1995 ADJ MIN OCT 25 - Laserfiche WebLink

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SERVICES TO THE CITY RELATING TO THE CONDUCT OF A SPECIAL MUNICIPAL ELECTION TO BE HELD ON TUESDAY, FEBRUARY 61 1996. CITY TREASURER'S REPORTS AND RECOMMENDATIONS: Summary 9/30/95 Mayor Fulp asked the City Treasurer if this monthly report could include a listing of separate accounts; how much is deposited in each account and to include the net balance in each account. City Treasurer Williams said that Finance Department would be able to do that as he worked from figures provided in gross amounts. Mayor Fulp inquired about the directive to have accounts established for the Electric Department. City Treasurer Williams reported there was no problem with the directive; there was compliance. FINANCE DIRECTOR'S REPORTS AND RECOMMENDATIONS: Cash Flow Analysis Report Finance Director Vega introduced Finance Assistant Bonnie Johnson who continued with the presentation on the cash flow analysis. There was discussion on encumbrances, allocations and anticipated revenue. Finance Director Vega stated that the general fund is standing on its own; that the sum of $300,000 is enough to pay shortfalls and upon review of the monthly activity, under cumulative total, the general fund has had cash and no deficit in any one month. Calling upon her eight and a half years of experience, Finance Assistant Johnson said she has seen the same month to month fluctuations and the same revenue patterns in other municipalities. She commented that municipalities do not have wide choice as revenues are not coming in. Mayor Fulp requested that the monthly cash flow analysis report include the total dollar amount of encumbrances to the City. Discussion followed as to audits in progress and anticipated. Teeter Plan Finance Director Vega reported that the County has provided information to the cities asking them to participate in the "Teeter Plan" which allows the City to receive delinquent property taxes from the County of San Bernardino. Under the plan, the City would receive 95% of secured property taxes. She identified a deadline and suggested there was a need to do an analysis. It was estimated that $186,000 could be realized this fiscal year if this plan was adopted. Councilmember Hutton asked what amount of money would the City lose in the future if the plan was approved. Director Vega stated that the City would lose 11% annually. Under the plan, the County would take the responsibility of guaranteeing the property taxes. City Manager Martinez cautioned that if the City enters into the agreement, it cannot get out of it. 4 OCT 2 5 1995