FOUR FIFTHS VOTE REQUIREMENT Approval of a Budget Amendment to Appropriate General Fund Reserves Towards Infrastructure and Technology Improvements. City of Culver City California Agenda Item Report Meeting Date: 07/26/2010 CITY COUNCIL AGENDA ITEM: FOUR FIFTHS VOTE REQUIREMENT Approval of a Budget Amendment to Appropriate General Fund Reserves Towards Infrastructure and Technology Improvements. Contact Person/Dept.: Jeff Muir/Finance Charles D. Herbertson Public Works Fiscal Impact: Yes X No Phone Number: (310) 253 5865 (310) 253 5630 General Fund: Yes X No Item Number: A 3 Public Hearing: Action Item: X Attachments: Commission Action Required: Yes No Date: _______________ Public Notification: (E Mail) Meetings and Agendas City Council (07/21/10) Department Approval: Jeff Muir (07/20/10) Charles D. Herbertson (07/20/10) Chief Financial Officer Approval: Jeff Muir (07/20/10) City Manager Approval: P. Lamont Ewell (07/22/10) City Attorney Approval: Carol Schwab (by H. Baker) (07/21/10) RECOMMENDATION: Staff recommends the City Council approve a budget amendment which appropriates $4 million from the General Fund Reserve towards infrastructure and technology improvements. A Budget Amendment requires a 4/5 vote. BACKGROUND: Financial reports and budget presentations over the last few fiscal years have included in depth discussion of the substantial backlog the City has in terms of deferred maintenance for its streets sidewalks streetlights and public facilities. During the presentation of the City Manager s Proposed Budget for Fiscal Year 2010/2011 the City Manager recommended the City Council consider modifying the Fiscal Policy requiring the City to maintain 30% of the operating General Fund expenditure budget in reserves. The recommendation included lowering the reserve requirement to 20% and investing some portion of reserves in excess of this amount into deferred maintenance and/or technology projects that would increase efficiency (and thereby potentially reduce ...
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