HomeMy WebLinkAboutcc min 1998/02/24 RDATuesday, February 24,
6:12 p.m.
MINUTES OF A SPECIAL MEETING OF THE REDEVELOPMENT AGENCY/
CITY COUNCIL OF TEE CITY OF CHULA VISTA
1997 Council Chambers
Public Services Building
CALL TO ORDER
1. ROLL CALL:
PRESENT:
ABSENT:
ALSO PRESENT:
Agency/Councilmembers: Moot, Padilla, Rindone, Salas,
and Chair/Mayor Horton
Agency/Councilmembers: None
Executive Director/City Manager, John D. Goss; Legal
Counsel/City Attorney, John M. Kaheny; and City Clerk,
Beverly A. Authelet
CONSENT CALENDAR
(Item pulled: 3)
BALANCE OF THE CONSENT CALENDAR OFFERED BY MEMBER RINDONE, passed and approved
unanimously 5-0.
2. APPROVAL OF MINUTES: February 10, 1998
The minutes were approved unanimously 5-0.
3. REPORT AUDITED FINANCIAL STATEMENTS FOR FISCAL YEAR ENDED JUNE 30, 1997 -
Presented for Council/Agency information and acceptance are the Audited Financial
Statements for the fiscal year ended June 30, 1997, as prepared by the
independent audit firm of Moreland & Associates. Both the City's and the
Agency's Annual Financial Reports received unqualified opinions from the
independent audit firm. Per staff's recommendation, the Council and Agency
accepted unanimously 5-0 the Fiscal Year 1996-97 Financial Statements. (Director
of Finance)
Member Rindone stated that the staff report claims there is a $4.43 million
available in the fund balance. He wanted to know where this could be found.
Robert Powell, Finance Director, stated it was on page 4. It was buried in a
couple of different numbers. If you look on the General Fund Balance Sheet,
under "Designated" approximately $3 million of the $3,570,248 is available.
Under "Undesignated," the entire amount is available for appropriation. The
combination of those two funds total $4.4 million. These financial statements
are presented in a generally accepted accounting form which is not the same basis
under which we budget and manage funds.
Member Rindone stated he had a concern when he couldn't find the number. He was
not asking to change the format because it was an acceptable accounting practice
for the reporting. He requested that in the future to have this explained in the
narrative. It would be helpful for Council to see what is available.
Mr. Powell responded that what he attempts to do in October the summarized budget
statement is published in the newspaper, is to give Council a very close
projection of the fund balance. As indicated in this report, this audit
basically verifies that the balance given to Council in October was the result
of expenditure savings, and the revenue recognition has not changed as a basis
of the audit. He gave them the analysis in October, but he would be happy to
expand on this narrative again when the audit is delivered to refresh Council's
memory.
Member Rindone asked what was the percent of the reserve for the general fund.
RDA Minutes
February 24, 1998
Page 2
Mr. Goss stated that if you are working with a $4.4 million in reserves as
opposed to a $62 million operating budget, that would be about a 7% reserve.
Member Rindone stated that on page 3 it talks about the total of all funds of
$148 million plus. What was the reserve for the entire Redevelopment Agency
including the housing funds.
Mr. Powell responded that there was a deficit Of $998,697. As of June 20, 1997,
that was the current deficit in all RDA funds.
Mr. Powell introduced the City's new Principal Revenue Analyst, Maria
Kachadoorian, who was a long time South Bay resident. She graduated from Mar
Vista High School and San Diego State College with both a Bachelors and Masters
degrees.
Member Rindone stated that our current contract with Moreland & Associates was
for three years with an option to renew. What year are we in. Would it have to
come back to Council to renew the options.
Mr. Powell responded that this is year three with two one-year options. He
thought that he would probably have to come back to Council, but he would have
to check the contract to be sure.
MEMBER RINDONE OFFERED ACCEPTANCE OF THE REPORT OF THE AUDIT OF FINANCIAL
STATEMENTS FOR FY ENDING JUNE 30, 1997, heading read, text waived, passed and
approved unanimously 5-0.
* * , END OF CONSENT CALENDAR
ORAL COMMUNICATIONS
There were none.
(Item 3 was pulled,
agenda order.
ITEMS P~TLLED FROM THE CONSENT C~J~ENDAR
however, the minutes will reflect the original published
OTHER BUSINESS
DIRECTOR'S/CITY MANAGER'S REPORT(S) - none
5. CHAIR'S/MAYOR'S REPORT(S) - none
6. AGENCY/COUNCIL MEMBER COMMENTS - none
The meeting adjourned at 6:38 p.m.
ADJOURNMENT
Res ctful~.s~
~. Authelet, CMC/AAE
City Clerk