pages: CityCouncil/2008-10-07.pdf, 4
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CityCouncil | 2008-10-07 | 4 | Mayor Johnson stated a 5% cut is very optimistic; the projected $700,000 deficit for this year needs to be addressed. The City Manager stated that the budget would need to be reviewed continually. Mayor Johnson stated Council would be receiving recommendations on contributions to Other Post Employee Benefits (OPEB) from the Economic Sustainability Committee; the public needs to understand that the City Manager will be proposing a package of cuts at the next City Council meeting; Council would like to have public input on the matter. Councilmember Gilmore stated cities cannot run a deficit; a balanced budget is needed; inquired whether the State can come back after Proposition 1A money in the 2009-2010 budget cycle. The City Manager responded the State could go after Proposition 1A money this year. Councilmember deHaan stated the State could be looking at transportation funding also. Vice Mayor Tam stated the Governor could reopen the budget because of credit market tightening and the State's inability to qualify for a huge loan. Councilmember deHaan stated the City projected an approximate $5 million shortfall when the last budget was passed; changes have occurred; Council discussed the American Insurance Group's [AIG] situation; inquired whether there are other areas of concern. The City Manager stated that she asked the Chief Finance Director and City Treasurer about the matter; the City Treasurer assured her that the City is properly invested. Councilmember deHaan inquired whether the budget includes any pay raises. The City Manager responded that the budget does not assume any pay increases that have not been negotiated; stated property reassessments will be monitored continually. *** (08-428) Councilmember Matarrese moved approval of continuing the meeting past midnight. Councilmember deHaan seconded the motion, which carried by Regular Meeting Alameda City Council 4 October 7, 2008 | CityCouncil/2008-10-07.pdf |