pages: CityCouncil/2015-01-20.pdf, 25
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CityCouncil | 2015-01-20 | 25 | presentation was being prepared. In response to Vice Mayor/Agency Member Matarrese's inquiry, the Interim Finance Director stated the disparity in the reserves is because revenues increased and expenses did not; in prior years, the percentage was already 30 to 35; the gain from this fiscal year brought the percent up to 40. The City Manager stated staff predicted a growth of under 3%; 3.6% went into the reserves one year; this year at 8.1% after having projected 2.9%; at the same time, employee cost sharing for healthcare and pensions began; there were cuts in costs at the same time as an unexpected growth in revenue. In response to Vice Mayor/Agency Member Matarrese's inquiry, the Interim Finance Director stated part of the amount is unrestricted, but part is restricted by previous Council actions. The City Manager stated staff manages a lot of other funds; pension and Other Post Employment Benefits (OPEB) must be characterized. Vice Mayor Matarrese stated clarification is important for the public and Council to understand the mid-year budget. The City Manager stated a systematic approach to the next budget will begin in March to reach a two-year budget resolution in early June; the issues will be decanted in significantly greater detail. Councilmember/Agency Member Daysog stated a key component driving the $29 million reserve is a one-time sale of property. Vice Mayor/Agency Member Matarrese stated one-time events cannot be relied upon for operating expenses. Mayor/Chair Spencer stated a recent presentation at a conference showed Alameda County Cities unfunded OPEB liabilities as a percentage of their General fund; the range was 7% to 140% and Alameda was at 140%. Councilmember/Agency Member Ezzy Ashcraft moved approval of the staff recommendation. Vice Mayor/Agency Member Matarrese seconded the motion, which carried by unanimous voice vote - 5. The City Attorney noted that the First Quarter Financial Report [paragraph no. 15-067 CC/15-001 SACIC] could not be continued to tomorrow's meeting as it was not noticed as a joint meeting; the matter could be continued to the next Joint meeting. Joint Meeting Alameda City Council and Successor Agency to the Community Improvement Commission January 20, 2015 | CityCouncil/2015-01-20.pdf |