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ARDEN HILLS CITY COUNCIL WORK SESSION MAY 21, 2007 10 <br /> Finance Director Iverson stated staff requires direction from Council on the following • <br /> issues presented at the November 20, 2006 meeting: General Fund balance, use of land <br /> sale proceeds from the old City Hall site, future cash flows of streets and equipment (PIR <br /> Fund), establishment of a separate Capital Equipment and Park Improvement Fund, <br /> policy decisions on decertified TIF districts, a policy decision on the City tax rate, and <br /> completion of the plan for the utility fund analysis. <br /> 1) General Fund Balance <br /> Discussion ensued. <br /> Consensus was reached to direct the Finance Committee to develop a fund balance policy <br /> of 50 percent. <br /> 2) Use of Land Sale Proceeds from old City Hall Site <br /> Discussion ensued. <br /> Consensus was reached that it belongs in PIR. <br /> 3) Future Cash Flows of Street and Equipment(PIR Fund) <br /> Discussion ensued. • <br /> Consensus was reached that Council and staff would develop a reserve policy to <br /> determine how the Council would react to capital funds and this would be brought back <br /> to Council for review. <br /> 4) Establish Separate Capital Equipment Fund and Park Improvement <br /> Fund. <br /> This item was discussed earlier. <br /> 5) Conservative estimates used as assumptions in the Model <br /> Discussion ensued. <br /> Consensus was reached that Council is comfortable with the assumptions listed. <br />