File #: 11-425    Version: 1 Name: Finance Committee Highlights
Type: Minutes Status: Passed
In control: City Council
Meeting Date: 12/19/2011 Final action: 12/19/2011
Enactment date: Enactment #:
Title: Finance Committee Meeting Highlights of November 4, 2011
Sponsors: James O'Leary
Attachments: 1. 11042011Finance Committee Agenda, 2. FC First Quarter Investment Report9-30-11, 3. FC Budget Development for 12-13 Budget, 4. FC Quarterly Sales Tax Report update, 5. November 4, 2011 FC sign-in sheet

Title

Finance Committee Meeting Highlights of November 4, 2011

 

Body

November 4, 2011

8:15 a.m. - 9:45 a.m.

 

San Leandro City Hall

835 E. 14th Street

San Leandro, California

(Sister Cities Gallery)

 

HIGHLIGHTS

 

Committee Members:  Mayor Cassidy, Councilmember Gregory, Councilmember Souza

 

City Staff Present:                     Interim City Manager Marshall, Interim Finance Director O’Leary, Deputy Finance Director Rodriguez, Sr. Accountant Galvin, Administrative Assistant III Perez

 

Public Present:                      None

 

The meeting was called to order at 8:15 a.m.

 

Item No. 3 was moved to No. 1

 

1.                     Discussion Regarding Quarterly Investment Report Ending September 30, 2011

 

Interim Finance Director O’Leary reported on the investment status of the City for the quarter ended September 30, 2011.  The City’s investment portfolio had a market value of $80.0 million.  Of this amount, $51.9 million is with LAIF (Local Agency Investment Fund) and $28.2 million is with the Chandler Asset Management program.  Mr. O’Leary stated that the City is in compliance with all provisions of the investment policy.  Mayor Cassidy asked that in the future staff provide information on the yields and returns of the maturities. 

 

2.                     Discussion Regarding Budget Development for 2012-13 City Budget

 

                     Five Year General Fund Revenue and Expenditure Forecast

                     Draft 2012-13 Budget Calendar

                     Budget Development Issues and Policy Considerations

 

Interim Finance Director O’Leary provided the Committee three reports related to the budget development for fiscal year 2012-13.  Staff has in previous meetings provided the Committee with information regarding year-end closing for fiscal year 2010-11 as well as the first quarter results for the current fiscal year.  Staff is now beginning the process for the budget development for fiscal year 2012-13 and therefore has updated the five year forecast.  Staff is projecting that the difference between revenue and expenses for fiscal year 2011-12 show that the surplus will be higher than expenditures.  Overall, Sales Tax appears to be coming in higher, as  is Property Tax.  Mayor Cassidy would like for the forecast to be explained in detail to the Council.

 

Mr. O’Leary provided the Committee with the Budget Development Calendar, which includes Finance Committee meetings as well as other key dates.  Mayor Cassidy queried the Committee regarding the future of the Finance Committee.  Mayor Cassidy stated that decisions regarding the City’s finances should be brought before the entire Council, and therefore there was no need for a separate committee.  Committee Members Gregory and Souza agreed.  Committee Member Souza stated that she would bring this item up at the November 21st Council meeting for a future discussion item in December. 

 

3.                     Discussion Regarding Quarterly Sales Tax Report Update

 

Interim Finance Director O’Leary reported on the 2nd quarter Sales Tax report with information and analyses provided by the City’s consultant, Muni Services.  The analyses reports that the 2nd quarter Sales Tax revenue for fiscal year 2010-11 shows an increase when compared to the 2nd quarter Sales Tax revenue from 2008-09 through 2010-11.  Mr. O’Leary also reported that in comparison to surrounding cities, San Leandro is doing quite well.  Mayor Cassidy would like for Muni Services to provide a historical chart of the surrounding cities as well as explanation of the different charts and what they signify.  

 

4.                     Public Comments

 

None

 

5.                     Committee Member Comments

 

None

 

6.                     Adjourn

 

The meeting was adjourned at 9:30 a.m.