Fiscal 2006 07 Mid Year Budget Monitoring Report. City of Culver City California City Council Agenda Item Report Meeting Date: February 12 2007 AGENDA ITEM: Fiscal 2006 07 Mid Year Budget Monitoring Report Item Number: A 5 Contact Person/Dept.: Nick Kimball Sr. Budget Analyst Phone Number: (310) 253 6013 X No Fiscal Impact: Yes Public Hearing: Public Notification: Master Notification List 02/08/2007 Department Approval: Marlee Chang (02/05/2007) City Controller Approval: Marlee Chang (02/05/2007) RECOMMENDATION: General Fund: Yes X No Attachments: X Action Item: X City Attorney Approval: Heather Iker (02/07/2007) City Manager Approval: Jerry B. Fulwood (02/07/2007) Staff recommends the City Council receive a presentation on the Fiscal 2006 07 Mid Year Budget and adopt proposed budget amendments. Budget amendment requires 4/5ths vote. BACKGROUND/DISCUSSION: The City Controller s Office prepares monthly quarterly mid year and year end budget reports for the City Council once the City Treasurer s Office has closed the books for the respective time periods. This mid year budget monitoring report provides the City Council with a snap shot of expenditures and revenues through the first half of the fiscal year and identifies any financial issues as they relate to the budget. General Fund Through the first 6 months of Fiscal 2006 07 total General Fund expenditures are $36 322 000 or 47% of the adjusted budget. General Fund revenues are $28 062 000 or 37.5% of the adjusted budget. As a point of reference over the last three fiscal years (2003 04 through 2005 06) the average expenditures at mid year are 48% and the average revenue receipts at mid year are 33%. Note: A majority of General Fund revenues are received AFTER mid year including Business Tax (beginning in February) and Sales Tax In Lieu (January and May). General Fund expenditures are on target and revenues are approximately 4.5% above average. Most of the increased revenues are attributable to increased City of Cul...
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