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Finance Highlights 2011 1021
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Finance Highlights 2011 1021
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11/1/2011 5:00:40 PM
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11/1/2011 4:59:52 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Committee Highlights
Document Date (6)
10/20/2011
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_CC Agenda 2011 1107
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\City Clerk\City Council\Agenda Packets\2011\Packet 2011 1107
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File Number: 11 -314 <br />Works Director Bakaldin, Deputy Finance Director Rodriguez, <br />Budget and Compliance Manager Perini, Sr. Accountant Galvin, <br />Administrative Assistant III Perez <br />Public Present: None <br />The meeting was called to order at 8:15 a.m. <br />1. Discussion Regarding Quarterly Financial Report as of September 30, 2011 for <br />2011 -12 General Fund, Special Revenue Funds, Enterprise Funds, and Internal <br />Service Funds Budgets <br />Interim Finance Director O'Leary reported to the Finance Committee the quarterly financial <br />report as of September 30, 2011for all funds. Mr. O'Leary reported the total revenue for the <br />first quarter of FY 2011 -12 is 10% of the General Fund budget, which is slightly higher than <br />the percentage at the same time last year. Expenditures are currently 23% of the budget <br />amount, which Mr. O'Leary states as being on track. Sales, Property, and Utility User Taxes <br />remain steady however there has been a slight decrease in Real Property Transfer Taxes as <br />sales have continued to decline. The increase of revenue is mainly due to the increase in <br />Charges for Services as well as Licenses & Permits due to the Kaiser construction. <br />Mr. O'Leary also reported on the revenue and expenditures of the Special Revenue, <br />Enterprise, and Internal Service Funds budgets as well. <br />Councilmember Gregory requested that a graph be provided in the next report for a better <br />view of revenue and expenditure trends. <br />Mayor Cassidy inquired about the Public Education & Government Access Fee (PEG). Mr. <br />O'Leary stated that the PEG revenue came in late last year and this fiscal year, the City will <br />be receiving funds for the entire year. PEG fee is charged through Comcast and AT &T. <br />2. Review of City Council Reserve Policy and Discussion Regarding General Fund <br />Reserves as of June 30, 2011 <br />Mr. O'Leary reported to the Committee that a transfer of $1.5 million from the General Fund <br />fund balance to the Self Insurance Fund was approved by the City Manager to facilitate the <br />preparation of the City's 2010 -11 financial statements and is requesting that the Committee <br />forward to City Council for confirmation. Mr. O'Leary explained to the Committee the <br />necessity of the transfer. <br />Mr. O'Leary also stated that, based on a policy established by City Council, reserves should <br />be at 20% of the balanced budget. Due to the economic downturn, the City Council has <br />approved using reserves over the years to balance the budget, and therefore the reserves <br />have declined. Mr. O'Leary would like to move $2 million from the General Fund fund <br />balance to increase reserves to 16% of the balanced budget. <br />Mayor Cassidy stated that perhaps Council should consider putting the $2 million into the <br />Self Insurance Fund to assist with future claims. Mayor Cassidy would also like a report <br />City of San Leandro Page 2 Printed on 11/1/2011 <br />
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