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Receive Reports from Subcommittees
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Meeting Date: September 13, 2017
Contact Person/Dept: Jeff Muir/Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [] Attachments: []
Public Notification: (E-Mail) Meetings and Agendas - Finance Advisory Committee (09/08/17)
Department Approval: Jeff Muir, Chief Financial Officer (09/08/17)
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RECOMMENDATION
Staff recommends that the Finance Advisory Committee (FAC) receive reports from Subcommittees.
BACKGROUND/DISCUSSION
On October 10, 2016, the City Council approved the amended Work Plan of the Finance Advisory Committee, as follows:
1. Review and make recommendations on revenue opportunities that may be available to the City, including current and potential utilization of assessment districts.
2. Review and make recommendations for addressing urban runoff requirement compliance funding.
3. Continue to provide quarterly reports to the City Council on Measure Y proceeds.
4. Continue to monitor the communications strategy of financial information on the City's website.
5. Review and make recommendations for the annual updates to the long-term financial forecast.
6. Continue to monitor and compare where and how Culver City spends and receives money to neighboring similar cities.
7. Review and institute best practices for financial services disaster preparedness and continuity guidelines.
8. Design and review a stress test for revenue reduction scenarios.
9. Review revenues and expenditures of the Parcel Tax Proceeds consistent with the City Council Adopted Budget, and submit a report of its findings to the City Council.
During the Parks, Recreation & Community Services (PRCS) Budget Session Hearing at the City Council Meeting on June 5, 2017, Council transmitted the below to the FAC as an addi...
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