pages: CityCouncil/2010-01-26.pdf, 2
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CityCouncil | 2010-01-26 | 2 | The Interim City Manager/Interim Executive Director and City Auditor gave brief presentations. Councilmember/Board Member Tam stated the City's net assets saw an increase of $6.9 million as a result of revenue exceeding expenses; additional progress has been made on capital asset improvements; refinancing was done; inquired how much of the net increase is from revenue exceeding expenses. The Interim City Manager/Interim Executive Director responded asset increases do not necessarily mean cash revenue increased because debt might have been paid off or a capital project may have finished; stated overall revenues stayed the same; the increase in all funds was only $3 million; a $6 million increase in the context of $205 million is not huge. Councilmember/Board Member Tam stated there was a savings of $3.1 million in the Police Department fund; $2.6 million was because of debt retirement; inquired whether said amount contributes to the $6.9 million, to which the Interim City Manager/Interim Executive Director responded in the affirmative. Councilmember/Board Member Matarrese inquired whether the amount does not represent a $6.9 million increase in cash, to which the Interim City Manager/Interim Executive Director responded in the affirmative. Councilmember/Board Member Matarrese inquired whether the workers compensation fund is still negative, to which the Interim City Manager/Interim Executive Director responded in the affirmative. Councilmember/Board Member Matarrese inquired whether the amount is assets, not cash. The Interim City Manager/Interim Executive Director responded in the affirmative; stated government financial assets include cash, bonds, capital improvement projects, etc. Councilmember/Board Member Gilmore inquired whether the net cash available is just under $10 million, to which the Interim City Manager/Interim Executive Director responded in the affirmative; stated there are still a couple of liabilities. Councilmember/Board Member Tam moved approval of the staff recommendation. Vice Mayor/Board Member deHaan seconded the motion, which carried by unanimous voice vote - 5. (10-032 CC/ARRA/10-02 CIC) Recommendation to Accept the Financial Report for the Fourth Fiscal Quarter Ending June 2009. Special Joint Meeting Alameda City Council, Alameda Reuse and Redevelopment Authority and 2 Community Improvement Commission January 26, 2010 | CityCouncil/2010-01-26.pdf |