Receive and File Financial Update Report from the Chief Financial Officer. City of Culver City California City Council Agenda Item Report Item Number: A 1 Meeting Date: 12/22/08 AGENDA ITEM: Receive and File Financial Update Report from the Chief Financial Officer. Contact Person/Dept.: Jeff Muir CFO Phone Number: 310.253.6016 Fiscal Impact: Yes X No General Fund: Yes X No Public Hearing: Public Notification: Master E Mail Notification List (12/17/08); Action Item: X Attachments: Department Approval: Jeff Muir (12/15/08) Fiscal Impact Review: Jeff Muir (12/15/08) City Attorney Approval: Carol Schwab (by H. Baker) (12/16/08) City Manager Approval: Jerry B. Fulwood (12/17/08) RECOMMENDATION: Staff recommends the City Council receive and file a Financial Update Report from the Chief Financial Officer related to current economic and financial conditions of the City. BACKGROUND: The current economic situation faced by local governments across California is starting to be felt more widely now as more and more businesses file for bankruptcy; the unemployment rate continues to climb; credit markets continue to fail; retail sales fall; and consumer confidence is down. Culver City is not immune from this situation and has been able to weather the economic downturn rather well to date; but the upcoming months and the next several fiscal years will be a challenge for staff the City Council and Culver City residents. Fortunately Culver City is in better position to weather this economic downturn than many other cities. The following steps are currently being taken: Fiscal Pullback Measures On October 13 2008 the Chief Financial Officer gave a presentation to the City Council on the City s economic and financial condition. At that time it was stated the City needed to continue taking proactive steps to prepare it for continuing economic difficulties. The City Manager sent out a memo entitled Fiscal Pullback Measures on October 22 2008 with the following immediate steps to be take...
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