Discussion and Presentation of Proposed Financial Options for City Council s Consideration and Authorization to Seek Professional Services to Implement the Financial Options. Item Number: A 1 City of Culver City California City Council Agenda Item Report Meeting Date: 06/18/2007 AGENDA ITEM: Discussion and Presentation of Proposed Financial Options for City Council s Consideration and Authorization to Seek Professional Services to Implement the Financial Options. Contact Person/Dept.: Marlee Chang City Controller Fiscal Impact: Yes X No Public Hearing: Public Notification: Master Notification (06/14/07) Department Approval: Marlee Chang (06/14/07) City Controller Approval: Marlee Chang (6/14/07) City Attorney Approval: Carol Schwab (by H. Iker) (06/14/07) City Manager Approval: Jerry B. Fulwood (06/14/07) Action Item: X General Fund: Yes X No Attachments: X Phone Number: (310) 253 6011 RECOMMENDATION: Staff recommends the City Council direct staff to: A. Place a measure on the April 2008 ballot to modernize the City s Utility Users Tax Ordinance at the existing rate of 11%. B. Continue to work with the Budget & Finance Subcommittee to develop strategies to address deferred maintenance. BACKGROUND/DISCUSSION: On March 5 2007 staff presented the Comprehensive Financial Plan (Plan) and a list of financial options for City Council s consideration. During the meeting the City Council received the report of the City s long term financial condition and discussed a number of financial options. The forecasts included in the Plan revealed that in the next few years the projected financial disparity between the on going revenues and the on going expenditures will continue to grow. The Plan is a useful tool and helped to identify the magnitude of this disparity early enough to allow the City to take appropriate actions to stabilize the City s finances. In accordance with the City Council s direction the City Manager has already begun to implement a number of recognized best man...
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