pages: CityCouncil/2009-05-05.pdf, 14
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CityCouncil | 2009-05-05 | 14 | The Interim City Manager stated the repayment schedule was established on what the CIC could do; many funds operate in the negative; the key is determining whether there is a negative or positive at the end of the day; April is the biggest revenue month for the General Fund revenue and expense projections reflect what is on the books through April; the key is to look at the far right column which shows where the City will be at the end of the year; many funds have come down in fund balance and cash; continued with the presentation. Councilmember Matarrese thanked the Interim City Manager for the walk through; stated the sewer system is no different than the Library system; the sewer system is a functioning public health system. The Interim City Manager stated the sewer system is broken down by operational and infrastructure programs. Vice Mayor deHaan inquired whether assets have not been depreciated, to which the Interim City Manager responded in the affirmative. Councilmember Tam stated Alameda is in better shape than a lot of cities; inquired whether the City could call on the three notes and pay for some catastrophic event; further inquired whether the City is married to the five-year repayment schedule. The Interim City Manager responded the AMP note is not collectable at this time; stated the two agency notes are owed from two different funds. Councilmember Tam stated the State feels that it has a better legal standing to raid redevelopment funds; inquired whether the established formula would be less if the notes are repaid. The Interim City Manager responded the City would have less risk of having funds raided. Councilmember Tam stated a large amount of the $39 million CIC fund balance seems to be locked up. The Interim City Manager stated the $39 million is a subtotal of all special revenue funds; the CIC funds are part of the special revenue fund group; subtotaling would be provided next time. Councilmember Gilmore stated there have been discussions about cities that do not have redevelopment money having to dip into General Fund to pay the State. Regular Meeting Alameda City Council 14 May 5, 2009 | CityCouncil/2009-05-05.pdf |