HomeMy WebLinkAbout03-06-2015 Finance Committee MinutesMinutes approved May 15, 2008
CITY OF SARATOGA
COUNCIL FINANCE COMMITTEE
ACTION MINUTES
DATE: March 6, 2015
TIME: 8:30 a.m.
LOCATION: Admin Conference Room
Saratoga City Hall
13777 Fruitvale Avenue
Saratoga, CA 95070
ATTENDEES: Miller, Cappello
ABSENT:
OTHERS IN ATTENDANCE: Staff members: Lindsay, Furey, McFarlane, Babcock, Cherbone
1. Approval of Prior Finance Committee Meeting Minutes:
A. Action Items – February 6, 2015 Minutes approved
2. Oral & Written Communications:
A. N/A
3. Old Business
A. Remaining UAL obligation and repayment of reserves – policy/goal
Action Item – bring recommendation back to Finance Committee at next meeting (after
compiling draft operating budget) with an approximate three year reserve payback and a
recommendation for future year payments for the remaining UAL.
4. New Business
A. Gas Tax Funding Update
B. CIP Trail Project options
C. CIP EV Station options
Action Item – Finance Committee recommended revisions to CIP funding schedule to be
brought to Council at Budget Study Session is shown in below graph:
D. Hwy 9/Verizon funded Landscaping project – CIP addition
Action Item – to be added to FY 2015/16 CIP Project list as funded project
E. Fruitvale Avenue Median Improvement Project – PGE reimbursement
a) Action Item – PW staff to bring budget adjustment resolution to Council (this fiscal year) to
increase revenue and expenditure for current year receipts/expenditures, and subsequently
close project this fiscal year.
CIP Funding Revisions
Per Council on
2.4.2015
FC
Revisions
Funding
post changes
Street Resurfacing - 73,796 73,796
EV Stations 78,796 (53,796) 25,000
Village Creek Trail - Const Grant Match 100,000 (50,000) 50,000
Via Regina Trail 60,000 (60,000) -
Quarry Park Restrooms - 90,000 90,000
Total Reductions/ Increases 238,796 - 238,796
Minutes approved May 15, 2008
F. Committee Items
Action Item – bring back EV Station profit analysis
Action Item – bring back Working Capital/Fiscal Stabilization Reserve funding level analysis
Action Item – bring back Facility Reserve as Item for discussion
Action Item – bring back IT replacement analyses, and IT penetration audit/workplan
G. Next FC meeting date
Action Item – schedule meeting for Friday, April 3rd at 8:30am.
5. Adjournment