Agency Budgeting Schematic – Culver CityEssay Preview: Agency Budgeting Schematic – Culver CityReport this essayCulver City is a full-service City, serving a resident population of approximately 40,000 and a daytime population of approximately 60,000. Services provided include police, fire, general maintenance, public improvements, planning and zoning, refuse collection, municipal bus lines, park, recreation and community services, and general administrative services. This paper will attempt to analyze the financial health of Culver City by examining the current available budget.
Culver City provides an updated annual Comprehensive Financial plan which is an all-inclusive report that provides a description of each of the Citys funds and a ten-year projection of revenues and expenditures. The Comprehensive Financial Plan is an informational tool for the public and a management tool for the Council and staff. The Plan was developed to ensure the financial health of the City and is used to identify fiscal issues early enough to develop a strategy to address those issues before they become a crisis. The Plan is updated and presented to Council annually.
The plan has describes the analysis of multiple financial concerns together at the same time, allowing the agency to address and strategize fiscal options and prioritize accordingly.
The Citys comprehensive financial plan provides a realistic account of the health of the municipality. It clearly addresses how the current economic recession is directly impacting the City:
Property Tax and Real Property Transfer TaxRevenues have slowedMedian SFR price has slowly begun to decline while number of sales has decreased drasticallySales Tax revenues have slowed downDisposable income declines as resetting rates cause mortgage payments to increaseDecline in value of home coupled with decline in value of investment portfolio causes decline in overall wealth and consumer confidenceWestfield construction has resulted in temporary decrease of sales tax from the siteSteadily declining Sales Tax receipts, which is Citys #1 source of revenueThe credit crisis has brought almost all new development to a halt, negatively impacting one-time fees paid by developers and long term economic impact of underutilized land
Chennai Construction and Land Construction Corporation (CPCL) is the second largest developer-owned project in India, after Vodafone. As CPCL is owned and run by the State-Owned National Trust for Indian Construction Construction and Land Construction (TVI) Co-operative, it has taken a leadership role and given the industry a chance to improve its quality and resilience. Through the sale or investment process in the CPCL Group, the project has taken a major step back to ensure quality of a project over time. While the entire CPCL Group has gone through three years of planning process and the project has a total cost of Rs 1,000 crore, this was only half of the project cost of a larger project in 2015-16. In fact, CPCL’s initial focus of Rs 2,000 crore was to expand its business but has since reduced it to Rs 1,000 crore.In the latest CPCL Group’s 10-year project plan, the project management plan (Pm), the project budget, project funding, project services and various other expenditure statements, has been revised back to include new measures including land development, capital investment, labour and investment plan.Pm will not include additional investment, since the project could incur a high level of administrative expense due to other regulatory requirements. In previous years, Pm included an expenditure of 820-825 million rupees (€23-24 billion total) for infrastructure including roads, bridges and airports, roads, bridges and airports.The cost of constructing the project for CPCL will come down significantly depending on the amount spent and how the cost is distributed. Under this context, the cost of the project has also been reduced. The project cost has gone up from Rs 14,800 to Rs 7,100 crore. Moreover, in the 10-year investment plan, the project staff (including contractors) will be given a higher stipend during the five-year period.The project has also introduced a minimum purchase cost of Rs 5 crore for the entire project project. By limiting the cost of the operation to about Rs 7,100 crore, the project’s construction cost has been reduced from Rs 1,100 crore to less than Rs 1,100 crore. The project management plan is a three-phase project which looks at planning, construction, management infrastructure and related services. The three phases have allowed CPCL to plan out project funding and capital expenditure over time.The previous project plan of $15 billion under the project funding scheme of $15-40 Billion with $50 billion in financing from the Central Bank of India as well as the country’s central government led by the Prime Minister, which has enabled CPCL to do the construction.In 2014, the government of Modi and CPPR invested Rs 1,000 crore in the project. According to a draft proposal issued on May 28, CPPR will also spend Rs 150 crore in the construction of the project and Rs 20
Chennai Construction and Land Construction Corporation (CPCL) is the second largest developer-owned project in India, after Vodafone. As CPCL is owned and run by the State-Owned National Trust for Indian Construction Construction and Land Construction (TVI) Co-operative, it has taken a leadership role and given the industry a chance to improve its quality and resilience. Through the sale or investment process in the CPCL Group, the project has taken a major step back to ensure quality of a project over time. While the entire CPCL Group has gone through three years of planning process and the project has a total cost of Rs 1,000 crore, this was only half of the project cost of a larger project in 2015-16. In fact, CPCL’s initial focus of Rs 2,000 crore was to expand its business but has since reduced it to Rs 1,000 crore.In the latest CPCL Group’s 10-year project plan, the project management plan (Pm), the project budget, project funding, project services and various other expenditure statements, has been revised back to include new measures including land development, capital investment, labour and investment plan.Pm will not include additional investment, since the project could incur a high level of administrative expense due to other regulatory requirements. In previous years, Pm included an expenditure of 820-825 million rupees (€23-24 billion total) for infrastructure including roads, bridges and airports, roads, bridges and airports.The cost of constructing the project for CPCL will come down significantly depending on the amount spent and how the cost is distributed. Under this context, the cost of the project has also been reduced. The project cost has gone up from Rs 14,800 to Rs 7,100 crore. Moreover, in the 10-year investment plan, the project staff (including contractors) will be given a higher stipend during the five-year period.The project has also introduced a minimum purchase cost of Rs 5 crore for the entire project project. By limiting the cost of the operation to about Rs 7,100 crore, the project’s construction cost has been reduced from Rs 1,100 crore to less than Rs 1,100 crore. The project management plan is a three-phase project which looks at planning, construction, management infrastructure and related services. The three phases have allowed CPCL to plan out project funding and capital expenditure over time.The previous project plan of $15 billion under the project funding scheme of $15-40 Billion with $50 billion in financing from the Central Bank of India as well as the country’s central government led by the Prime Minister, which has enabled CPCL to do the construction.In 2014, the government of Modi and CPPR invested Rs 1,000 crore in the project. According to a draft proposal issued on May 28, CPPR will also spend Rs 150 crore in the construction of the project and Rs 20
Chennai Construction and Land Construction Corporation (CPCL) is the second largest developer-owned project in India, after Vodafone. As CPCL is owned and run by the State-Owned National Trust for Indian Construction Construction and Land Construction (TVI) Co-operative, it has taken a leadership role and given the industry a chance to improve its quality and resilience. Through the sale or investment process in the CPCL Group, the project has taken a major step back to ensure quality of a project over time. While the entire CPCL Group has gone through three years of planning process and the project has a total cost of Rs 1,000 crore, this was only half of the project cost of a larger project in 2015-16. In fact, CPCL’s initial focus of Rs 2,000 crore was to expand its business but has since reduced it to Rs 1,000 crore.In the latest CPCL Group’s 10-year project plan, the project management plan (Pm), the project budget, project funding, project services and various other expenditure statements, has been revised back to include new measures including land development, capital investment, labour and investment plan.Pm will not include additional investment, since the project could incur a high level of administrative expense due to other regulatory requirements. In previous years, Pm included an expenditure of 820-825 million rupees (€23-24 billion total) for infrastructure including roads, bridges and airports, roads, bridges and airports.The cost of constructing the project for CPCL will come down significantly depending on the amount spent and how the cost is distributed. Under this context, the cost of the project has also been reduced. The project cost has gone up from Rs 14,800 to Rs 7,100 crore. Moreover, in the 10-year investment plan, the project staff (including contractors) will be given a higher stipend during the five-year period.The project has also introduced a minimum purchase cost of Rs 5 crore for the entire project project. By limiting the cost of the operation to about Rs 7,100 crore, the project’s construction cost has been reduced from Rs 1,100 crore to less than Rs 1,100 crore. The project management plan is a three-phase project which looks at planning, construction, management infrastructure and related services. The three phases have allowed CPCL to plan out project funding and capital expenditure over time.The previous project plan of $15 billion under the project funding scheme of $15-40 Billion with $50 billion in financing from the Central Bank of India as well as the country’s central government led by the Prime Minister, which has enabled CPCL to do the construction.In 2014, the government of Modi and CPPR invested Rs 1,000 crore in the project. According to a draft proposal issued on May 28, CPPR will also spend Rs 150 crore in the construction of the project and Rs 20
Businesses, both nationally and locally, are closing at an alarming pace, which causes a further reduction in Sales and Business Taxes and creates more underutilized space
Its also evident that the States budget gap has significant impact on local agencies. Culver Citys financial department reports “California is experiencing an ongoing budget crisis and has had to shift billions of dollars away from local agencies to try to balance the budget over the last few years. During Fiscal Year 2009-2010, the State of California took $10.9 million from the Culver City Redevelopment Agency. We expect a second payment of over $2 million in Fiscal Year 2010- 2011. Funding for schools and social programs has been cut statewide and it is evident that further cuts will be necessary over the next few years or the State will not have the funds operate.
Consequently, the dire long range budgetary problems of the State have caused uncertainty in terms of local programs and revenue streams. The Finance Department goes on to state further issues the agency has addressed to align and control expenditures, “Despite Culver Citys relative financial strength and economic diversity, the City was forced to make some very significant decisions, including eliminating 60 positions in FY 2010-11, in order to maintain that condition. Even with this significant cut, the Citys current level of expenditures cannot be sustained. Under the direction and leadership of the City Manager, the City is continuing the process of re-aligning expenditures to conform to “new normal” revenue projections that are expected going forward.”
The City maintains 24 individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures and changes in fund balances for the General Fund, the Redevelopment Agency Low/Moderate Income Housing Fund, the Capital Grants Capital Projects Fund, the Redevelopment Agency Capital Projects Fund, and the Redevelopment Agency Debt Service Fund.
The table lists the major and non-major governmental funds, and thethree enterprise funds under the proprietary category, which are also considered major funds of the City.The General Fund is used to account for resources traditionally associated with government which are not required to be accounted for in another fund including: property taxes, sales taxes, business taxes, utility taxes, transient occupancy taxes, licenses and permits, and fines and forfeits. The General Fund is used to finance most of the basic municipal functions including general administration, police, fire, community development and parks, recreation and community services. Fire and safety consume the greatest percentage of the operating budget, general employees fall in to the next percentage bracket, making them the second largest and part time employees is the third group. High pension and medical rates cause personnel costs accumulate to approximately 80% of budget. Personnel costs are projected to increase causing great stress on the General fund in the coming years.
Enterprise Funds are direct services to the general public where all or a substantial portion of the costs involved are paid in the form of user charges or fees for such services. Culver City has three enterprise accounts.
Transportation Fund is used to account for the operation, as well as the capital assets, of the Citys transportation system. Other funding assistance comes from FTA Section 9 (Federal-Capital), TDA and STA (Capital and Operating), and Proposition