pages: CityCouncil/2010-01-26.pdf, 12
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CityCouncil | 2010-01-26 | 12 | discussed; General Fund transfers have declined from $8 million to $830,000 over the last ten years. Councilmember Matarrese stated knowing what kind of policy is needed is important going forward in order to protect the asset. The Interim City Manager stated everyone thought that the fund balance was cash, which is not true. Councilmember Matarrese stated Council was given a presentation regarding building a Club House with the fund balance. Mayor Johnson stated Council had a joint meeting with the Golf Commission on the matter; the idea was shut down because Council had serious concerns with the numbers; building a Golf Course at the former Naval Base was another crazy idea presented. The Interim City Manager continued the presentation. Vice Mayor deHaan stated in Fiscal Year 2004-05 the Payment in Lieu of Taxes (PILOT) was used bail out the General Fund; the PILOT grew around $215,000; subsequently, the PILOT went down because of less play. Speaker: Jane Sullwold, Golf Commission. In response to Ms.Sullwold's inquiry, the Interim City Manager responded the Return on Investment (ROI) is blended in with the PILOT. In response to Ms. Sullwold's inquiry, the Interim City Manager responded the Governmental Accounting Standards Board (GASB) requires the City to inventory everything at the Golf Course and create a present value of the asset. Councilmember Gilmore stated Council and the Golf Commission were told that there was a fund balance of over $5 million at a previous meeting. Mayor Johnson inquired whether Council could rely on the numbers presented tonight. The Interim City Manager responded in the affirmative; stated a National Golf Federation (NGF) number should not be used as an actual. Mayor Johnson stated that she is confident the current numbers are good. Councilmember Matarrese stated that he has a hard time characterizing net income as a profit because capital outlay shows mostly zeros. Special Joint Meeting Alameda City Council, Alameda Reuse and Redevelopment Authority and 12 Community Improvement Commission January 26, 2010 | CityCouncil/2010-01-26.pdf |