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CC - ACTION ITEM: (1) Receive a Report on the Budget Process for Fiscal Year 2024-2025; (2) Discuss the Proposed City Council Strategic Goals for 2024-2029; and (3) Adopt Strategic Goals for 2024-2029 to Help Inform the Budget Process.
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Meeting Date: November 13, 2023
Contact Person/Dept: Lisa Soghor/Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No [X]
Attachments: Yes [X] No [ ]
Public Notification: (E-Mail) Meetings and Agendas - City Council (11/07/2023)
Department Approval: Lisa Soghor, Chief Financial Officer (11/06/2023)
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RECOMMENDATION
Staff recommends the City Council (1) receive a report on the budget process for Fiscal Year 2024-2025; (2) discuss the proposed City Council strategic goals for 2024-2029; and (3) adopt strategic goals for 2024-2029 to help inform the budget process for Fiscal Year 2024-2025.
BACKGROUND
The City of Culver City has an annual budget cycle. Each year, the City's Finance Department develops and presents the annual budget using the best practices for municipal budgeting as established by the Government Financial Officers Association (GFOA), a national organization of fiscal officers, in accordance with Council's direction. The City has consecutively received the GFOA's Distinguished Budget Presentation Award for over 30 years. GFOA requires that the adopted budget include a coherent statement of organization-wide, strategic goals and strategies that address long-term concerns and issues.
In 2018, Council adopted the following strategic priorities for 2019-2023:
* Ensure Long-term Financial Stability
* Enhance Mobility and Transportation
* Improve Housing and Homeless Services
* Revitalize Ballona Creek
* Transform the Inglewood Oil Field
DISCUSSION
Even though the City is only one quarter through Fiscal Year 2023-2024 and the midyear budget will be presented to th...
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