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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 />from the City Attorney on the claims filed against the City and how much we anticipate would <br />be paid out in claims. <br />Recommendation to Council <br />The Committee recommends that the City <br />approve the transfers from the General Fund <br />$2.0 million to the Economic Uncertainty reserve. <br />Council accept the report, and review and <br />$1.5 million to the Self Insurance Fund and <br />3. Continued Discussion Regarding Plan for Refinancing CalPERS Public Safety <br />Retirement Plan Side Fund <br />• October 4, 2011 Court Order to Publish Summons, Update Financing <br />Schedule, and Provide Direction on Safety Side Fund Pay -Down by Lending <br />Wastewater Fund Reserves. <br />• Reaffirmation of City Moody's Credit Rating <br />Mr. O'Leary updated the Committee on the Refinancing of the CalPERS Public Safety <br />Retirement Plan Side Fund. The process is proceeding according to schedule; however, <br />since the last report to the Committee, the rates have increased to 5.17 %. The City has <br />received news from Moody's that their Al rating has been reaffirmed. <br />Mr. O'Leary also recommends proceeding with a loan from the City's Water Pollution Control <br />Plant (WPCP). Mayor Cassidy asked why the City wouldn't seek a bigger loan from the <br />WPCP. Mr. O'Leary stated that the WPCP has other obligations and does not wish to take <br />more funding. <br />The Committee concurred with the recommendations. <br />4. Discussion Regarding Acquisition of Two Pumper Fire Apparatus Utilizing a Lease <br />Purchase Agreement <br />Mr. O'Leary presented to the Committee the agreement from Golden State Fire Apparatus, <br />Inc. on the lease purchase for two (2) fire pumper trucks. Mr. O'Leary stated that it is the <br />responsibility of the City to maintain fire equipment as part of the contract with Alameda <br />County Fire. Therefore two fire pumpers are scheduled to be replaced. Mr. O'Leary sought <br />quotes from other financing resources however the financing of 2.20% offered by Oshkosh <br />Capital, financing company associated with Golden State Apparatus, Inc. was lower. <br />Recommendation to Council <br />The Committee recommends that the City Council schedule approval of the resolution for <br />the lease purchase of the two fire pumper trucks. <br />5. Public Comments <br />None <br />6. Committee Member Comments <br />City of San Leandro Page 3 Printed on 11/1/2011 <br />
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