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Rent Increase Survey

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City Treasurer’s Report to the Rotary Club

We’ve received a copy of the presentation given recently by the City Treasurer, Kevin Kennedy, to The Rotary Club and presumably to other organizations in Alameda. Some of the salient points of the presentation are:

  • For each dollar of taxable sales in the City of Alameda, the City receives 0.79 cents.
  • The General Fund receives roughly 27% of the 1% of property tax against assessed value of the property.
  • Median sales price of homes, and assessed valuation of homes in Alameda has decreased.
  • “General Administration” consumes 9% of the 2008-2009 General Fund budget.
  • The City has an un-funded “Other Post Employment Benefits” liability of over $75 million.
  • The City has $190 million of deferred maintenance for infrastructure, excluding sewers.
  • At the end, the presentation claims that “Although Alameda is not sitting on huge reserves, unlike other cities it is being proactive in identifying and addressing areas of concern.”

    Does that explain why the City has steadily drawn down it’s reserve fund balance over the past several years? Or why the City insisted on forcing Measure P on voters, even though so many knowledgeable people in Alameda told them that it wouldn’t generate the revenue required? (The City now admits this is true.) Is this why, in 2003, Johnson, Gilmore and Matarrese approved a $2.2 million transfer from the General Fund to the black-hole money-pit that was Alameda Power & Telecom’s telecom division? Because they were “proactive” ?

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