 General Fund Preliminary Year End Report. Contact Person/Dept.: Jeff Muir Finance Department Fiscal Impact: Yes No X Public Hearing: Public Notification: (Email) Meetings and Agendas City Council (11/19/13); (Email) Ongoing Topics Fiscal and Budget Issues (11/19/13) General Fund: Yes No X Attachments: X Phone Number: (310) 253 5865 Action Item: Department Approval: Jeff Muir (11/18/13) Chief Financial Officer Approval: Jeff Muir (11/18/13) City Attorney Approval: Carol Schwab (by H. Baker) (11/19/13) City Manager Approval: John M. Nachbar (11/19/13) RECOMMENDATION: Staff recommends the City Council receive and file the Fiscal Year 2012/2013 General Fund Preliminary Year End Report. BACKGROUND: The purpose of the attached report is to provide an update on the financial results for the General Fund for Fiscal Year 2012/2013. While the numbers contained in the report are not expected to change staff is still working with the independent auditors to finalize the annual financial statements. Therefore it is possible there could be minor changes. A final report will be provided including all other funds as well once the audited financial statements are completed. DISCUSSION: During Fiscal Year 2012/2013 there was a continued recovery in the overall economy as well as the local economy. Additionally the resources available to the General Fund were assisted by the increased Transient Occupancy Tax rate increase being effective for the full fiscal year along with a partial quarter of receipts from Measure Y (the temporary local sales tax of 0.5%). For the first time in several years revenues outpaced expenditures. These preliminary results indicate the difference is $2.1 million for Fiscal Year 2012/2013. This was an improvement f...
Click here for full text