City of Long Beach - File #: 11-0305

• File #: 11-0305
• Version: 1
• Name: FM - Separately Issued Financial Statements
• Type: Agenda Item
• Status: Approved
• File created: 3/3/2011
• In control: City Council
• On agenda: 4/12/2011
• Final action: 4/12/2011
• Title: Recommendation to receive and file Separately Issued Financial Statements for the Harbor Department, Redevelopment Agency, and Long Beach Transit for the Fiscal Year ended September 30, 2010. (Citywide)
• Sponsors: Financial Management
• Indexes: Report

Date	Ver.	Action By	Action	Result
4/12/2011	1	City Council	approve recommendation	Pass

TITLE

Recommendation to receive and file Separately Issued Financial Statements for the Harbor Department, Redevelopment Agency, and Long Beach Transit for the Fiscal Year ended September 30, 2010.  (Citywide)

DISCUSSION

Separately Issued Financial Reports and Statements

Certain City funds, joint powers authorities, and other subsidiary entities are required to submit audited annual financial statements under separate cover, including the Harbor Department and the Redevelopment Agency.  These separate reports are enclosed and are issued annually to meet distinct legal and financial requirements.  The financial statement for Long Beach Transit, a discretely presented component unit of the City, for which the City is the sole shareholder, is also included.

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

DAVID S. NAKAMOTO

ACTING DIRECTOR OF FINANCIAL MANAGEMENT

APPROVED:

PATRICK H. WEST

CITY MANAGER