pages: CityCouncil/2009-02-07.pdf, 25
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CityCouncil | 2009-02-07 | 25 | balance; the City needs to be disciplined and live within its means; inquired whether the equipment plan would be okay under the three-year repayment plan. The Interim Finance Director responded in the affirmative Mayor Johnson stated the amount going into the equipment reserve fund should be reviewed; perhaps too much money is going into said fund; that she supports the idea of the down payment and repayment during the next two years; inquired whether the down payment would be the first year and repayment would occur during the next two years. The Interim Finance Director responded the fund transfer would occur this year and repayment would occur in three years starting July 1. Mayor Johnson stated that she agrees that the actual fund balance should be reflected; inquired whether money is included for the East Bay Regional Communications System. The City Manager responded the amount was not included; stated the matter would be added to the issue bin. Mayor Johnson noted the City can withdraw before debt is incurred and might need to do so. Councilmember Matarrese inquired whether money being repaid each year by departments would be reflected in the figure that shows the fund balance available cash, to which the Interim Finance Director responded in the affirmative. The City Treasurer stated that he is concerned about the integrity of the equipment replacement budget, which is $1.6 million short this year. The Interim Finance Director stated equipment replacement appreciation is done based on present value; planning for future value can be done but has a cost. The City Treasurer stated the FSC is using future value; that he is curious how the equipment replacement fund has ended up with a surplus; $1.3 million of the workers' compensation deficit seems to have occurred this year; inquired how it happened; stated the City has historically low workers' compensation claims inquired whether the year was a fluke or a trend; inquired when a more accurate workers' compensation premium would be built into the system and what would be the percentage of payroll. Special Meeting Alameda City Council 25 February 7, 2009 | CityCouncil/2009-02-07.pdf |