pages: SpecialFinanceAndManagementCommittee/2017-06-13.pdf, 3
This data as json
body | date | text | page | path |
---|---|---|---|---|
SpecialFinanceAndManagementCommittee | 2017-06-13 | *Special Finance & Management Meeting Minutes - FINAL June 13,2017 Committee 4 Subject: Feasibility And Economic Impact Of Establishing A Public Bank From: Finance Department Recommendation: Adopt A Resolution (1) Amending The City Of Oakland's Fiscal Year (FY) 2016-17 Midcycle Budget (Which Was Adopted Pursuant To Resolution No. 86250 C.M.S. On June 21,2016) To Appropriate One Hundred Thousand Dollars ($100,000), From The Fiscal Year 2016-17 General Purpose Fund (1010) Balance For A Contract To Complete A Feasibility Study On Public Banking In Oakland, And (2) Authorizing The City Administrator Or Her Designee To Negotiate A Scope Of Work, Terms And Execute A Contract With Global Investment Company In An Amount Not To Exceed One Hundred Thousand Dollars ($100,000) 16-0972 Attachments: View Report View Supplemental Report View Supplemental Report View Supplemental Report Committee approved the following amendment of the Further Resolved Clause to state "the city council further directs the city administrator, or her designee, to negotiate a scope of work and contract terms, and execute a contract to complete a feasibility study on public banking in Oakland and a multi-jurisdiction public bank that includes Oakland and at least 3 other East Bay jurisdictions and the whole study should include the banking requirements and how the bank shall be executed and the scope of work shall include but not be limited to; requirements for community engagement and analysis possible mission statement detailed estimated costs Initial investment requirement for a municipal bank to assume the responsibility of banking services Potential revenue stream Partnership opportunities with credit unions, small business lending and mortgage lending Opportunities and challenges for cannabis deposits Develop a credit scoring model that equitably reflects the risks of lending to underserved residents Quantify the impact of the transfer of investments and banking services unit to a municipal bank on the credit rating of Oakland Options and needs for initial capitalization of the bank There were 12 speakers on this item. DUE TO THE PRESENCE OF COUNCILMEMBER KAPLAN, A QUORUM OF THE CITY COUNCIL WAS NOTED, AND A MOTION WAS MADE AND SECONDED TO ADJOURN THE MEETING OF THE SPECIAL FINANCE AND MANAGEMENT COMMITTEE, AND TO CONVENE AS A SPECIAL MEETING OF THE FULL COUNCIL AT 9:26 A.M. A motion was made by Dan Kalb, seconded by Annie Campbell Washington, that this matter be Approve as Amended the Recommendation of Staff, and Forward to go before the Concurrent Meeting of the Oakland Redevelopment Successor Agency / City Council / Geologic Hazard Abatement District Board, to be heard 6/20/2017. The motion carried by the following vote: City of Oakland Page 3 Printed on 8/23/2017 | 3 | SpecialFinanceAndManagementCommittee/2017-06-13.pdf |