pages: CityCouncil/2009-02-03.pdf, 18
This data as json
body | date | page | text | path |
---|---|---|---|---|
CityCouncil | 2009-02-03 | 18 | Councilmember Tam inquired whether the Internal Services Fund is not recovering costs completely. The Interim Finance Director responded the City's potential outside claim risk is an unfunded liability, but is not the same as the fund running a cash negative; the City would need to write a check for $6.6 million if every claim settled for the highest amount and all came due at the same time; the City needs to start budgeting for a claim liability reserve; at some point the City will be writing checks for the claims. Councilmember Tam moved approval of the staff recommendation. Councilmember Matarrese seconded the motion, which carried by unanimous voice vote - 5. *** (09-056) Vice Mayor deHaan moved approval of continuing the meeting past midnight. Councilmember Matarrese seconded the motion, which carried by unanimous voice vote - 5. *** (09-057) Recommendation to accept the Quarterly Treasury Report for the period ending December 31, 2008. The City Treasurer provided handout and gave a brief presentation. Councilmember Tam inquired whether California Municipal obligations are 4.4% of the City's portfolio and whether the City's mortgage backed security is 2.6% of the portfolio; stated the majority of the City's portfolio is federally backed securities which caused the 7.6% rate of return in 2008. The City Treasurer responded the City owns U.S. Treasury obligations, bonds from Fannie Mae and Freddie Mac, individual issues from some financial institutions, and a taxable State of California bond; City investments are restricted. Councilmember Gilmore moved approval of the staff recommendation. Councilmember Matarrese seconded the motion, which carried by unanimous voice vote - 5. ORAL COMMUNICATIONS, NON-AGENDA Regular Meeting Alameda City Council 18 February 3, 2009 | CityCouncil/2009-02-03.pdf |