pages: CityCouncil/2009-02-07.pdf, 12
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CityCouncil | 2009-02-07 | 12 | propositions require a 2/3 vote for a specific tax and 50% for a general tax; provided a brief review of Section VIII, Investments. In response to Mayor Johnson's inquiry about whether "or designee" should be removed from Policy A, the City Manager stated the language could be tightened up. The Interim Finance Director provided a brief review of Appropriations Limit [Section IX ] and Fund Balance and Reserves [Section x]. Mayor Johnson inquired whether Equipment Replacement [Section X.B) includes computer systems, to which the Interim Finance Director responded in the negative. Councilmember Tam inquired what computer systems fall under, to which the Interim Finance Director responded ISF. Councilmember Matarrese stated staff should address whether there is creative way to make the whole IT system a capital asset. The Interim Finance Director stated the matter would be added to the issue bin; reviewed Capital Improvement Management [Section XI] and Capital Financing and Debt Management [Section XII]. Councilmember Tam stated the debt ratio [XII.D.5 is 4:1; inquired whether the ratio was pulled from an existing policy. The Interim Finance Director responded investments bankers would say 4:1 is the most conservative ratio; stated 3:1 can be a very healthy ratio; the State recommends 4:1; the ratio could be changed. Councilmember Tam stated that she is only interested in amending the ratio if it helps the City's credit worthiness and bond rating. Mayor Johnson inquired whether "Pay-As-You-Go' XII.A. 4] is clear enough. The Interim Finance Director responded in the negative stated it needs to be defined. Mayor Johnson suggested adding factors for not favoring pay-as-you- go financing questioned whether the policy should be not to favor pay-as-you-go. Councilmember Gilmore stated pay-as-you-go means not incurring debt, which sounds like a good thing. Special Meeting Alameda City Council 12 February 7, 2009 | CityCouncil/2009-02-07.pdf |