Adoption of a Resolution Revising City Council Policy Statements No. 5001 Mission Driven Budgeting and No. 5002 Financial Policy and Rescinding Resolution 95 R005. Item Number: A 2 City of Culver City California City Council Agenda Item Report Meeting Date: 06/18/2007 AGENDA ITEM: Adoption of a Resolution Revising City Council Policy Statements No. 5001 Mission Driven Budgeting and No. 5002 Financial Policy and Rescinding Resolution 95 R005. Contact Person/Dept.: Marlee Chang City Controller Fiscal Impact: Yes No x Public Hearing: Public Notification: Master Notification (06/14/07) Department Approval: Marlee Chang (6/14/07) 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) General Fund: Yes No Phone Number: (310) 253 6011 Action Item: X Attachments: X RECOMMENDATION: Staff recommends the City Council adopt the Resolution revising City Council Policy Statements related to Budget and Finance. The recommended revised policies include Mission Driven Budgeting and the City s Financial Policies. BACKGROUND/DISCUSSION: In conjunction with the preparation of the City s two year budget staff also updated the existing financial policies. The Mission Driven Budgeting policy was established to streamline the City s Budget process promote prudent management of City funds and encourage innovation and cost effective solutions to city service needs. It also provides flexibility of budget management to the operating departments. The updated financial policy is intended to establish a comprehensive set of guidelines for use by the City Council and City staff on decision making that has a fiscal impact. The updated Mission Driven Budgeting policy reflects minor language changes and the substance of the policy remains the same. The Financial Policy however was updated to include various financial related issues which were not in the current policy and that will provide more c...
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