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CC:HA:PFA - CONSENT ITEM: (1) Approval of an Amendment to the Professional Services Agreement with Ernst & Young U.S. LLP for the Development of a Comprehensive Financial Plan for Culver City and an Analysis of the City's Reserves in an Amount Not-to-Exceed $665,000 for an Aggregate Total Amount Not-to-Exceed of $714,500; and (2) Other Direction to the City Manager as Deemed Appropriate.
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Meeting Date: August 10, 2026
Contact Person/Dept: Stephen Agostini/ City Manager's Office
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No []
Attachments: Yes [] No [X]
Public Notification: (Email) Meetings and Agendas - City Council (08/05/2026)
Department Approval: Stephen Agostini, Assistant City Manager (08/04/2026)
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RECOMMENDATION
Staff recommends the City Council and the Boards of the Housing Authority and Public Finance Authority: (1) approve an amendment to the professional services agreement with Ernst & Young U.S. LLP for the development of a financial plan and analysis of the City's reserves in an amount of $665,000 for an aggregate total amount not-to-exceed $714,500 and (2) other direction to the City Manager as deemed appropriate.
BACKGROUND
In early 2026 the City engaged EY to perform a financial condition and outlook analysis that was presented at the City Council Strategic Planning Retreat and Financial Summit, for a not-to-exceed amount of $49,500.
On April 27, 2026, the City Council approved the creation of the Culver City Public Finance Authority. On June 8, 2026 the City Council adopted a budget for the City and the PFA that allocated, among numerous allocations, $1 million, to be funded from proceeds of the sale of bonds, for various administrative expenses, including retaining a consultant to develop a comprehensive financial plan in conjunction with an analysis of the City's reserves.
DISCUSSION
As discuss...
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