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Finance Highlights 2012 0302
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Finance Highlights 2012 0302
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3/13/2012 5:24:26 PM
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3/13/2012 5:24:14 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Committee Highlights
Document Date (6)
3/2/2012
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_CC Agenda 2012 0319 CS+RG
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\City Clerk\City Council\Agenda Packets\2012\Packet 2012 0319
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File Number: 12 -119 <br />• Retail representative from the Downtown Business Association <br />• Officer from a homeowner or neighborhood association <br />• City Board or Commission member <br />• Owner or manager of a business located in San Leandro <br />Discussion of the Finance Committee turned to the frequency and term. City Manager Zapata <br />stated that staff can provide quarterly updates which can be provided to the Oversight <br />Committee, as well as posted for the public on the Finance Department's webpage. Although <br />it was agreed that at least during the first year, the Oversight Committee may need to meet <br />more than once, it may not be necessary to meet more than that in the future. Mayor Cassidy <br />stated that the meetings should be properly noticed in accordance with the Brown Act for <br />optimum transparency. <br />The Finance Committee concurred the member term limit should be two 3 -year terms. <br />Mayor Cassidy would like for the City Council to review and approve the composition, <br />frequency, and term limits prior to the next step of appointing the Citizen Oversight <br />Committee. Once approved by the City Council, Mayor Cassidy would like the Finance <br />Committee to further discuss and make recommendations, for which the City Clerk will be <br />able to advertise for applications from approved composition. <br />Committee Recommendation <br />Finance Committee recommended taking composition to City Council for approval. <br />Update and Continued Discussion Regarding Plan for Refinancing CalPERS Public <br />Safety Side Fund. <br />Mr. O'Leary updated the Finance Committee on the Refinancing CalPERS Public Safety Side <br />Fund. In accordance with the calendar Mr. O'Leary presented, the following will take place in <br />March: <br />March 5, 2012 Printing and Mailing of the Office Statements will begin <br />March 22, 2012 Bonds will close and proceeds will be available for delivery <br />Mr. O'Leary reported that the City received an Aa3 rating from Moody's and an A+ rating from <br />Standard and Poor's Rating Services. The City has traditionally received ratings such as <br />these and could not have hoped for anything higher. <br />4. Public Comments <br />None <br />5. Committee Member Comments <br />None <br />6. Adjourn <br />City of San Leandro <br />Page 3 <br />Printed on 311312012 <br />
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