City and Borough of Juneau
Assembly Finance Committee Meeting
Wednesday, October 3, 2012, 5:30 p.m.
Assembly Chambers


I. Call to Order

II. Roll Call

III. Approval of Minutes
      August 1, 2012

IV. Budget Reserve Resolution
In 2011, Mayor Botelho established a Fiscal Task Force to study and make recommendations regarding the City and Borough of Juneau’s Budget Reserve. The Task Force presented their findings to the Assembly Finance Committee on February 15, 2012 and staff was directed to proceed with developing a resolution to present the recommendations of the Task Force.

The following items are included in the packet:
    A. Resolution 2629 - A Resolution Establishing Guidelines for the Amount, Use and Repayment of the City and Borough of Juneau’s Budget Reserve
    B. Mayor’s Fiscal Task Force Transmittal Letter
    C. Mayor’s Fiscal Task Force Draft Resolution

Note - Task Force members: Merrill Sanford (Chair); Jeff Bush, Allison Elgee; Rosemary Hagevig; Pam Leary; Max Mertz; and Bob Bartholomew.

V. Assembly Procedure for Adopting Bond Interest Rates
CBJ charter section 10.2 (b) directs that the assembly shall by resolution prescribe (set) the date, rates of interests and places of payment as related to the sale of bonds. Historically to accomplish the assembly adoption of interest rates there would have to be an assembly meeting on the date of the bond sale. If this could not be coordinated with the date of a regularly scheduled meeting a special meeting would be called to adopt the interest rates.

The Finance Committee will review this issue and consider whether to recommend, to the Assembly, changes to the current procedures. The change in procedure for the adoption of bond interest rates would be for the Assembly to delegate this authority, within parameters, to the city manager or designee.

Included in the packet is a more detailed explanation of this issue and a draft resolution to be introduced at the October 8, 2012 Assembly meeting that would be impacted by this change.

VI. Adjournment