Presentation and Discussion of an Update of the Comprehensive Financial Master Plan. City of Culver City California City Council Agenda Item Report Meeting Date: 01/22/08 AGENDA ITEM: Presentation and Discussion of an Update of the Comprehensive Financial Master Plan. Item Number: A 1 Contact Person/Dept.: Mary Noller Budget & Finance Nick Kimball Sr. Management Analyst Fiscal Impact: Yes No X Phone Number: (310) 253 6012 (310) 253 6013 General Fund: Yes No X Public Hearing: Public Notification: Master Notification List (01/16/08); Action Item: Attachments: X Department Approval: Jeff Muir (01/08/08) Fiscal Impact Review: Jeff Muir (01/08/08) City Attorney Approval: Carol Schwab (by H. Baker) (01/08/08) City Manager Approval: Jerry B. Fulwood (01/16/08) RECOMMENDATION: Staff recommends the City Council receive an update of the Comprehensive Financial Master Plan and discuss and direct staff as deemed appropriate. BACKGROUND: The Updated Comprehensive Financial Master Plan (Plan) being presented to the City Council tonight includes a five year forecast of revenues and expenditures. The projections are based on updated assumptions and new events that have occurred since the Plan was previously presented. The Plan shows the trend of recurring expenditures out pacing recurring revenues as was presented in the last Plan. The intent of the Plan is to provide a management tool that identifies short and long term financial issues. Based on the information provided in the plan financing options and funding strategies can be developed for City Council s consideration and possible implementation. The Plan is intended to serve as a working document and will be updated at least annually or more frequently as needed. This updated Plan utilizes a good deal of historical research originally done in preparation of the Plan presented to Council in 2007. This data was combined with updated financial information from the last two year budget process and subsequent City Council approved...
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