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 ex...
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