Finance Highlights 2008 0115 - Laserfiche WebLink

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CITY COUNCIL FINANCE COMMITTEE January 15, 2008 4:00 p.m. - 5:30 p.m. San Leandro City Hall 835 East 14r~ Street San Leandro, California (Sister Cities Gallery) HIGHLIGHTS Committee Members: Mayor Santos, Vice Mayor Grant (Chair), Councilmember Gregory City Staff Present: City Manager Jermanis, Assistant City Manager Hollister, Interim Finance Director Carter, Deputy Finance Director Rodriguez, Budget & Compliance Manager Perini, City Attorney Williams, Accountant II Galvin, Purchasing Agent Brockman, Administrative Assistant III Perez Public Present: None The meeting was called to order at 4:03 p.m. 1. Discussion on the Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2007 Upon introduction from City Manager John Jermanis to the Finance Committee, Interim Finance Director Perry Carter presented the Comprehensive Annual Financial Report (CAFR) for the Fiscal Year Ended June 30, 2007. Carter recognized Deputy Finance Director Carla Rodriguez, Account II Christine Galvin, Accountant I Clarence Youngs, and Administrative Assistant III Sally Perez for their work on putting the CAFR together. Carter provided an overview on the three sections of the CAFR: Introduction, Financial, and Statistical and was happy to report that the City of San Leandro has again received a "clean" opinion letter from the auditors, Vavrinek, Trine, Day & Co. Carter reported that the General Fund Major Emergency and Economic Uncertainty Reserves were built up to 20% of the 2007-08 operating budget. In addition there are reserves of $2 million for Fire Equipment Acquisition, $4.5 million for Capital Projects, and finally, $455k in unreserved funds. In response to the new GASB 45 rules and regulations, $1.5 million has been set aside for future benefits. Carter also discussed the Shoreline Enterprise Fund. The fund includes the $4 million Marina Loan as well as the $4 million loan to the Golf Course. Contingencies and other liabilities can be found on page 75. Mayor Santos thanked the Council for holding onto the reserves as this will help the City with upcoming economic uncertainties at both local and national level. Carter provided overview of the Statistical Section of the CAFR. The Statistical Section has been a requirement for the last two years providing information about the City of San Leandro, e.g. Major Tax Payers and Employers, and Police and Street Stats. There will be afollow-up letter provided to Council on the Statistical Section. 1