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City Council Study Session - 05/15/06 Minutes - Page 7 3) The City can commit to the necessary funding mechanisms to replace City assets at the end of their useful lives; 4) The City can commit to a competitive compensation and benefit package to attract and retain quality employees; 5) Cash reserve and other budget-related policies will be reviewed and adopted; and 6) The budgeting process and budget-related information needs will be identified prior to formulating budgets. Staff identified the following objectives or action steps, some already compiled and distributed to the City Council as part of the initial 2007 budgeting process; and some in process and available for distribution in the near future, including: 1) Identification of budget-related policies for consideration and discussion; 2) Identification of the preferred budget review process and all budget-related information needs; 3) Preparation of a 10-year projection of all known or expected budgeting impacts; and 4) Alignment of budget decisions with long-term goals. Mr. Miller noted that policy discussions may include cash reserves, asset replacement, debt issuance, spending trends, comparative data, and funding levels for programs and service levels. Discussion among Councilmembers and staff included the reserve study currently underway by Springsted, and anticipated for presentation to the City Council at the May 22, 2006 meeting; impacts of the elected Council body and differing priorities and the need for community-wide education and support related to long-term planning and spending; sustaining a steady budget process, rather than one of spikes; the need for the Council and staff to be as open and transparent as possible in the budget process; and impacts of unfunded mandates and other jurisdictions (i.e.,