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doing so. Staff will continue to monitor the plan closely and is looking at alternatives that are more efficient when replacement is ultimately warranted. Ms. Wagner stated that staff is in the process of completing the comprehensive annual financial report, which will be presented to the audit committee in January 2012 and the Council shortly thereafter. As for the current fiscal year, staff is scheduled to bring the Quarter 1 report to the Council on November 15`h, the mid-year update to the Council in February/March 2012, and the mid-term update in June 2012. Vice Mayor Thorne asked how much the 12% in DSRSD rates cost the City and Ms. Wagner responded the cost is 12% of the total DSRSD payments, or roughly $7.5 million. Mayor Hosterman said there is a clear need for discussion about these agencies and retailers, which she would raise under Matters Initiated. Councilmember McGovern said there is a fair amount of confusion in the community over how the City can claim a "balanced budget" when it carries a substantial amount of long-term debt. Ms. Wagner said it is very much like an individual's personal income, expenditures, and mortgage. The City is able to meet all obligations, has some discretionary income, and ideally puts some monies into reserves. The current long-term debt is the $25 million related to the golf course and she noted the City does have two years of debt service in reserves. In terms of unfunded liabilities, there are plans and new GASB regulations that will speak to incorporating this into the balance sheet. The newly created PERS stabilization fund is the first step in acknowledging these long-term liabilities. Councilmember Sullivan asked if staff has projected how the 5% Zone 7 rate increase will affect next year's budget. Ms. Wagner said that fortunately, the water rate is structured such that increases are passed through to consumers dollar for dollar. She clarified that the City had never intended for its own rate increase to provide any profit over and above Zone 7 fees, but rather simply meant it as a pass through. Mr. Fialho noted the City is the largest water consumer in the City, so the Zone 7 increase will have a slight impact that will be addressed at the mid-year review. Mayor Hosterman opened the public hearing. There being no speakers she closed the public hearing. MOTION: t was M/S by McGovern/Thorne to adopt Resolution No. 11-482 approving ting the 2010- 11 FY Year-end Financial Report and amending the 2010-11 FY Operating Budget Motion carried by the following vote: Ayes: Councilmembers Cook-Kallio, McGovern, Sullivan, Thorne, Mayor Hosterman Noes: None Absent: None 13. Review and approve the design of the sport courts in Owens Plaza Park to conform to the Iron Horse Trail Master Plan Director of Community Services Susan Andrade-Wax presented the staff report. In March 2011, the City Council approved the East Bay Regional Park District (EBRPD) Feasibility Study and Master Plan for the Iron Horse Trail segment from the Dublin-Pleasanton BART Station to Santa Rita Road. As part of that plan, the trail segment displaces several recreation amenities that lie within the Valencia Homeowner's Association. The recommended action of the plan is to relocate and construct two specific amenities in Owens Plaza Park, which include a tennis court and basketball court. The Parks and Recreation Commission approved the schematic design in October 2011 and have forwarded it to the Council for consideration. City Council Minutes Page 6 of 8 November 1,2011