Finance Highlights 2012 0601 - Laserfiche WebLink

Home

File Number: 12 -318 The meeting was called to order at 8:16 a.m. Agenda item No. 2 was moved to No. 1 and discussed first. Discussion Regarding Purchase of Motorola Radios and Accessories for City Police and Public Works Departments to comply with the East Bay Regional Communications System Authority (EBRCSA) Police Chief Spagnoli discussed the necessity for the City of San Leandro to participate in the East Bay Regional Communications System Authority (EBRCSA) and requested approval to purchase 111 Police portable radios, 5 Police in -car radios, 15 Public Works radios, the required accessories, software, and equipment needed to maintain compliance with the EBRCSA Operating Agreement. Finance Committee Recommendation The Committee recommends Council approval of the purchase of the radios and other required items for participation in the East Bay Regional Communications System Authority at the City Council Meeting on June 18, 2012. 2. Continued Discussion Regarding Recruitment of Members of the Citizen Oversight Committee Related to Measure Z Finance Director Baum reported to the Finance Committee that a Press Release and an Ad in the San Leandro Times have been released. Letters to the San Leandro Chamber of Commerce, Downtown Business Association, and the various Home Owner Associations have been mailed to seek candidates to become members of the Citizen's Oversight Committee created by Measure Z. The Finance Committee members discussed the possibility of adjusting the criteria for solicitation of the Oversight Committee to include not only Board members of the Home Owners Associations but also its members. The Finance Committee decided to preserve the criteria at this time but to wait to see how many qualified candidates apply with the current solicitation. 3. Discussion Regarding Investment Report for Quarter Ending March 31, 2012 Budget and Compliance Manager Perini reported to the Finance Committee on the Investments as of March 31, 2012. The investment portfolio had a market value of $76 million, of which $48.2 million was placed with the Local Agency Investment Fund (LAIF) and $28.3 million was with Chandler Asset Management portfolio. Due to the dissolution of the San Leandro Redevelopment Agency in January, funds were transferred to the City's Economic Development Agency LAIF account in the amount of $9,346,000 as a temporary holding account until an account for the Successor Agency to the Redevelopment Agency is established. Due to debt service payments, the account currently has $8 million. 4. Investment Policy Annual Review Finance Director Baum presented the City of San Leandro's Investment Policy for 2012 -13 as required by California Government Code Section 53600 et seq. and Section VIII of the San Leandro Investment Policy. Mayor Cassidy inquired about the ability to invest in corporate notes. Mr. Baum stated that although the City of San Leandro does not currently invest in corporate notes, the policy to invest in corporate City of San Leandro Page 2 Printed on 611212012