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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />�19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />2J <br />26 <br />�27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />' 39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />RHRA �Ieeting <br />�Iinutes — �Ionday, August 29, 2016 <br />Page 17 <br />maintain many of the previous programs unless funds were taken into <br />operating reserves. <br />If there was no reserve creating a shortfall, Melnber Willmus asked if it was <br />possible to transfer General Fund dollars from the city (from reserve funds) to <br />the EDA. Member Willmus questioned the need to retain 35% in additional <br />reserves. <br />President Roe clarified that was cash flow reserves. <br />Ms. Ingram responded that it would be possible to transfer funds from the <br />City's General Fund to the REDA, but suggested it was a policy question as to <br />whether it was advisable to do so or not. <br />Member McGehee spoke in support of retaining an REDA reserve fiind. <br />President Roe noted the difference in multi-family loan and acquisition funds, <br />and "other acquisitions," and questioned the �200,000 difference in those <br />funds between Option 1 and Options 2& 3. <br />Discussion ensued among various options; use of outside consultants and use <br />of in-house staff. <br />At the request of Member Willinus, REDA Executive Director Trud�eon <br />confinned that operatin� fund reserves as recoinmended by staff represented a <br />one-time transfer to set aside those fiinds, and not something needed each and <br />every bud�et cycle, but su��ested in line �vith other- reserve fiind policies of <br />the city at a target of 35% or adjusted at the discretion of the body. <br />At the request of Member Laliberte, Ms. Collins reviewed Option B and <br />intended use of one or more outside consultants for various purposes and as the <br />REDA and staff navigate 2017 priorities and dedication of funds accordingly. <br />Ms. Collins noted the intent, depending on the REDA's proactive <br />pro�ramining for 2017, to have a full range of specialties on board to assist. <br />However, Ms. Collins noted the REDA was still in the process of defining <br />those priorities. <br />Mr. Tnidgeon noted this could include a number of consultants, with $50,000 <br />allotted toward the total fund, calculated at approxiinately 415 total � <br />hours or 8 hours per week. <br />Ms. Collins agreed, noting the City of Shoreview using such an"on call" <br />consulting scenario, setting aside a certain amount of funds allowing for <br />various consultants to provide a wide range of expertise. <br />