pages: CityCouncil/2008-12-02.pdf, 4
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CityCouncil | 2008-12-02 | 4 | deficit mode moving forward for branch libraries improvements. The Interim Finance Director responded in the negative; stated there is a positive fund balance in the debt service; the City does not want to over collect and is required to use interest earned ; the fund has a positive fund balance of $357,000, which is enough to offset any unearned interest to help pay the debt service. Vice Mayor Tam stated that she is concerned that there may be less money for the branch libraries. The Interim Finance Director stated that she would do some forecasting regarding available branch library improvement financing. Councilmember Matarrese stated the City is obligated to make library branch improvements. The Interim Finance Director stated that she would provide an Off Agenda report on the matter. The City Manager stated bond proceeds are in a different fund. The Interim Finance Director stated the report is for the debt service fund specifically and includes money collected on tax rolls to pay the principle and interest on the debt and any interest earned in addition to improvements. Mayor Johnson inquired what is the next step for the strategic Library planning. The Assistant City Manager responded the Architect contract would be coming to Council early next year. Councilmember deHaan stated the Bayport Community Facility District generated $474,000; expenditures are $150,000; inquired what happens to the delta. The Interim Finance Director responded a traditional Codified Community Facilities District debt has a variety of formulas; stated the City has elected to assess it on a flat line consistently; the fund has a significant balance of approximately $500,000 to $600,000. the balance would be drawn down once the project is built out funds will be needed for infrastructure maintenance and services. Councilmember deHaan inquired whether the funds are isolated for Regular Meeting 4 Alameda City Council December 2, 2008 | CityCouncil/2008-12-02.pdf |