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<br />ARDEN HILLS CITY COUNCIL WORK SESSION - MAY 21, 2007 <br /> <br />10 <br /> <br /> <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 TIP districts, a policy decision on the City tax rate, and <br />completion ofthe plan for the utility fund analysis. <br /> <br />1) General Fund Balance <br /> <br />Discussion ensued. <br /> <br />Consensus was reached to direct the Finance Committee to develop a fund balance policy <br />of 50 percent. <br /> <br />2) Use of Land Sale Proceeds from old City Hall Site <br /> <br />Discussion ensued. <br /> <br />Consensus was reached that it belongs in PIR. <br /> <br />3) Future Cash Flows of Street and Equipment (pIR Fund) <br /> <br />Discussion ensued. <br /> <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 /> <br />4) Establish Separate Capital Equipment Fund and Park Improvement <br />Fund. <br /> <br />This item was discussed earlier. <br /> <br />5) Conservative estimates nsed as assumptions in the Model <br /> <br />Discussion ensued. <br /> <br />Consensus was reached that Council is comfortable with the assumptions listed. <br />