Adoption of a Resolution Finding a Severe Fiscal Hardship will Exist if Additional City Property Tax Funds are Seized and Additional Unfunded Mandates are Adopted by the State of California. City of Culver City California City Council Agenda Item Report Meeting Date: 05/26/09 AGENDA ITEM: Adoption of a Resolution Finding a Severe Fiscal Hardship will Exist if Additional City Property Tax Funds are Seized and Additional Unfunded Mandates are Adopted by the State of California. Contact Person/Dept.: Jeff Muir CFO Phone Number: 310.253.6016 Item Number: A 2 Fiscal Impact: Yes X No General Fund: Yes X No Public Hearing: Public Notification: Master E Mail Notification List (05/20/09) Action Item: X Attachments: X Department Approval: Jeff Muir (05/19/09) Chief Financial Officer Approval: Jeff Muir (05/19/09) City Attorney Approval: Carol Schwab (by H. Baker) (05/19/09) City Manager Approval: Jerry B. Fulwood (05/20/09) RECOMMENDATION: Staff recommends the City Council adopt a resolution finding a severe hardship will exist if additional property tax funds are seized from the City by the State and if additional unfunded mandates are adopted by the State and placed on local governments. DISCUSSION: In light of the Governor s proposal of taking of property tax funds to help with the State budget crisis the League of California Cities is urging all cities in California to adopt this resolution. Culver City s amount of property tax funds that are in danger of being seized by the State of California equate to approximately $850 000. This amount is approximately 1% of the Proposed General Fund Budget for Fiscal Year 2009 10. Given the already known deficit facing the City this coming fiscal year and subsequent years this amount would be a significant hit to the City. FISCAL ANALYSIS: There is no fiscal impact associated with the adoption of this resolution. Staff will keep the City Council apprised of new developments and will continue to monitor this issue on a daily basis. AT...
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