Fiscal 2005 06 Year end Financial Budget Monitoring Report. City of Culver City California City Council Agenda Item Report Meeting Date: February 12 2007 AGENDA ITEM: Fiscal 2005 06 Year end Financial Budget Monitoring Report Item Number: A 4 Contact Person/Dept.: Mary V. Noller Sr. Budget Analyst Phone Number: (310) 253 6012 No X Fiscal Impact: Yes Public Hearing: Public Notification: Master Notification 2/7/07 Department Approval: Marlee Chang (02/05/2007) City Controller Approval: Marlee Chang (02/05/2007) RECOMMENDATION: General Fund: Yes No Action Item: X Attachments: X City Attorney Approval:: Heather Iker (02/08/2007) City Manager Approval: Jerry B. Fulwood (02/08/2007) Staff recommends the City Council receive a presentation on the Year end Fiscal 2005 06 Budget. BACKGROUND: The City Controller s Office prepares monthly quarterly mid year and year end budget monitoring reports for the City Council once the City Treasurer s Office has closed the books of the respective time periods. General Fund Total actual General Fund expenditures at the end of Fiscal 2005 06 were $79.27 million and total General Fund revenues were $83.03 million. The end result of the approximately $3.7 million operating surplus was mostly due to one time revenues including $2.62 million from the Warner Parking Lot. It should be noted that there was a $5.6 million Land Acquisition transaction executed in fiscal 2005 06 by the City on behalf of the Redevelopment Agency. The Agency reimbursed the City for the full cost of that transaction. Currently the $5.6 million is shown on the City s annual Comprehensive Financial Report as reserved for land held for resale. Ultimately this money will be returned to the Redevelopment Agency when development of the land has taken place. It should also be noted that expenditures are understated in fiscal 2005 06 as many employees worked without a labor contract for more than half of the fiscal year. As a result no negotiated salary and benefit increases ...
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