pages: CityCouncil/2008-02-19.pdf, 16
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CityCouncil | 2008-02-19 | 16 | Commissioner Tam seconded the motion, which carried by unanimous voice vote - 5. AGENDA ITEMS (08-072 CC/08-12 CIC) Recommendation to accept the Quarterly Financial Report for the period ending December 31, 2007. The Finance Director gave a Power Point presentation. Mayor/Chair Johnson inquired whether retiree medical costs are 2% [of the budget) i stated the City is not fully funding the benefit now. The Finance Director responded the 2% represents the current payment for retirees. Mayor/Chair Johnson stated the amount could be much larger once true obligations are addressed. Councilmember/Board Member/Commissioner deHaan inquired whether the overall operational budget is $236 million, to which the Finance Director responded in the affirmative. Councilmember/Board Member/Commissioner Gilmore stated the $4 million [in lost revenue] is for the current fiscal year ending in June; the economic forecast through 2009 continues on the same path; the $4 million gap needs to be closed by the end of June; there will be some type of gap in the next two-year budget cycle. The Finance Director stated the first year is predicted to have some type of gap. Vice Mayor/Boar Member/Commissioner Tam commended staff for being ahead of the curve and reviewing ways to reduce expenditures by $3 million in anticipation of the $4 million deficit; $1.4 million was spent on the Beltline litigation; the money was moved from the General Fund to the Risk Management fund; inquired whether the Risk Management fund comes out of the reserves. The Finance Director responded Risk Management is funded by allocations from various funds, including the General Fund, which is the biggest contributor. Vice Mayor/Board Member/Commissioner Tam stated the City cannot Special Joint Meeting Alameda City Council, Alameda Reuse 4 and Redevelopment Authority, and Community Improvement Commission February 19, 2008 | CityCouncil/2008-02-19.pdf |