Yesterday, I attended a meeting of the San Leandro City Council Finance Committee. The committee consists of Mayor Santos and Councilmembers Prola and Gregory. Gregory was absent. In short, if significant action is not taken, the city will burn through all of its reserves, including eventually reserves for natural disasters and other emergencies. By 2015, San Leandro could join the City of Vallejo in declaring bankruptcy. Summary of Finance Committee Presentation Perry Carter, the Interim Finance Director, gave an update on the budget. In analyzing a budget, you need to examine at least three years of data - the previous, current and next fiscal years. Carter first reported on the "preliminary actual" numbers for the fiscal year which just ended on June 30, 2009. Illustrating how quickly the city finances collapsed last year, the original city budget for fiscal year 2008-09 assumed $76.2 million (hereafter simply "M") in revenues and $81.6 M in expenditures. ...
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