My WebLink
|
Help
|
About
|
Sign Out
Home
CC_Minutes_2005_1205
Roseville
>
City Council
>
City Council Meeting Minutes
>
200x
>
2005
>
CC_Minutes_2005_1205
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
7/17/2007 9:29:16 AM
Creation date
12/30/2005 9:01:10 AM
Metadata
Fields
Template:
Roseville City Council
Document Type
Council Minutes
Meeting Date
12/5/2005
Meeting Type
Executive
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
36
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
<br />City Council Regular Meeting - 12/05/05 <br />Minutes - Page 4 <br /> <br />of endowment fund for the purpose of utilizing interest earnings <br />as a funding source for the City's General Fund, and to buy <br />down the annual General Fund tax Levy. <br /> <br />Councilmember Kough sought staff clarification on the purpose <br />and status of the Equipment Replacement Fund. <br /> <br />Mr. Miller advised that the City utilized existing funding <br />mechanisms for replacement of "rolling stock" in all <br />departments, including street and infrastructure replacements. <br />Mr. Miller noted the exception being for perforn1ing major <br />repairs, maintenance or replacement for city facilities; cautioning <br />that this fund, currently at approximately $1 million, had been <br />spent down in recent years, with no additional monies or plans <br />forreplacement of those funds. <br /> <br />Councilmember Kough sought additional staff response related <br />to Reserve Fund status and amounts. <br /> <br />Mr. Miller responded that the City currently had approximately <br />$35 million in cash reserves, substantially reduced from $50 <br />million in 2000; representing recent capital improvements at City <br />Hall and the Public Works building; and early debt reduction and <br />pay-off. Mr. Miller cautioned that these reserves generated <br />approximately $ 1 .7 million in annual interest earnings to fund <br />current operations; doing double-duty in boosting the financial <br />bond rating authority of the City and their subsequent interest <br />rates for bond issues. <br /> <br />Mayor Klausing asked that Mr. Miller review the City's bond <br />rating, impacts and how it relates to the City's ability to borrow <br />money and the interest rates obtained. <br /> <br />Mr. Miller used several graphs to illustrate the City's city-wide <br />cash reserves from 2000 to present for the General Fund and the <br />negative trend that may cause reservations by bonding <br />companies as to how the City provides for their core functions <br />(i.e., public safety; streets; and asset reserves for buildings, parks <br />and vehicles). Mr. Miller noted that the bonding companies <br />consider how the City can respond to contingencies and general <br />operations, among other factors to determine financial health of <br />
The URL can be used to link to this page
Your browser does not support the video tag.