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In response to Council questions, City Manager Everett expanded on the fire consolidation and dispatch services discussions. He also agreed that the City School Liaison Committee should do an inventory of Redwood City schools' athletic fields Councilwoman Steinfeld suggested that developers provide temporary athletic fields, spoke about the mentoring program and the sale of memorial bricks and tiles to raise money for mentoring and the new Red Morton Center, respectively. ----------------------------------------------------------------------------------------------------------- Finance Director Ponty discussed four areas of budget revenues and the impact of revenue projections: Sales tax revenues, property tax revenues, transient occupancy tax, and building permits. Director Ponty also described the City's reserves of$4.9 million, special revenue funds such as gas tax and traffic fines, and other funds such as C.I.P. and enterprise funds. Director Ponty discussed the addition of 3+ staff people (person hours), the City's and the Redevelopment Agency's debts, outstanding bonds, and the state law that requires Redevelopment Agencies to create debt to be eligible to receive incremental funds; the use of the Utilities Users Fees, and General Improvement Districts. In response to Council questions, City Manager Everett and Director Ponty advised that the City is keenly aware of what is prudent debt for our city, and the state has determined that Redwood City could incur $200 million of general obligation debt (City) and still be operating at a prudent financial debt level. Of course the City is no where near that amount of debt. Director Ponty described the strong streams of revenue the City enjoyed. ----------------------------------------------------------------------------------------------------------- City Manager Everett provided a "Five Year Picture" stressing the fact that these projections were educated guesses sometimes predicated on unknown factors and assumptions that were very helpful to prepare for the future and alter unwanted but projected events. City Manager Everett described the decisions of the current Council and past Councils that have averted the problems included in earlier long term projections. ----------------------------------------------------------------------------------------------------------- Mayor Gasparini declared a recess at 8:57 P.M. Meeting reconvened at 9:12 P.M. ----------------------------------------------------------------------------------------------------------- B. CAPITAL IMPROVEMENT PROJECTS BUDGET - Community Development Director Nelson and staff REPORT: CAPITAL IMPROVEMENT PROGRAM, 1995-2000 - FINANCE MINUTE BOOK NO. 53 DEPARTMENT Page No. 240 Adjourned Special Council Meeting Budget Study Session Minutes July 1O, 1995 Page 3