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Regular City Council Meeting Monday,August 25, 2014 Page 15 ing them to work on these important community efforts without spreading their membership too thin. Mayor Roe concurred; and opined that the highlight of this year's Rose Parade for him was the Karen dancers, and expressed his appreciation of their enthusiasm in participating. Mayor Roe thanked the HRC for all their work, and providing a great summary of what they had accomplished and where they planned to go, and expressed the City Council's support in those efforts. Recess Mayor Roe recessed the meeting at approximately 7:41 p.m. and reconvened at approximately 7:47p.m. 10. Public Hearings 11. Budget Items a. Review the 2015 -2034 Capital Improvement Plan (CIP) and Funding Strate- gies Finance Director Chris Miller noted that several members of the Finance Com- mission were in the audience to observe this discussion; and to address the City Council with a recommendation on the current Cash Reserve Policy after deliber- ation at their last few meetings. Mr. Miller presented an overview of the 2015 — 2034 Capital Improvement Plan including recommended funding strategies for 2014, financial impacts, and future funding considerations. As part of this presentation, Mayor Roe advised that the former CIP Task Force had made recommendations for - 2016-2020 future CIP funding for facility re- pair/replacement and the Pavement Management Plan (PMP) and addressing the funding gap through use of repurposing of debt service retirements and including additional levy dollars as part of that recommendation. Mayor Roe reviewed some of the looming issues for the City Council to address to resolve those fund- ing shortfalls, with the projected shortfalls sufficiently addressed to a great degree if the Task Force's recommendations were enacted as proposed. Specific to the Park Improvement Program (PIP), Mayor Roe noted that the CIP Task Force had further addressed the debt service retirement in 2020 of City Hall bonds and their recommendation to repurpose some portion of them for other pur- poses, including the PIP. Finance Director Miller noted that, in 2012, the City Council took action to sup- port that funding plan and the CIP Task Force's recommendations by resolution;