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Mr. Ponty, Finance Director, then provided a financial update. Mr. Ponty covered five options that Council might consider (presentation on file). He also explained the issue of reserves and its impacts depending on cutting now or later. One Council Member clarified that these options are to address the current state takeaway but also there will be the issue of the softening of revenues which will need to be addressed because of its impact on the City's General Fund. Mr. Ponty then focused on the securitization program. Mayor Foust asked about the inception and creation of this process. Mr. Ponty provided some answers on how he believes this came to pass. City Attorney Yamamoto and Mr. Ponty attended a webinar on the topic and briefly shared some of that information. Council discussed the securitization program and its pros and cons and how Council might want to pursue it or not. One Council Member stated that even if this sounds good there is someone losing money in this process. Another Council Member stated that the issue is about balancing risk and that there may be additional information that may be helpful. At least four Council Members were interested in hearing more about the securitization, having staff come back with an update, and possibly pursuing this as an option to address the state takeaway. Mr. Bob Bell, Human Resources Director, provided an update on labor meetings that have been occurring since February 2009. He explained that there have been various meetings with employees about the possible recommended cuts but the actual clock (for possible lay-offs) does not start until Council takes final action and directs staff either way. One Council member asked how many lay-offs the recommendations would lead to and Mr. Bell said this would lead to 16 lay-offs of filled positions, and the elimination of 3.89 vacant positions. Mayor Foust said that to be clear there will be no decisions tonight and until then staff will continue discussions with the labor groups. Mr. Bell then covered long-term opportunities that were discussed amongst the Executive Team. City Manager Ingram interjected and provided information about the process that the County is following to address its budget shortfall. Mr. Bell shared that within his Department he is working with the County and creating a consortium that will be before Council in the near future. Magda Gonzalez, Assistant City Manager, provided a brief report on the issue of the Strategic Plan. She acknowledged the team of Department Heads who worked on this. Council provided some input and one suggestion was to have as the mission "Building a Great Community Together". There were at least four Council Members that agreed with this mission. One Council Member wanted the vision to be clearer because it will guide the mission. One Council Member would like to have less focus on "core" services. Another Council Member mentioned that an inclusive process makes for a better product with real value and she is looking for that. Three Council Members wanted this simplified. Mayor Foust explained that it is hard to have a values discussion when Council is anxious to discuss the budget tonight. She asked that staff return and take in consideration Council's comments tonight. This matter to come back while the current City Council is still in office. As a final remark on the topic of Strategic Planning Mayor Foust highlighted that fiscal stability has another side - which is economic prosperity. Council took a break at 9:27 p.m. The meeting resumed at 9:50 p.m. JOINT CITY COUNCIL/REDEVELOPMENT AGENCY BOARD MEETING MINUTES SEPTEMBER 14, 2009 PAGE 9