OB MIN 09-18-2014 - Laserfiche WebLink

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Summary Minutes The new Vice Chair of the Oversight Board is Ms. Alicia Aguirre. 6. Approval of Minutes— February 13, 2014 Meeting Chair M/S Christensen/Roberts to approve the minutes. Motion carries with Mr. Callagy abstaining. 7. Approval of the Administrative Budget for 14-156 Period (January—June 2015) Resolution No. 14-04 Audrey Ramberg Ms. Ramberg introduced herself and said she was very pleased to help shepherd the needs of the Oversight Board in her capacity as Interim Finance Director. She briefly explained the administrative budget. M/S Navas/Aguirre to approve the administrative budget via the resolution. Motion carried unanimously. 8. Approval of ROPS 14-156 (January—June 2015) Resolution No. 14-05 Audrey Ramberg Ms. Ramberg provided the report and explained details about the payment schedule and repayment specifics. She highlighted some differences and went through specific areas of the document. Member Christensen inquired about the areas in red and Ms. Ramberg said that these are areas for which staff is seeking resolution with the State. Ms. Ramirez, Assistant City Attorney, added some information about the litigation regarding the Legal Aid Society matter and she provided a status update. She added that the Legal Aid Society appealed the original decision. Legal Counsel Labadie said that this will be a lengthy process—six to nine months and it could take up to one to one year and half for a possible determination. Ms. Christensen summarized that it looks like the red items are basically place holders. Chair Roberts provided some context on the matter for the benefit of the new members. He added that this Board had joined a number of agencies in pursuing litigation in the County, and Mr. Labadie said that across California over 150 agencies have embarked on this same process. Ms. Ramirez explained the two issues related to the lawsuit and the sequence of events and who the stakeholders are. She provided details on the funds and the legal framework regarding the issues. Ms. Christensen noted that the original report of cash balances was different than this one and Ms. Carolyne Kerans explained the details surrounding the bond reserve and how it had to be reflected in the document. While the bottom line has not changed, the figure had to be adjusted per direction from staff at the State Department of Finance. Member Navas inquired about the pass through payments and Ms. Ramberg stated that was still an outstanding debt but the city is pursuing legal action. M/S Callagy/Navas to approve the resolution. Motion carried unanimously. Ms. Ramberg thanked the Finance staff, in particular Carolyne Kerans—Senior Accountant, and others in that department for their work in preparing the financials related to the Oversight Board. 9. Oral Communications from the Successor Agency Contact Audrey Ramberg Legal Counsel Labadie announced that the Conflict of Interest Code for the Oversight Board is being adopted in conjunction with the City of Redwood City Conflict of Interest Code, and there are no changes to the filers who have to file their Statement of Economic Interests Form. Page 2 of 3