Laserfiche WebLink
CITY COUNCIL FINANCE COMMITTEE <br />January 20, 2009 <br />4:00 p.m. - 5:30 p.m. <br />San Leandro City Hall <br />835 East 14th Street <br />San Leandro, California <br />(Sister Cities Gallery) <br />HIGHLIGHTS <br />Committee Members: Mayor Santos, Councilmember Gregory, Councilmember Prola <br />City Staff Present: Interim City Manager Hollister, Interim Assistant City Manager Diaz, <br />Interim Finance Director Carter, Police Chief Willis, Recreation & Human <br />Services Director Knudtson, Library Services Director Bohne, Human <br />Resources Director Caire, Public Works Director Bakaldin, Deputy <br />Finance Director Rodriguez, Budget & Compliance Manager Perini, <br />Captain Pricco, Interim Captain Overton, Community Relations <br />Representative Ornelas, Sr. Accountant Galvin, and Administrative <br />Assistant III Perez <br />Public Present: Gordon Galvan, Rose Padilla, Charles Gilcrest, and Sabrina Almazan, <br />The meeting was called to order at 4:01 p.m. <br />1. Discussion Regarding Comprehensive Annual Financial Report for Year Ended June <br />30, 2008 <br />Interim Finance Director Perry Carter presented to the Finance Committee the Comprehensive <br />Annual Financial Report (CAFR) for the Fiscal Year Ended June 30, 2008. Carter recognized <br />Deputy Finance Director Carla Rodriguez, Sr. Accountant Christine Galvin, Accountant I <br />Clarence Youngs, and Administrative Assistant III Sally Perez for their work on putting the <br />CAFR document together. Deputy Finance Director Rodriguez informed the Committee that the <br />City of San Leandro has again received a "clean" opinion letter from the auditors, Vavrinek, <br />Trine, Day & Co. Carter directed the Committee to the Balance Sheet and reported that there <br />was $5 million and $10 million in unreserved funds for Major Emergencies and Economic <br />Uncertainty respectively. The Council has targeted that these funds be 20% of the General <br />Fund's operating expenditures. The two designations total 19.4% at June 30, 2008, which is <br />slightly below the targeted amount. This designation may be terminated or revised by the City <br />Council at any time. <br />Mayor Santos complemented staff for the work performed in not only putting the CAFR together <br />but the work performed all year long. Mayor Santos inquired about the Pension Plan schedule <br />and asked for an explanation. Both Carter and Deputy Finance Director Rodriguez explained the <br />Funded Status for Miscellaneous Employees was at 92%, which is steadily increasing. <br />1 <br />