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File #: 21-759    Version: 1 Name:
Type: Presentation Status: Consent Agenda
File created: 3/2/2021 In control: City Council Meeting Agenda
On agenda: 3/8/2021 Final action:
Title: CC - Receipt and Filing of Fiscal Year 2019/2020 Year-End Report and Audit Summary and the Fiscal Year 2019/2020 Comprehensive Annual Financial Report (CAFR).
Attachments: 1. FY 2019-2020 Year End Report and Audit Summary FINAL.pdf, 2. 2020_culver-city_cafr-final-ws-secured f.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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title
CC - Receipt and Filing of Fiscal Year 2019/2020 Year-End Report and Audit Summary and the Fiscal Year 2019/2020 Comprehensive Annual Financial Report (CAFR).

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Contact Person/Dept: Onyx Jones/Finance Department

Phone Number: (310) 253-5865

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

Public Hearing: [] Action Item: [] Attachments: Yes [X] No []

Commission Action Required: Yes [] No [X]

Public Notification: (E-Mail) Meetings and Agendas - City Council (03/02/2021)

Department Approval: Serena Wright-Black, Assistant City Manager (03/02/2021)
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RECOMMENDATION

Staff recommends the City Council receive and file the Fiscal Year 2019/2020 Year-End Report and Audit Summary and the Fiscal Year 2019/2020 Comprehensive Annual Financial Report (CAFR).


BACKGROUND

The purpose of the attached report is to provide an update on the financial results for Fiscal Year 2019/2020. Staff has worked with the independent auditors to finalize the annual financial statements and prepare the Comprehensive Annual Financial Report (CAFR). The CAFR has been published on the City's website and submitted to the Government Finance Officers Association for the Certificate of Achievement for Excellence in Financial Reporting award. The attached report is a brief summary of the results, with particular emphasis on the General Fund.


DISCUSSION

The General Fund resulted in a net increase of $6.8M in FY2019/2020 with revenues and transfers in exceeding expenditures and transfers out. It should be noted that a significant portion of this net increase was from implementing a hiring freeze of 31.5 vacant positions, eliminating all nonessential purchases, eliminating $4.4M of OPEB pre-funding, and cancelling a total of $8M in capital improvement projects, which allowed the City to transfer $2.9M of unspent fun...

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