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Jim Steiner, Chairman of the Finance Committee, explained capital transfers and <br />spending amounts this year. He noted that the monies should be in an asset <br />account. The City Manager commented that he would review this with the <br />Financial Consultant and this issue would be more clearly addressed. <br />Carol Gottlieb, 24290 Summerhill, commented on new government policies which <br />required asset accounts rather than expense accounts. <br />MOTION SECONDED AND CARRIED: Moved by Johnson, seconded by Dauber and <br />passed unanimously by all members present to adopt Resolution #52-95 adopting <br />the budget for fiscal year 1995-96 and Resolution #53-95 amending the Town's salary <br />schedule for fiscal year 1995-96. <br />12. STUDY SESSION: GOALS AND OBJECTIVES <br />This item was continued. <br />The City Council adjourned at 10:40 p.m. to a Closed Session for purposes of <br />litigation. <br />13. CLOSED SESSION: LITIGATION: PURSUANT TO GOVERNMENT <br />CODE SECTION 54956.9c <br />Return to Open Session to report, if necessary, any action taken. <br />PASSED BY CONSENSUS: To approve the settlement offered by the Developers <br />Insurance Company (DICO) to the Town with respect to Bond #981319S <br />(Francemont Estates - Tract Map 3627) subject to the execution of a settlement <br />agreement approved by the City Attorney with the following terms: 1.) completion <br />of improvements on Francemont; and 2.) payment of $14,000 to the Town for PG&E <br />work). <br />14. ADJOURNMENT <br />There being no further new or old business to discuss, the City Council <br />Meeting was adjourned at 11:00 p.m. <br />Respectfully submitted, <br />Patricia Dowd <br />City Clerk <br />The minutes of the June 21, 1995 City Council Meeting were approved at the <br />July 5, 1995 City Council Meeting. <br />June 21, 1995 <br />Regular City Council Meeting <br />12 <br />