CC Min 1998-06-29 Bdgt - Laserfiche WebLink

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. . ' - - Director Ponty said his department is "trying to manage our balance sheet more effectively." He described the ref¡nancing of the 1991 Series A Bonds, and advised that he was planning to bring Council a recommendation on City Hall Reimbursement Bonds in August. Director Ponty said that approximately 13% of utility customers participate in the Automatic Payment System and more efforts would be made in signing up more users, with a goal of 20%. In response to Vice Mayor Ruskin's questions, Director Ponty described how the "lock box" concept involves having a bank or financial institution receiving direct payments. In response to Council Member Hartnett's questions, Director Ponty described the profit the City receives in having its IT analysts perform services for other cities or entities, while increasing the pool of analysts available to the City to cover vacancies or emergencies. In response to Council Member Bain's questions, Director Ponty described the revenue derived from CCAG's contract with the City for financial services. - In response to Council Member Claire's comments regarding a question in Mr. Hughes' letter about the $7.5 million debt service listed under supplies and services, Director Ponty said it was primarily principal and interest payments on the City's outstanding debt along with the Trustee fees for handling the City's payment. Council Member Claire asked for a breakdown of what percentage of the $7.5 million represented principal and what percentage represented interest. MEMO 6/30/98 In response to Mayor Howard's comments about the competition to hold onto qualified analysts in the IT Division, Director Ponty said that that situation would continue as long as "we are in a very hot job market here.... The software industry is very competitive." Mayor Howard commended his IT analysts for their expertise, patience and wonderful customer service especially in light of the fact that they are overworked. Council Member Claire said he hoped the City could stay up-to-date in the computer area. In response to Council Member Claire's question, Director Ponty said the financial software conversion costs were not included in the proposed Budget, because there were no formal proposals at this time. Council Member Claire described a company he was familiar with that had 325 employees and had set aside $15 million just to solve the year 2000 computer problem. He expressed concern that - the City might not be allocating enough money to complete the financial conversion. BUDGET STUDY SESSION MINUTE BOOK NO. 57 JUNE 29.1998 MINUTES Page No. 017 PAGE 13