MO 1996-011 to 1996-015 - Laserfiche WebLink

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Mayor discussed home businesses and providing incentives for residents to obtain licenses for their home businesses. Use of money and property - This revenue category is interest income and rent that comes from City owned parcels. Over the last six months interest rates have fallen, meaning we will have lower earnings upon reinvestment of maturing securities. The City relies very heavily on interest earnings which support our General Fund activities. State allocations - This includes money for motor vehicle license fees and will grow at an inflationary factor of 1 %. Expenditures - Staff will continue to deal with cost containment in the coming year. Other Strategies Marina Fund - The major issue is that we are back into the dredge cycle. The last dredge cycle was paid for by a loan from the General Fund because the Marina Fund was unable to pay for it. The Mayor and City Manager are seeking Federal Funds for dredging. Disposal cost and dredging could cost $2 million and $1 million respectfully. There are only two options to reduce this negative trend: the proposed Residence Inn and the proposed Conference Center. These two projects would go a long way to reduce the negative cycle at the Marina. The General Fund has approximately $3 million in reserve that could be used. The current liability at the Marina is about $6 million. John Jermanis said the dredging needs could be handled if the Marriott Inn and the Conference Center are built at the Marina. There is a one-time only option to use the Port of Oakland to dispose of the dredge material. There are options for the Marina if the two projects are not approved. One option is that the Marina could be treated like a City park and would require the infusion of General Fund dollars to deal with the current revenue shortfall. Mike stated that last night's Council action postponed the development of a potential new revenue source for the Marina. Water Pollution Control Fund - The Kellogg's facility supported 7% of this fund. Councilmember Polvorosa requested a list of the top fee generators for this fund. 2