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Executive Session and Regular City Council - 4/7/03 Page 4 Reserve Fund for this project, there should remain approximately $1-$1.5 Million with no immediate plans for expenditure of those remaining funds, with the exception of future Oval and several fire station upgrades. Mr. Miller reminded Councilmembers that Fire Stations No.2 and No.3 had already been updated. At Councilmember Klausing's questioning, Finance Director Miller confirmed that the Building Reserve Fund had been identified as a potential funding source; but anticipated that the bond issues of $9.7, along with interest earnings, should come very close to the estimated project budget amount of $10.4 Million. Councilmember Maschka provided a historic perspective on the original intent for the Building Reserve Fund, which had been initiated with the implementation of the five (5) Tax Increment Financing Districts, and had been in existence for a number of years, anticipating at the time that a long-term goal was to incorporate City services and departments on one (1) campus. Councilmember Maschka asked that Finance Director Miller review the funds to determine their original intent; and the number of funds original set up. Mayor Kysylyczyn reminded Councilmembers of the infrastructure issues related to demolition of the GT A building. Roll Call Ayes: Klausing, Maschka, Schroeder, Kough and Kysylyczyn. Nays: None. City Manager Beets commended Public Works Director Schwartz on his work to-date in his capacity as Project Manager, highlighting the work performed on the project budget and Mr. Schwartz's ability to elicit input from staff; and in his cooperative work with the Architect and General Contractor. Mr. Beets also expressed appreciation to the firm of Ankeny Kell and McGough Construction for their expertise, communication and cooperation in