HomeMy WebLinkAbout2015-05-15 e-packetSPECIAL MEETING
OF THE
�oJ�g1� BUDGET SUBCOMMITTEE
OF THE
oy' CITY OF SOUTH SAN FRANCISCO
°aye og� P.O. Box 711 (City Hall, 400 Grand Avenue)
South San Francisco, California 94083
Meeting will be held at:
CITY HALL CONFERENCE ROOM
400 GRAND AVENUE
SOUTH SAN FRANCISCO, CA
FRIDAY, MAY 15, 2015
10:00 A.M.
NOTICE IS HEREBY GIVEN, pursuant to Section 54956 of the Government Code of the
State of California, the Budget Subcommittee of the City of South San Francisco will hold a Special
Meeting on Friday, the 15"b day of May, at 10:00 a.m., at City Hall, City Manager Conference Room,
400 Grand Avenue, South San Francisco, California 94080.
Purpose of the meeting:
1. Call to Order.
2. Roll Call.
3. Public Comments.
4. Motion to approve the Minutes of the meeting of May 6, 2015.
5. Investment Policy Review (Frank Risso, City Treasurer).
Alexandra V. Tu per
Deputy City Clerk
IT
MINUTES
SPECIAL MEETING
OF THE
BUDGET SUBCOMMITTEE
OF THE
CITY OF SOUTH SAN FRANCISCO
P.O. Box 711 (City Hall, 400 Grand Avenue)
South San Francisco, California 94083
Meeting will be held at:
CITY HALL CONFERENCE. ROOM
400 GRAND AVENIiE
SOTTFH SAN FRANCISCO, CA
WEDNESDAY, MAY 6, 2015
2:00 P.M.
Purpose of the meeting:
1. Call to Order. 2:00 p.m.
2. Roll Call. Present: Vice Mayor Addiego and Mayor
Garbarino.
Absent: None.
Public Comments. None.
4. Update on Public Facilities at PUC Site: Costs and Bonding Capacity (Jim Steele,
Assistant City Manager).
Assistant City Manager Jim Steele reviewed three different options concerning the PUC Site: (1)
to pursue the full build -out with very little money left over and extensive bond sales; (2) to
commit to a limited build -out with more money left over and less bonds needed after debt
service; or (3) to pursue the limited build -out and opt for significantly less bond sales.
5. Fiscal Year 2015 -2016 Budget Presentation. (Richard Lee, Finance Director).
Finance Director Richard Lee presented the five year forecast and how the 2015 -2016 Budget fits
into future plans. A consistently tight, yet balanced budget was represented with a chart to
illustrate the trajectory. Given 84 million dollar revenues and 83.9 million dollar expenditures,
there is anticipated to be approximately 60 thousand dollars left in the reserves, which reflects a
high, conservative 20% of the 15 -20% recommendation leaving the City in good standing.
BUDGET SUBCOMMITTEE MEETING MAY 6, 2015
AGENDA PAGE1
II 6. Fiscal Year 2015 -2016 CIP Presentation. (Brian McMinn, Director of Public
Works).
Director of Public Works Brian McMinn went over a list of potential City projects to be
evaluated, prioritized, and eventually pursued with Capital Improvement Program money. Of the
various projects discussed, Subcommittee members preferred that HVAC replacements and other
imperative needs be addressed first, followed by function related concerns assessed through short
and long -term goals.
Adjournment.
Being no further business, the meeting was adjourned at 3:40 P.M.
Submitted by:
AJ
Alexandra Tupper, Deputy City Clerk
City of South San Francisco
BUDGET SUBCOMMITTEE MEETING
AGENDA
Approved by:
Rich Garbanno, ayo�
City of South San Francisco
MAY 6, 2015
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