HomeMy WebLinkAboutFinance Update Report - December 2009 Council/Agency Meeting Held: /=0,9
Deferred/Continued to:
)l.Approved ❑ Conditionally Approved ❑ Denied '-SK- Cit Cle k' Signa e
Council Meeting Date: 12/21/2009 Department ID Number: FN 10-005
CITY OF HUNTINGTON BEACH
REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: HONORABLE MAYOR AND CITY COUN MEMBERS
SUBMITTED BY: FRED A. WILSON, CITY ADMINISTR
PREPARED BY: BOB WINGENROTH, DIRECTOR OF NCE V
SUBJECT: REVIEW AND ACCEPT THE FINANCE UPDATE FOR DECEMBER
2009
Statement of Issue, Funding Source,Recommended Action,Alternative Action(s),Analysis, Environmental Status,Attachment(s)
Statement of Issue: Present the Monthly Finance Update for December 2009.
Funding Source: Not Applicable.
Recommended ,fiction: Motion to: Accept the Monthly Finance Update Report for
December 2009.
Alternative Action(s): Deny or critique monthly report and direct staff accordingly.
Analysis: Not Applicable.
Strategic Plan Goal:
1) Maintain our financial reserves
2) Improve internal and external communication
Environmental Status: Not Applicable.
Attachment(s):
o - o ® ® a .
1. December 21, 2009 PowerPoint Presentation titled City of Huntington
Beach Finance Update.
ATTACHMENT # 1
City of Hun
Fienance
----------------------------------------------------------------------------------------- ----- ----------------------- -------------------------------------------------
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PRESENTED BY
BOB WINGENR®TH
DIRECTOR OF FINANCE
DECEMBER 21 , 2009
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FY 2009/ lo Adopted Budget
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Sales Tax
Utility Tax
Property TaxRAIA y
Personnel
Licenses&Permits
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Use of Money& 4
Other Property
®Capital
Other
Debt
Other Local Taxes , ., xp r'r ye/ i �e Service/Transfers
Charges for Service
«{ Fines
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New Information Since Budget Adoption
--------------------------------------------------- --------------------------------------------------------U0 -----------------------------------------------------------------------------------------------------------
® Decrease in revenue
o $1.3 million less than budgeted due to State modification of
triple-flip reimbursement formula
o Projected reduction of $1.6 million related to the So Cal Gas
Company Franchise
• UCLA Anderson Economic Forecast
o worst California job loss in 6o years
o Retail sales will be slow to come back
o Projecting a slow recovery, not a "W"
o overall projection consistent with Five-Year Financial Plan
® Five-Year Financial Plan presented to all City
employees
Next Steps- Budget Management
------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------- ------------------------------------
® Holiday closure scheduled for
December 2 th -3 ist
® Meeting with all bargaining groups on collaborative,
cost savings strategies
® Monthly budget reports tobe completed and made
available for all Otystaff
• First installment of our Quarterly Financial Update
scheduled for February 1, 2010 StudySession
RCA ROUTING SHEET
INITIATING DEPARTMENT: FINANCE
SUBJECT: REVIEW AND ACCEPT THE FINANCE UPDATE FOR
DECEMBER 2009
COUNCIL MEETING DATE: December 21, 2009
RCA ATTACHMENTS STATUS
Ordinance (w/exhibits & legislative draft if applicable) Attached ❑
Not Applicable
Resolution (w/exhibits & legislative draft if applicable) Attached ❑
Not Applicable
Tract Map, Location Map and/or other Exhibits Attached ❑
Not Applicable
Contract/Agreement (w/exhibits if applicable) Attached ❑
(Signed in full by the City Attorney) Not Applicable
Subleases, Third Party Agreements, etc. Attached ❑
(Approved as to form by City Attorney) Not Applicable
Certificates of Insurance (Approved by the City Attorney) Attached ❑
Not Applicable
Fiscal Impact Statement (Unbudgeted, over $5,000) Attached ❑
Not Applicable
Bonds (If applicable) Attached
t Applicable
Staff Report (If applicable) Attached
t Applicable
Commission, Board or Committee Report (If applicable) Attached ❑
Not Applicable
Findings/Conditions for Approval and/or Denial Attached ❑
Not Applicable
[EXPLAMATIOH FOR MIS NG ATTACHMENTS
fiCILL
REVIEWED RETURNED FORWARDED
Administrative Staff v � pg
Deputy City Administrator (I 'tial)
City Administrator (Initial)
City Clerk
EXPLANATION FOR RETURN F T M:
Use Only
RCA Author: Bob Wingenroth