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RHRA Meeting Minutes – Monday, August 29, 2016 Page 17 payment had been received, the intent was to NOT repopulate the revolving loan program, but for this to be a one-time transfer, since the EDA had no operating reserve at all now. REDA Executive Director Trudgeon noted this would address the current staff flow issue; with Ms. Kelsey concurring, noting there was no money to maintain many of the previous programs unless funds were taken into operating reserves. If there was no reserve creating a shortfall, Member Willmus asked if it was possible to transfer General Fund dollars from the city (from reserve funds) to the EDA. Member Willmus questioned the need to retain 35% in additional reserves. President Roe clarified that was cash flow reserves. Ms. Ingram responded that it would be possible to transfer funds from the City’s General Fund to the REDA, but suggested it was a policy question as to whether it was advisable to do so or not. Member McGehee spoke in support of retaining an REDA reserve fund. President Roe noted the difference in multi-family loan and acquisition funds, and “other acquisitions,” and questioned the $200,000 difference in those funds between Option 1 and Option 2 & 3. Discussion ensued among various options; use of outside consultants and use of in-house staff. At the request of Member Willmus, REDA Executive Director Trudgeon confirmed that operating fund reserves as recommended by staff represented a one-time transfer to set aside those funds, and not something needed each and every budget cycle, but suggested in line with other reserve fund policies of the city at a target of 35% or adjusted at the discretion of the body. At the request of Member Laliberte, Ms. Collins reviewed Option B and intended use of one or more outside consultants for various purposes and as the REDA and staff navigate 2017 priorities and dedication of funds accordingly. Ms. Collins noted the intent, depending on the REDA’s proactive programming for 2017, to have a full range of specialties on board to assist. However, Ms. Collins noted the REDA was still in the process of defining those priorities. Mr. Trudgeon noted this could include a number of consultants, with $50,000 allotted toward the total fund, calculated at approximately 415 total hours or 8 hours per week.