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Finance Highlights 2009 0908
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Finance Highlights 2009 0908
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10/2/2009 9:14:56 AM
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10/2/2009 9:14:55 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Committee Highlights
Document Date (6)
9/8/2009
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_CC Agenda 2009 1005
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\City Clerk\City Council\Agenda Packets\2009\Packet 2009 1005
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CITY COUNCIL FINANCE COMMITTEE <br />September 8, 2009 <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, Councilmernber Prola <br />City Staff Present: City Manager Hollister, Interim Finance Director Carter, Police Chief <br />Willis, Human Resources Director Caire, Public Works Director Bakaldin, <br />Recreation and Human Services Director Knudtson, Deputy Finance <br />Director Rodriguez, Business Development Manager Battenberg, Budget <br />& Compliance Manager Perini, Community Relations Representative <br />Ornelas, Business Development Administrative Analyst I Kay, <br />Accountant II Galvin <br />Public Present: Sabrina Almazan, Stephen Cassidy <br />The meeting was called to order at 4:02 p.m. <br />1. Discussion Regarding Preliminary Financial Results for the General Fund for 2008-09 <br />Interim Finance Director Carter provided an analysis of preliminary results of operations for the <br />General Fund for 2008-09. The analysis shows revenues higher than previously anticipated, by <br />$3.9 million. There were two reasons for this, the first being that one of the City's Debt Service <br />Funds had built up excess cash that could be used for debt service payments and it was <br />determined it would be appropriate to use the cash to make a payment in lieu of the money <br />budgeted in the General Fund. Also, there was a one time item on the revenue side. There was a <br />loan on the Economic Development side but has since been released and therefore releasing the <br />liability. <br />Mayor Santos inquired on the State takeaway of $1.8 million and haw that will be funded. <br />Carter stated that the $1.$ million can be borrowed from other funds however staff has been <br />informed of a program to assist by financing the $1.8 million. Carter explained how the program <br />will work: the City will pay the $1. $ million; the City will then apply and receive the S 1.8 <br />million from the program; the State will then repay the loan, with interest. This way the City's <br />cash flow will not be impacted. An application will be completed by staff for submittal. <br />1 <br />
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