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City Council Study Session Minutes of Monday, May 14, 2007 Page 18 ing; and provided specific resolutions for each Policy. Those policies included: Operating Budget Policy; Capital Improvement Policy; Debt Policy; Revenue Policy; and Asset Replacement Policy. Discussion included clarifying language in the draft resolutions and mark-ups from original staff proposals and City Council discussion; with City Manager Malinen noting that the resolutions were specific to each policy, allowing for future rescinding of the policy and recrea- tion for amendments, in an effort to avoid confusion. Policy language was discussed, and by consensus, was amended as follows: Operatinf! Budf!et Policy Page 4, line #114 -116; amend language (Roe) "The operating budget will provide for adequate maintenance of capi- tal plant and equipment and for their orderly replacement[.], including larger maintenance items such as roof repair and NVA C replaccment. Revenue Policy Page 16, line #461; strike language, redundant (Roe) Page 17, line #480, amend language (Roe) "Set fees," rather than assuming annual increase. Staff advised that they would be providing department-specific reports on a quarterly report for Council information. Operatinf! Fund Reserve Policy Mr. Miller provided a written report dated May 14, 2007, on the City's Operating Fund Reserve Policy for a "first look" for the City Council and to initiate discussions. Mr. Miller noted that in his memo, he had provided an overview of the role of cash reserves; gov- ernmental best practices and other considerations; and the relationship between reserves and the budget. Councilmember Pust sought reserve fund strategy recommendations from Mr. Miller and asked for his expertise and personal "comfort level" from a finance director's perspective on the level of reserve funds, excluding the combined funds for financial reporting purposes versus management purposes (Page 4, lines 113 - 117).