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<br />City Council Study Session - 07/17/06 <br />Minutes - Page 20 <br /> <br />on topics; visioning for the City and not just carrying out City <br />Council directives, etc.) <br /> <br />7. <br /> <br />Discuss Budget Policies <br />Finance Director Chris Miller provided, in the City Council <br />agenda packets, various City Policies related to budget-making <br />decisions. <br /> <br />It was Council consensus that they preferred more time to review <br />and consider the policies presented and whether policies needed <br />to be revised, based on current or recent past practices. <br /> <br />Staff and Councilmembers reviewed the concept and intent of <br />the City's Taxpayer Refund Reserve Fund, leaving the principal <br />endowment and only using interest earnings to fund current <br />operations and reduce annual tax levy impacts to taxpayers. <br /> <br />Discussion regarding an overview of City policies included <br />several clarifications; staff comments; and future use of Sate Aid <br />funds if they were reinstated by future legislatures for capital <br />improvements only, rather than relying on them for day-to-day <br />operations. <br /> <br />8. <br /> <br />City Manager's Overview of His Recommended 2007 City <br />Budget; Establish a Budget Review Calendar <br />Finance Director Miller provided a brief overview of the 2007 <br />City Manager -recommended Budget including discussion on <br />Administrative and Finance-related items. <br /> <br />City Manager Neal Beets presented his Letter of Transmittal <br />dated July 10,2006 with his recommended 2007 City Budget. <br /> <br />Mr. Beets reviewed various funding sources; perceived Council <br />direction for a proposed budget at inflation rate levels or below; <br />elimination of on-going use of reserve funds; inclusion of an <br />estimated 3.0% COLA for City employees and partial coverage <br />for additional anticipated healthcare increases; additional fuel <br />and energy-related expenses; and reallocation of employee costs <br />among departments; set-aside for asset replacement in various <br />departments; and enhancing the Park Improvement Program <br />(PIP) funding. <br /> <br />Discuss Budget <br />Policies <br /> <br />City Manager's <br />Overview of His <br />Recommended <br />2007 City Budget; <br />Establish a Budget <br />Review Calendar <br />