Recommendation to adopt resolution requesting that the Board of Harbor Commissioners approve the transfer of 5 percent of Fiscal Year 2015 (FY 15) gross operating revenue, from the Harbor Revenue Fund (HR 430) to the Tidelands Operations Fund (TF 401), with a true-up adjustment if necessary, to reflect the final gross revenue amount upon issuance of the Harbor Department’s FY 15 audited financial statements. (Citywide)
Motion carries nine zero. Item Meeting Report from financial management. Recommendation to adopt a resolution requesting that the Board of Harbor Commissioners approve the transfer of 5% of fiscal year 2015. GROSS operating revenue from the Harbor Revenue Fund to the Tidelands Operations Fund citywide. There's been a motion and a second. Mr. City Manager. Our budget manager, Leah Eriksson. Thank you. Good evening, Vice Mayor and members of City Council. This resolution would request the transfer of the 5% of gross operating revenue, which would be needed for the FY16 budget. Our estimate is that it would be about $17.7 million and by passage of this resolution we would ask the Board of Commissioners to give us the funds for 16 . This concludes the staff report, and I'm available for any questions you may have. Thank you, Councilmember Richardson. Or Your Honor, go to Councilmember Urunga. In regards to the 5%. Is that written in law? We're committed to some hard times. You know, we have a cash cow called the port. Mr. City attorney. Actually, yes, it is written in law. It is a part of our city charter. Those men. Would it be possible to consider an amendment to that? The charter was recently amended, I believe, in 2007 and in 2010 when they went from 10% of the net to 5% of the gross. And so while a ballot initiative is always a possibility for the council to consider, you do have to consider that the State Lands Commission in the State of California looks at the uses of the state tidelands trust, money and the restrictions on that money and evaluates the transfer and the dollar amounts requested by the city. Yes. Well, the only reason I ask, obviously, is because we have a number of projects that are waiting for talent, money and oil to turn around. And and so we need to look at ways that we can increase our transfers. Thank you. Thank you, Councilman. Councilman Austin. Yes, thank you. I just had a really quick question as to what was forecasted. Are we on track or is this less or more than we expected from Tidelands Councilman Astin? This was in line with what we got for FY 14, which is 17.8 million. So it's a little bit less. But but in line with our projections. Thank you. Thank you. There's been a motion and a second. Is there any member of the public that wish to address Council on item 18 seeing none members cast your vote. Motion carries nine zero. Item 19.