pages: CityCouncil/2006-02-07.pdf, 15
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CityCouncil | 2006-02-07 | 15 | Councilmember Matarrese stated the Council is not changing the reserve limit policy but is requesting to pull money out of the reserves today because the infrastructure is accruing debt faster than the reserves are accruing benefit; every dollar should be tied to an infrastructure repair; spending money on Fire Station 3 also qualifies because the station is a crumbling asset; money spent on a study is not appropriate; suggested looking for funding in the ARRA planning budget. Mayor Johnson concurred with Councilmember Matarrese regarding not changing the reserve limit policy; stated money is being allocated to pay for needed projects. Vice Mayor Gilmore stated that the City has known about fire station issues; there is no immediate urgency except for Fire Station 3; the next budget process can review appropriating money for the study; there are deeper problems if $20,000 cannot be found in the normal budget processi the reserve reduction should be considered a one-time occurrence; the goal will be to continue to build reserves back up to 25%. Councilmember Daysog stated that the reserves were built up by not investing in the infrastructure over the years; now is the time to invest back into the sidewalks and streets; inquired what the affect will be on the undesignated reserves. The Finance Director responded that there are no undesignated reserves the policy sets a 25% target for economic uncertainties; some portions of the reserves have been loaned to other funds and the cash is not available; $6 million out of $18 million has been loaned out; the remaining funds would allow sufficient time to make decisions on how to proceed. The City Treasurer stated that $380,000 remains in the pool for planning and acquisition costs after the $20,000 for the study questioned why $380,000 should be taken out of reserves today to put the money into an interest-bearing account for future acquisition. Councilmember Matarrese stated the funds should be held in abeyance [designated reserve] for Fire Station 3; money would not be allocated [designated] from the reserves for a study, only for acquisition and/or repair. Councilmember deHaan stated impact funding was set aside; inquired whether the impact funding was earmarked for studies and how the Special Joint Meeting Alameda City Council and 5 Community Improvement Commission February 7, 2006 | CityCouncil/2006-02-07.pdf |