2015-12-01_PR Comm Packet - Laserfiche WebLink

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See pages 7 - 15 - for excerpt of the Park & Recreation joint meeting. Regular City Council Meeting Monday, November 16, 2015 Page 14 1 shortfall in that fund for CIP. Revising those assumptions based on this Park & 2 Recreation Commission -supported policy, Vice Chair Rohloff presented revisions 3 to those scenarios by the Finance Commission with a one-time cash infusion of 4 $400,000 and 2/3 allocation of all future monies, assuming a 10 -year average as 5 indicated historically of $170,000. Given those assumptions, Vice Chair Rohloff 6 noted it would result in a $2.4 million shortage in funding existing park assets. 7 Vice Chair Rohloff noted that the Finance Commission's recommended policy, as 8 recently adopted by the City Council, stressed maintaining existing assets versus 9 new acquisitions. 10 11 Specific to Park Dedication Funds, Councilmember Willmus suggested an aster - 12 isk noting that those funds could fluctuate annually; asking that as development 13 and redevelopment saw an increase in activity, that be kept in mind. 14 15 Vice Chair Rohloff duly noted that variable in forecasting assumptions; however, 16 reiterated that the task to the Finance Commission was to annually review fund 17 balances, expressing assurance that all variables would be kept in mind. 18 19 At the request of Mayor Roe, Vice Chair Rohloff confirmed that the Finance 20 Commission's 10 -year historical review had included those variables in arriving 21 at the annual $170,000 average input need. 22 23 At the request of Councilmember McGehee, Vice Chair Rohloff clarified the Fi- 24 nance Commission's recommendation to set aside $900,000 for park acquisition 25 with $400,000 dedicated to CIP needs; and 2/3 and 1/3 allocations as noted by the 26 Finance Commission's recommendations going forward, but not recommending 27 any new monies being added. 28 29 Commissioner Hodder noted that the intent was to restore the gap over a 5-6 year 30 period, and if no money was allocated to CIP, that gap would continue to grow. 31 32 Councilmember Laliberte thanked the Finance Commission and Parks & Recrea- 33 tion Commission for working together and for providing their differing view - 34 points to inform City Council decision-making. 35 36 Councilmember Etten noted he was not committed to a minimum of $900,000 or 37 $1 million. However, after the Owasso Ballfields acquisition, Councilmember 38 Etten noted that would consume a significant amount of that allocation of 39 ' $600,000 for acquisition and $400,000 in CIP, leaving a balance under $300,000. 40 Councilmember Etten stated that this already created an issue with little money 41 available to provide the requested flexibility in the near future, of which he was 42 concerned. 43 44 Regarding the referenced email from Finance Director Miller, and based on his 45 lack of preference for maintaining either minimum balance, if retaining the two