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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />City Council Study Session <br />Monday, July 16, 2007 <br />Page 1Q� <br />ager's recommended 2008 Budget document would provide steps to <br />achieve those goals as outlined by City policy. <br />Discussion included the roie of cash rese�rves; governmental best prac- <br />tices and other considerations; and relationship between reserves and <br />budget. <br />8 Additional discussion included. current non-compliance with existing policy <br />9 and phasing in compiiance through xealistic goals and implementation; im- <br />10 pacts of transferring the Taxpayer Reduction Fund to General Fund Re- <br />11 serves; implementation over multiple years; comparison to cities o� similar <br />12 size and similar scoped opexations; benchmarking with cities with like bond <br />13 ratings; and reliance of the General Fund on property taxes. <br />14 <br />15 Councilmember ihlan requested staff to provide calculations on reserve lev- <br />16 els compared to computations methods used by the Cities of Shoreview and <br />17 St. Loui s Park. <br />18 <br />19 Further discussion included interest revenue generated funds for the T�� <br />20 payer Reduction Fund and impacts to taxpayers in the short- and long-term; <br />21 and original intent o�the fiznd when it was established. <br />22 <br />23 By consensus, the City Council concurred with staf�s comments and rec- <br />24 ommendations on the markup copy; with "Irnplementation" language <br />25 changed on page S, line 179- i 82, to read: <br />26 "All fund reserves shall be reviewed each year at the time of the annual <br />27 budge# preparation �for fhe purpose of achieving comJpliance with this <br />28 op ��CV.J Budgets shall be prepared on an "All Resources" basis, so that <br />29 the City Council and Community can readiEy discern the current and pro- <br />30 jectec! management of all reserves." <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />Staff was directed to bning the draft resolution to the next business meeting <br />for consideration and possible action. <br />e. Discussion — Discuss the Charlie Pond Area (Millwood & Bren- <br />ner} Water Modei�ng Results, Storm Sewer Improvement Project <br />and Purchase of Vacant Land <br />Councilmember Pust clarified that, since this was in her neighbor- <br />hood, there was no potential conflict of interest, as no decisions would <br />