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November 13, 2018Finance Committee Draft Minutes <br />next few years. Mr. Dennehy also provided a review of the portfolio of the City <br />and explained why it is not doing as well as the investment portfolio in LAIF. <br />The investments are in compliance as set forth in the City of San Leandro <br />Investment Policy. <br />2.C.18-589 Biennial Budget Calendar for FY 2020 & FY 2021 <br />Finance Director Baum presented the Budget Calendar for the upcoming <br />biennial budget for fiscal years 2020 & 2021. Mr. Baum explained that the <br />calendar highlights important department deadlines as well as meetings for <br />Council input. <br />Mayor Cutter asked when will the 10 year forecast model be presented to <br />Council and Mr. Baum stated that staff is currently working with the Consultant <br />on the model and will be able to provide the assumptions by the Saturday, <br />February 2, 2019 Work Session. <br />Councilmember Hernandez suggested that the Council Retreat start on the <br />evening before so that Council will be able to process information received <br />and discuss in length the following day. <br />Mayor Cutter stated that it is Council's intention to have a community involved <br />budget process for the future. Further discussion is needed on how this will <br />develop and will be done after this budget process. <br />PUBLIC COMMENTS3. <br />Amy Chaubnik, representing San Leandro Climate Advocate Group (SLCAG) <br />reminded the Committee that City Council Resolution from November 2017 <br />stated that the City will look to work with a bank that is not working with the <br />DAPL. They identified 3 banks that do not invest in fossil fuel and meet the <br />needs of the City. SLCAG would like to make sure that the City fulfills the <br />commitment from last year and make it the priority to replace Wells Fargo. <br />SLCAG wants an update of where the Wells Fargo note of $700,000 is invested <br />today, a clear timeline for the RFP, an institution of a formal entity for the <br />community’s participation as done in other cities, and a citizen advisory group <br />that can provide support for the divestment process as well as support the city’s <br />ongoing work to meet climate action goals, boost participation in the East Bay <br />Community Energy and the Go Green Initiative. SLACG would also like to <br />recommend defunding and divesting in banks that invest in fossil fuel industry <br />be formally integrated in the City’s Climate Action Plan. <br />Mayor Cutter stated that the $700,000 previously invested in Wells Fargo was <br />sold back in 2017. Funds have been reinvested however will have to look into <br />where. Mayor Cutter asked for an email to be sent to her. <br />Carol Bartof complimented the City on the Climate Action Plan as well as the <br />Sustainability Manager [Sally Barros]. Urges speed on the RFP process and <br />would like a time table that the City will be committed to. <br />Jaclyn Props, to consider a bank that invests in DAPL is a non-starter and does <br />not make sense to divest from Wells Fargo if the City is going to do business <br />with another bank that invests in DAPL. <br />Page 3City of San Leandro Printed on 12/11/2018