pages: CityCouncil/2008-10-21.pdf, 22
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CityCouncil | 2008-10-21 | 22 | Councilmember/Board Member/Commissioner Matarrese stated a real number is needed, not a number driven by an accounting standard. Councilmember/Board Member/Commissioner deHaan inquired whether the $300,000 in the Golf due from ARRA fund would be repaid, to which the Interim Finance Director responded staff would look into the matter. Councilmember/Board Member/Commissioner Matarrese inquired the amount in the ARRA fund balance. The Interim Finance Director responded in the aggregate, fund balance is $10.3 million. The City Manager stated staff would get back to Council because there are differences between the amount and the cash flow. Councilmember/Board Member/Commissioner Matarrese inquired whether the [ARRA] fund owes money to the General Fund and Golf, to which the Interim Finance Director responded staff would look into the matter. The Assistant City Manager stated some of the commitments are pretty poorly documented. Mayor/Chair Johnson stated the City needs to do a better job [of documenting commitments]. The Interim Finance Director stated the [ARRA] funds might not be available due to obligations in a Disposition and Development Agreement or something else; the numbers would be broken down more clearly; continued the presentation. Mayor/Chair Johnson requested an explanation of the Workers' Compensation fund. The Interim Finance Director stated the fund has been set up to include the potential liability similar to Other Post Employment Benefits (OPEB) . The City Attorney stated both federal law and the City's participation in a workers' compensation risk pool require that the City show the actuarial loss reserve; the number is very high and represents the worst case scenario; the City has to have the funds, rather than just show the number on paper; the funds are held in Special Joint Meeting Alameda City Council, Alameda Reuse and 5 Redevelopment Authority, and Community Improvement Commission October 21, 2008 | CityCouncil/2008-10-21.pdf |