JOINT CITY COUNCIL/REDEVELOPMENT AGENCY BOARD AGENDA ITEM: FOUR FIFTHS VOTE REQUIREMENT Fiscal Year 2009 10 Third Quarter Financial Monitoring Report and Adoption of Proposed Budget Amendments City of Culver City California Agenda Item Report Meeting Date: _05/10/2010_ JOINT CITY COUNCIL/REDEVELOPMENT AGENCY BOARD AGENDA ITEM: FOUR FIFTHS VOTE REQUIREMENT Fiscal Year 2009 10 Third Quarter Financial Monitoring Report and Adoption of Proposed Budget Amendments Contact Person/Dept.: Jeff Muir/Finance Phone Number: 310 253 6006 Item Number: J 1 Fiscal Impact: Yes X No General Fund: Yes X No Public Hearing: Action Item: X Attachments: X Commission Action Required: Yes No X Date: _______________ Public Notification: (E mail) Meetings and Agendas City Council and Redevelopment Agency (05/05/10); (E mail) Ongoing Topics Fiscal and Budget Issues (05/05/10) Department Approval: Jeff Muir (05/04/10) Chief Financial Officer Approval: Jeff Muir (05/04/10) City Attorney Approval: Carol A. Schwab (by R. Miranda) (05/05/10) City Manager/Executive Director Approval: P. Lamont Ewell (05/06/10) RECOMMENDATION: Staff recommends the City Council and Redevelopment Agency Board (Agency Board) receive a presentation on the Approved Budget for Fiscal Year 2009 10 and adopt proposed budget amendments. City budget amendments require a 4/5ths vote. BACKGROUND / DISCUSSION: The Finance Department typically prepares quarterly mid year and year end Financial Monitoring Reports once the accounting periods have been closed for the respective reporting cycle. This Third Quarter Financial Monitoring Report presents the City Council and Agency Board with a snapshot of expenditures and revenues through the third quarter of FY 2009/2010. FY 2008 09 Recap December 2007 marked the beginning of one of the worst economic crises the nation has experienced in decades. A collapse in the residential housing market resulting from a record number of foreclosures led to a collapse in the financial services industr...
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