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<br />Regular City Council Meeting Minutes <br />Monday, April 23, 2007 <br />Page 40 <br /> <br />Councilmember Ihlan requested further discussion in the future on the <br />City Council's ability to adjust Reserve Fund levels and/or transfer <br />funds from one Reserve Fund to another. <br /> <br />City Manager Malinen and Mr. Miller noted that agenda time had <br />been scheduled at the May Study Session for a discussion on just this <br />specific issue. <br /> <br />City Manager Malinen advised that staff would frame those policies <br />discussed tonight, and changes as recommended by staff and Council, <br />in resolution format for City Council consideration and formal adop- <br />tion. <br /> <br />Councilmember Roe asked staff to seek a legal opinion as to when <br />and whether transfers could occur from one Reserve Fund to another. <br /> <br />Councilmember Roe requested specific feedback from staff on how <br />the reserve levels impact the City's credit ratings; their relationship to <br />Enterprise Funds and recommended percentage of operating funds in <br />reserve to support those funds and accommodate specific fund-related <br />capital improvements; and their recommendations for Council study. <br /> <br />Mayor Klausing spoke in support of meeting the policy of maintaining <br />a 50% reserve; but sought additional staff input on how to factor that <br />into the budget in the short-term while attempting to get back to that <br />level without substantive additional costs and impacts to services. <br /> <br />Mayor Klausing thanked Councilmembers and staff for the excellent <br />discussion. <br /> <br />12. Adjourn <br />The meeting was adjourned at 10:02 p.m. <br />