pages: CityCouncil/2012-07-24.pdf, 4
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CityCouncil | 2012-07-24 | 4 | difference spent for debt service [and runoff] at the end of the first three years. The Assistant City Manager stated there will no longer be $1 million in the Golf Fund at year three so the City needs to come up with said money from somewhere. Councilmember Johnson questioned why the City does not just give Greenway $670,000, and why the City is giving more than $1 million. Mayor Gilmore stated that the $330,000 is not going to Greenway. Councilmember Johnson stated the purpose of the Lease is to have the City not continue to fund Golf course operations. The City Manager stated the City is not funding operations, but is funding the driving range capital improvement debt service and urban runoff fee; the City cannot escape said expenses or impose the expenses on the operator. Councilmember Johnson stated that she thought Greenway would take on the Golf Course and get a 20 year lease with a five year option to renew, which includes taking on Golf Course liabilities. Councilmember Tam stated $1 million is not being paid up front, but she is still concerned about the future; there were long discussions during Measure C debates regarding depreciation and ensuring sufficient vehicle funding; making the budget choice to have $440,000 come from the General Fund would be hard; the Auditor has indicated there is not enough in the reserves to meet obligations. The City Manager stated the amount would come out of reserves; staff would never suggest having the reserve go under 20%; the money would be advanced to meet the contractual obligation and the reserve would be paid back. Councilmember Johnson stated funds should not be taken out of the General Fund reserve to subsidize the Golf Course lease; the City's obligation for funding for the Golf Course should be over when the Lease is signed. Mayor Gilmore requested information on the Athletic Trust Fund. The Assistant City Manager stated that she does not have all the information at this time; the Athletic Trust Fund is for programs that are cost covering; the Fund does not have a lot of money and is being used for staff costs to reduce the Department's reliance on the General Fund. Councilmember Tam inquired whether reliance on the Athletic Trust Fund has been increased. The Assistant City Manager responded in the affirmative; stated the City has made a Regular Meeting Alameda City Council 4 July 24, 2012 | CityCouncil/2012-07-24.pdf |