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Finance Commission Minutes <br />February 14, 2017 – Draft Minutes <br />Page 6 of 8 <br /> <br />the Commission to be careful with setting up an automatic transfer of surplus funds without 226 <br />knowing what these reserves are designed to do. 227 <br /> 228 <br />Chair Schroeder asked if there was documentation that stated what these excess funds were being 229 <br />accumulated for. 230 <br /> 231 <br />Finance Director Miller stated there is no specific documentation but each department would 232 <br />know what the reserves are earmarked for but most of the expenditures are included in the CIP. 233 <br /> 234 <br />Commissioner Bachhuber stated if there is money existing in funds beyond the reserve target 235 <br />range he would like to see in writing what these funds are being accumulated for. 236 <br /> 237 <br />Finance Director Miller stated that every department does have a master plan and other long term 238 <br />planning documents but there is no document that ties all of the City’s planning documents 239 <br />together. The City does not have a strategic plan. 240 <br /> 241 <br />Commissioner Zeller stated the City needs to policies in place as far as what the operating 242 <br />reserves need to be and if there are needs over and above this the Commission could 243 <br />recommended that documentation be required. 244 <br /> 245 <br />Chair Schroeder suggested this item be tabled 246 <br /> 247 <br /> 248 <br />Review Finance Commission Recommendations: Tracking Report 249 <br /> 250 <br />Finance Director Miller stated he had reviewed past Commission meetings and added in these 251 <br />action items that had not been included in the initial report. 252 <br /> 253 <br />Commissioner Bachhuber clarified that status pending meant the item was waiting for Council 254 <br />action. 255 <br /> 256 <br />Chair Schroeder suggested adding discussions of each of the items to a future meeting agenda so 257 <br />that the Commission is aware of the status for each item and determine if there is more the 258 <br />Commission needs to do to move items forward. 259 <br /> 260 <br /> 261 <br />Review City Pension Obligations 262 <br /> 263 <br />Chair Schroeder asked how often the payments were adjusted for the City. 264 <br /> 265 <br />Finance Director Miller stated this is a set amount and is a percentage of an employee’s wage 266 <br />and this is what the State requires the City to pay. 267 <br /> 268 <br />Commissioner Bachhuber asked how often the State changed the rate. 269 <br /> 270