pages: CityCouncil/2009-02-07.pdf, 4
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CityCouncil | 2009-02-07 | 4 | she was 70% sure there would be no surprises when she started; today, she is 95% sure. Vice Mayor deHaan stated revenue streams can shift; too often there have been internal surprises. The Interim Finance Director provided an overview of the mid-year budget. Mayor Johnson inquired how much would be budgeted for Other Public Employee Benefits (OPEB) during the current fiscal year. The Interim Finance Director responded the matter would be addressed later in the day; staff has a recommendation; continued her presentation by providing a debt overview. Mayor Johnson stated the Council does not believe the way the City has been balancing budgets can be sustained; the City has been using a band-aid method; real steps need to be taken towards a sustainable, balanced budget the corporate world refers to it as adjusting the corporate structure to reflect current realities. Vice Mayor deHaan stated debt has been restructured two times; looking at restructuring a third time is a problem. Councilmember Gilmore stated debt is a part of how cities run; the overall question is whether the City's level of debt is appropriate. Councilmember Tam stated refinancing was one of the tools that brought the budget into balance; each department took a hit; sacrifices have been made. Mayor Johnson stated the refinancing was positive. The Interim Finance Director provided an overview of the debt report; stated the City only has one outstanding general obligation bond, which is very low; the City also has tax increment, which is the way redevelopment agencies work; tax increment is not an obligation of the City. The Development Services Director briefly commented on tax increment. Councilmember Matarrese requested staff to discuss the $900,000 the State took from redevelopment The Development Services Director stated the amount is being paid Special Meeting Alameda City Council 4 February 7, 2009 | CityCouncil/2009-02-07.pdf |