TITLE
Recommendation to refer the Los Cerritos Wetlands Authority, Air Quality Management District (AQMD), Annual Financial Reports for the Airport Enterprise Fund and Airport Schedules for Passenger Facility Charges for the Fiscal Year ended September 30, 2008 to the Budget Oversight Committee. (Citywide)
DISCUSSION
The Los Cerritos Wetlands, AQMD and Airport Enterprise Fund Annual Financial Reports were prepared by the Financial Management Department and Airport Department staff, and contain audited financial information for the fiscal year ended September 30, 2008 (FY 08) 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. 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, AQMD, Airport Enterprise Fund and Airport Schedules for Passenger Facility Charges financial reports are enclosed and are issued annually to meet 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,
STEPHEN W. HANNAH
CITY CONTROLLER
LORI ANN FARRELL
DIRECTOR OF FINANCIAL MANAGEMENT/CFO
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APPROVED: |
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PATRICK H. WEST |
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CITY MANAGER |