pages: CityCouncil/2010-10-19.pdf, 2
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CityCouncil | 2010-10-19 | 2 | situation [unfunded liability]. The Interim City Manager responded interest earnings would be allocated at the end of the year but would not be transferred to reserves; staff is targeting 20% as a goal for available cash; Council needs to establish policy once the 20% goal is achieved. The City Treasurer stated the City's portfolio is limited to a maximum five-year maturity by State law. Councilmember Matarrese stated the City needs to be very cautious and not fall into the trap of enjoying a good return without realizing rates go up and down. Vice Mayor deHaan stated rainy days have not subsided; reserves should be used cautiously. Councilmember Matarrese moved approval of the staff recommendation. Vice Mayor deHaan seconded the motion, which carried by unanimous voice vote - 3. [Absent: Councilmembers Gilmore and Tam - 2.] COUNCIL REFERRALS (10-499) Consider Directing the Interim City Manager to Finalize Negotiations for a Lease of the Mif Albright Golf Course for Senior and Youth Play, with Designated Representatives of the Alameda Junior Golf Association (AJGA) and/or Its Working Subcommittee, Consistent with the Spirit of the Tentative Business Term Sheet Dated June 3, 2010; and AUTHORIZING Reserving $100,000 from the Golf Course Enterprise Fund Available Cash Balance to Help Secure the $250,000 Grant Offered by Wadsworth Golf Charities for Capital Improvements to the Mif Albright Golf Course. Vice Mayor deHaan stated that he would like to continue the item, but still allow the speakers to address Council. Speakers: Jean Ley, Alameda; Glen Van Winkle, Alameda (submitted letter); Robert Sulwold, Alameda; Joe Van Winkle, Alameda (submitted drawing); Jane Sulwold, Alameda; Norma Arnerich, Alameda; Jon Spangler, Alameda; Steve Taddy, Alameda; and the Alameda High Girls Golf Team. Vice Mayor deHaan stated the City spends $100,000 to $150,000 [per year] on park maintenance; the City has an opportunity to receive a $250,000 grant for the Mif Albright Course; hopefully, a commitment to dedicate $100,000 in matching funds will be made at the next Council meeting. Mayor Johnson stated the City has been working very closely with the School District on the swimming pool closure issue; requested staff to provide information. Regular Meeting Alameda City Council 2 October 19, 2010 | CityCouncil/2010-10-19.pdf |