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Finance Commission Minutes September 13, 2016 – Draft Minutes Page 4 of 6 Commissioner Zeller stated projected reserves is part of the budget package. He stated he would 137 update the graphs to include 2017 for the City Council’s discussions. 138 139 Finance Director Miller stated the City Council would have their next budget discussion in mid-140 October. 141 142 Commissioner Zeller stated he would update the information and graphs for the next Finance 143 Commission meeting. 144 145 Based on Commission discussion, Chair Schroeder suggested tabling the vote on the motion to 146 the next meeting. 147 148 149 Review and Discuss Joint Meeting with the City Council 150 151 Chair Schroeder stated the Roseville Economic Development Authority has its own line in the 152 tax levy and this is currently managed by the City Council. She stated the REDA had submitted 153 a budget for Council approval and as part of this they have an Operating Reserve 154 recommendation of 35%. She asked who had determined 35% would be an appropriate level. 155 156 Finance Director Miller stated this has been in place for a couple of years and the level is based 157 upon cash flow needs. The EDA staffing and programs are funded by tax levy and there needs to 158 be reserve available between tax collection periods. He clarified the staff for EDA is the same 159 staff that was part of the Housing and Redevelopment Authority but is no longer a spate legal 160 entity. 161 162 Chair Schroeder stated the Council had thought it would be a good idea for the Finance 163 Commission to review this budget. She suggested adding a discussion on the EDA budget to the 164 October Finance Commission meeting schedule. 165 166 Finance Director Miller clarified the Commission was requesting an overview of the EDA and 167 what they do. He stated he would arrange for a staff member to make a presentation to the 168 Commission. He explained the City Council had decided to move forward with the budget for 169 $356,000. 170 171 Finance Director Miller stated this is a restricted fund and there are statutory restrictions on how 172 a City can use and EDA levy. 173 174 Chair Schroeder stated the documents state the reserve was transferred from the Revolving Loan 175 Fund Program. She asked what this was. 176 177 Finance Director Miller stated the City has a number of housing loan programs that have money 178 that can be used as opportunities arise and all of the loan programs are separate. The $356,000 179 would be the budget for the General Fund for the EDA. 180 181 Item 3: Attachment A