JOINT CITY COUNCIL/REDEVELOPMENT AGENCY BOARD AGENDA ITEM: FOUR FIFTHS VOTE REQUIREMENT Receipt and Filing of the Fiscal Year 2010/2011 Mid Year Financial Monitoring Report and Approval of Related Budget Amendments. City of Culver City California Agenda Item Report Meeting Date: _02/14/2011_ JOINT CITY COUNCIL/REDEVELOPMENT AGENCY BOARD AGENDA ITEM: FOUR FIFTHS VOTE REQUIREMENT Receipt and Filing of the Fiscal Year 2010/2011 Mid Year Financial Monitoring Report and Approval of Related Budget Amendments Contact Person/Dept.: Jeff Muir/Finance Phone Number: 310 253 6006 Item Number: J 1 Fiscal Impact: Yes X No General Fund: Yes X No Public Hearing: Action Item: X Attachments: X Commission Action Required: Yes No X Date: _______________ Public Notification: (Email) Meetings and Agendas City Council (02/09/11); Meetings and Agendas Redevelopment Agency (02/09/11); (Email) Ongoing Topics Fiscal and Budget Issues (02/09/11) Department Approval: Jeff Muir (02/09/11) Agency General Counsel Approval: City Attorney Approval: Carol Schwab (by H. Baker) (02/08/11) City Manager/Executive Director Approval: John M. Nachbar (02/09/11) Chief Financial Officer Approval: Jeff Muir (02/09/11) RECOMMENDATION: Staff recommends the City Council and Redevelopment Agency Board (Agency Board) receive and file a presentation on the Fiscal Year 2010/2011 Mid Year Budget and approve related budget amendments. City budget amendments require a 4/5ths vote. BACKGROUND / DISCUSSION: The Finance Department typically prepares quarterly mid year and year end Financial Monitoring Reports once the accounting periods have been closed for the respective reporting cycle. This Mid Year Report presents the City Council and Agency Board with a snapshot of expenditures and revenues through the first half of Fiscal Year 2010/2011. General Fund Through the midpoint of Fiscal Year 2010/2011 total General Fund revenues are $27.297 million or 33.8% of the adjusted budget and expenditures are $37.645 million or 44....
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