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CC_Minutes_2014_0616
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7/8/2014 9:20:40 AM
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Roseville City Council
Document Type
Council Minutes
Meeting Date
6/16/2014
Meeting Type
Regular
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Regular City Council Meeting <br /> Monday,June 16, 2014 <br /> Page 15 <br /> Other Reserves <br /> Mayor Roe noted that the 2013 annual financial report reviewed the current re- <br /> serve policy goal of 35%-45% for the General Fund based on its annual operating <br /> budget. With Councilmember Etten recognizing that the reserve percentage was <br /> 43%, Mayor Roe addressed the unrestricted side was above that at the 45% level, <br /> and whether the City Council chose to reduce that level some but remain within <br /> the 40% target goal. Mayor Roe stated that this would be one of his suggestions <br /> to consider using up to an additional $75,000 in General Fund reserves toward the <br /> 2015 levy. <br /> Councilmember Willmus noted that, during budget discussions held in December <br /> of 2013, he had asked Mr. Miller for his forecast for General Fund growth in <br /> 2014, and he anticipated an increase of$50,000, but in actuality, was approaching <br /> $200,000, minus the funds used for emergency tree and storm damage. Coun- <br /> cilmember Willmus questioned that factored into such a large discrepancy in <br /> those projections; noting that the year-end 2012 to year-end 2013 reserves in- <br /> creased by almost$198,000. <br /> Mr. Miller clarified that the General Fund declined by $350,000. Mr. Miller fur- <br /> ther clarified that the City Council was looking at two different things, only one <br /> of which was cash reserves. Mr. Miller advised that he had been basing his pro- <br /> jections on what happened and what would happen in operations, and he would <br /> need more specifics to address how and why there more cash reserves than antici- <br /> pated. In his April 4, 2014 memorandum, Mr. Miller noted the General Fund tar- <br /> get level of 43% reserves, with a $494,000 plus excess reserve, with the General <br /> Fund calling for $346,000 in reserves, as well as Park & Recreation reserves, <br /> which could also decline before year-end 2014 as well, opining that the natural re- <br /> serve level would decline in 2014. <br /> In the April 2014 memorandum from Mr. Miller, Mayor Roe clarified that need <br /> for the City Council to understand the 2014 budget levels versus 2013 reserves, <br /> noting that his 45% calculation was based on 2013 reserves, reconciled at year- <br /> end 2013. However, over that year, Mayor Roe noted a higher than 40% target, <br /> using $269,000 of that from 2013 that remained in savings, and that left about <br /> $75,000 which could be applied to the 2015 levy. <br /> Mr. Miller noted that as the General Fund increased, the funding percentage <br /> would decline accordingly. <br /> Councilmember Etten noted that Information Technology (IT) reserves increased <br /> dramatically over that same year's period, and questioned if that was a one-time <br /> spike or if it would continue. <br />
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