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File #: 16-304    Version: 1 Name: General Fund Forecast Presentation
Type: Minute Order Status: Action Item
File created: 10/4/2016 In control: FINANCE ADVISORY COMMITTEE
On agenda: 10/12/2016 Final action:
Title: Presentation and Discussion on the General Fund Financial Forecast
Attachments: 1. GF Forecast: FY15-16 to FY23-24.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Presentation and Discussion on the General Fund Financial Forecast

 

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Meeting Date:                                            October 12, 2016

 

Contact Person/Dept:                     Jeff Muir, Chief Financial Officer

  

Phone Number:                                            (310) 253-5865

 

Fiscal Impact:  Yes []    No [X]                                           General Fund:  Yes []     No [X]

 

Public Hearing:  []          Action Item:                     [X]          Attachments: [X]   

 

Public Notification:                        (E-Mail) Meetings and Agendas - Finance Advisory Committee (10/07/2016)

 

Department Approval:                      Jeff Muir, Chief Financial Officer (10/06/2016)

____________________________________________________________________________

 

 

RECOMMENDATION

 

Staff recommends that the Finance Advisory Committee (FAC) receive a presentation on the General Fund Financial Forecast, hold discussion and provide feedback to staff.

 

 

BACKGROUND/DISCUSSION

 

The General Fund Financial forecast is annually presented to the FAC to provide input prior to the CFO’s presentation to City Council in concert with the Mid-Year Budget.  The Forecast in its current form includes summaries, discussion of assumptions, detail data for revenue categories, and an economic outlook.  The financial forecast as last presented to the City Council on February 22, 2016, illustrates overall economic improvement with revenues projected to improve at an average of 2% overall growth through Fiscal Year 2023-24.  Foreseeable significant expenditure pressures are noted as rising pension costs, assumed inflation and assumed cost-of-living adjustments persist from prior year predictions. 

 

Item 6 of the FAC Work Plan is to review and make recommendations for the long-term financial forecast.  Additionally, Item 8 of the Revised Work Plan (pending Council Approval) is to design and review a stress test for revenue reduction scenarios. 

 

Staff will provide a presentation of the most recent forecast at the meeting, the assumptions going into the numbers, and receive questions from the committee. 

 

 

ATTACHMENTS

 

1.                     General Fund Financial Forecast: FY2015-16 to FY2023-24

 

 

 

MOTION

 

That the FAC:

1.                     Receive a presentation of the General Fund Financial Forecast; and

2.                     Hold discussion; and,

3.                     Provide feedback to staff.