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Receive Reports from the Subcommittees
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Meeting Date: May 15, 2019
Contact Person/Dept: Erica McAdoo/Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [X] Attachments: []
Public Notification: (E-Mail) Meetings and Agendas - Finance Advisory Committee (05/09/19)
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RECOMMENDATION
Staff recommends that the Finance Advisory Committee (FAC) receive reports from Subcommittees. Staff will provide further information for direction to the Business Tax Review Subcommittee at this meeting, including a presentation on the status of review from the City's consultant.
BACKGROUND/DISCUSSION
At the July meeting of the FAC, revisions were made to the Work Plan of the Finance Advisory Committee for transmittal to City Council for direction and/or approval. City Council approved the Work Plan at the City Council Meeting on August 27th:
1. Review and make recommendations on revenue opportunities that may be available to the City, while continuing to monitor and compare where and how Culver City spends and receives money to neighboring similar cities.
2. Continue to provide quarterly reports to the City Council on Measure Y proceeds.
3. Continue to monitor the communications strategy of financial information on the City's website.
4. Review and make recommendations for the annual updates to the long-term financial forecast, which shall include a stress test for revenue reduction scenarios.
5. 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.
6. Discuss and provide input on feasibility of Veterans Memorial Building becoming an Enterprise Fund.
7. Provide quarterly reports to the City Council on the One-quarter Cent Local Transactions and Use T...
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