pages: CityCouncil/2008-02-19.pdf, 19
This data as json
body | date | page | text | path |
---|---|---|---|---|
CityCouncil | 2008-02-19 | 19 | Councilmember/Board Member/Commissioner Matarrese stated deferment of any capital improvement project should be reviewed very carefully from a policy standpoint because continued deterioration causes costs to increase. Mayor/Chair Johnson stated there is not a real reserve because of the millions of dollars in public safety retirement health benefit obligations, and deferred street, sidewalk, park, and building maintenance; the money could be spent on very critical City needs in a second and is not fun money. Councilmember/BoardMember/Commissioner deHaan requested background on the reserves accumulation and the erosion over the last two to three years. The Finance Director stated the reserve levels were adopted and codified in a 1997 document addressing financial policies; in 1989, a motion adopted that reserves be 25% of operating expenditures for economic uncertainties; the fund balance was approximately 27% in 2004-2005; portions have been used to fund: 1) deferred street, sidewalk, and tree maintenance; 2) playing fields; and 3) the Beltline litigation; a small portion of expenditure savings were contributed at the end of last year. Councilmember/Board Member/Commissioner deHaan inquired what is the current reserve level. The Finance Director responded the forecast indicates the reserve will be at 17% at the end of the fiscal year. Councilmember/Board Member/Commissioner deHaan stated the concern is how much of the reserve is liquid. The Finance Director responded $5.9 million of the $15 million is loaned out to the Alameda Public Improvement Corporation, Community Improvement Commission, and Alameda Power and Telecom, and $400,00 has been designated for fire station replacement. Councilmember/Boaro Member/Commissioner deHaan inquired what is the amount of deferred street maintenance; stated the estimate was approximately $31 million at one time. The Public Works Director responded $12 million is identified for street resurfacing $100 million is identified for all of the various infrastructures. Special Joint Meeting Alameda City Council, Alameda Reuse 7 and Redevelopment Authority, and Community Improvement Commission February 19, 2008 | CityCouncil/2008-02-19.pdf |