JOINT CITY COUNCIL/REDEVELOPMENT AGENCY BOARD AGENDA ITEM: Fiscal Year 2009 2010 Preliminary Year End Review. City of Culver City California Meeting Date: 11/08/10 JOINT CITY COUNCIL/REDEVELOPMENT AGENCY BOARD AGENDA ITEM: Fiscal Year 2009 2010 Preliminary Year End Review. Agenda Item Report Item Number: J 1 Contact Person/Dept.: Jeff Muir CFO Phone Number: 310.253.6016 Fiscal Impact: Yes X No General Fund: Yes X No Action Item: X Public Hearing: Public Notification: Meetings and Agendas City Council (11/03/10); Meetings and Agendas Redevelopment Agency (11/03/10) Department Approval: Jeff Muir (11/03/10) Attachments: X City Attorney Approval: Carol Schwab (by H. Baker) (11/03/10) Agency General Counsel Approval: Murray Kane (by H. Baker) (11/03/10) City Manager/Executive Director Approval: John M. Nachbar (11/03/10) Fiscal Impact Review: Jeff Muir (11/03/10) RECOMMENDATION: Staff recommends the City Council and Agency Board receive an overview presentation on the Fiscal Year 2009/2010 Preliminary Year End Report. DISCUSSION: The numbers contained in the attached reports are the unaudited preliminary year end totals for Fiscal Year 2009/2010. The revenue and expenditure totals will be finalized when the City s auditors complete their review of the City s financial statements. It should be noted that the audit work has been substantially completed and we do not expect material differences from the results presented in this report. General Fund The General Fund ended the fiscal year with revenue totaling $81.011 million and expenditures of $82.639 million a net budget deficit exceeding $1.6 million. However the Fiscal Year 2009/2010 revenues include one time funding from the Equipment Replacement and Innovation Funds totaling $1.8 million as well as proceeds of $0.395 million from the sale of property so the actual operating budget deficit was over $3.8 million. The General Fund s largest source of revenue is sales tax which has declined dramatically over the last two...
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