My WebLink
|
Help
|
About
|
Sign Out
Home
Finance Highlights 2010 0518
CityHall
>
City Clerk
>
City Council
>
Committees
>
Finance Committee
>
Finance Highlights 2010 0518
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
6/4/2010 10:02:57 AM
Creation date
6/4/2010 10:02:56 AM
Metadata
Fields
Template:
CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Committee Highlights
Document Date (6)
5/18/2010
Retention
PERM
Document Relationships
_CC Agenda 2010 0607
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2010\Packet 2010 0607
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
32
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
The Local Taxpayers, Public Safety and Transportation Act which qualified for the November <br />2010 ballot would stop the State from raiding future RDA funds. <br />2. Update on General Fund Revenue and Expenditures for 2009-10 <br />Interim Finance Director Carter provided the Committee with an update of the major revenue <br />accounts for the General Fund through the third quarter, March 31, 2010. Carter stated that the <br />continued decline in tax revenue (Property, Utility User's, Franchise Fee, and Real Property <br />Transfer) as well as other revenue categories (Licenses and Permits and Fines and Penalties) has <br />created an additional revenue shortfall of approximately $1.0 million. <br />Departments continue to review their budgets to see what additional savings might be realized. <br />Staff will continue to monitor all revenue sources in the upcoming months and will assess any <br />impact both to the current year and the upcoming budget year. <br />3. Discussion Regarding Investment Report for Quarter Ending March 31, 2010 <br />Carter informed the Committee that Carla Rodriguez, Deputy Finance Director, and Mary Ann <br />Perini, Budget and Compliance Manager, monitor cash flow to assure that the City has money <br />for investments and liquidity. <br />Perini informed the Committee that as of March 31, 2010, the City's investment portfolio had a <br />market value of $81.1 million. Of this amount $53.6 million was with the Local Agency <br />Investment Fund (LATE) and bank accounts and $27.5 million was in the Chandler Asset <br />Management program. Perini provided an overview of the report submitted by Chandler. The <br />rate of return for LAIF for the quarter was 0.55% and for the investments with Chandler the yield <br />was 1.02% for two-year securities. <br />The Chandler Investment Report indicates that the City is in compliance with all provisions of <br />the City's Investment Policy <br />Finance Committee accepted the report. <br />4. Discussion Regarding Proposed Update of City Investment Policy <br />Perini provided a summary of five proposed changes to the City Investment Policy. These <br />proposed changes to the policy were for clarification, flexibility, and continued compliance with <br />California Government Code. <br />Committee Recommendation <br />Committee recommended taking to Council for approval. <br />2 <br />
The URL can be used to link to this page
Your browser does not support the video tag.