Attend in person, 2212 Beach Boulevard, 2nd floor. Or view on local television or live feed Pacific Coast TV. If you missed meetings, view on PCT26 YouTube! The city council meeting begins at 7 p.m., or shortly there following. City Council updates and archives are available on the City Council website.
Interactive City Council meeting, 3/14/16. City Council meeting, 3/14/16, pdf pages 57.
| Item 5. Planning ahead usually works. |
Closed session, 6:15 p.m. CA Government Code 54956.9 (d) (2), 1 case, anticipated litigation. Conference with legal council.
Open Session, 7:00 p.m. Call to order, roll call, salute to flag, closed session report.
Special Presentations. Golden Gate National Recreation Area - Christina Fitzgerald. Local Emergency update - City Manager Lorie Tinfow.
Consent Calendar
1. Approve financial disbursements (Finance department), 2/18/16 - 3/2/16.
2. Approve Minutes (City Clerk), 2/22/16.
Communications - Public (Oral); City Council; City Staff. Public Hearings - None.
Consideration
3. Fund 30, Excess ERAF status (Excess Education Revenue Augmentation Funds) collected by the County, considered "1x funds", pdf pages 6.
4. Budget update mid-year 2015-16. Executive Summary, pdf pages 1.
5. General Fund financial plan update 2016-21, optimistic, moderate, and pessimistic. Report, pdf pages 12, variables and contingencies page 11. Attachments projections by year: a) Revenues/expenses moderate, pdf pages 2; b) Revenues, graph pdf pages 1; c) Revenues/expenses optimistic/pessimistic, pdf pages 3.
Adjourn.
4. Budget update mid-year 2015-16. Executive Summary, pdf pages 1.
5. General Fund financial plan update 2016-21, optimistic, moderate, and pessimistic. Report, pdf pages 12, variables and contingencies page 11. Attachments projections by year: a) Revenues/expenses moderate, pdf pages 2; b) Revenues, graph pdf pages 1; c) Revenues/expenses optimistic/pessimistic, pdf pages 3.
Adjourn.
----------
Note photograph of Suze Orman (a nationally known financial advisor) from Zap2it/Mikey O'Connell, 1/14/11, Suze Orman and Oprah corner Octomom..."
Posted by Kathy Meeh
25 comments:
There must be an election coming up. Staff just found $1.5 million that has been setting in an account since 2008.
That's mine I accidentally left it there.
Well your sh!t out of luck cause they are going to spend it on the Palmetto Streetscape. Now that is not a bad place to put it, but I seem to remember that over $2.5 million was borrowed from the Road repair fund an given to the Capital improvement fund. Maybe, just maybe some if not all of the $1.5 million should go into road repair fund so we can get some much needed street repairs. I have to get my cars re-aligned every couple of month because of the condition of the City's Streets
I just found Jimmy Hoffa, Elvis, and Jimmy Dean.
We can't fix the streets cuz that might induce development or growth.
If you'll notice the NIMBY's don't usually moan too much about our pot hole ridden streets. If they do, it's always a half-hearted complaint. They know that pot holes are like land mines, they keep the enemy out. The enemy being a developer or outsider who might try to get some of the "I got Mine".
This poverty stuff works really well for them. That's why they want our city financially crippled.
The streets in our part of town are little more than deer trails, but, if we have to choose, a vital downtown trumps the luxury of having paved roads. LOL.
On a more serious note, someone (Pacifica.city perhaps) needs to demand access to the statements from that mystery bank account to see if the money really has been siting there since 08. And, if it has, someone has some 'splaining to do. Yet another reason the city needs a forensic accounting, as opposed to just something that sounds like an accounting but (based on this discovery) clearly is not.
Good one Mr. Clifford! You better believe there's an election coming up. Between now and then it'll be like an Easter Egg hunt for the incumbents. Ohhhh, NKorea, we found your sub.
Things I want to know about the $1.5 Million setting in a trustee account.
1. Has the $1.5 million been receiving interest over the last 8 years? If so how much & at what rate?
2. Has the City been paying interest on the $1.5 million for the last 8 years? If so how much & at what rate?
3. What is the net profit or loss?
4. How does the City staff account for misplacing $1.5 million in borrowed money and needing to hire an outside accountant to find it?
5. what did it cost for his work?
6.Since the Palmentto Streetscape is already budget for with the upcoming E.R.A.F. allotment, wouldn't it be better to spend this money on much needed street repairs?
The old want vs. need question.
Want vs. need? The problem is there's no glory in a repaired pothole, but a streetscape with ribbon-cuttings, photo ops, and stuff you can dedicate and slap a plaque on, in an election year, well, ohboyohboyohboy. What will they find next? Love these "reveals". Lose 4.75 mil, find 1.5 mil, all in a day's games at City Hall.
Does a streetscape with ribbon-cuttings count as a good thing for Pacifica?
Would it help improve our self-esteem as a city?
Will it draw more business and tourist dollars into our coffers?
Will it leave an impression on visitors that "Pacifica is a nice little town and I can't wait to tell a few friends and visit again"?
Will it help generate some revenue that could be used to fix pot holes and other failed infrastructures?
Does it go against the grain of those who want only poverty for Pacifica in order to maintain the status quo of the "I Got Mine's"?
Come on people, don't let the selfish NIMBY's lead you around by the nose.
I can see it now, the viewing stand in front of Recology of the Coast, a parade of garbage trucks, the cheering crowds,tourist waving their credit cards and our humble City officials thanking everyone and counting votes. Be still my beating heart.
The source of the 1.5 million fund for improving Palmetto Avenue is Fund 30 ERAF, plus grants. See the City Council Agenda Consideration Item 3, or open here.
The Palmetto Streetscape project and development will move forward, as approved 6+ years ago by City Council 10/12/09, Item 9.
An improved Palmetto Avenue works in conjunction with proposed infrastructure and revenue producing development in that area.
Sure, our roads need repair, but that's a separate issue.
No Kathy the new source of the $1.5 million I have been talking about is a Certificate of Participation that was entered into in 2008. The C.o.P. was in the amount of $19,815,000. $1,5 million of that amount was for street work. Some how Staff and Council loss track of this money somewhere between 2008 and 2016 and it has been setting in a trustee account waiting for the City to claim it.
Staff now wants to substitute these funds for the ERAF money allotted for the Palmetto Streetscape. The E.R.A.F. would then be used as matching funds for storm damage repair.
After speed reading the 266 page I was shocked to find that the City Council had leased our Police Station& Community Center to a bank for the above $19,815,000 and we are now leasing back those two public buildings until 2037 at great cost.
Yes! At the end of that glorious streetscape will be our new library. Working on our infrastructure and revenue producing development in good old Pacifica. See? There is a plan. So, go about your business and do navigate those cratered streets carefully.
Oh, Tom Clifford, you're such a buzz kill, and, might I add, no one's fool. That police station deal with Deutsche Bank is an eye-opener. Who knew? You're not the only one in shock. Did this deal have any effect on outsourcing the PD? Did it happen on a consent agenda? Buried in piles of documents? Oh my, I don't know how much more of this transparency Pacifica can stand.
Anonymous 12:15
More and bigger potholes are sure to be a result of the C.O.P. 25% of our share of the gas tax is by contract given to the Bank as part payment for the lease of the Police station & Community Center, this is the same revenue source that is used to repair our roads. The Pacifica City Council of 2008 was in desperate need of cash and made a bad deal that you,I and the rest of Pacifica's taxpayers will be paying for until 2037.
Correction 25.235% of each lease payment is from the gas tax. The City puts all of the gas tax revenues into a special account to cover 1/4 of the lease agreement.
So for the next 21 years the only way our street get fix is either with General fund money or grants. Happy trails to you!!!
Whats your source for these accusations Tom?
Anon 5:31 The information is all in the 2008 Certificate Of Participation Dan Stagin has it up on his web site WWW.pacificacity.com 266 pages of chilling facts on how the City sold it soul.
Sorry it's Dan Stegink & WWW.Pacifica.city Have a look he has good information on his site.
Big thanks go out to Lancelle, Vreeland, Digre and deJarnutt for completely fucking up Pacifica's finances while they shoveled our taxpayer money to their faux-enviro puppet masters and their pet projects to buy votes.
What a deal.
Wow. In more than three decades in Pacifica, I've seen some kicking the can down the road by various councils--no, make that every council, but this deal with Deutsche Bank takes the cake. The bank owns the Pacifica PD facility and the Pacifica Community Center. Loaned us money on them and the loan will be paid off in 2037. That's creative financing! Dirt naps for just about everyone involved by 2037--maybe a few ancient crones on Lark scooters. Probably checking out romance novels at the Library-by-the-Sea. The passage of time really is the politician's best friend.
Actually the Palmetto Streetscape 1.5 million description is found in the Staff Summary, Item 3 text, pdf page 6 of 6, with intent to apply for another $1 million in grant funding to complete the project.
The unused bond proceeds/Certificates of Participation discovery is found on page 4, 5. The Fund discovery is not named, simply mentioned as "a fund".
(The listing of City Funds is found in the Fiscal Year Operating Budget 2015-15, AF1, page 29.)
Thanks for looking closer at this Tom, and the correction. The City is way too poor, which is surely the reason the City continues to resort to creative financing.
The 2006 Quarry project should have been developed, which might have solved some of these "lite" financing solutions.
Mary Ann made City Manager state that it was north Palmetto flood potential and that Beach Blvd project was still OK ,in order to get Palmetto money.As it will take until 2037 to pay off COP,council has passed paying it to grandchildren.
1146 So, Nihart drew a line in the sand. Ta da, take that, Mother Nature! Just a figure of speech.
Post a Comment