A Joint Item before the City Council and the Redevelopment Agency: Mid Year Budget Review for Fiscal Year 2007/2008 and Approval of Related Budget Amendments. City of Culver City California City Council Agenda Item Report Item Number: J 2 Meeting Date: 02/25/08 AGENDA ITEM: Fiscal 2007 08 Mid Year Budget Report and Adoption of Proposed Budget Amendments Contact Person/Dept.: Jeff Muir Chief Financial Officer Fiscal Impact: Yes X No Phone Number: (310) 253 6012 General Fund: Yes X No Public Hearing: Public Notification: Master Notification List 02/20/08 Department Approval: Jeff Muir (02/19/08) Fiscal Impact Review: Jeff Muir (02/19/08) Action Item: X Attachments: X City Attorney Approval: Carol Schwab (by H. Baker) (02/19/08) City Manager Approval: Jerry B. Fulwood (02/21/08) RECOMMENDATION: Staff recommends the City Council and Redevelopment Agency receive a presentation on the Fiscal 2007 08 Mid Year Budget and adopt proposed budget amendments. For the City Council Budget amendments require a 4/5ths vote. BACKGROUND / DISCUSSION: The Budget & Finance division periodically prepares Budget Monitoring Reports for the City Council once the City Treasurer s Office has closed the books for the respective time periods. Due to the significant amount of activity by the Redevelopment Agency the Budget & Finance division has also begun preparing a Budget Monitoring Report for the Redevelopment Agency Board. This mid year Budget Monitoring Report represents the first of these Reports and provides the Agency with a snapshot of expenditures and revenues through the first half of Fiscal Year 2007/2008 as well as any financial issues as they relate to the budget. City of Culver City General Fund Through the first six months of Fiscal Year 2007 08 total General Fund actual expenditures are $38 844 000 or 45.6% of the adjusted budget. General Fund actual revenues are $27 481 000 or 33.3% of the adjusted budget. As a point of reference over the last three fiscal years (2004 05 throu...
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