JOINT ITEM Fiscal 2007 08 Year end Financial Monitoring Report for the City and Redevelopment Agency. City of Culver City California Agenda Item Report Meeting Date: 02/09/09 AGENDA ITEM: JOINT ITEM Fiscal 2007 08 Year end Financial Monitoring Report for the City and Redevelopment Agency Contact Person/Dept.: Mary V. Noller Budget Division Manager Nick Kimball Sr. Management Analyst Fiscal Impact: Yes No X Phone Number: (310) 253 6012; (310) 253 6013 General Fund: Yes No Item Number: J 1 Attachments: X Action Item: X Public Hearing: Public Notification: Master E Mail Notification List (02/04/09); Culver City Observer and Culver City News 01/29/09 and 02/05/09; Culver City Employees Association Culver City Management Group Culver City Fire Management Group Culver City Firefighters Local 1927 AFL CIO Culver City Police Officers Association and Culver City Police Management Group on 02/04/09. Department Approval: Jeff Muir (02/04/09) Chief Financial Officer Approval: Jeff Muir (02/04/09) 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 and the Redevelopment Agency receive a presentation on the final Year end Fiscal 2007 08 Financial Monitoring Report. BACKGROUND / DISCUSSION: The Finance Department prepares monthly quarterly mid year and year end Financial Monitoring Reports for the City Council and the Redevelopment Agency once the accounting periods have been closed for the respective reporting cycle. City of Culver City General Fund Total General Fund expenditures for Fiscal Year 2007 08 were $83.96 million and total General Fund revenues were $86.3 million. The General Fund ended the year with an operating surplus of $2.34 million. The surplus was primarily due to lower than expected expenditures from personnel vacancies higher than anticipated business tax revenue and one time developer fees and higher than expected investment and interest income from ...
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