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CITY COUNCiL FINANCE COMMiTTEE <br /> fl ay 6, 2011 <br /> 8:15 a.m. — 9:45 p.m. <br /> San Leandro City Hall <br /> 835 E. 14 Street <br /> San Leandro, California <br /> (Sister Cities Gallery) <br /> HIGHLIGHTS <br /> Committee Members: Mayor Cassidy, Councilmember Gregory, Councilmember Souza <br /> City Staff Present: City Manager Hollister, Assistant City Manager Marshall, Finance <br /> Director Vesely, ALCO Fire Chief Library Services Director <br /> Bohne, Budget & Compliance Manager Perini, ALCO Financial Services <br /> Manager Hisatomi <br /> Public Present: Charles Gilcrest <br /> The meeting was called to order at S:15 a.m. <br /> 1. Discussion on FY 2012 Proposed Budget Overview <br /> Finance Director Vesely provided a brief overview on the FY 2011 -12 Proposed Budget, which <br /> included a short PowerPoint presentation. Vesely stated that the FY 2011-12 General Fund <br /> budget is balanced, yet future years indicate a growing budget shortfall. The Mayor inquired <br /> about the status of the City's Sales Tax revenue and Vesely indicated that the latest report from <br /> Muni Services shows growth of about 2.6 %. <br /> New revenue from the Measure Z —'/ cent Sales Tax (effective April 1, 2011) , coupled with <br /> recurring expenditure reductions, helps the City achieve a balanced budget for FY 2011-12. <br /> However, the 5 -year forecast indicates that future years will need additional balancing measures. <br /> • Vesely informed the Finance Committee that the budget does not include General Fund capital <br /> funding for streets and roads. Vesely did provide information of the State's annual allocation of <br /> gas and excise taxes. <br /> Vesely stated that all funds, except Shoreline Fund, will operate with a positive fund balance for <br /> FY 2011-12. Staff will be looking at expenditure cuts as well as speaking with the Department <br /> of Boating and Waterways to pursue the possible restructure of the City's loan. Vesely stated <br /> that she will also ask Council to consider loan refinancing options. Mayor Cassidy questioned <br /> the impact of having special fund in deficit. Vesely indicated that a deficit becomes a liability to <br /> the General Fund. <br /> Assistant City Manager Marshall advised the Committee that the Council will be receiving a <br /> copy of the City Manager's Proposed Budget for the May 16, 2011 meeting. Mayor Cassidy <br /> stated that he is interested in proposing spending money that will possibly affect the reserves, in <br /> the range of $100,000. <br /> 1 <br />