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CC - Approval of and (if Desired) Direction Related to the Finance Advisory Committee Work Plan.
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Meeting Date: August 3, 2020
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: [] Attachments: [X]
Commission Action Required: Yes [] No [X]
Public Notification: (E-Mail) Meetings and Agendas - City Council (07/30/2020); (Email) Meetings and Agendas - Fiscal and Budget Issues (07/30/2020)
Department Approval: Onyx Jones, Chief Financial Officer (07/30/2020)
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RECOMMENDATION
The Finance Advisory Committee (FAC) recommends the City Council review the amended FAC Work Plan for approval and if desired, provide direction as deemed appropriate.
BACKGROUND/DISCUSSION
Pursuant to Section III(B) of the Finance Advisory Committee Bylaws, the Committee's approved Work Plan may be amended from time to time with City Council approval. On August 26, 2019, City Council approved the following eight Work Plan items:
1. Review and make and make recommendations on revenue opportunities that may be available to the City, while continuing to monitor and compare to similar neighboring cities where and how Culver City spends and receives money.
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.
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. Provide quarterly reports to the City Council on the One-quarter Cent Local Transactions and Use Tax Measure proceeds.
7. ...
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