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Finance Commission Minutes <br />September 13, 2016 – Draft Minutes <br />Page 2 of 6 <br /> <br />decides to move forward, then they would contract with a company to do a study and provide 47 <br />design concepts. 48 <br /> 49 <br /> 50 <br />Receive Update on Cash Reserves 51 <br /> 52 <br />Finance Director Miller stated some of the funds the City has are legally restricted in their use 53 <br />and others are separated out to allow for transparency and accountability. He stated the Parks 54 <br />and Recreation Reserve is not a restricted fund but it is designated for Parks and Recreation 55 <br />purposes. The Community Development Fund is restricted to be used to improve building 56 <br />permit review and other building related activities. A portion of the Telecommunication Fund is 57 <br />restricted. 58 <br /> 59 <br />Commissioner Zeller reviewed the General Fund Reserve balance as compared to the Reserve 60 <br />Policy the City adopted. At this time the City is within the guidelines established by the policy. 61 <br /> 62 <br />Chair Schroeder explained the Policy established what the excess funds should be used for. 63 <br /> 64 <br />Commissioner Bachhuber stated it was important to have a reserve balance because the City has 65 <br />large fluctuations in cash flow because a majority of the income comes from property taxes that 66 <br />are paid twice a year. 67 <br /> 68 <br />Commissioner Zeller stated the goal was to have the Parks and Recreation Reserve at 25% of 69 <br />their budget. At the end of 2015 it was at the edge of the project and it is expected to rise 70 <br />slightly this budget cycle. 71 <br /> 72 <br />Chair Schroeder suggested the excess funds could be applied towards the new clubhouse at the 73 <br />Golf Course. 74 <br /> 75 <br />Finance Director Miller stated the Community Development Reserve was a restricted fund and 76 <br />could be used for plan review, permit issuing, inspection, and code enforcement. 77 <br /> 78 <br />Chair Schroeder stated the fund had excess reserve funds. She asked what the City could apply 79 <br />this to in order to bring the reserve down. 80 <br /> 81 <br />Finance Director Miller stated the City has to be aware that this fund is subject to wide 82 <br />fluctuation. Currently there is expansion and development in Roseville currently but this could 83 <br />change. Rather than looking at ways to spend this fund down the City will look at ways to do 84 <br />some advance planning such as redoing the 10-year Comprehensive Plan and finding ways to 85 <br />attract and retain businesses. 86 <br /> 87 <br />Commissioner Bachhuber stated there are expenses coming out of this fund even when there are 88 <br />not funds going into the fund so maintaining a reserve balance would make sense. 89 <br /> 90 <br />Finance Director Miller clarified there are no levy dollars going into this fund. 91 <br />Item 3: Attachment A