pages: CityCouncil/2020-04-21.pdf, 11
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CityCouncil | 2020-04-21 | 11 | MINUTES OF THE SPECIAL MEETING OF THE CITY COUNCIL UESDAY--APRIL 21, - 2020- 7:01 P.M. Mayor Ezzy Ashcraft convened the meeting at 7:07 p.m. ROLL CALL - Present: Councilmember Daysog, Knox White, Oddie, Vella and Mayor Ezzy Ashcraft - 5. [Note: This meeting was conducted via WebEx] Absent: None. AGENDA ITEMS (20-240) Recommendation to Accept a Budget Update for Fiscal Year 2019-20 General Fund Revenue and Expenditure Projections through June 30, 2020; and (20-240 A) Resolution No. 15642, Altering the Pension Funding Policy for Fiscal Year 2019-20 to Not Invest Reserved Funds in Discretionary Pension Payment Due to COVID-19. The City Manager made a brief presentation. The City Treasurer stated the Budget Analyst has done great work; assumptions from surrounding cities have been taken and applied to current numbers related to the current fiscal year budget; analysis of revenue impacts has been conducted; the situation will be fluid during the last four months of the fiscal year; there is a distinction between lost revenue and deferred revenue; many items shown are lost revenue, such as sales tax from restaurants and Transient Occupancy Tax (TOT) from hotels; discussed a report about lost revenues affecting restaurants; stated deferred revenue, such as transfer taxes and rent are anticipated; collection of sales taxes is being deferred for many businesses; much of the revenue from this period will not come back; management is proactive; the City is in a strong position financially; there is hope for more clarity by the time the May budget workshops occur; it is reasonable to expect some of the issues to carry over into the 2021 budget. The City Auditor stated the financial uncertainty will require constant monitoring; information provided by the Finance Department shows variances, but is generally correct and consistent; the pandemic will not allow past practice to dictate the manner in which the City can track revenues and expenditures; uncertainty of cash flow will necessitate a timely review of the City's budget; recommended the City institute a policy of having budget analysis significantly more frequently;, stated there should be a minimum monthly review of information to enable management to react to the effects of the pandemic; stated the information will enable reallocation of funds; the revenue and expenditure update that has been presented has allocated $750,000 to COVID-19 expenses and economic assistance. Special Meeting Alameda City Council April 21, 2020 1 | CityCouncil/2020-04-21.pdf |