COUNCIL BUDGET & FINANCE COMMITTEE MEETING
Meeting Minutes of August 21, 2024
Call to Order: 5:31 p.m.
Members Present: Mayor Salinas, Councilmember Bonilla Jr., and Councilmember Syrop Members Absent: None
Staff: Dustin Claussen, Adam Kostrzak, Nicole Gonzales, Christina Crosby, Franchesca Hatfield, Crissy Mello, Nicholas Mullins Guests: None
Public Comments: None
Approval of Meeting Minutes from May 15, 2024
Action: Minutes reviewed and unanimously approved.
Public Bank East Bay Update
Finance Director Gonzales presented
Councilmember Syrop Questions:
Is the City of Richmond committing to Public Bank East Bay only if Alameda County commits? Can we utilize investment income over a length of time to capitalize? Is there a way the City can creatively invest in Public Bank East Bay? Can the committee receive a list of unfunded funding priorities to compare the funding requirement to be a founding member of the bank versus the City’s needs? Councilmember Bonilla Jr. Questions:
Director Gonzales, what is your confidence level agencies will commit the require funds and when do you expect them to? What if the City isn’t a founding member? As a potential member, how else can we contribute? What is the value of being a contributing member? If we are, do we have access to withdraw our capitalized monies if needed? Where will the money come from to contribute to Public Bank East Bay? Can the City utilize investment returns to reinvest into Public Bank East Bay? Mayor Salinas Questions
What is the appetite to create Public Bank East Bay from founding cities? What will the City’s continued engagement and involvement look like? Action: The Committee received the presentation and provided feedback.
FY 2025 Budget Process Debrief (Oral Presentation)
Finance Director Gonzales presented
Councilmember Syrop Questions:
Can Council have access to the model/tool used for budget forecasting? Can Council receive a vacancy report and department budget proposals prior to the Saturday Budget Work Session? Can we receive an update on the Strategic Roadmap Dashboard during the Budget Work Session in October? Councilmember Bonilla Jr. Questions:
Can the City Manager and Directors provide information regarding options to grow the General Fund Reserves 5% year-over-year during the Budget Work Session in October? Mayor Salinas Questions:
For future projections, how can the City better project expenses? Can Council receive updates on the theater and Hayward Economic Development Corporation (HEDC) during the Budget Work Session in October? Will Finance provide updates on St. Rose and the City’s stake in it during future budget meetings? Was a board appointed for the HEDC?
Action: The Committee received the report.
Review and Approve the FY 2024/2025 Agenda Planning Calendar Councilmember Bonilla Jr. Questions:
During the Budget Work Session in October, will we discuss where FY 2024 finished and updated projections? Can Council receive information on other organization’s financial modeling projection strategies? Mayor Salinas Questions:
Are there any drawbacks to moving the Measure C report? Action: The Committee reviewed the calendar.
Committee Members/Staff Announcements: Councilmember Syrop notified the committee and public of the South Hayward Market on August 26, 2024.
Adjournment: The meeting was adjourned at 6:53 p.m.
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