pages: CityCouncil/2005-02-01.pdf, 14
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CityCouncil | 2005-02-01 | 14 | MINUTES OF THE SPECIAL JOINT CITY COUNCIL, COMMUNITY IMPROVEMENT COMMISSION AND ALAMEDA REUSE AND REDEVELOPMENT AUTHORITY MEETING TUESDAY- - - -FEBRUARY 1, 2005- -7:27 P.M. Mayor/Chair Johnson convened the Special Meeting at 8:05 p.m. ROLL CALL - Present : Councilmembers/Commissioners/Board Members Daysog, deHaan, Gilmore, Matarrese, and Mayor/Chair Johnson - 5. Absent : None. AGENDA ITEMS JOINT ACTION: (05-046CC/05-005CIC) Recommendation to accept the Quarterly Financial Report and approve mid-year budget adjustments. The Interim City Manager/Executive Director stated that the report shows the revenues and expenditures for the first six months of the Fiscal Year and recommended adjustments. The Finance Director stated the report provides a snapshot view; matters could get better or worse; the amended budget has a $4.8 million deficit; a report on closing the deficit would be presented at the February 15 City Council Meeting; 45% of the estimated revenues have been received; expenditures are at 43.5% of budget the estimated fund balance is based on estimated revenues and appropriations. Councilmember/Commissioner/Board Member Daysog inquired how much of the projected $13.4 million fund balance is designated, to which the Finance Director responded approximately $8.5 million. Councilmember/Commissioner/Board Member Matarrese inquired whether there would be a budget adjustment due to the 43.5% run rate. The Interim City Manager/Executive Director responded that a budget adjustment would be made that would equal the estimated overrun of $4.8 million. Mayor/Chair Johnson stated the budget situation is a very serious problem. ouncilmember/Commissioner/Board Member Daysog moved acceptance of the staff recommendation. Special Joint Meeting Alameda City Council, Community 1 Improvement Commission and Alameda Reuse and Redevelopment Authority February 1, 2005 | CityCouncil/2005-02-01.pdf |