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CC - Receive and File the Municipal Financial Benchmarking Study from the Finance Advisory Committee.
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Contact Person/Dept: Jeff Muir, Finance
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No []
Public Hearing: [] Action Item: [X] Attachments: Yes [X] No []
Commission Action Required: Yes [] No [X]
Commission Name:
Public Notification: (Email) Meetings and Agendas - City Council (02/18/16); (Email) Meetings and Agendas - Fiscal and Budget Issues (02/18/16)
Department Approval: Jeff Muir, Chief Financial Officer (02/16/16)
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RECOMMENDATION
Staff recommends the City Council receive and file the attached Municipal Financial Benchmarking Study as approved by the Finance Advisory Committee (FAC).
BACKGROUND
Item 1 of the FAC Work Plan is to "Undertake a Budget Benchmarking Project to compare where and how Culver City spends and receives money to selected similar communities."
Beginning in the fall of 2014, the FAC embarked on a review of benchmarking best practices in an effort to fulfill this directive and determine how best to compare the City's financial composition to similar municipalities. The terms of the engagement were discussed, and it was agreed to limit the scope of the study to review the range of funding sources and uses across peer cities in comparison to the City.
The FAC subsequently researched cities throughout the State of California, using various criteria such as population, city structure, revenue and tax composition, economic competitiveness and geographic area. Using this criteria, the FAC underwent several iterations in an effort to identify like cities, with an initial screening reducing the number from 478 to 23. Further investigation was conducted by way of phone/email surveys and review of a...
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