(1) Approval of the Write Off of Existing Uncollectible Accounts Receivable; and (2) Adoption of a Resolution Establishing Procedures Effective July 1 2011 for (a) the Write Off of Uncollectible Accounts Receivable and (b) Transfer of Credit Balances to the City s General Fund. City of Culver City California Agenda Item Report Meeting Date: 08/08/2011 CITY COUNCIL AGENDA ITEM: (1) Approval of the Write Off of Existing Uncollectible Accounts Receivable; and (2) Adoption of a Resolution Establishing Procedures Effective July 1 2011 for (a) the Write Off of Uncollectible Accounts Receivable and (b) Transfer of Credit Balances to the City s General Fund. Contact Person/Dept.: Jeff Muir/Finance Phone Number: (310) 253 5865 Item Number: C 5 Fiscal Impact: Yes X No General Fund: Yes X No Public Hearing: Action Item: Attachments: X Commission Action Required: Yes No Date: _______________ Public Notification: (E Mail) Meetings and Agendas City Council (08/03/11) Department Approval: Jeff Muir (06/21/11) Chief Financial Officer Approval: Jeff Muir (06/21/11) City Attorney Approval: Carol Schwab (by H. Baker) (08/03/11) City Manager Approval: John M. Nachbar (08/03/11) RECOMMENDATION Staff recommends the City Council: (1) Approve the write off of existing uncollectible accounts receivable as set forth in the attached list; and (2) Adopt the proposed Resolution establishing procedures effective July 1 2011 for (a) write off of uncollectible accounts receivable; and (b) the transfer of credit balances to the City s General Fund. BACKGROUND At the City Council meeting of January 10 2011 the City Council received and filed the audited financial statements for the Fiscal Year ending June 30 2010. The Management Letter from the auditors included one recommendation related to reviewing the accounts receivable balance in the General Fund and writing off stale balances. Staff indicated that a review was underway and that a report would be brought back to City Council. For the past seve...
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