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CC - CONSENT ITEM: Receipt and Filing of Fiscal Year 2020/2021 Year-End Report and Audit Summary and the Fiscal Year 2020/2021 Annual Comprehensive Financial Report (ACFR).
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Meeting Date: March 28, 2022
Contact Person/Dept: Iris Kym/Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [X] No []
Attachments: Yes [X] No []
Commission Action Required: Yes [] No [X]
Public Notification: (E-Mail) Meetings and Agendas - City Council (03/23/2022)
Department Approval: Lisa Soghor, Chief Financial Officer (03/23/2022)
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RECOMMENDATION
Staff recommends the City Council receive and file the Fiscal Year 2020/2021 Year-End Report and Audit Summary and the Fiscal Year 2020/2021 Annual Comprehensive Financial Report (ACFR).
BACKGROUND
The purpose of the attached report is to provide an update on the financial results for Fiscal Year 2020/2021. Staff has worked with the independent auditors to finalize the annual financial statements and prepare the ACFR. The ACFR 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 $6.4M in FY2020/2021 with revenues and transfers in exceeding expenditures and transfers out. Amid a surge in Delta and Omicron variant COVID-19 cases, concerns related to supply chains, the global parts shortages, record-high consumer prices, and labor issues, the City took action to make significant budget cuts, eliminated OPEB pre-funding, eliminated the equipment and vehicle replacement allocation to the General Fund, and minimized new General Fund capital projects.
Culver City has a relatively diverse and strong economy and the City’s business community is comprised of a diverse collection of businesses ranging from traditional retail and manufacturing businesses to a major film studio. The economic stresses of the COVID-19 pandemic were still evident in Fiscal Year 2020/2021. Sales Tax did see some early recovery due to the sale of online goods. Transient Occupancy Tax remained depressed due to COVID-related travel restrictions and surges related to the Delta and Omicron variants.
See attached FY 2020/2021 Year End Report and ACFR for more details regarding the City’s General Fund and other City Funds.
FISCAL ANALYSIS
There is no fiscal impact with the receipt and filing of the attached reports.
ATTACHMENTS
1. 2022-03-28_ATT_FY 2020/2021 Year-End Report and Audit Summary
2. 2022-03-28_ATT_FY 2020/2021 ACFR
MOTION
That the City Council:
Receive and file the attached Fiscal Year 2020/2021 Year-End Report and Audit Summary and the Fiscal Year 2020/2021 ACFR.