pages: CityCouncil/2009-02-07.pdf, 22
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CityCouncil | 2009-02-07 | 22 | Mayor Johnson stated debt should not be incurred without determining how to pay for it. Councilmember Matarrese stated $8. 8 million is not a true figure money is being spent that is not being assessed; the only two payment choices are to cut services or take the amount from the fund balance; that he would not support options to defer or borrow to pay for it [deficit]. Mayor Johnson stated a policy needs to be in place that the City cannot accumulate debt or negative fund balances that are not being paid; inquired how many years the deficit has been in place. The Interim Finance Director responded that she does not know off the top of her head. Mayor Johnson requested that Council receive the breakdown [ amount owed] for each department. Councilmember Matarrese stated the only course is to zero out the amount against the General Fund balance. The Interim Finance Director stated staff suggests working within the funds to cover half of the deficit and create a repayment plan. Vice Mayor deHaan requested that providing Council with the breakdown be added to the issue bin. Mayor Johnson inquired whether money in current department budgets could be used to start paying the workers' compensation deficit, to which the Interim Finance Director responded in the negative. Mayor Johnson inquired whether more debt is being incurred this year, to which the Interim Finance Director responded in the negative. Mayor Johnson inquired whether the $2 million [deficit in workers' compensation] was spent. The City Attorney provided an explanation of workers' compensation charges. Mayor Johnson noted the $2 million debt is in addition to the money that has to be set aside in the event all claims have to be paid. The City Manager gave a presentation on the ISF and the staff suggestion on how to resolve the deficit. Special Meeting Alameda City Council 22 February 7, 2009 | CityCouncil/2009-02-07.pdf |