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*Special Concurrent Meeting of the Redevelopment Agency and Finance and Management Committee

Tuesday, February 22, 2011 · 11:00 AM AM · Sgt. Mark Dunakin Rm - 1st Floor

TL;DR

The Oakland Finance and Management Committee held a meeting focusing on budget matters, including state budget impacts and financial reports. The committee approved the issuance of up to $100 million in housing set-aside bonds and discussed parking meter locations, while several pension-related items were continued to future meetings.

Key Decisions

  • Housing Set-Aside Bonds Passed
  • New Parking Meter Locations Approved as Amended
  • State Budget Status Report Received and Filed
  • Midcycle Budget Items Report Received and Filed
  • Pension-Related Items Continued to Future Meetings

Agenda

  1. Roll Call / Call to Order
  2. COMMITTEE MEMBERSHIP:
  3. 1 Approval of the Draft Minutes from the Committee Meeting held on January 25, 2011
    Action: Approve as Submitted Passed

    A motion was made by Councilmember Brooks, seconded by Member Kernighan, to Approve as Submitted. The motion carried by the following vote:

  4. 2 Determination of Schedule of Outstanding Committee Items
    Action: Approve as Submitted Passed

    A motion was made by Member Kernighan, seconded by Member Brunner, to Approve as Submitted. The motion carried by the following vote:

  5. fmc022211 Untitled item
    City Resolution
  6. 3 Subject: State Budget Status From: Budget Office Recommendation: Receive An Informational Report Regarding The Status Of The State's Budget Development And Its Potential Impacts On The City Of Oakland [TITLE CHANGE]
    Informational Report
    Action: Received and Filed Passed

    A motion was made by Member Kernighan, seconded by Member Brunner, that this matter be Received and Filed. The motion carried by the following vote:

  7. 4 Subject: Midcycle Budget Items From: Councilmember Brunner Recommendation: Receive A Status Report On Implementation Of Key Fiscal Year 2010-2011 Midcycle Budget Items
    Informational Report
    Action: Received and Filed Passed

    A motion was made by Councilmember Brooks, seconded by Member Kernighan, that this matter be Received and Filed. The motion carried by the following vote:

  8. 5 Subject: Cash Management Report From: Finance And Management Agency Recommendation: Receive The Cash Management Report For The Quarter Ended December 31, 2010
    Informational Report
    Action: Received and Filed Passed

    A motion was made by Member Kernighan, seconded by Member Brunner, that this matter be Received and Filed. The motion carried by the following vote:

  9. 6 Subject: Housing Set Aside Bonds From: Finance And Management Agency Recommendation: Adopt The Following Pieces Of Legislation: 1) A Resolution Of The City Council Of The City Of Oakland Approving Issuance By The Redevelopment Agency Of The City Of Oakland Of Not To Exceed $100,000,000 Redevelopment Agency Of The City Of Oakland Subordinated Housing Set Aside Revenue Bonds, Series 2011A-T (Federally Taxable), And Providing Other Matters Properly Relating Thereto; And
    City Resolution
    Action: Approved the Recommendation of Staff, and Forward Passed

    A motion was made by Member Brunner, seconded by Councilmember Brooks, that this matter be Approve the Recommendation of Staff, and Forward to the Concurrent Meeting of the Oakland Redevelopment Agency / City Council, due back on March 1, 2011 on the Consent calendar The motion carried by the following vote:

  10. 10-0409-1 2) A Resolution Authorizing The Issuance And Prescribing The Terms, Conditions And Form Of Not To Exceed $100,000,000 Redevelopment Agency Of The City Of Oakland Subordinated Housing Set Aside Revenue Bonds, Series 2011A-T (Federally Taxable), Approving The Form Of And Authorizing The Execution And Delivery Of A Second Supplemental Indenture And A Bond Purchase Agreement; Approving The Form Of And Authorizing The Distribution Of A Preliminary Official Statement And Authorizing Execution And Delivery Of An Official Statement; Approving The Retention Of A Financial Advisor, Underwriters And Other Agents; Authorizing Payment Of Costs Of Issuance; Allocating Bond Proceeds To Finance Very Low, Low And Moderate Income Housing Within Or Of Benefit To Redevelopment Agency's Various Redevelopment Project Areas; And Authorizing And Approving Necessary Actions In Connection Therewith
    City Resolution
    Action: Approved the Recommendation of Staff, and Forward Passed

    A motion was made by Member Brunner, seconded by Councilmember Brooks, that this matter be Approve the Recommendation of Staff, and Forward to the Concurrent Meeting of the Oakland Redevelopment Agency / City Council, due back on March 1, 2011 on the Consent calendar The motion carried by the following vote:

  11. 7 Subject: Performance Based Budgeting Report From: Councilmember De La Fuente Recommendation: Receive An Informational Report From The Budget Office Regarding "Performance Based Budgeting" Including How The City May Be Able To Save Money By Moving To Such A Model, Experiences Of Other Cities That Have Moved To A Performance Based Budgeting Model And Information Of What The Process Would Be To Move The City Towards A Performance Based Budgeting Model
    Informational Report
    Action: Received and Filed Passed

    A motion was made by Councilmember Brooks, seconded by Member Brunner, that this matter be Received and Filed. The motion carried by the following vote:

  12. 8 Subject: Locations Of New Parking Meters From: Finance And Management Agency Recommendation: Adopt The Following Pieces Of Legislation: 1) A Resolution Confirming Locations For Previously Approved New Meters As Required By Oakland Municipal Code Section 10.36.141
    City Resolution
    Action: Approved as Amended the Recommendation of Staff, and Forward Passed

    A motion was made by Member Brunner, seconded by Councilmember Brooks, that this matter be Approve as Amended the Recommendation of Staff, and Forward to the Concurrent Meeting of the Oakland Redevelopment Agency / City Council, due back on March 1, 2011 as a Non-Consent item The motion carried by the following vote:

  13. 10-0364-1 Subject: Locations Of New Parking Meters From: Finance And Management Agency Recommendation: Adopt An Ordinance Amending Oakland Municipal Code Section 10.36.140 To Add Street Segments To The Established Parking Meter Zones Throughout The City Of Oakland (TITLE CHANGE)
    Ordinance
    Action: Approved the Recommendation of Staff, and Forward Passed

    A motion was made by Member Brunner, seconded by Councilmember Brooks, that this matter be Approve the Recommendation of Staff, and Forward to the Concurrent Meeting of the Oakland Redevelopment Agency / City Council, due back on March 1, 2011 on the Non - Consent calendar The motion carried by the following vote:

  14. 9 Subject: Oakland Pension Liabilities From: Office Of The Budget Recommendation: Receive A Report From The Budget Advisory Committee On Oakland Pension Liabilities
    Informational Report
    Action: Continued

    There were 4 speakers on this item.

  15. 10 Subject: Financial And Membership Status (PFRS) From: Department Of Human Resources Management Recommendation: Receive An Updated Informational Report On The Financial And Membership Status Of The Police And Fire Retirement System (PFRS) As Of December 31, 2010
    Informational Report
    Action: Continued
  16. 11 Subject: OMERS Financial and Membership Status From: Department of Human Resource Management Recommendation: Receive An Informational Report The Oakland Municipal Employees Retirement System (OMERS)
    Informational Report
    Action: Continued
  17. 12 Subject: Oakland Fire And Police Pension Funding Options From: Office Of The City Auditor Recommendation: Receive An Informational Report On The Oakland Police And Fire Services Retirement System Pension Funding Options
    Informational Report
    Action: Continued
  18. 13 Subject: Police And Fire Retirement System Liability From: Finance And Management Agency Recommendation: A Request To Withdraw and Item Already Scheduled To The April 26, 2011 Finance And Management Committee Agenda And Reschedule To The April 11, 2011 Special Budget Workshop Agenda Adopt A Resolution Of The City Council Of The City Of Oakland Authorizing The Available Option(s) And Terms For Funding The Police And Fire Retirement System Unfunded Accrued Actuarial Liability, And Approving The Termination Of The Swap Agreement Related To The Oakland Joint Powers Financing Authority, Lease Revenue Bonds, 1998 Series A1/A2 (TITLE CHANGE); On The April 11, 2011 Special Budget Workshop Agenda
    Informational Report
    Action: Continued
  19. Open Forum (TOTAL TIME AVAILABLE: 15 MINUTES)
  20. Adjournment
  21. In the event of a quorum of the City Council participates on this Committee, the meeting is noticed as a Special Meeting of the City Council; however no final City Council action can be taken.
  22. NOTE: Americans With Disabilities Act If you need special assistance to participate in Oakland City Council and Committee meetings please contact the Office of the City Clerk. When possible, please notify the City Clerk 48 hours prior to the meeting so we can make reasonable arrangements to ensure accessibility. Also, in compliance with Oakland's policy for people with environmental illness or multiple chemical sensitivities, please refrain from wearing strongly scented products to meetings. Office of the City Clerk - Agenda Management Unit Phone: (510) 238-6406 Fax: (510) 238-6699 Recorded Agenda: (510) 238-2386 Telecommunications Display Device: (510) 238-3254
    City Resolution
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