pages: CityCouncil/2007-12-04.pdf, 26
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CityCouncil | 2007-12-04 | 26 | Councilmember/Board Member/Commissioner Gilmore stated that Proposition 1A did not provide any protection for the City's redevelopment fund; requested clarification on the issue. The Finance Director stated the last Educational Revenue Augmentation funds (ERAF) were $711,000 out of $5 million of property tax in the past years; the construction of a takeaway formula is unknown; redevelopment agencies are the most vulnerable. louncilmember/Board Member/Commissioner Matarrese stated Council did not intend to use reserves for Beltline litigation costs; inquired what will be done in the future to prevent reoccurrence. The Finance Director responded any direction for use of funds needs to come from the City Manager to the Finance Department and needs to have discussions on funding. Mayor/Chair Johnson stated all money needs to be budgeted with approval of Council. The Finance Director stated that she understands that the money was approved for payment from the Risk Management Fund. Councilmember/Board Member/Commissioner Matarrese inquired whether audit practices and protocols are sufficient to catch any in the Finance Director's opinion; stated that authorization happened over a year agoi audits have been performed since that time; the matter is just coming to light now; inquired whether audit practices and protocols are sufficient. The Finance Director stated the only way that an auditor would be aware of the issue was if substantial information was available about the fact that the litigation was directed by Council; the direction would be in the form of information from the City Manager and the City Attorney to Finance. Councilmember/BoardMember/Commissioner Matarrese inquired how the issue was discovered. The Finance Director responded by review of the Risk Management Fund when the balance became a deficit. Councilmember/Board Member/Commissioner Matarrese inquired whether the auditors look for deficits. Special Joint Meeting Alameda City Council, Alameda Reuse 12 and Redevelopment Authority and Community Improvement Commission December 4, 2007 | CityCouncil/2007-12-04.pdf |