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Regular City Council Meeting Monday, October 15, 2012 Page 11 Mr. Miller referenced three (3) bench handouts supplemental to preparation of the meeting packet and identified as follows: • August 27, 2012 Memorandum from Finance Director Miller entitled "Summary of City Cash Reserves" (Attachment G); • "Debt Service Payment Summary" for Series 23, 25, 27, 28 and 31 Bond Is- sues and debt service over the next twenty(20) years; and • January 6, 2011 Memorandum from Finance Director Miller entitled "Summary of City Cash Reserves." Regarding the process for bench handouts, Councilmember Willmus sought clarification, based on comments heard from residents, that they were updated online as supplemental to packet information and asked that they be included online as part of the record. Mayor Roe concurred that this was a valid comment; and asked that staff ensure bench handouts were provided online for historical purposes; and suggested that they be clearly identified and classified as addenda, not part of the original packets, in order for the public to understand that the information was provided as supplemental to the meeting agenda packet materials. Councilmember Willmus thanked staff for providing the debt service summar- ies; and sought clarification from Mr. Miller for the 2003 City Hall Bonds (Se- ries 27) as to the call provision and any cost-savings if the bond issue was pre- paid in the immediate future. Specific to the rationale for his query, Coun- cilmember Willmus noted the General Fund reserve position at year-end 2009 compared to year-end 2011, along with reserve fund target levels, and how healthy some of those reserves appeared to be. Councilmember Willmus sought further information from Mr. Miller as to the proposed allocation for those re- serves in the near future, especially those not designated in Enterprise Funds and at the City Council's discretionary allotment; and whether staff had recom- mended purpose for those funds in the near future. Mr. Miller advised that his response would vary depending on which specific reserve funds were being addressed. Mr. Miller referenced his August 2012 memorandum, noting that the General Fund reserve target was currently 40%, with the City Council Policy outlining between 35-45%. However, Mr. Miller noted that since the General Fund varied over the course of a year based on re- ceipt semi-annually of property tax revenues from Ramsey County, as well as the reserve level growing with the General Fund annually as indicated, the amount of the reserve fund was ever changing. Mr. Miller noted that, while the reserve level was funded at 40%on average in 2011, in 2013, that level dropped off considerably, and by 2014, trended below 40%, and would continue to sys- tematically decline.