Discussion of an Update to the Comprehensive Financial Plan and Direction to Staff as Deemed Appropriate. City of Culver City California City Council Agenda Item Report Meeting Date: 03/09/09 AGENDA ITEM: Discussion of an Update to the Comprehensive Financial Plan and Direction to Staff as Deemed Appropriate. Contact Person/Dept.: Jeff Muir Chief Financial Officer Fiscal Impact: Yes X No Phone Number: 310 253 5865 General Fund: Yes X No Item Number: PH 1 Attachments: X Action Item: Public Hearing: X Public Notification: Master E Mail Notification List (03/04/09); Culver City Employees Association Culver City Management Group Culver City Fire Management Group Culver City Firefighters Local 1927 AFL CIO Culver City Police Officers Association and Culver City Police Management Group on 03/05/09; Mail notice through USPS to Culver City Homeowners Associations and Culver City Civic Organizations on 03/05/09 Department Approval: Jeff Muir (03/03/09) Chief Financial Officer Approval: Jeff Muir (03/03/09) City Attorney Approval: Carol Schwab (by H. Baker) (03/03/09) City Manager Approval: Jerry B. Fulwood (03/05/09) RECOMMENDATION: Staff recommends the City Council receive an update of the Comprehensive Financial Plan (Plan) discuss the CFP and direct staff as deemed appropriate. BACKGROUND: The Updated Plan being presented to the City Council tonight includes a fifteen 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 in January 2008. The Plan continues to show the trend of recurring expenditures out pacing recurring revenues as was presented in the last Plan. The current economic realities have only moved this problem closer and made the gap larger. 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 develo...
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