Update Related to the City s Comprehensive Financial Plan. City of Culver City California City Council Agenda Item Report Meeting Date: 9/25/06 AGENDA ITEM: Update Related to the City s Comprehensive Financial Plan. Item Number: A 4 Contact Person/Dept.: Marlee Chang Phone Number: (310) 253 6011 Budget & Finance No X Fiscal Impact: Yes Public Hearing: Public Notification: Master Notification List (9/20/06) Action Item: X General Fund: Yes No Attachments: X Department Approval: Marlee Chang 9/20/06 City Controller Approval: Marlee Chang 9/20/06 RECOMMENDATION: City Manager Approval: Jerry B. Fulwood (09/20/2006) Staff recommends the City Council receive an update related to the City s Comprehensive Financial Plan. BACKGROUND: Purpose of the Plan Developing a Comprehensive Financial Plan was identified by the City Council as one of the top priorities in fiscal year 2006 07. The Plan is intended to be a financial management tool to be used for financial and budgetary decisions. The first phase provides a city wide five year perspective on the City s financial condition based on historical trends and a broad range of financial information. Particularly the plan addresses short term and long term financial issues facing the City and provides options for decision making and policy direction. The final phase of the plan will include long term (fifteen year) projections. Developing the Plan The City Controller s office under the City Manager s direction has worked with the City Council Budget and Finance Subcommittee and Executive Management to develop this Plan. Since the beginning of the fiscal year staff has been meeting frequently with the City Council Budget and Finance Subcommittee as well as three related subcommittees made up of various Executive Management staff and the City Council Budget and Finance Subcommittee members. These subcommittees are the Comprehensive Financial Plan Committee Cost Reduction Committee and Revenue Enhancement and Management Committee. In...
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