pages: CityCouncil/2007-12-04.pdf, 27
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CityCouncil | 2007-12-04 | 27 | The Finance Director responded the auditors pointed out that it was a deficit this year but the issue was already determined. Councilmember/Board Member/Commissioner Matarrese stated the Power Point presentation should be posted to the website and Council should receive a copyi the national economic environment affects California and will affect the City; thanked the Finance Director for doing a good job on the presentation. Vice Mayor/Board Member/Commissioner Tam echoed Commissioner Matarrese's appreciation for the presentation; inquired how the City deals with replenishing or drawing down on the reserves from the 20% to 25% range. The Finance Director responded the draw down was purposeful and well thought out by Council in terms of trying to meet unmet infrastructure needs. Vice Mayor/Board Member/Commissioner Tam inquired whether reserves are replenished also. The Finance Director responded reserves are replenished only by having revenues exceed expenditures; stated the expenditure budget is $85.7 million; typically, not all money is spent and will go back into the fund balance; an absolute commitment cannot be made at this time. Councilmember/BoardMember/Commissioner deHaan stated there was a draw down on the reserves because of needed infrastructure; the draw down was supposed to be 25% to 23% and is now 21%; 18% is left and will leave approximately $12 million; a lot of the $12 million is obligated. The Finance Director stated 18% leaves approximately $15.5 million the $400,000 reserve designated for Fire Station 3 replacement is excluded; approximately $6 million is loaned to other funds. Councilmember/Board Member/Commissioner deHaan inquired whether the $6 million could be called back. The Finance Director responded the $6 million could be called back, but the disaster would be pushed off to another area. Councilmember/Board Member/Commissioner deHaan inquired what loans are in the $6 million. Special Joint Meeting Alameda City Council, Alameda Reuse 13 and Redevelopment Authority and Community Improvement Commission December 4, 2007 | CityCouncil/2007-12-04.pdf |