CCMIN020194 - Laserfiche WebLink

10, REPORTS OF THE CITY MANA(~ER Item 10a First Ouarter 1~3-94 Finanelal Report (SR94:33) Ms. Acosta clarified information reported in the press. She explained that over two years, the City will have a three million dollar deficit. This year the City had a deficit of approximately 1.4 million, which was solved through reserves. Next year the revenues are short of propose~i expenses by approximately 1.6 million. These two figures added together equal the three million dollars. Ms. Rossi presented the staff report. Ms. Mohr inquired about the sales tax that will come to the City from Macy's. Ms. Rossi explained that the amount of Macy's sales tax is already included in this report's figures. In response to Mr. Pieo's question; Ms. Aeosta described the task of the City's Budget Panel. The Services Level Report will be brought to Council at the same time the results from the Budget Panel are reviewed. She is hoping that these reports will be complete for the next fiscal Robert Cordtz, 262 W. Angela, asked (1) how the 2.5 million dollar cross-town sewer settlement will be handled; (2) will there be terms on the money for acquiring the land from the Lin property where the Tassajara Reservoir was located; and (3) how much of the six million from the lower income housing fund is encumbered. Ms. Rossi responded the settlement was $2 million. The settlement was paid from the remaining construction funds and sewer expansion funds. There is approximately $1.7-1.8 million encumbered by the State as a guarantee for the loan for Ridge View Commons. Ms. Aeosta pointed out that the City has acquired the Lin property but the final price depends on the surrounding density. It was moved by Ms. Scribner, and seconded by Ms. Mohr, that Resolution No. 94-16, be adopted, approving the First Quarter 1993-94 Financial Report. The roll Call vote was as follows: AYES: Councilmembers Dennis, Mohr, Pico, Scribner and Mayor Tarver NOES: None ABSENT: None ABSTAIN: None 02/01/94 10