Discussion of Comprehensive Financial Plan. City of Culver City California City Council Agenda Item Report Meeting Date: 03/05/2007 AGENDA ITEM: Discussion of Comprehensive Financial Plan Item Number: A 7 Contact Person/Dept.: Marlee Chang City Controller Phone Number: (310) 253 6011 X No Fiscal Impact: Yes Public Hearing: Public Notification: Master Notification (02/22/07) (Re noticed on 03/01/07) Action Item: X General Fund: Yes X No Attachments: X Department Approval: Marlee Chang (02/22/07) City Controller Approval: Marlee Chang (02/22/07) RECOMMENDATION: City Attorney Approval: Carol Schwab (by H. Iker) (02/22/07) City Manager Approval: Jerry B. Fulwood (02/22/2007) Staff recommends the City Council receive a report by the City Manager regarding the Comprehensive Financial Plan and discuss and give direction to staff regarding included options of revenue enhancement and cost reduction recommendations. BACKGROUND: The Comprehensive Financial Plan (Plan) presented to the City Council tonight includes a 10 year feasible revenue enhancement and cost reduction options. The Plan is prepared under the City Manager s direction with a the Budget and Finance Subcommittee and the support of all City department heads. forecast along with numerous team effort including financial The forecasting in the Plan is extended from the traditional 5 year projection to a 10 year plan. The Plan is prepared to project the City s financial condition based on the existing service levels and future revenue and expenditure trends. The Plan includes all City funds and the financial impact which occurs between funds can be updated to show the overall city wide financial picture. The Plan should be used as a management tool to identify any short or long term financial issues. This long range approach will allow the City Council to address structural problems and related issues. It will also facilitate the implementation of revenue enhancement options as well as cost control/reduction opportun...
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