pages: CityCouncil/2010-01-26.pdf, 5
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CityCouncil | 2010-01-26 | 5 | Mayor/Chair Johnson inquired whether the [general fund] fund balance would be cut in half if the suggested amount for workers compensation was set aside, to which the Interim City Manager/Interim Executive Director responded $6.5 million would be taken from the $8.4 million [fund balance]. Vice Mayor/Board Member/Commissioner deHaan inquired whether funding is included for Other Post Employment Benefits (OPEB), to which the Interim City Manager/Interim Executive Director responded in the negative. In response to Vice Mayor/Board Member/Commissioner deHaan's inquiry regarding the present value of OPEB, the Interim City Manager/Interim Executive Director stated the amount is $74.7 million. Mayor/Chair Johnson stated the claims reduce the City's ability to provide service to the public and need to be managed as best as possible. The Interim City Manager/Interim Executive Director stated staff worked to have the [workers compensation and risk management] funds break even over an 18-month period [ending June 2010]; next, staff will work to make the balances positive over the following 18-month period. Vice Mayor/Board Member/Commissioner deHaan stated the City is working to meet obligations and has not made additional money. The Interim City Manager/Interim Executive Director stated staff is working to break down the funds. Councilmember/Board Member/Commissioner Gilmore stated the cash in the general fund seems like an illusion when there are other funds that should have reserves. The Interim City Manager/Interim Executive Director stated Council might want to revisit the fund balance policy; the fund balance also includes loans. Mayor/Chair Johnson stated maintenance was being deferred to build the fund balance; deferred maintenance ends up costing more. The Interim City Manager/Interim Executive Director stated new internal service funds, such as the facilities maintenance fund, have been created to start having disciple and put money aside. Mayor/Chair Johnson stated people did not know about the internal service fund negatives because there were not separate accounts; having a clear budget is very important to Special Joint Meeting Alameda City Council, Alameda Reuse and Redevelopment Authority and 5 Community Improvement Commission January 26, 2010 | CityCouncil/2010-01-26.pdf |