pages: CityCouncil/2014-03-18.pdf, 8
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CityCouncil | 2014-03-18 | 8 | assessed against all departments; the transaction is a benefit due to the low interest rate of the loan. Vice Mayor Ezzy Ashcraft inquired whether the liquidity of the equipment replacement fund is important, to which the Finance Director responded in the affirmative; stated there should be sufficient reserves in the fund built over time to avoid dramatic hits. Vice Mayor Ezzy Ashcraft inquired if the equipment replacement fund is allocated from the City's budget. The Finance Director responded charges are assessed to, and tracked by, each department; stated the fund is citywide. Councilmember Tam inquired whether the maintenance costs of the new fire station will be accommodated in the Fire Department budget separately. The Finance Director responded as part of the two year budget, the City adopts a Capital Improvement Program (CIP) Facilities Maintenance Fund for maintenance of City buildings. Councilmember Lena Tam stated that she would like to see interdepartmental equitable issues in the future since the equipment replacement fund is intended for use by all City departments. Expressed concern about the City going into further debt; questioned why the City should not continue under the current situation: Jane Sullwold, Alameda. Councilmember Tam requested the Finance Director discuss prospective obligations, the City's capacity for debt, and the timing of financing. The Finance Director responded the fire station plan was purposely designed to have minimal impact on the General Fund; the net savings is $250,000 per year; a mid-cycle update with projected PERS costs and OPEB funding, along with a revised five-year forecast would be provided to the Council in June. Mayor Gilmore inquired whether the initial PERS rate would be brought to Council before a final recommendation. The Finance Director responded the plan would come in April or May. The City Manager stated now is the time to engage in a capital project because interest rates and construction rates are low; there will not be a dramatic impact to the General Fund; the project should be done concurrent with the Emergency Operations Center because it involves a lot of the same infrastructure work. The Finance Director concurred with the City Manager; stated that he attended an Regular Meeting Alameda City Council 7 March 18, 2014 | CityCouncil/2014-03-18.pdf |