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• ending fund balance of $2.9 million instead of the $1.3 million fund balance reflected in the <br /> adopted budget. Vesely stated that staff will be providing a more detailed fiscal review during <br /> the February FY 2010 -11 Mid -Year Budget Update report to Council. <br /> 2. Discussion Regarding FY 2011 -12 Budget Development (Recently Released CaIPERS <br /> Rates) <br /> Vesely reported staff has recently begun the budget process for FY 2011 -12 and all departments <br /> have been told to "hold the line`. Also the City recently received its CaIPERS (Public <br /> Employees' Retirement System) rates for the next fiscal year. The City's contribution rates will <br /> increase on July 1, 2011. <br /> 3. Discussion Regarding Quarterly Investment Report FY 2010 -11 <br /> Budget and Compliance Manager Perini provided a summary of the Investment Report for the <br /> quarter ended September 30, 2010. Perini stated that the City's investment portfolio had a <br /> market value of $78.7 million. which $50.8 million was with the Local Agency Investment Fund <br /> (LAIF) and $27.9 million was with Chandler Asset Management program. Perini stated that <br /> LAIF has been dropping steadily for the past two years. However there is an increase in the <br /> average maturity as the City is purchasing longer term investments, through Chandler. The <br /> yields continue to drop but remaining with AAA and reinvesting in agencies and US Treasury <br /> and under the advisement of Chandler Investments. the City may look into corporate <br /> investments. Chandler has stated that California is behind the national trends and we will not see <br /> a pick up in the economy as in the rest of the nation. <br /> 4. Public Comments <br /> Dave Johnson asked about the "checking accounts" in the investment report. Vesely stated that <br /> it is liquidity for cash flow and payroll obligation and it is normal practice for the City. <br /> 5. Committee Comments <br /> Councilmember Prola clarified the ending fund balance and reiterated that the reserves and <br /> operating deficit are better then originally anticipated. <br /> 6. Adjourn <br /> The meeting was adjourned at 4:58 p.m. <br /> 2 <br /> • <br />