pages: CityCouncil/2008-10-21.pdf, 21
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CityCouncil | 2008-10-21 | 21 | The Interim Finance Director responded the matter would be visited in more detail in the future; stated some housekeeping paperwork needs to be done to make it [loans] more formal; continued the presentation. Mayor/Chair Johnson requested the outstanding bonds debt balance. The Interim Finance Director stated staff would provide the debt service schedule, including a description of why the City went to the market and what was financed. Mayor/Chain Johnson stated the City needs to maintain what has been built and cannot let assets deteriorate before they have been paid off. The Interim Finance Director stated one of the things that government does not do very well is anticipate maintenance costs and roll [maintenance] costs into operations; some cities adopt policies. Mayor/Chair Johnson stated the City should do so [adopt a policy]. The Interim Finance Director continued the presentation. Councilmember/Board Member/Commissioner Matarrese stated $38 million in the sewer fund is the asset, not cash; inquired whether $38 million is the amount it would cost to put in the sewer system. The Interim Finance Director responded in the negative; stated GASB 34 requires that a value be placed on infrastructure; stated the replacement cost would be a lot more than $38 million. Councilmember/Board Member/Commissioner Matarrese stated the amount should be grounded to reality requested the matter be reviewed; stated the value should be understood. The Interim Finance Director stated a GASB 34 report could be provided on the sewer and ferry systems. Mayor/Chair Johnson stated the City is trying to catch up on deferred maintenance for streets and sidewalks; the City needs to have a plan and funding mechanism in place to deal with assets so that they do not crumble awayi the Council needs to know the expected maintenance needs in the near and long term for all assets, such as the sewers. Special Joint Meeting Alameda City Council, Alameda Reuse and 4 Redevelopment Authority, and Community Improvement Commission October 21, 2008 | CityCouncil/2008-10-21.pdf |