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Date:REQUEST FOR COUNCEL ACTION <br /> Item No.: E- <br /> Department Approval: Manager reviewed Agenda Section <br /> Organizational Business <br /> Description:Item Reserve and Replacement Fiscal Policies <br /> Background <br /> The City Council reviewed a new proposed Reserve and Replacement fiscal policy at the February <br /> 17) 1 998 work session. A number of suggestions were made by the Council regarding the drafts <br /> presented. <br /> In summary, the Council requested that Replacement and Reserves be made into two policies, <br /> whereas they are currently combined. The current policy does not address the full nature of either <br /> of the issues and by creating two distinct procedures and providing more detail, the Council felt that <br /> they can be better guided in their fiscal deliberations. <br /> The new drafts have been prepared in accordance With the Council's discussion and are being <br /> presented for review and approval. <br /> Financial Implications <br /> There are no direct fiscal impacts except in that these new polices will better advise star in the <br /> preparation of future operational budgets. <br /> Staff Recommendations <br /> Staff is reccmnienft the acceptance of the two policies attached for inclusion into the 1999 budget <br /> preparation process. <br /> Council Action <br /> Motion to approve the attached Replacement Policies as part of the 1999 budget fiscal policies. <br /> Motion to approve the attached Reserve Policies as part of the 1 999 budget fiscal policies <br />