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Finance Highlights 2008 0115
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Finance Highlights 2008 0115
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2/1/2008 1:54:32 PM
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2/1/2008 1:54:32 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Committee Highlights
Document Date (6)
1/15/2008
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_CC Agenda 2008 0204
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\City Clerk\City Council\Agenda Packets\2008\Packet 2008 0204
Finance Agenda 2008 0115
(Reference)
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\City Clerk\City Council\Committees\Finance Committee
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CITY COUNCIL FINANCE COMMITTEE <br />January 15, 2008 <br />4:00 p.m. - 5:30 p.m. <br />San Leandro City Hall <br />835 East 14r~ Street <br />San Leandro, California <br />(Sister Cities Gallery) <br />HIGHLIGHTS <br />Committee Members: Mayor Santos, Vice Mayor Grant (Chair), Councilmember Gregory <br />City Staff Present: City Manager Jermanis, Assistant City Manager Hollister, Interim Finance <br />Director Carter, Deputy Finance Director Rodriguez, Budget & Compliance <br />Manager Perini, City Attorney Williams, Accountant II Galvin, Purchasing <br />Agent Brockman, Administrative Assistant III Perez <br />Public Present: None <br />The meeting was called to order at 4:03 p.m. <br />1. Discussion on the Comprehensive Annual Financial Report for Fiscal Year Ended June <br />30, 2007 <br />Upon introduction from City Manager John Jermanis to the Finance Committee, Interim Finance <br />Director Perry Carter presented the Comprehensive Annual Financial Report (CAFR) for the <br />Fiscal Year Ended June 30, 2007. Carter recognized Deputy Finance Director Carla Rodriguez, <br />Account II Christine Galvin, Accountant I Clarence Youngs, and Administrative Assistant III <br />Sally Perez for their work on putting the CAFR together. Carter provided an overview on the <br />three sections of the CAFR: Introduction, Financial, and Statistical and was happy to report that <br />the City of San Leandro has again received a "clean" opinion letter from the auditors, Vavrinek, <br />Trine, Day & Co. Carter reported that the General Fund Major Emergency and Economic <br />Uncertainty Reserves were built up to 20% of the 2007-08 operating budget. In addition there <br />are reserves of $2 million for Fire Equipment Acquisition, $4.5 million for Capital Projects, and <br />finally, $455k in unreserved funds. In response to the new GASB 45 rules and regulations, $1.5 <br />million has been set aside for future benefits. Carter also discussed the Shoreline Enterprise <br />Fund. The fund includes the $4 million Marina Loan as well as the $4 million loan to the Golf <br />Course. Contingencies and other liabilities can be found on page 75. Mayor Santos thanked the <br />Council for holding onto the reserves as this will help the City with upcoming economic <br />uncertainties at both local and national level. Carter provided overview of the Statistical Section <br />of the CAFR. The Statistical Section has been a requirement for the last two years providing <br />information about the City of San Leandro, e.g. Major Tax Payers and Employers, and Police <br />and Street Stats. There will be afollow-up letter provided to Council on the Statistical Section. <br />1 <br />
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