pages: CityCouncil/2010-05-18.pdf, 9
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CityCouncil | 2010-05-18 | 9 | The Interim City Manager stated that she is not as negative about losing the full $1.1 million as she was eighteen months ago; continued the presentation. In response to Vice Mayor deHaan's inquiry, the Interim City Manager stated in the last two and a half years, the total cash has gone from $223 million to $180 million. Councilmember Tam stated the 3rd Quarter Treasury Report ending March 31st shows a cash asset of $129,866,000; the Interim City Manager stated that the City has less than 90-days working capital; inquired how much is spent per month. The Interim City Manager responded approximately $6 million per month; $20 million would be needed for a 90-day working capital. Councilmember Tam requested an explanation of the $129 million. The Interim City Manager stated the City had $129 million available at the end of March; Alameda County receives redevelopment property taxes in May; the second installment [of property taxes] is received in April; cash will go up this quarter; the City is quarters behind in receiving gas tax receipts; Measure B is down 18%; continued the presentation. Vice Mayor deHaan stated the City needs to be self-sufficient. The Interim City Manager stated being cash rich in a depression is important. Councilmember Gilmore stated being cash rich is the fiscal equivalent of needing a certain amount on hand for earthquake preparedness. The Interim City Manager stated having cash puts the City in an excellent position to hedge off delays in receipts of checks; continued the presentation. Councilmember Matarrese moved approval of the staff recommendation. Councilmember Tam seconded the motion, which carried by unanimous voice vote - 5. ORAL COMMUNICATIONS, NON-AGENDA None. COUNCIL REFERRALS None. COUNCIL COMMUNICATIONS Regular Meeting Alameda City Council 9 May 18, 2010 | CityCouncil/2010-05-18.pdf |