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Finance Department Releases Proposed Budget for Fiscal Year 2017-18

Post Date:05/16/2017 12:43 PM

Culver City Finance DepartmentThe Culver City Finance Department recently presented the Fiscal Year 2017-18 Proposed Budget to the City Council. Overall, the Proposed Budget anticipates recurring revenues to cover recurring expenditures.

The Proposed Budget reflects the positive direction of California’s financial growth in the last year, but remains aware of the anticipated narrowing of tax revenue in the future. This is the fifth continuous year that the City’s projected ongoing revenues cover ongoing expenditures – a feat that couldn’t have been done without voters’ actions.

Thanks to L.A. County voters, the proposed budget includes the addition of Measure M, which will support the City’s transportation efforts, such as a Bike Share system. Also, the General Fund will gain nearly $12.8 million compared to Fiscal Year 2016-17 – however, the vast majority is from the expected sale of City-owned land as a part of the Ivy Station development. Allocations for Capital Improvement Projects in all funds for Fiscal Year 2017-18 total about $15.76 million. This funding mimics that of previous years, reinforcing the City’s dedication to capital investments and upkeep of City infrastructure and facilities.

The budget also forecasts one-time development fees and ongoing tax revenues from resumed major developments, as well as a glimpse at the City’s biggest upcoming challenge: increasing pension rates.

Regardless of budgetary conditions, the City will continue to invest in its community with available resources.

The City of Culver City proudly makes information available to the public. For more information about the 2017-18 Proposed Budget, please review the resources below: