pages: CityCouncil/2008-10-21.pdf, 23
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CityCouncil | 2008-10-21 | 23 | the General Fund; as claims come in during the year, money is backfilled into the workers' compensation budget. Mayor/Chair Johnson requested that the reporting be made clearer. The Interim Finance Director stated the amount is on the balance sheet, not the profit and loss statement. the amount does not have to be liquid and can be in an asset. Councilmember/Board Member/Commissioner Matarrese stated the City is federally required to have $5 million [for workers' compensation] ; inquired whether the $5 million is part of the $10 million that is cash in the [General Fund] fund balance. The Interim Finance Director responded in the negative; stated the number is recorded as a liability; however, the money is not earmarked exclusively for workers' compensation. The City Attorney concurred that the amount does not need to be earmarked; stated there must be at least that much money in the General Fund. The Interim Finance Director stated if Council wanted to fund it, the cash would be moved someplace. Mayor/Chair Johnson stated the fund balance is $16 million, $10 million of which is cash; $5 million of the $10 million [in cash) has to remain liquid [for workers' compensation]. The Interim Finance Director stated the federal requirement is that the City has to have the capacity to pay. The City Attorney concurred that the City has to demonstrate the capacity to pay; stated the way the City does so is by keeping the money in the General Fund. The Interim Finance Director concluded the presentation. Mayor/Chair Johnson requested that the amount budgeted for the next fiscal year be included in another column in future reports; stated some funds have significant balances and might need to be reviewed; further requested that the police overtime Contract overtime be reviewed to ensure that the amount charged fully funds all costs. The Interim Finance Director stated contract overtime would be handled differently; there would be an object code to show expenses Special Joint Meeting Alameda City Council, Alameda Reuse and 6 Redevelopment Authority, and Community Improvement Commission October 21, 2008 | CityCouncil/2008-10-21.pdf |