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City Council Study Session Minutes of Monday, May 14, 2007 Page 19 Councilmember Roe questioned ifit was appropriate to have that fund (tax payer reserve fund) set aside anymore; or whether it no longer served a purpose; and sought future discussion. Councilmember Ihlan opined that, while she was happy to consider codification of current policies, there was a whole set of policy ques- tions on what the City's reserve policy should be before they were af- firmed or clarified. City Manager Malinen advised that staff would ask the City Council to consider and act on the five resolutions previously addressed; then staff would return with additional information on the reserve policy. Mayor Klausing asked Mr. Miller to provide him with an e-mail of the changes made from the original staff recommendations to the second draft that included Council recommendations and comments. Additional discussion included Enterprise Funds; frequency of pay- ment collections; and distinctions for general fund property tax reve- nues, and how both related to cash flow considerations. Councilmember Roe asked staff to provide additional information and legal considerations regarding transfers of reserves between Enter- prise Fund; which of those funds were dedicated funds; and legallimi- tations and ramifications of transferring funds. Mr. Miller advised that staff would present the five policy resolutions at the May 21, 2007 Council meeting. h. 2008 Budget - Discuss the General Direction on the 2008 Budget Mr. Miller presented a historical overview of the 2003 - 2007 budget reductions and how it related to the 2008 Budget and beyond. Mr. Miller sought City Council direction to staff on new programs, initia- tives or areas of emphasis that they would like to see in the City Man- ager-recommended budget, currently being prepared, and available for presentation to the City Council by mid-July. Mr. Miller noted that the City Council would need to prepare a preliminary budget and levy