TITLE
Recommendation to refer the Los Cerritos Wetlands Authority, the City of Long Beach Airport Enterprise Fund and the City of Long Beach Airport Schedules for Passenger Facility Charges (separately issued Financial Statements) for the fiscal year ended September 30, 2007 to the Budget Oversight Committee. (Citywide)
DISCUSSION
Separately Issued Financial Reports and Statements
The Los Cerritos Wetlands and City of Long Beach Airport Enterprise Annual Reports were respectively prepared by the Financial Management Department and Airport staff, and contain audited financial information on those funds for the fiscal year ended September 30, 2007 (FY 07) in accordance with generally accepted accounting principles. In accordance with Section 302(e) of the City Charter, these reports are submitted annually to the City Council, and reflect the Governmental Accounting Standards Board Statement No. 34 (GASB 34), the reporting model for all state and local governments. It is important to note that audited financial reports are designed to report historical financial information only, and are not designed to report financial projections or budgetary priorities.
The Los Cerritos Wetlands Authority, the City of Long Beach Airport Enterprise Fund and the City of Long Beach Airport Schedules of Passenger Facility Charges reports are enclosed and are issued annually to meet distinct legal and financial requirements.
TIMING CONSIDERATIONS
Action on this item is not time critical.
FISCAL IMPACT
There is no fiscal impact associated with this action.
SUGGESTED ACTION
Approve recommendation.
Respectfully Submitted,
DAVID NAKAMOTO
ACTING CITY CONTROLLER
LORI ANN FARRELL
DIRECTOR OF FINANCIAL MANAGEMENT/CFO
NAME |
APPROVED: |
TITLE |
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PATRICK H. WEST |
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CITY MANAGER |