Fiscal Year 2013-2015 Special Budget Meeting

Deanna J. Santana, City Administrator Subject: Proposed FY 13-15 Proposed Policy Budget Date: April 25, 2013 Page 8 providing up to date information to all City employees through emails and information memos about the City's budget and current condition. Administrative Services 1) Please provide information on the City's monthly cash flow budget and process. The City maintains an adequate level of cash for its operation and invests idle cash prudently. The City does not use a cash accounting basis. Instead, the City operates on a modified accrued accounting basis, which means that revenues and expenditures are booked as soon as they are measurable and available. Revenues are considered available if property tax is collected within 60 days of the end of the currently fiscal year. All other reyenues are considered available if they are collected within 120 days of the end of current fiscal year. Expenditures are recorded when a liability is incurred. In other words, cash flow is one indicator of the City's financial performance, but not the only one. The cash balance is audited by independent auditor each year and reported in the Comprehensive Annual Financial Statement (CAFR). The latest CAFR for the period ended June 30, 2012 is available in the following link: http://www.oaklandnet.com/govemment/fwawebsite/accountine/CAFR.htm On page 23, the "Cash and Investmenf was valued at $302.76 million for the City and $189.06 million forthe Port of Oakland. In addition, on a quarterly basis. Treasury staff provides a Cash Management Report to the Finance and Management Committee. The latest report was presented to the Finance Management Committee on March 12, 2013 and to the full council on March 19, 2013. The portfolio balance as of December 31, 2012 was $442.25 million. The report is available in the following link: http://oakland.legistar.com/LegislationDetail.aspx?ID=1282915&GUID=BBA049FE- 565F-4BFB-A5DD-ED0C34D843D7 2) With respect to new parking meters, how many has the City already installed, and what are staffs assumptions about coverage, equipment, timeline, and related revenues? Currently, staff is negotiating with a vendor to replace the City's approximately 3,800 single space parking meters with inclusive capabilities such as payment by coin, credit card, debit card (with Visa or Master Card logo) and smart cards. The single-space meters will be wirelessly networked and connected to a web-based management system. Replacement consists of all existing single space meters, and the 500 new meters that were that were approved by the City Council in FY 2011-12 at a total estimated cost of $3.5M. Wireless Item: 1 City Council April 30, 2013