Introduction of an Ordinance Amending Chapter 3.07 Finance and Revenue of the Culver City Municipal Code to Add a New Subchapter 3.07.400 et seq. Entitled Budget Restrictions Relating to Regulating the Adoption of Balanced City Budgets and the Use of Reserve Funds. City of Culver City California City Council Agenda Item Report Meeting Date: 02/09/09 AGENDA ITEM: Introduction of an Ordinance Amending Chapter 3.07 Finance and Revenue of the Culver City Municipal Code to Add a New Subchapter 3.07.400 et seq. Entitled Budget Restrictions Relating to Regulating the Adoption of Balanced City Budgets and the Use of Reserve Funds Contact Person/Dept.: Jeff Muir Chief Financial Officer Fiscal Impact: Yes X No Phone Number: 310 253 6016 Item Number: A 4 General Fund: Yes X No Public Hearing: Public Notification: Master E Mail Notification List (2/4/09) Action Item: X Attachments: X Department Approval: Jeff Muir (02/04/08) Chief Financial Officer Approval: Jeff Muir (by N. Kimball) (02/04/08) City Attorney Approval: Carol Schwab (by H. Baker) (02/03/09) City Manager Approval: Jerry B. Fulwood (02/04/09) RECOMMENDATION: Staff recommends the City Council discuss and consider introducing an Ordinance amending Chapter 3.07 Finance and Revenue of the Culver City Municipal Code to add a new subchapter 3.07.400 et seq. entitled Budget Restrictions relating to the adoption of balanced City budgets and the use of reserve funds. BACKGROUND/DISCUSSION: On December 4 2008 the City Council directed staff to bring back an ordinance that would require the City to adopt a balanced budget. Staff has completed drafting this Ordinance which is being presented tonight for consideration. The general provisions of the attached Ordinance are as follows: Section 3.07.400 would be added to the Culver City Municipal Code requiring that General Fund budgeted ongoing expenditures shall not exceed budgeted ongoing revenues for each budget year. Section 3.07.405 specifies that for each budget year for the...
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