File #: 11-314    Version: Name: October 21, 2011 Finance Committee Highlights
Type: Minutes Status: Passed
In control: City Council
Meeting Date: 11/7/2011 Final action: 11/7/2011
Enactment date: Enactment #:
Title: Finance Committee Meeting Highlights of October 21, 2011
Sponsors: James O'Leary
Attachments: 1. 10212011Finance Committee Agenda, 2. First Quarterly Financial Report as of September 30, 2011, 3. Review of City Council Reserve Policy and General Fund Reserves, 4. Continued Discussion for Refinancing of CalPERS, 5. Acquisition of Two Pumper Fire Apparatus, 6. October 21, 2011 Finance Committee Sign-in Sheet
Title
Finance Committee Meeting Highlights of October 21, 2011

Body
CITY COUNCIL FINANCE COMMITTEE

October 21, 2011
8:15 a.m. - 9:45 p.m.

San Leandro City Hall
835 E. 14th Street
San Leandro, California
(Sister Cities Gallery)
HIGHLIGHTS

Committee Members: Mayor Cassidy, Vice Mayor Gregory

Absent: Councilmember Souza

City Staff Present: Interim City Manager Marshall, Interim Finance Director O’Leary, Public Works Director Bakaldin, Deputy Finance Director Rodriguez, Budget and Compliance Manager Perini, Sr. Accountant Galvin, Administrative Assistant III Perez

Public Present: None

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


1. Discussion Regarding Quarterly Financial Report as of September 30, 2011 for 2011-12 General Fund, Special Revenue Funds, Enterprise Funds, and Internal Service Funds Budgets
Interim Finance Director O’Leary reported to the Finance Committee the quarterly financial report as of September 30, 2011for all funds. Mr. O’Leary reported the total revenue for the first quarter of FY 2011-12 is 10% of the General Fund budget, which is slightly higher than the percentage at the same time last year. Expenditures are currently 23% of the budget amount, which Mr. O’Leary states as being on track. Sales, Property, and Utility User Taxes remain steady however there has been a slight decrease in Real Property Transfer Taxes as sales have continued to decline. The increase of revenue is mainly due to the increase in Charges for Services as well as Licenses & Permits due to the Kaiser construction.

Mr. O’Leary also reported on the revenue and expenditures of the Special Revenue, Enterprise, and Internal Service Funds budgets as well.

Councilmember Gregory requested that a graph be provided in the next report for a better view of revenue and expenditure trends.

Mayor Cassidy inquired about the Public Education & Government Access Fee (PEG). Mr. O’Leary stated that the PEG revenue came in late last year and this fiscal year, the ...

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