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<br />date. Mr. Jermanis concurred that the money received from FRALS will be allocated for fIre truck <br />replacements in the future. Committee Member Starosciak shared her delight to see that the Alameda <br />COllllty Fire Department submitted detail quarterly expenditures to assist in the 2006-07 year-end <br />expenditure forecast. <br /> <br />Chair Grant questioned the additional increase of$2 million, $lM from FRALS plus $lM from Sales <br />Tax. She recommended restoring the reserve account that was used to fund the Cherry Festival, <br />additional Library hours and the School Resource Officers at the High School, as opposed to reducing the <br />$1.3 million established for the City's post-retirement medical liability. <br /> <br />In response to Committee Member Starosciak's question regarding the status of the City's General Flllld <br />Reserve Flllld, Mr. Baloca responded that the City's economic and contingency reserve are at <br />approximately 18%. <br /> <br />3. Discussion Regarding 2005-06 Mid- Year Budget Adjustments <br /> <br />Deputy Finance Director Rodriguez explained staff's recommendation to formally approve the mid-year <br />budget amendments, which include all adjustments made after the 2006-07 budget was originally <br />adopted in June 2006. <br />The following schedules where brought forward for review: <br /> <br />Schedule A: Summary of year-end budget adjustments by fund. <br />Schedule B: Detail expenditures and revenue adjustments and specifIc funding sources. <br />Schedule C: Summary of revenues and expenditures by fund after the City's mid-year budget review. <br /> <br />Chair Grant clarifIed that the mid-year Budget Adjustments do not include amendments previously <br />approved by Council such as Cherry Festival, School Resource Officers, Holiday lighting, etc. <br /> <br />4. Discussion Regarding Investment Report <br /> <br />Mr. Baloca reported on the performance of the City's investments as of December 31,2006. The City's <br />investment portfolio had a market value of $80.8 million, an increase of $5.3 million from September 30, <br />2006. The City's LAIF investments accollllt for 42% of the City's total investments. The investment <br />portfolio managed by Chandler Investments had a December 31, 2005 average book yield of 4.07%, an <br />increase from 3.90% on September 30, 2006. As of March 13,2007, the 6-month Treasury rate of <br />5.10% is better than the 5-year Treasury rate of 4.41 %. The City will continue with the current barbell <br />strategy of purchasing short-term investments (under I-year) to maintain liquidity and gain a higher yield <br />while also pursuing longer-term for security of current rates. <br /> <br />5. Review of Mayor's Community Fund and Discussion Regarding Funding Requests from <br />Community -Based Organizations <br /> <br />Mr. Jermanis spoke about the history of the Mayor's Flllld. The previous Mayor Young raised money <br />from the Golf Tournament held annually and the proceeds where donated upon request to small youth <br />organizations. Mayor Santos has chosen not to chair any charitable fund raisers, so the Mayor's fund <br />will no longer be available as a resource for the organization that relied on it in the past. Mr. Jermanis <br /> <br />G:\FINC0MM\2006-Q7 Minutes\CITY COUNCIL FINANCE COMMlTIEE 03-20-07.doc <br /> <br />3 <br />