Study Session Proposed 2005 06 City Budget Pending Discussion Items. City of Culver City California City Council Agenda Item Report Meeting Date: 6/20/05 Item Number: A 3 AGENDA ITEM: PROPOSED 2005 2006 CITY BUDGET STUDY SESSION Contact Person/Dept.: Jerry Fulwood/Jim Lavery Fiscal Impact: Yes Public Hearing: Action Item: Public Notification: Master Notification List on 6/17/05 X No Phone Number: (310) 253 6000 General Fund: Yes X No Attachments: X Department Approval: Jerry Fulwood 6/17/05 City Controller Approval: Jim Lavery 6/17/05 RECOMMENDATION: CAO Approval: Jerry Fulwood 6/17/05 It is recommended that the City Council divide the attached list (Exhibit D) into two groups: Group Two items to be discussed at a future City Council meeting and Group One items Council would like to address tonight; discuss outstanding Budget issues; and provide direction to staff. BACKGROUND/DISCUSSION: The Budget Presentation provided on May 31 2005 outlined the City s financial limitations and provided a balanced budget for City Council consideration. Additionally the goal was to start to implement programs that would help to address Culver City s financial problems. The City is facing serious financial issues. This year s budget is attempting to address the financial issues in a phased approach. The issues facing the City are: 1. Deferred Maintenance of all City infrastructures: building streets sidewalks parks computer equipment and trees. 2. Culver City should stop its budget dependence on 4% excess appropriations beginning in Fiscal Year 2006 2007. 3. Culver City should review and address Fund balance issues on an ongoing basis. The first overview occurred on May 31 2005. 1 City of Culver City California City Council Agenda Item Report 4. The City must continue to make progress in managing its Liability and Worker s Compensation programs. A review of the City s Self Insurance reserve fund fund balance showed that $13 million dollars had been depleted between the years of 1998...
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