JOINT ITEM Fiscal 2008 09 Mid Year Budget Report and Adoption of Proposed Budget Amendments. City of Culver City California City Council Agenda Item Report Item Number: J 2 Meeting Date: 02/09/09 AGENDA ITEM: JOINT ITEM Fiscal 2008 09 Mid Year Budget Report and Adoption of Proposed Budget Amendments Contact Person/Dept.: Jeff Muir Chief Financial Officer Fiscal Impact: Yes X No Phone Number: (310) 253 6016 General Fund: Yes X No Attachments: X Action Item: X Public Hearing: Public Notification: Master E Mail Notification List (02/04/09); Culver City Observer and Culver City News 01/29/09 and 02/05/09; 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 02/04/09. Department Approval: Jeff Muir (02/04/09) Chief Financial Officer Approval: Jeff Muir (02/04/09) City Attorney Approval: Carol Schwab (by H. Baker) (02/03/09) City Manager Approval: Jerry B. Fulwood (02/04/09) RECOMMENDATION: Staff recommends the City Council and Redevelopment Agency receive a presentation on the Fiscal 2008 09 Mid Year Budget and adopt proposed budget amendments. Budget amendments require a 4/5ths vote. BACKGROUND / DISCUSSION: The Finance Department prepares monthly quarterly mid year and year end Financial Monitoring Reports for the City Council and the Redevelopment Agency once the accounting periods have been closed for the respective reporting cycle. This mid year Financial Monitoring Report presents the City Council and Agency Board with a snapshot of expenditures and revenues through the first half of Fiscal Year 2008 09 as well as any upcoming significant financial issues. City of Culver City General Fund Through the first six months of Fiscal Year 2008 09 total General Fund actual expenditures are $38 982 398 or 44.6% of the adjusted budget. General Fund actual revenues are $28 307 828 or 32.4% of the adjusted bu...
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