Finance Highlights 2008 1021 - Laserfiche WebLink

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advances. The City also anticipates dedicating a substantial amount of funds towards ADA required wheel chair curb cuts. Mayor Santos stated that he was unaware of any discussion with Jermanis and with the economy on a downward spiral, he is instructing staff to look at the budget and the City's fmances, to see if this is possible. Staff will look at whether CDBG money can be used and what obligations the City has for the next fiscal year. Padilla stated that unfortunately, timing is an issue. Hollister stated that staff could look at the budget and if possible, a special meeting can be called. Mayor Santos asked if a week is long enough. Interim Assistant City Manager Diaz stated that it is not possible to review the finances and prepare a staff report in one week. Galvan stated that with the City's commitment to contribute $1.5 million, Davis Street Resource can proceed. Councilmember Grant asked if the County has committed any funds. Padilla stated that they have committed $500,000. Councilmember Grant asked Padilla if she looked at models such as the Ashland building or the City of Fremont. Padilla stated that they have not as Davis Street Resource is much smaller. Councilmember Grant stated that although she respects former City Manager Jermanis, things have changed. Mayor Santos agreed and stated that staff has been instructed to look at the City's finances. 2. Discussion Regarding General Fund Major Revenues for 2008-09 Interim Finance Director Perry Carter provided the Committee with an overview of the General Fund Major Revenues, which includes Sales, Property, Utility User, and Real Property Transfer Taxes, and how they are being impacted by the current economic conditions. Carter explained that based on the collections of all taxes through the first quarter, staff is estimating a short fall for fiscal year 2008-09 of approximately $2.1 million. Carter provided tables explaining that Sales Tax is down $800,000; Property Tax is down $500,000; and in combination with the discontinuation of collections of the 911 Fee and Real Property Transfer Tax revenue is down $800,000. Councilmember Grant stated that it might be a good idea for Community Development to report on the amounts of foreclosures in the city. Interim Assistant City Manager Diaz stated that Tom Liao, CDBG Manager is currently working on that report. Councilmember Grant also asked about the investment report. Carter stated that he will report the quarterly investments in November. 3. Committee Member Comments None 4. Public Comments None 5. Adjourn The meeting was adjourned at 5:00 p.m. 2