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7. STAFF REPORTS A. Financial Update Director of Finance and Financial Planning Ponty gave a summary of the budget estimates for fiscal years 2006/07 and 2007/08. He also summarized topics discussed by the Council Finance Committee over the last several months. (PowerPoint presentation on file.) Finance Committee members concurred with Ponty as to the booking of retirement medical pertains to the fact that when bond rating agencies view the Redwood City Enterprise Fund there must be clarity about unfunded liability in terms of bond rating. Members stated that there is still work to be done by the Committee. Recommendation: No action was required at this time. (501) B. Funding of the Downtown Law Enforcement/Parking Management Plan Police Chief Bolanos presented the plan (PowerPoint presentation on file) explaining the background, recommendation and funding. Council Members asked various questions related to the funding plan and service level. Public Comment: Catherine Stuart asked for clarification on police staffing levels during special events and whether staff will be assigned to parking garages. Council Members commented on the plan and funding source. The importance to fund from the parking fund now was expressed with exploration of a long -term plan for downtown safety to come from the General Fund. Mayor Pierce stated concern that funding is coming from the parking management fund and that she would like to see some of the money reserved to build additional garages. She further stated that since the actual need for downtown is not certain, some portion should come from the General Fund given that a portion is really directed at law enforcement. M/S Hartnett/Howard to adopt the recommendation as stated in the report. The motion passed by a majority roll call vote with Mayor Pierce voting no. (505) MINUTE ORDER 06 -100 JOINT CITY COUNCIUREDEVELOPMENT AGENCY MEETING MINUTES MAY 22, 2006 PAGE 12 MINUTE BOOK NO. 61 Page No. 184