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6. Discussion Regarding FY 2006-07 Year End Budget Adjustments <br />Finance Director Baloca highlighted that the year end budget adjustments primarily reflect <br />activity already approved but not formally amended by City Council Resolution. Accountant II <br />Galvin reviewed schedules A, B, and C. The schedules explain the recommended year-end <br />budget, expenditure and revenue adjustments to the City's FY 2006-07 Adopted Budget. Budget <br />adjustments that were highlighted include the cost and revenue reimbursement for new After <br />School Education and Safety grant program and the carryover of projected capital improvement <br />project revenue from FY 2005-06 to FY 2006-07. <br />7. Review of June 30, 2007 Quarterly Investment Report <br />Finance Director Baloca explained that the City's investment portfolio had increased by $19 <br />million from March 31, 2007 to June 30, 2007. Baloca explained that the increase was primarily <br />attributed to major year end received in the 4th quarter (e.g. property tax, triple-flip, annual <br />franchise). Baloca also explained that the LAIF earning yield increased to 5.23%, an increase <br />from 5.17% on March 31, 2007 and continues to exceed the City's performance with Chandler <br />Investments, which had a June 30, 2007 average book yield of 4.48%. Baloca also reminded the <br />Committee that a new LAIF account will soon open for the Economic Development Agency <br />because the City's current LAIF account has a $40 million limit. Baloca also shared that staff is <br />still looking into establishing brokerage relationships in an effort to reduce investment fee <br />expenses. <br />8. Public Comments <br />Tom Silva from the Rental Housing Owner's Association emphasized a good ongoing <br />relationship with City staff regarding his concerns over subcontractors and their requirements <br />under the LWO. Robert Arce spoke on behalf of the laborers and commented that employers are <br />not supposed to inquire about how much tips their employees are making. He asked the City to <br />consider not taxing tips and gratuities for San Leandro employees. Wendall Chiu from the <br />Alameda Labor Council inquired about how the new living wage will affect financial aid <br />recipients and how it also applies to sub-contractors or sub-leasees. City Manager Jermanis <br />stated FAQ questions 8 and 9 regarding financial aid recipients and subcontractors will be <br />rewritten and clarified. <br />9. Committee Member Comments <br />None <br />10. Adjourn <br />5:15 p.m. <br />4 <br />