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Finance Highlights 2009 1215
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Finance Highlights 2009 1215
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1/28/2010 9:57:41 AM
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1/28/2010 9:57:40 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Committee Highlights
Document Date (6)
12/15/2009
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_CC Agenda 2010 0201
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\City Clerk\City Council\Agenda Packets\2010\Packet 2010 0201
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CITY COUNCIL FINANCE COMMITTEE <br />December 15, 2009 <br />4:00 p.m. - 5:30 p.m. <br />San Leandro City Hall <br />835 East 14`h Street <br />San Leandro, California <br />(Sister Cities Gallery) <br />HIGHLIGHTS <br />Committee Members: Mayor Santos, Councilmember Gregory, Councilmember Prola <br />City Staff Present: City Manager Hollister, Assistant City Manager Marshall, Assistant to the <br />City Manager Diaz, Interim Finance Director Carter, Alameda County <br />Fire Chief Gilbert, Water Pollution Control Manager Wilson, Deputy <br />Finance Director Rodriguez, CDBG Manager Liao, Budget & Compliance <br />Manager Perini, Administrative Analyst II, Ornelas, Accountant II Galvin <br />Public Present: Dave Johnson, Charles Gilcrest <br />The meeting was called to order at 4:00 p.rn. <br />1. Discussion Regarding Financing for Alameda at San Leandro Crossings <br />Interim Finance Director Carter provided the Committee with an update on the requested <br />information regarding internal loans to finance the Alameda at San Leandro Crossings project. <br />At the request of the Committee, staff looked at the Water Pollution Control Plant (WPCP) Fund <br />as well as other funds to determine whether the City could borrow from any of the funds in lieu <br />of the issuance of Tax Allocation bonds by the Redevelopment Agency. Carter informed the <br />Committee that meeting with the City Manager and Public Works Director it was determined <br />that should the City seek internal financing of $6.9million of WPCP funds there would be a <br />major dislocation of capital improvement plans as well as impact four major projects, which <br />include: sludge thickener project, wet weather storage project, and the collection system point <br />repair program project. Also, borrowing from WPCP funds would cause the balance to dip below <br />the $7.0 million working capital requirements. Staff is therefore asking for approval to take to <br />Council the recommended issuance of the Tax Allocation Bonds by the Redevelopment Agency. <br />Committee Recommendation <br />Committee recommended taking to Council for approval. <br />2. Review of Alameda County Fire Quarterly Report <br />Alameda County Fire Chief Gilbert provided an overview of the 2009-10 First Quarter and Year <br />End Expenditures Report. Chief Gilbert reported the First Quarter reconciliation indicates that <br />1 <br />
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