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Regular City Council Meeting Monday, October 24, 2016 Page 8 f.Receive 2016 Third Quarter Financial Report At the request of Mayor Roe, City Manager Trudgeon briefly reviewed this item as detailed in the RCA dated October 24, 2016 and related attachments. Mr. Trudgeon noted that previously contested tax payments deferred until resolved were not reflected in this most recent report. For the benefit of the public, Councilmember McGehee noted that the city’s Gen- eral Fund reserve balance were now back up to 39% versus the previous 35% of the operating budget, expressing her appreciation for that positive step. Coun- cilmember McGehee further pointed out that the $1.1 million shown as tax incre- ment financing (TIF) proceeds show up but was not included in that 39% reserve balance, which she found encouraging. Councilmember McGehee noted an antic- ipated $800,000 of those TIF proceeds would be allocated to shore up the city’s asset fund, while approximately $300,000 would be allocated to roadways, in this case the Twin Lakes Parkway extension. Councilmember McGehee noted the water and sewer utility funds remained skimpy, and would continue to plague the city. Mayor Roe thanked Councilmember McGehee for pointing out those items. McGehee moved, Etten seconded, receipt of the 2016 Third Quarter Financial Report. Roll Call Ayes: Willmus, Etten, McGehee and Roe. Nays: None. g.Adopt a Resolution Setting a Public Hearing to Consider Modifying the Tax Increment Financing (TIF) Plan for Redevelopment TIF District #12 At the request of Mayor Roe, City Manager Trudgeon briefly reviewed this item as detailed in the RCA dated October 24, 2016 and related attachments. Mr. Trudgeon estimated the current balance in this TIF District was $830,000. For the benefit of the public and City Council, Councilmember McGehee asked that staff provided additional information as part of the presentation regarding the limitations on use of those funds, and any projected plans at this time. Coun- cilmember McGehee advised her recollection was that there were significant re- strictions on how those funds could be used. While City Manager Trudgeon advised that that detailed information would be part of the report at the public hearing, Councilmember McGehee asked that it al- so be made available in advance for review and thought prior to the public hearing and requested action. McGehee moved, Etten seconded, adoption of Resolution No. 11370 (Attachment B) entitled, “Resolution Calling Public Hearing on the Proposed Adoption of a