Council holds Saturday study session
The City Council will be hanging out at the library Saturday. They’re holding a budget study session starting at 8:30 a.m. Saturday at the Alameda Free Library, 1550 Oak Street. Like many of the council’s meetings, this, too, is slated to go a full day. We’re told things will probably really get underway at about 9.
During this meeting the council is expected to discuss their fiscal response to the economic downturn, projected revenues from the Proposition P transfer tax increase and how to pay for city employees’ retiree health benefits, which would cost them over $75 million if they had to write a check today.
The council is also slated to accept its second quarter financial report, and as we leafed through that we noticed that it promises a wealth of fiscally-related analyses. The report, by the way, shows that the city is nearly $1 million behind in its revenue projections for the year, though it says departmental cuts have erased that deficit for the time being.
It also shows a $2.7 million deficit in its internal service funds – the funds that cover information technology, worker’s compensation and unemployment insurance. The report says that the money to cover these services has come from other funds. Hmm.
If you’re looking for a quick-and-dirty primer, the city’s web page features a slide presentation from City Treasurer Kevin Kennedy. And by the way, the library doesn’t open until 10, so if you get there early, go in the back door, by Dewey’s Cafe.