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From YouTube: Financial Advisory Committee - Nov. 2, 2022
Description
Items for Discussion: Fiscal year 2022 Year End Overview and Quarterly Budget Review for fiscal year 2023 Q1; Meeting frequency discussion; Revised Revenue Subcommittee Report; Work Plan update
Link to Agenda & Documents can be found on City's Meeting Agendas webpage when available.
https://www.albanyca.org/our-city/kalb-community-media/public-meeting-video-and-agendas
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Financial Advisory Committee meetings are held quarterly usually on the 1st Wednesday (except August).
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A
B
E
E
G
B
G
B
G
A
B
F
I'm
pretty
sure
it's
I
mean
if
you
go
onto
the
website
it.
You
know
it
tells
you
who's
your
county,
and
this
happens
every
you
know
two
every
time
someone
the
council
members
change,
then
new
people,
but
what
I
was
going
to
say
is
that
member
Kerr
and
I
can
reapply
and
I
think
we
did
it
it's
the
kind
of
position
that
people
would
probably
be.
E
A
B
C
F
B
A
B
A
A
A
A
Sales
taxes
came
in
above
budget.
We
budgeted
for
sales
and
use
taxes.
This
biennial
budget
was
passed
in
the
middle
of
the
pandemic,
so
we
made
a
lot
of
really
conservative
assumptions
based
on
Revenue,
because
we
had
no
idea
what
was
going
to
happen.
There
was
nothing
that
you
know
was
a
precedent
to
this
there's,
nothing
that
you
know
had
happened
before,
so
we
pretty
much
everyone.
A
Economists,
and
everywhere
you
looked
made
assumptions
that
consumer
funding
would
go
down
when
in
actuality
it
bloomed
during
the
pandemic,
so
we've
brought
in
more
sales
and
use
tax
than
we
anticipated
than
we
budgeted
for
again
at
the
mid-year
budget
update
and
in
the
next
biennial
budget.
I
will
readjust
these
so
that
our
revenues
come
in,
hopefully
a
little
bit
closer
to
actuals
for
23
and
then
20
425,
but
for
now
fiscal
year
22
we
just
came
in
over
budget
franchise
and
other
taxes.
A
A
But
in
my
staff
report,
I
I
did
some
research
on
what
our
historical
sales
numbers
were,
and
you
know
what
it
looks
like
we,
whether
these
were
really
outliers
or
whether
they
are
trends
that
we
can
count
on
and
fiscal
year.
21
was
definitely
an
outlier.
As
you
can
see
in
the
report,
we
averaged
400
and
some
odd
home
sales
or
transfers
a
year
for
2018
through
2020
and
then
all
of
a
sudden
in
21,
I,
think
I
think
it's
21.
A
it
jumped
to
650
home
transfers
and
then
it's
come
back
down
next
year
and
so
that
that
happened
across
the
United
States
during
the
pandemic.
As
all
of
a
sudden,
there
were
a
number
of
home
sales
people,
either
selling
rental
properties
or
buying.
You
know
houses,
and
so
it
that
is
not
something
that
we
can
continue
to
rely
on.
A
We
Cassie
can't
attest
to
this
we've
gotten.
A
number
of
new
business
license
applications
more
than
usual
once
you
know,
since
the
when
the
pandemic
started
lifting
so
that
has
come
in
higher
than
anticipated
and
that's
a
large
portion
of
it
light
no
that's
under
franchise
and
other
taxes
licenses
and
permits.
Oh
permits
went
up
drastically
during
the
pandemic.
A
lot
of
people
were
doing.
Work
on
their
homes
find
some
forfeitures
is
earnings
on
investment.
A
A
So,
for
example,
the
Alameda
County
Transportation
Commission
funds
that
we
get
measure
BBB
and
vrf
Alameda
County.
That
agreement
requires
that
we
basically
pay
interest.
We
keep
it
and
we
put
it
back
into
Albany,
but
the
money
that
we
haven't
spent
is
they
they
want
to
make
sure
that
they're
getting
their
portion
of
Interest.
So
at
the
end
of
the
year,
we
reallocate
the
interest
to
the
different
funds
that
require
that
type
of
allocation,
so
that
could
be
the
transfer
out
of
the
general
fund
into
those
other
funds
as
well.
A
So
if
we
a
lot
of
these
are
in
public
works
for
maintenance
and
it's
our
special
Revenue
funding
of
like
Parks
maintenance
and
things
like
that.
If
we
were
to
spend
100
of
budget,
we
would
then
transfer
in
100
of
the
revenue
that
supports
that.
In
this
case
we
didn't
transfer
in
100,
because
we
didn't
spend
100
of
budget,
which
is
ideal
because
that
means
not
as
many
things
broke
as
we
you
know,
budgeted
for.
A
A
Police
came
in
at
94
percent
of
budget
fire,
99
Public
Works,
91,
Community,
Development,
Community
Development
is
sometimes
going
to
come
in
over
budget
because
they
have
expenses
that
are
reimbursable
by
by
like
people
who
apply
for
permits,
and
so
those
are
not
necessarily
you
know,
100
out
by
the
city.
They
are
100
reimbursed
by
the
permit
applicant.
So
a
lot
of
those
expenses
that
I
think
kicked
them
over.
A
hundred
percent
were
those
reimbursable
expenses
in
all.
A
A
D
A
Our
purse
costs
are
going
to
continue
to
increase
or
the
next
what
year
is
it
over
the
next
eight
years?
So
speaking
of
arpa
funds,
I
am
going
to
open
up
the
cash
and
investment
summary
that
I
put
together.
I
have
expanded
this
a
little
bit
this
plain
page.
That
basically
just
said:
here's
all
the
money
that
we
have
I
think
well,
it
fit
the
letter
of
the
law
of
what
I'm
required
to
show
you
guys,
I.
A
E
A
So
every
year,
when
we
have
an
increase
in
expenses
that
25
fund
balance,
number
is
also
going
to
increase,
and
then
the
rest
of
this
is
broken
down
by
you
know
where
it
is.
The
Emergency
Medical
Services
fund
during
the
year
is
always
going
to
have
a
negative
balance,
because
we
haven't
done
that
transfer
in
of
the
money
from
well
one.
G
G
So
if
some
portion
of
a
fair
amount
of
that
is
going
to
be
now
invested,
does
the
investment
income
I
understand
from
what
you
said
earlier
that
some
of
it
the
investment
income,
has
to
go
back
to
whatever
particular
funds,
but
of
the
45
million
is
a
lot
of
it
going
to
go
to
the
general
fund,
or
only
basically
like
the
13
million
investment
income
on
the
13
million?
Can
I
go
to
the
general
fund.
A
A
The
landscaping
and
lighting
District
funds
do
not
have
to
I
have
been
allocating
to
sewer
funds
because
because
it's
an
Enterprise
fund
I
have
not
been
allocating
to
reserves.
There's
I've
really
only
been
allocating
when
it's
very
specific
that
we
have
to
the
rest
of
it
goes
into
the
general
fund.
G
G
G
A
J
H
G
A
A
We've
already
started
kind
of
transitioning,
we
haven't
selected,
Council,
hasn't
appointed
anyone
yet,
but
Mechanics
Bank,
sorry,
Mechanics
Bank
actually
offered
us
a
money.
Market
fund
at
2.25
percent
and
leaf
is
currently
paying
like
1.9,
so
I've
started
moving
money
to
mechanics,
also
in
preparation
of
sending
all
that
money
out
to
the
investment
manager.
So
we've
already
started
to
realize
a
little
bit
more
and
kind
of
utilize,
our
money
better.
A
So
but
yes,
you're,
100
correct
most
of
the
money
that
you
see
in
you
know
the
latest,
specifically
the
main
account
life
funds
and
potentially
some
of
the
items
in
caltrust
are
just
you
know:
money
market
accounts
that
we
can
quickly
send
to
the
investment
manager
to
get.
They
think.
Two
remember
her
and
advice
your
priven
sat
in
the
investment
manager
interviews
and
it
was
interesting.
A
They
were
saying
you
know
it's
kind
of
good
right
now
to
just
have
a
lot
of
cash
so
that
you
can
buy
at
these
higher
interest
rates
and
that's
kind
of
where
we
are
right.
Now,
it's
not
great
that
we
have
a
you
know
that
interest
is
going
up
and
so
inflation's
going
up
and
all
of
those
sort
of
things,
but
it's
good
for
us
for
investment
purposes.
E
H
A
They
they
have
everything.
There
are
a
handful
of
adjustments
that
are
being
made
mostly
on
balance
sheet
accounts,
which
means
you're
not
going
to
see
changes
to
like
these
numbers,
but
it's
mostly
changes
of
like
oh,
we,
you
know
recorded
Revenue
in
July
that
we
really
should
have
recorded
in
June
and
so
we're
moving
it
back
on
the
like
yeah.
A
So
we
these
are
I'm
I'm.
You
know
98,
confident
that
this
is
what
you're
going
to
end
up
with.
That
said,
this
is
very
specifically
and
I
say
this.
In
my
report,
the
operating
budget
there
were
Appropriations
that
were
made
outside
of
the
operating
budget
during
the
course
of
the
year
that
are
not
reflected
in
this
number.
So
the
500
000
appropriation
from
general
fund
balance
to
the
pers
unfunded
liability.
A
There
were
a
handful
of
legal
payments
that
needed
to
be
made
that
are
a
little
bit
over
five
hundred
thousand
dollars
as
well.
So
and
I
say
this
in
my
report,
I
I
would
like
Council
to
hold
off
on
any
additional
Appropriations
until
we
get
the
audited
financials
so
that
we
can
do
the
analysis
of.
What's
that
25
fund
balance,
what
do
we
think
we're
going
to
need?
You
know
once
I
do
a
mid-year
budget
adjustment?
E
E
A
Policy
very
specifically
dictates
how
how
many
years
we
can
or
like
the
the
length
of
time
that
we
can
tie
up
money
for
So.
Currently,
our
investment
policy
states
that
75
and
75
of
our
assets
have
to
be
in
basically
less
than
one
year
and
so
you're
only
at
a
higher
rate
of
return.
If
you
give
somebody
money
for
five
years,
but
again,
like
you
had
said,
you
know,
you
might
get
into
a
little
bit
of
trouble
down
the
line
if
your
money's
all
tied
up-
and
you
don't
have
that
cash
flow.
A
A
B
A
H
C
A
The
charter-
and
it
is
part
of
your
it's
a
tax-
it's
an
ad
valorem
tax.
It's
on
the
left
hand
side
of
your
property
tax
bill.
It
is
it's
lumped
in
with
bonds,
so,
but
it
specifically
is
to
cover
City
pension
costs.
It
was
implemented
back
in
the
70s,
I.
Think
I
think
that's
if
I
remember
correctly,
it
might
have
been
late
60s,
and
so
it
has
been
around
for
a
long
time.
A
Percent
I
think-
and
it
has
been
assessed
at
that
highest
rate
for
the
last
three
or
four
years
to
help
with
some
of
the
increased
costs.
The
majority
of
it
goes
to
safety,
Public
Safety
pension
to
cover
that
it
helps
fund
the
part
of
the
minimum,
the
ual
for
the
closed
police
and
fire
pension
plan,
and
then
it
also
goes
towards
some
current
safety
air.
Current
pension
costs.
F
A
So
that
is
budgeted
and
expensed
under
the
administration
budget
under
non-departmental
and
you'll,
see
there's
under
expenses,
there's
benefits
and
then
retirement.
If
you
look
at
page
six,
it's
under
that
retirement
line
You'll
see
a
large
payment
in
first
quarter
and
then
you
see
some
adjustments
throughout
the
year
for
retirement
and
so
that
that's
where.
H
F
A
A
Get
a
slight
break
on
the
amount
if
we
pay
it
fully
that
we
have
the
option
of
paying
info
at
the
beginning
of
the
year
or
paying
monthly
over
the
course
of
the
year,
and
we
get
a
slight
break
on
how
much
we
owe
if
we
pay
it
all
at
once
since
the
beginning
of
the
year.
So
we
generally
do
that,
so
it
generally
comes
in
slightly
under
what
the
actual
ual
was.
A
So
parcel
taxes
are
all
special
revenues.
None
of
them
go
into
the
general
fund
and
the
the
ad
valorem
taxes
that
are
the
pension,
override
tax
and
the
bond
fund,
the
general
obligation
bonds.
Those
also
both
go
into
special
funds
that
are
used
specifically
for
those
purposes.
So
the
only
property
tax
that
you
see
in
the
general
fund
budget
is
your
one
person.
It's
the
city's
portion
of
the
one
percent
of
the
county
tax.
F
F
A
Assuming
there
isn't
a
housing
bubble
and
that
bursts
and
all
of
a
sudden
the
assessments
go
down
because
that
did
happen
quite
a
few
years
ago
and
when
I
first
got
here
in
2018,
Albany
was
the
only
city
in
the
county
that
wasn't
still
recovering
from
that.
First
and
I
actually
had
to
ask
the
question
in
the
middle
of
a
meeting
of
like
all
the
County
finance
directors
of.
Why
is
our
number
not
going
up
and
they're
like
because
you
already
recovered
so
yeah.
F
Yeah
well
that
and
that's
because
in
my
experience
we
experience
very
few
foreclosures
in
the
city
and
it's
the
when
a
city
starts
getting
foreclosures,
then
it
starts
to
spread
and
it
brings
down
property
values.
Most
homes
in
Albany
and
in
particularly
the
new
purchases,
have
a
very
high
down
payment
and
from
20
to
50
percent.
B
I
had
a
question,
a
follow-on
question
to
that,
so,
according
to
most
estimating
sites
real
estate
estimating
sites,
the
the
property
values
are
going
down
in
Albany
as
they
are
elsewhere,
and
do
you
know
what
what
is
the
you
know
trigger
point
where
properties
might
be
reassessed
at
a
lower
value
and
where
that
might
hurt
our
property
tax
value
revenues?
Unfortunately,.
A
A
B
It
would
just
be
interesting
to
know
and
I
know.
They're
we've
been
talking
about
the
transfer
tax.
There
have
been
a
lot
more
sales
of
homes
in
the
last
year
or
two,
so
those
more
recent
sales
I
could
imagine
they
might
be
seeing
a
real
decline
in
value
where
those
people
might
apply
for
a
reduction
in
value
of
their
home.
But
a
lot
of
us
that
have
been
here
longer
and
we're
covered
by
prop
13..
H
A
So
the
original
budget
for
the
full
Administration,
which
is
city
manager,
IET
legal
and
that
non-departmental,
which
is
all
the
property
taxes,
was
a
revenue
of
15
million
and
we
ended
with
a
revenue
of
17
million.
So
we
ended
with,
and
revenues
are
in
are
negatives,
so
we
went
negative
116
of
the
original
negative
that
was
budgeted.
H
F
F
A
Is
very
specifically,
these
cities
tax
on
racing
revenues?
Okay,
that's
racing!
It
does
it's
not
sales
tax,
it's
not
property
tax.
It
is
very
specifically.
We
have
a
tax
that
used
to
be
on
Admissions
and
then
it
changed
to
be
on
to
be
a
percentage
of
the
wagering
Revenue
at
Golden,
Gate,
Fields,
well,
I
mean
I,
guess
at
whatever
horse
racing
track
is
in
the
city.
B
A
In
so
I,
don't
off
the
top
of
my
head
know
exactly
the
dollar
amount
of
what
it
will
cost.
I
mean
most
city
managers
is
easy
to
figure
out
because
it
was
just
from
one
dollar
to
another
dollar,
and
so
it's
around
thirty
thousand,
maybe
but
the
cost
of
living
adjustments
were
all
already
budgeted,
so
they
fit
within
the
budgeted
amounts.
F
A
It
does
affect
pensions
and
any
like
payroll
taxes.
All
of
that
stuff.
But
again
those
were
already
budgeted
in
the
anticipated
Revenue
incur
not
Revenue
the
anticipated
expense
increases
in
this
budget,
so
it
won't
be
any
additional
expense
to
what
was
budgeted.
But
I
will
get
you
the
number
of
what
that
was
anticipated
to.
D
D
C
B
G
B
That's
a
good
point,
exactly
I
think
in
our
first
year,
just
due
to
the
timing
and
The
Limited
number
of
meetings
that
we
had,
we
weren't
really
able
to
review
the
biennial
budget,
for
example
before
it
went
to
council
and
similarly
I
think
with
the
audit
results
and
and
even
with
the
quarterly
reviews.
If
we
could
schedule
our
meetings
for
the
next
year
to
happen
immediately
preceding
the
council
meeting,
then
that
would
give
us
a
chance
to
hear
all
of
the
information
and
give
our
feedback
to
council
foreign.
E
I
think
I
think
eight
will
will
help
I
I,
don't
I,
can't
really
judge
am
I.
Are
you
okay?
Now,
yes,
I,
don't
I,
don't
know
for
sure.
If
it'll
be
enough,
I
I
think
our
work
plan
is
pretty
ambitious,
so
another
option
would
be
when
we
do
the
annual
report
to
council.
We
might
look
at
some
items
on
the
work
plan
and
say:
are
they
still
a
priority,
an
agreement
that
we
we
should
try?
Eight.
B
F
Well,
I
can
I
can
I
get
some
input
from
Heather
about
what
are
the
dates
or
the
months
that
you're
going
to
shoot
for
so
next
year,
I
mean
we've
gone
through
a
process.
Now,
when
do
you
deliver
which
budgets
things
like
that
that,
if
you
could
have
a
schedule,
you'd
say:
okay
and
the
12
months
of
next
year?
Here
are
the
months
that
I'm
going
to
I
should
be
aiming
to
present
to
the
city
council
for
what
things
so.
A
The
reason
that
we
had
originally
picked
these
dates
for
the
financial
advisory
committee
is
because
I
had
basically
said:
I
need
at
least
a
month
to
get
my
report
ready
before
it
comes
out
after
the
quarter
end.
So
we
basically
said
the
first
Wednesday
after
the
month
after
the
quarter
ends
and
that
you
guys
pretty
much
have
been
getting
the
quarterly
updates
before
the
council.
A
The
budget
was
really
rushed.
In
the
last,
the
financial
advisory
committee
was
created
like
right
as
we
were
doing
a
biennial
budget
so
that
that
was
a
little
bit
rushed.
We
I
do
have
a
schedule
that
I
can
share
at
some
point.
That
is,
gives
basically
I.
Think
it's
two
I
think
we
come
to
the
financial
advisory
committee
with
the
budget.
Then
the
at
your
April
meeting.
A
So
so
we
do
have
that
coming
through
the
audit
last
year,
Council
had
previously
requested
that
we
get
the
audit
to
them
as
soon
as
possible.
I
didn't
get
it
until
like
two
days
after
your
meeting,
and
so
it
just
I
wasn't
able
to
bring
it
to
you
before.
We
brought
it
to
council,
ideally
we're
shooting
to
have
it
ready
and
bring
it
to
you
at
your
February
meeting,
and
then
it
would
go
to
council
after
that,.
F
F
B
If
we're
trying
to
not
double
up
major
topics
in
these
meetings
and
then
I
can
imagine
that
we
probably
might
need
to
discuss
the
budget
more.
You
know
after
it
goes
to
council.
Maybe
they
send
back
questions
or
something
so
that
seems
kind
of
reasonable,
because
that
would
leave
enough
time
in
each
meeting
to
have
revenue
subcommittee
and
pension
subcommittee
conversations
and
and
other
things
that
are
going
to
come
up.
B
C
B
A
E
What
everyone
else
has
been
saying
has
made
me
start
to
think
about.
Maybe
we
should
think
about
a
work
group
or
a
subcommittee
for
policy
revisions,
investment
policy
and
and
the
overall
Finance
policy
we
that
could
take
a
lot
of
of
work
and
might
might
be
a
subcommittee
kind
of
thing,
I'm,
not
sure
I,
don't
think
we've
even
gotten
to
that
on
any
of
our
agendas
yet.
E
A
Those
policies,
it's
it's
any
administrative,
non-administrative
policies,
I
think,
and
so
that
includes
the
fund
balance
policy,
the
capital
reserve,
fund
policy
and
I'm
probably
missing
something,
but
there
those
are
included
in
the
biennial
budget,
booklet.
So
they'll
come
to
you
when
we
bring
the
budget
for
a
review.
H
F
F
A
Service
policy
generally
gives
a
general
guideline
for
how
much
Bond
debt,
the
city
or
and
lease
that
I
guess
like
Capital
leases
the
city
is
willing
to
take
on.
There
are
like
state
state
statute
limitations
on
how
much
debt
you
can
take
on,
but
some
cities
aren't
comfortable
going
even
up
to
that
high.
So
it's
basically
just
you
know
Bridging
the
broaching
the
topic
of
you
know
how
what
type
of
debt
is
the
city
willing
to
take
on
and
how
much
of
it
in
theory,
so
that
staff
can
kind
of
better
plan.
A
You
know
if
we
need
to
go
out
and
do
a
sewer,
Bond
or
if
you
know
all
of
a
sudden,
we
decide
we
need
to
do
building
updates.
You
know
how.
How
will
we
fund
these
things
and
we
can
better
plan
if
there's
a
policy
around
what
the
council
is
comfortable
doing
in
regards
to
death
service?
That's
what
a
debt
policy
is.
A
A
G
H
G
F
G
I
I
think
that's
makes
sense,
but
I
guess
from
being
part
of
the
interviews
and
remember
Kurt
you
can
chime
in,
but
I
think
they
also
offered
to
make
presentations
to
this
committee.
If
the
committee
wanted
to
I,
don't
even
know
who
was
chosen
but
I
think
all
of
them
did
so
so
there's
I
guess,
there's
a
question
about
how
much
the
committee
wants
to
delegate
to
one
accept
committee,
whether
it's
one
person
or
not
or
whether
they
want
whether
this
committee
wants
like
direct
contact
with
the
investment
advisors.
G
F
H
F
B
B
Another
idea
that
has
to
do
with
the
meeting
frequencies
and
just
efficiency
of
running
these
meetings
that
I
had
raised
was
I
think
it
might
be
nice
to
try
to
schedule
Time
Guidelines
for
these
meetings.
You
know
how
much
time
will
we
allocate
to
the
finance
director's
report
and
how
much
time
will
we
allocate
to
different
things
and,
of
course
it's
not
a
hard
and
fast
rule,
but
if
we,
if
we
kind
of
had
a
framework
set
up,
then
we'd
have
a
better
idea.
B
C
B
A
B
E
E
E
I
think
about
the
fact
that
the
priorities
of
these
are
going
to
shift
pretty
much
continuously
and
what
we
really
need
is
some
guidance
from
Council
what
they
want
us
to
get
behind
and
what
they're
going
to
support
so
that
we
can
work
in
collaboration
to
move
these
forward.
So
I
don't
feel
a
much
efficacy
in
in
prioritizing
them
at
this
point.
E
So
there
are
a
few
updates,
since
you
last
saw
this
report
so
rather
than
go
through
the
whole
thing.
I
think
I'd
just
like
to
highlight
a
couple
of
the
updates,
one
of
which
came
from
the
city
of
arcade
Arcadia
Francesco.
Maybe
you
could
talk
about
that
in
terms
of
the
proposition
26,
which
I
think
is
item,
maybe
several
Pages
down
here.
F
F
F
Where
that
we
don't
get
any
so
just
to
understand
about
Golden
Gate,
Fields
And.
This
is
also
something
to
for
us
to
explore
is
that
Golden
Gate
Fields
shifted
their
betting
to
when
you
go
to
Golden
Gate
Fields.
You
could
bet
on
any
race
anywhere
in
the
country
there,
but
our
deal
with
golden
cage,
Fields
I,
believe
only
allowed
us
to
get
a
percentage
of
the
bets
that
were
on
Races
here
in
Albany.
F
So
even
though
their
business
could
go
up
and
by
how
much
we
don't
know
with
bets
that
are
on
Races
outside
of
Albany,
we
don't
get
my
understanding.
Is
we
don't
know
anything
about
that?
What
does
this
all
mean?
I
think
we
nearly
need
to
know
how
we
can
better
participate
in
a
revenue
stream
that
could
be
generated
or
is
generated
at
Golden,
Gate
Fields.
F
The
main
thing
that
that
Judy
and
I
concurred
on
is
that
I
is
the
fact
that
there
will
be
a
new
Council.
We
need
the
council
to
say
we
want
you
to
pursue
these
items,
and
that
will
back
you
if
you
want
them.
So
that
will
mean,
because
we
don't
want
to
be
spending
a
lot
of
time,
researching
ideas
that
the
council
won't
be
willing
to
pursue,
and
they
may
have
some
new
ideas
on
their
own
when
they
get
reconfigured.
B
A
C
H
A
B
It's
easy
to
see
that
this
is
in
fact
the
approved
work
plan
so
everywhere,
where
you
see
type
in
red.
That
would
be
our
comments,
our
reporting
to
the
council.
So
our
2123
work
plan
items.
There
were
regular
reports
that
were
listed.
There
were
three
of
them:
year-to-date
budget
versus
actual
report
on
audited
financials
and
pension
funding
overview
with
the
first
two
reports
being
required
and
the
the
third
being
desired
so
because
I'll
just
read
these
off
and
then
we'll.
Let's
just
discuss
them
as
we
get
through
them.
B
So
the
year-to-date
budget
to
actual
reports
said
this
is
an
ongoing
task
that
the
committee
found
that
the
number
of
meetings
for
annually
made
it
difficult
for
the
committee
to
review
the
reports
before
Council
reviewed
these
same
reports.
We
recommend
increasing
the
number
of
fac
meetings
to
a
minimum
of
eight
annually
in
order
to
have
adequate
time
to
perform
our
assigned
tasks
for
the
work
plan.
Foreign.
B
B
Okay,
so
then
the
report
on
the
audited
financial
statements,
the
committee
has
reviewed
the
fiscal
2021
audit
report,
the
Auditors
issued
an
unqualified
or
clean
opinion.
That's
the
primary
goal
of
that
process.
So
that
worked.
You
know
that
came
out
well.
The
next
audit
report
for
fiscal
2122
is
expected
soon.
I
believe
we're
expected
to
get
the
report
on
that
in
our
February
is.
B
B
So
it's
exactly
the
same
memo
and
I
I
will
take
the
council
through
that
memo,
and
you
know
about
the
same
level
of
detail
that
we
reviewed
it.
Then
we
just
put
an
additional
comment
that
the
committee
went
through
a
steep
learning
curve
during
its
initial
year
in
fiscal
2122.
We
feel
that
we'll
be
able
to
move
through
these
topics
with
a
higher
Comfort
level
going
forward.
Due
to
this
experience.
E
E
I
I
think
that
the
potential
need
to
raise
funds
for
pensions
is
going
to
be
coming
coming
to
the
fore
in
the
next
few
years
and
I'm
not
sure
if
that
needs
to
be
foreshadowed
in
this.
This
report
to
the
council,
but
but
I
do
see
that
that
it's
a
good
idea
to
keep
this
on
the
work
plan
and
and
whether
or
not
it
results
in
the
birth
of
a
new
proposal
for
new
new
Revenue
Source
I,
don't
know,
but,
but
it
may
well
so
just
to
be
aware
of
it.
B
The
the
whole
idea
of
this
pension
report
really
is
to
highlight
the
exponential
growth
of
the
ual
payments
that
are
going
to
be
required
as
we
move
forward
through
the
next
eight
years
and
how
that
really
is
going
to
outstrip
the
revenue
that
we'll
have
and
then
well
the
the
report
talks
about.
You
know
we
we
can
try
to
generate
new
Revenue.
We
can
try
to
control
our
costs.
Our
expenses
in
order
to
close
that
Gap
or
some
combination
of
the
two.
B
All
right,
those
are
the
the
main
three
items
and
then,
as
you
move
down
the
report,
the
recurring
action
items,
so
one
of
them
was
maintain
sound
and
increased.
Transparent
management
of
City
Financial,
Resources
fac
will
review
and
report
to
Council
on
a
biennial
basis,
non-administrative
Finance
policies
and
practices.
So
I
just
said:
we'll
take
up
this
project
in
the
I
thought.
We
were
going
to
do
this
in
the
current
fiscal
year
when
I
wrote
this
so
I
need
to
change
this
and
say
this
item.
A
Okay,
we
we
can
talk
in
general
about
the
policies
that
the
city
has
in
of
the
February
meeting
and
then
do
a
little
bit
more
detailed
when
we
do
the
biennial
budget
if
you'd
like.
Maybe
at
that
point,
you
decide
whether
you
wanted
to
do
a
subcommittee
to
look
at
different
policies
at
the
February
meeting
and
then
dig
into
it
more
at
the
May
one.
It's
up
to
you
guys.
B
B
The
the
committee
did
not
have
the
opportunity
to
review
the
budget
for
fiscal
2123
before
it
went
to
council
due
to
limited
number
of
meetings
we
had
calendared
last
year
and
the
timing
of
the
fac
meetings
vis-a-vis
the
council
meetings,
it
seems
obvious,
but
the
fac
meetings
need
to
take
place
before
the
council
meetings,
in
which
the
reports
will
be
reviewed
by
Council.
The
scheduling
did
not
work
out
this
way
during
the
first
year
of
the
FOC.
So
I
could
put
an
additional
little
comment
in
there
about
where
we're
working
on
a
calendar.
B
B
E
C
B
B
B
B
B
B
A
So
you
guys
are
kind
of
new
in
what
you
are
tasked
with
in
relation
to
or
like
compared
to
other
committees,
where
you,
actually,
you
know,
are
Dave,
says
you're
supposed
to
report
back
or
whatever,
where
this
is
again
all
new
and
everything
it's
kind
of
changing.
It's
really
up
to
you,
guys
whether
you
want
to
do
a
presentation
or
just
you
know,
submit
a
memo
or,
however
I
I
will
touch
base
with
a
city
manager
to
kind
of
get.
You
know
an
idea
of
what
you
know.
B
Okay.
So
the
next
work
plan
item
was
the
fac
will
review
and
report
to
council
significant
financial
short
and
long-term
issues
facing
the
city,
including,
but
not
limited,
to
the
review
of
the
state
Auditors
report
when
updated.
So
we
said
the
committee
reviewed
this
report,
which
was
dated
late
2019
at
the
November
21
fac
meeting
the
city
of
Albany
slipped
in
the
ratings
from
205
to
101
out
of
471
cities
with
number
one
being
the
riskiest
City.
B
So
therefore
we
we
got
worse
on
the
risk
ratings
factors,
making
the
risk
rating
Trend
higher,
where
the
unfunded
pension
liability
and
the
decrease
in
revenues.
At
that
point,
that
report
was
highlighting
sort
of
three
percent
annual
decreases,
I
think
for
a
couple
of
years
in
revenues
and
that's
obviously
changed.
B
B
Okay,
so
we'll
I'll
put
in
in
here
an
additional
comment
that
we
think
this
should
be
required
reporting
and
is
the
idea
on
this
work
plan
that,
as
we
move
forward
into
our
next
year,
I
mean
I
would
think
we
would
want
to
give
more
immediate
feedback.
So
if
you
know
what,
if
we
get
the
next
city
under
the
state,
Auditor's
report,
for
example,
that
we
would
provide
feedback
on
that
for
the
next
council
meeting
as
opposed
to
waiting
until
the
end
of
the
year.
B
E
I
agree
with
you
and
I
agree,
not
just
because
it's
a
timeliness
thing
but
I
think
it's
important
for
the
public
to
have
I
mean
the
main
purpose
of
our.
Our
meeting
is
to
have
a
public
meeting
so
that
the
public
can
have
plenty
of
opportunity
to
understand
the
issues.
And
if
we
wait
to
the
end
of
the
year,
then
we've
missed
the
opportunity
for
the
public
input.
G
B
B
Okay,
enhanced
communication
and
transparency
programs,
meetings
of
the
fac
will
be
open
to
the
public
and
will
allow
for
and
encourage
diverse
public
input
to
finance
and
budget
issues
prior
to
those
agenda
items
being
heard
by
Council
I,
don't
really
know
exactly
what
to
say.
We
said
the
committee
is
exploring
ways
to
make
the
information
more
understandable
and
accessible
to
the
public.
B
E
B
Meetings
of
the
fac
will
provide
a
regular
forum
for
the
public
to
learn
about
budget
processes
and
financial
investment
strategies
of
the
city's
resources.
So
more
required
and
properly
timed
meetings
will
facilitate
the
Public's
understanding
of
budget
deficits
and
surpluses.
Members
of
the
committee
are
currently
assisting
with
the
RFP
process
to
select
an
investment
advisory
firm.
The
investment
advisor
will
report
to
the
committee
on
a
quarterly
basis
and
then
I
had
a
special
comment
to
Mark.
Here.
Please
fill
in
any
additional
comments.
H
G
G
B
Right
yeah,
so
that's
that's
just
going
to
be
really
good
right,
because
that
will
educate
all
of
us
as
well
as
the
public
on
the
investment
policy
that
will
be
formally
adopted
and
approved.
The
strategy
they'll
talk
to
us
about
benchmarks,
for
these
asset
allocation
targets
that
they're
they're
going
to
implement
based
on
our
policy
and
strategy,
and
you
know
whether
or
not
their
returns
are
comparing
favorably
against
the
benchmarks,
so
that
that
will
be
a
good
education
for
all
of
us.
E
Okay,
Mark
and
Kim.
We
had
a
conversation
earlier
in
this
meeting
where
we
talked
about
there
being
one
point
person
or
a
subcommittee
to
Liaison,
with
the
investment
advisor
rather
than
the
full
Finance
advisory
committee.
Do
that
I
don't
know
if
this
is
a
place?
We
want
to
capture
that
or
if
we
just
want
to
hold
that
in
our
thoughts
about
as
how
as
we
go
forward,
but.
C
B
I
certainly
don't
mind
doing
that
or
anybody
else
that's
willing
to
take
on
that
task.
But
as
I
understand
it,
it
would
really
just
be
acting
as
the
white
person
for
the
for
the
fac
to
communicate
with
Heather
or
somebody
that
Heather
designates
and
then
they
would
ask
those
questions
for
us.
So
it
doesn't
seem
like
it
would
be
a
a
huge
additional
investment
of
time
on
our
part.
B
G
B
B
Okay,
so
next
topic
is
revenue.
Oversight
continue
to
assure
that
rates
of
Revenue
are
kept
current.
That
revenues
are
collected
and
Albany
is
informed
funding
mechanisms
and
funding
mechanisms
in
use
in
other
California
cities.
The
committee
reviews
the
performance
of
actual
Revenue
against
budgeted
revenue
and
against
prior
period
revenue
and
analyzes
the
variances.
So
that's
what
we
do
in
those
quarterly
reviews
four
times
a
year,
more
detailed
breakdown
of
the
revenue
line
items
would
help
to
facilitate
this
review.
H
H
B
The
fac
May
explore
and
recommend
to
counsel
additional
sources
of
revenue
for
the
city.
Revenue
subcommittee
report
to
council
suggests
10
potential
new
Revenue
sources
for
Council
to
review
and
advise
please
refer
to
the
attached
report
and
so
I
guess
at
that
point.
That
would
be
where
remember
Kerr
would
discuss
those
proposals
in
more
detail.
B
B
E
Kim,
can
we
just
back
up
to
that
last?
One
I
think
we
did
review
measure
K
before
it
was
seen
by
a
council
I'm
not
mistaken
at
one
of
our
meetings,
and
there
was
a
secondary
potential
tax
that
council
did
not
take
up
so
I
think
we
have
made
suggestions
on
potential
new
Revenue
I.
Think
we've
met
that
goal
this
time
around
I.
E
B
B
F
E
Of
that,
what
I
remember
about
that
was
talking
to
Heather
about
whether
Albany
was
a
member
of
the
California
League
of
cities
and
finding
out
Heather
has
been
finding
out
that
they
are
and
then
what
I
did
was
just
went
to
the
California
legal
City's
website
and
kind
of
called
as
much
information
as
they
could
and
there's
actually
a
lot
there
about
Revenue
sources
and
some
of
the
revenue
items
that
we
looked
at
and
compared
to
other
cities,
sort
of
sort
of
came
from
from
reviewing
that.
So
without
actually
physically
going
to
a
conference.
C
B
It
says
desired.
Is
this
something
do
do
we
have
any
interest
in
having
someone
actually
go
and
attend
a
meeting
in
person
or
over
Zoom
or,
however,
they
do
them?
You
think
that's
something
that
we
should
be
using
our
our
time
and
efforts
on
at
this
point,
or
is
it
sufficient
to
just
get
information
off
the
website?
What
what's
already
happened,
how.
A
Yeah
I
mean
the
league
of
California
cities.
Does
a
handful
does
a
lot
of
things?
It's
not
just
Finance.
They
do
have
a
municipal,
Finance
Institute
once
a
year
that
I
actually
am
planning
on
going
to
it's
in
Monterey
in
December,
7th
and
8th
I.
Think
it's
very
specific
and
I
think
everyone
would
be
bored,
but
I
mean
the.
The
annual
conference
has.
G
I
I
would
recommend
just
changing
that.
Changing
that,
to
you
know
that
will
use
it
as
a
resource
like,
like
member
Kerr,
said
we'll
use
it
as
a
resource
as
as
the
situations
develop,
and
you
know
we
have
used
it.
For
you
know
the
revenue
subcommittee
and
we'll
continue
to
use
them
as
a
resource
as
needed.
B
B
B
A
B
B
K
K
Both
those
reports
are
going
to
provide
the
revenue
enhancement
and
the
pension
liability
Memo
from
July
26th
that
is
authored
by
your
committee
subcommittee,
I,
should
say,
I
think
they're,
both
very
powerful
I
think
they're,
both
extremely
necessary
and
I.
I.
Think
the
pension
liability
memo
should
get
their
attention
if
it
doesn't
something's
not
clicking
here
and
I,
think
it
should,
because
I
think
it's
a
very
large
problem
and
I
think
it's
a
problem
that
that
needs
to
be
recognized
and
I.
K
K
I,
look
back
at
your
resolution
that
authorizes
your
your
body
and
basically
This
falls
right
into
what
you're
supposed
to
do.
It
says
you
shall
review
and
advise
on
development
of
long-term
financial
plan
for
the
city
and
I
would
urge
you
to
push
the
council
to
adopt
a
formal
plan
to
deal
with
these
major
issues.
K
I
I
think
you
know
we're
going
along
fine
and
there
are
extra
contributions
made
to
lower
the
ual,
but
I
think
this
city
and
needs
to
do
a
lot
of
other
cities
have
done
in
the
past
and
just
adopt
a
formal
plan
to
do
that.
I
think
that's
really
necessary.
I
think
you
need
to
push
in
that
direction
with
them.
K
Let's
see
what
else
I
have
here,
also
I
I
think
there
is
a
new
2021,
State
Auditors,
dashboard,
I,
I
I'm
sure
there
is
actually
and
I
think
we
are
now
sitting
position
82
as
opposed
to
114
from
the
19
2020
report.
So
that's
that's
to
be
looked
at
and
I.
Think
again,
you
know
we're
in
the
very
high
categories:
high
risk
categories
on
all
the
pension
matters,
so
that
looks
like
it
may
be
worsening
somewhat
and
I
think
that
could
be
brought
to
their
attention.
Also.
K
Finally,
I
think
there
is
a
council
member
actually
assigned
to
be
liaison
with
the
league
of
California
cities
and
it
may
have
been
council,
member,
McQuaid
and
I.
Don't
know,
I
believe
that
to
be
accurate,
I,
don't
know
what
her
involvement
in
the
past
has
been,
but
I
think
every
there
is
one
council
member
signed
for
that
purpose.
So
just
a
piece
of
information
I
believe
to
be
correct.
So
again,
thank
you
very
much.
I
appreciate
your
work
and
good
luck
on
the
report.
City
council.
Thank
you,
foreign.
F
I
would
like
to
have
a
considering
the
fact
that
real
estate
taxes
and
property
and
transfer
taxes,
sales
and
use
and
franchise
and
other
taxes
constitute
over
75
percent
of
the
revenue
to
our
city.
I
would
and
that
we
had
a
partial
breakdown.
That
I
think
we
all
appreciated
of
the
of
some
of
those
that
we
have
a
specific
item
on
the
agenda
that
will
actually
educate
all
of
us
and
the
public
about
how
the
real
estate
taxes
are
levied
and
proportioned
I
mean
I
just
learned
something.
F
Thank
you
heather
today
about
it's
the
one
percent.
You
know
that
we
get
I
mean
that's
I
just
want
to
have
that
you
know
so.
I
would
like
it
if
we
just
have
one
agenda
item
in
the
future,
where
that's
the,
where
we
all
have
educate
ourselves
and
the
public
on
those
and
have
its
and
as
part
of
that,
I
would
like
to
see
a
three
to
five
year
breakdown
as
to
how
those
things
have
changed
over
that
period
of
time.
H
D
C
B
A
B
Well,
I
guess
it
would
be
nice
to
hit
the
highlights,
you
know:
did
the
ual
increase
or
decrease?
What
was
the
plan
investment
performance?
What
were
some
of
the
other?
You
know
large
factors
like
the
other
metrics
that
play
into
things
so
maybe
sort
of
an
executive
summary
of
that
report.
It
would
be
really
nice
to
know
where
do
we
stand
on
all
of
our
unfunded
pension
liabilities?
A
Yeah
I
I
can
put
something
together.
I
will
caution
that
they're
a
lot
more
optimistic
than
we
really
want
to
be
because
the
next,
because
these
are
the
21
showing
an
18
return
on
investments,
whereas
the
22
was
a
negative
six
percent.
So
you
know
it's:
just
I
I
can
see
what
I
can
put
together.
Yeah.
A
B
B
Okay,
so
why
don't
we
say
that
at
a
minimum,
Mark
we'll
we'll
give
an
updated
presentation
just
using
the
tables
that
he
had
already
compiled
and
adding
the
21
valuations
in
there
and,
if
you're
able
to
provide
you
know
any
additional
summary
or
you
know,
oversight
overview
into
that
Heather
that'd
be
really
useful.
Just
you
know
we're
we're
already
working
with
you
know,
facts
and
figures
that
are
you
know
two
fiscal
years
old.
E
I
have
my
hand
up
because
I
I
I'm
curious
about
the
arpa
funding,
the
federal
money.
That's
come
through
as
coveted
relief,
money
and
I
know.
Heather
mentioned
in
her
report
that
there
was
a
a
report
that
was
due
to
the
federal
government
that
went
in
in
April
and
I
I.
Don't
know
if
it's
within
our
purview,
if
it
should
be
within
our
purview,
I'm
curious
about
whether
anybody
in
the
public
has
seen
that
report
that
went
to
the
feds
and
who
wrote
it
from
the
city.
A
It
wasn't
really
a
report
so
much
as
they
had
just
asked
us
to
fill
in
like
okay.
What
category
was
the
spending
and
how
much
have
you
actually
spent?
How
much
have
you
allocated
and
that's
it
like?
What
do
you
plan
on
spending
it
on?
It
wasn't
really
detailed.
It
was
just
like
a
handful
of
questions
on
screens
that
you
clipped
through
for
the
treasury.
It
wasn't.
It's
not
super
detailed.
E
It's
a
it's
a
big
chunk
of
change.
It's
it's
four
four
and
a
half
million
dollars
that
we're
going
to
be
spending
that's
been
given
to
the
city
and
and
the
kind
of
programming
that
will
go
into
place,
could
have
an
impact
on
future
expenditures.
If,
if
these
programs
become
entities
of
their
own
and
ongoing
programs.
G
Yeah
I
have
some
comments,
but
I
guess
it's
not
necessarily
about
the
next
meeting
it's
about
when
you
know
sort
of
maybe
Heather
when
you
put
together
a
Year's
worth
of
meetings
and
when
they're
going
to
be
if
we
could
go
okay.
Well,
the
auditor's
report
comes
out
in
this
date
and
so
then
the
following
meeting
that
could
be
that's
open
to
be
discussed
about.
That
would
be.
G
A
G
A
G
Wow,
okay,
interesting,
okay,
so
then
the
other.
My
only
other
comment
is
that
I
really
think
we
need
to
Fast
Track
the
investment
policy
just
because
again
from
being
involved
in
those
interviews
and
and
other
folks
on
this
in
this
meeting
were
involved
as
well.
But
a
lot
of
the
potential
investment
managers
had
comments
about
the
city's
investment
policy
and
and
constructive
comments
about
things
that
could
change
and
I
would
hate
to
see
us
hire
an
investment
manager
and
then
have
to
wait.
G
You
know
to
take
advantage
of
all
the
ways
that
they
could
help
make
investments,
because
we're
tied
up
trying
to
figure
out
the
policy
so
I
just
think
that
we
need
to
be
nimble
and
ready
to
to
talk
about
that.
As
soon
as
the
investment
advisor
is
chosen
and
ready
to
to
you
know,
walk
us
through
some
potential
changes.
B
A
So
I
think
for
that
one
in
particular,
we'll
probably
take
it
out
of
the
normal
course
of
bringing
everything
back
to
you
guys
during
the
budget.
I'd
probably
work
with
the
investment
manager
or
you
know
the
next
couple
months
and
bring
it
back,
bring
it
to
you
guys
with
their
suggestions
and
my
suggestions
of
your
February
meeting
and
then
you
can
either
write
a
memo
or
I'm
going
to
bring
it
to
council
with
staff
report
and
similar
to
some
other
things.
You
guys
have
had
your
meeting
and
then
I
basically
included
in
my
staff
report.
A
B
F
If
no
one
has
it
because
I
just
want
to
thank
everybody
on
the
committee
that
has
just
been
spectacularly
working
in
together
and
complementing
each
other
with
their
interests
and
skill
set
and
I
mean
it's
just
been
a
real
pleasure.
I
hope
you'll
all
be
with
we'll
all
be
back
together
in
February
and
as
part
of
that
I
apologize.
But
have
we
been
introduced
to
the
finance
manager,
Cassie
Murphy
who's
been
with
us
and
I'd
like
to
hear
from
her?
B
J
B
Great,
that's
fantastic
thanks
for
attending
the
meeting
and
I'd
like
to
Second
what
member
papalea
said.
This
has
been
just
a
fascinating
year
and
learning
about
all
the
city
finances
and
working
with.
All
of
you
has
been
a
wonderful
experience
and
looking
forward
to
continuing
on
with
that
next
year,.
I
B
B
K
Well,
I,
I,
I'm,
sorry,
I,
misunderstood
I,
just
wanted
to
express
and
I
should
have
said
this
before
I
hope.
Collectively
you
can
stay
together,
as
a
committee
I
think
you're
coming
up
to
speed
you
mesh,
really
well
Good,
Chemistry,
I,
think
and
continuity
is
extremely
important
and
I
hope
hope
it
stays
that
way.
So
also,
thank
you
for
doing
what
you
have
stepped
up
to
do
might
become
a
very
thankless
job.
K
You
know
I'm
going
to
tell
them
that
you're
extremely
helpful
for
the
city.
It
needs
to
remain
vibrant
and
full
of
energy
and
finances
is
just
the
lifeblood
of
it,
and
your
work
is
just
what
needs
to
be
done
and
from
all
the
Committees
that
I
saw
the
30
years.
I
worked
in
Albany
29.
Actually
this
is
probably
the
most
significant
one
I've
seen
in
in
all
that
time,
and
what
you're
doing
is
just
tremendous
and
tremendously
important.
B
B
B
A
Way
there
will
be,
it
will
be
a
hybrid
meeting,
and
so
we
will
have
the
ability
for
you
to
basically
participate
via
Zoom,
and
then
you
can
potentially
share
your
screen.
That
way,
we
can
promote
committee
members
to
panelists
or
or
you
can
send
whatever
you
want
to
us
ahead
of
time.
We
can
share
it
as
staff
and
whatever
is
easiest
for
you
guys.
Okay,.
B
Okay,
great
yeah,
because
that's
that
can
be
a
little
nerve-wracking
having
to
figure
out
how
to
get
your
computer
connected
to
something.
While
there
are
people
sitting
there
staring
at
you
all
right,
I
think!
That's
it!
Thank
you
for
your
time.
Everyone
we're
at
the
stage
where
we're
ready
to
adjourn
this
meeting.