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City Manager Zapata instructed staff to notify outside sources, such as the Chamber of <br />Commerce, to attend the meeting on February 14, 2012 so they may be able to ask <br />questions and state any concerns they may have to potentially losing resources from <br />the City. Mr. Zapata also restated that staff will be prepared to provide additional <br />information regarding staffing, severance, and transferring responsibilities to other <br />departments. <br />2. Discussion on Budget Amendment Adjusting Appropriations by Eliminating <br />Redevelopment Agency <br />Interim Finance Directory O'Leary introduced some components to amend the budget <br />due to the elimination of the Redevelopment Agency. There are continuing obligations <br />the City must pay that were paid out of the RDA fund. Appropriations to the General <br />Fund to cover salaries, benefits, and internal service charges must be provided for the <br />period of February 1 through June 30, 2012. Mr. O'Leary explained that the expenses <br />exceed the revenues by $178,000. <br />Mr. O'Leary also stated that appropriations must be adjusted for the Project Areas, the <br />Successor Agency, and bond proceeds. <br />Mayor Cassidy stated that Budget Amendment should be taken to the City Council on <br />the first Council meeting in March. <br />3. Discussion Regarding Quarterly Investment Report Ending December 31, 2011 <br />Mr. O'Leary reported on the quarterly investment report for the period ending December <br />31, 2011. Due to the receipt of Property Taxes in December, the portfolio increased <br />from $80 million to $85 million. The rates of return for both the LAIF and Chandler <br />investments were exactly the same as the previous quarter, 0.38% and 1.47% <br />respectively. Staff is continuing to work with Chandler to extend the average maturity <br />periods to gain higher interest rates. <br />4. Public Comments <br />Dave Grodin, representing the Chamber of Commerce, indicated that it is important <br />Council recognize that although reducing staff is difficult, it is important to keep the <br />programs that are important to the city. <br />5. Committee Member Comments <br />Mayor Cassidy requested that all future Finance Committee meetings be digitally <br />recorded. <br />Vice Mayor Gregory mentioned that the Downtown Business Association spoke of the <br />value of writing Bylaws. <br />6. Adjourn <br />9:40am <br />