HomeMy WebLinkAboutcc min 1997/03/25 RDA RED~VELO~M]~NT AC-ENC¥/COIJNCIL OF Tl~ CITY OF CHI JLA ¥ISTA
Tuesday, March 25, 1997 Council Chambers
6:25 p.m. Public Services Building
CALL TO ORDER
1. ROLL CALL:
PRESENT: Agency/Councilmembers John S. Moot, Stephen C. Padilla, Jerry R. Rindone, Mary
Salas, and Chair/Mayor Shirley A. Horton
ALSO PRESENT: John Goss, Director/City Manager; John M. Kaheny, Legal Counsel/City Attorney;
Beverly A. Authelet, City Clerk; and Patricia Schwenke, Deputy City Clerk.
CONSENT CALENDAR
(Item pulled: 3)
THE BALANCE OF THE CONSENT CALENDAR WAS OFFERED BY MAYOR HORTON, reading of the
text was waived, title read, passed, and approved unanimously 5-0 for the minutes of March 11, 1997, and
4-0-0-1 for the minutes of March 18, 1997, with Padilla abstaining.
2. APPROVAL OF MINUTES: March 11, 1997 (Special Joint Meeting); March 18, 1997 (Regular Meeting)
3. REPORT: AUDITED FINANCIAL STATEMENTS FOR FISCAL YEAR ENDED JUNE 30, 1996--
Presented for Council/Agency information and acceptance are the Audited Financial Statements for the fiscal year
ended June 30, 1996, 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. Staff
recommends the Council and Agency accept the Fiscal Year 1995-96 Financial Statements. (Director of Finance)
Continued from the meeting of 3/I1/97. (Pulled by Agency/Councilmember Rindone)
Agency/Councilmember Rindone asked if there is sufficient revenue to sustain nearly a $7 million debt service.
Robert Powel!, Director of Finance, explained that typically when City's finances are analyzed, the most common
type of analysis is done by a municipal financial analyst from the bond rating agency. Rating agencies look very
closely at debt capacity. The general fund budget is only responsible for $3.8 million out of $6.5 million; the $3.8
million is approximately 6.2 percent of the budget which is a reasonable debt level according to the guidelines by
rating agencies. When 10 percent is reached, rating agencies begin asking questions and want to make sure only
those projects critical to the City are being financed. When 15 pement is reached, it affects the credit rating because
15 percent of the budget would be viewed as a fixed cost. The current general fund debt level is manageable,
within a conservative range, and would be viewed positively by the rating analyst.
MSUC Otorton/Padilla) to accept the FY 1995-96 Financial Statement~, passed, and approved unanimously
5-0.
* * * END OF CONSENT CALENDAR * * *
***Recessed at 6:26 p.m. and reconvened at 10:10 p.m.***
ORAL COMMUNICATIONS
None.
Minutes
March 25, 1997
Page 2
ITEMS PULLED FROM THE CONSENT CALENDAR
(Item 3 - The minutes will reflect the published agenda order.)
OTHER BUSINESS
4. DIRECTOR'S/CITY MANAGER'S REPORT: None.
5. CHAIR'S/MAYOR'S REPORT: None.
6. AGENCY/COUNCILMEMBER COMMENTS: None.
ADJOURNMENT
The me~tmg adjourned at 10:20 p.m.
Respectfully submitted,
BEVERLY A. AUTHELET, CMC/AAE, City Clerk
Patricia Schwenke, Deputy City Clerk