Adoption of Budget Amendments Related to the Transfer of Assets to the Housing Authority from the Community Improvement Funds. City of Culver City California Agenda Item Report Meeting Date: 02/13/12 JOINT CITY COUNCIL AND CULVER CITY HOUSING AUTHORITY AGENDA ITEM: FOUR FIFTHS VOTE REQUIREMENT Adoption of Budget Amendments Related to the Transfer of Assets to the Housing Authority from the Community Improvement Fund. Contact Person/Dept.: Jeff Muir CFO Phone Number: 310.253.5870 Item Number: JC 1 Fiscal Impact: Yes X No General Fund: Yes No X Public Hearing: Action Item: X Attachments: Commission Action Required: Yes No X Date: _______________ Public Notification: Agendas and Meetings City Council and Culver City Housing Authority (02/09/12) Department Approval: Jeff Muir (02/06/12) Finance Sol Blumenfeld Community Development Chief Financial Officer Approval: Jeff Muir (02/06/12) City Attorney Approval: Carol Schwab (by H. Baker) (02/09/12) City Manager Approval: John M. Nachbar (02/09/12) RECOMMENDATION: Staff recommends the Housing Authority adopt proposed budget amendments for Fiscal Year 2011/2012; and Staff recommends the City Council adopt the proposed budget amendment for the housing related Community Improvement Fund. A City budget amendment requires a 4/5ths vote BACKGROUND/DISCUSSION: On January 9 2012 the City Council adopted a resolution activating the Culver City Housing Authority and approved a Cooperation Agreement between the City and Housing Authority to provide staff services to the Housing Authority. The City Council also approved a resolution designating the Housing Authority to receive the transfer of all Housing assets rights powers duties obligations liabilities and functions previously performed by the Culver City Redevelopment Agency. The Culver City Housing Authority adopted a resolution on January 9 2012 accepting the transfer of all Housing assets rights powers duties obligations liabilities and functions previously performed by the Culv...
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