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(1) Discussion of Approved Work Plan; (2) Discussion of the Creation of Subcommittees; (3) (If Desired) Creation of Subcommittees; and (4) (If Desired) Appointment of Members to Such Subcommittees
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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: (Email) Meetings and Agendas - Finance Advisory Committee (09/03/15)
Department Approval: Jeff Muir - Finance Department (09/03/15)
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RECOMMENDATION
Staff recommends that the Finance Advisory Committee (FAC) (1) discuss the approved Work Plan; (2) discuss the creation of Subcommittees, (3) (if desired) create subcommittees, and (4) (if desired) appoint members to such subcommittees.
BACKGROUND/DISCUSSION
On March 23, 2015, the City Council approved the amended Work Plan of the Finance Advisory Committee, as follows:
1. Undertake a Budget Benchmarking Project to compare where and how Culver City spends and receives money to selected similar communities. Analyze possibilities for alternative service delivery methods.
2. Review and make recommendations on revenue opportunities that may be available to the City.
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. Review and make recommendations for addressing storm water requirement compliance.
7. Review current and potential utilization of assessment districts.
8. Review and provide input to the City Council on a policy related to special event sponsorship.
The FAC has created subcommittees to begin dealing with work plan items. Currently active Subcommittees include:
1. Benchmarking Study Subcommittees (Work Plan Item #1):
• Subcommittee 1: Members Hibbs, Leonard and Reitzfeld
• Subcommittee 2: Members Kearney, Lara and Sua
• Subcommittee 3: Members Alexander, Eriksson and Trovato
2. Revenue Opportunities Subcommittee (Work Plan Item #2):
Members Alexander, Eriksson and Trovato
3. Special Events Work Plan Item (Work Plan Item #8):
Members Alexander, Eriksson and Hibbs
To date, the FAC has made a recommendation to city Council on the City’s Rental Assistance Program, filed quarterly status reports to Council regarding Measure-Y sales tax proceeds (Item 3), commented on and approved the recommended modifications to the budget process, made a series of recommendations regarding the City’s current financial policies (Item 4), and reviewed the long-term financial forecast (Item 5). The FAC has worked vigorously in drafting a Budget Benchmarking Study (Item 1), drafted a Policy related to Special Event Sponsorship (Item 8), received presentations on the storm water issue from Public Works staff (Item 6), and received a presentation on the various assessment district options available to cities (Item 8). Staff continues to work with the subcommittee established to deal with the communication of financial information on the website (Item 4).
The purpose of this item is for the FAC to discuss remaining work plan items and their priority, whether subcommittees are appropriate, and if so, to establish and make appointments to them.
ATTACHMENTS
None
MOTION
That the Finance Advisory Committee:
1. Discuss the approved Work Plan and provide feedback to staff on prioritization;
2. Discuss the potential creation of subcommittees;
3. (if desired) Create such subcommittees; and
4. (if desired) Appoint members to such subcommittees.