HomeMy WebLinkAbout02-12-2008 Finance Committee MinutesCITY OF SARATOGA
COUNCIL FINANCE COMMITTEE
ACTION MINUTES
DATE: February 12, 2008
TIME: 4:00 p.m. – 5:30 p.m.
LOCATION: Conference Room
Saratoga City Hall
13777 Fruitvale Avenue
Saratoga, CA 95070
ATTENDEES: Waltonsmith, Page
OTHERS IN ATTENDANCE: Furey, Anderson
1. Approval of Prior Finance Committee Meeting Minutes:
• Action Item – Minutes approved for 11//7/2007, 12/12/2007, and 1/9/2008
2. Oral & Written Communications: n/a
3. Old Business:
A. Mid-Peninsula Housing Coalition (MPHC) Meeting Review
• Action Item – Staff’s meeting with MPHC resulted in re-directing the housing agency
to research their ability to reallocate the City’s current loan for a City of Campbell
low-income housing property to MPHC’s low-income senior housing property on Cox
Avenue, or to develop another Saratoga low-income property project. Staff to bring
progress reports back to committee.
4. New Business:
A. State Budget Update
• Action Item – None
B. Mid-Year Forecast and Budget Process Review
• Action Item – None
C. Fund Balance Policy Review
• Action Item – Committee and staff reviewed options for establishing a policy to
allocate year-end unreserved undesignated fund balance, resulting in direction to
staff to propose maintaining a base of $500,000 and designating the remainder in a
50/50 split to “Designated for Future Years Capital” and “Designated for Operating
Efficiencies” fund balance accounts.
D. Upcoming Planned User Fees
• Action Item – None
E. Accounting/Budgeting Training Topics
• Action Item - Staff reviewed purpose of AP and Treasurer’s Reports. Committee suggested
staff obtain additional temporary staff assistance as necessary to bring workload current.