(1) Consideration of a Recommendation from the Finance Advisory Committee and (2) (If Desired) Adoption of Resolutions Approving City Council Policies on the Following Subjects: Budget Development and Administration; Financial Policies; Recreation Facilities Reserve; and Investment Policy. City of Culver City California Agenda Item Report Item Number: A 4 Meeting Date: 06/23/2014 CITY COUNCIL AGENDA ITEM: (1) Consideration of a Recommendation from the Finance Advisory Committee and (2) (If Desired) Adoption of Resolutions Approving City Council Policies on the Following Subjects: Budget Development and Administration; Financial Policies; Recreation Facilities Reserve; and Investment Policy. Contact Person/Dept.: Jeff Muir Finance Department Fiscal Impact: Yes No X Commission Action Required: Yes X No Date: Several Finance Advisory Committee Public Hearing: Public Notification: (Email) Meetings and Agendas City Council (06/17/14); (Email) Meetings and Agendas Fiscal and Budget Issues (06/17/14) General Fund: Yes No X Phone Number: (310) 253 5865 Action Item: X Attachments: X Department Approval: Jeff Muir (06/12/14) Chief Financial Officer Approval: Jeff Muir (06/12/14) City Attorney Approval: Carol Schwab (by H. Baker) (06/16/14) City Manager Approval: John M. Nachbar (06/17/14) RECOMMENDATION: Staff recommends that the City Council consider recommendations from the Finance Advisory Committee and if desired adopt proposed resolutions approving the following policies: 1. Budget Development and Administration 2. Financial Policies 3. Recreation Facilities Reserve 4. Investment Policy BACKGROUND: Item 5 of the Finance Advisory Committee (FAC) Work Plan is to review and make recommendations on the City s current financial policies. The FAC created an Ad Hoc Budget Process and Financial Policies Subcommittee consisting of three members which presented recommendations regarding financial policies that were approved by the FAC in December 2013. Staff subsequently revised t...
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