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CC_Minutes_2018_0924
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Roseville City Council
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Council Minutes
Meeting Date
9/24/2018
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Regular City Council Meeting <br /> Monday, September 24, 2018 <br /> Page 18 <br /> Mr. Miller stated it was originally based on the cash flow needs of the fund at a <br /> point in time. That number has been in there a long time. <br /> Councilmember Willmus asked if the Finance Commission looked at that. <br /> Mr. Miller stated the Commission did look at the last two years' cash reports. <br /> Councilmember Etten stated if the Finance Commission is looking at the histori- <br /> cal piece,he wondered how the 10% figured into the discussion. <br /> Mr. Miller stated staff presented the cash flow of the fund and the Finance Com- <br /> mission came up with 10%to 30%. It is more conservative to go at a higher floor <br /> and ceiling, so he thought from the strength of their financial position more re- <br /> serves increase that. He thought there was some concern on the part of the Com- <br /> mission that having reserves in all of the different funds may collectively trigger <br /> an excess reserve rather than combining it all into one. The Finance Commission <br /> was concerned in the collective of all the funds in the totality of getting too high. <br /> Councilmember McGehee stated she did not think it was a problem to have a little <br /> extra reserve and she thought the Communications Fund will take most of the <br /> money if there are no more franchise fees, which are going down and is the fund <br /> the City uses for extra money now. She did not have a problem with having a <br /> 20% floor right now and it can always be changed. It can be revisited to see if it <br /> needs adjustment. She would feel more comfortable with 20%to 35%. <br /> Councilmember Laliberte stated she would be more comfortable going forward <br /> with the recommended amount by the Finance Commission. She thought the <br /> Commission had the same type of discussion the Council is having, and she did <br /> not know if the Council needed to second guess them at this point. The Council <br /> can see how the change on the high side effects things as the Council looks for- <br /> ward. <br /> Councilmember Etten thought the concern of the Finance Commission was the <br /> City holding too much money in one account. The 20% isn't going to affect that. <br /> The floor won't necessarily create that. If people are more comfortable with <br /> 20%-30% because that meets the maximum threshold the Commission talked <br /> about he was okay with that,but he thought the floor was a protection. <br /> Councilmember Willmus stated he liked that a little better than where the discus- <br /> sion was going before. <br /> Mayor Roe referenced the top of the second page of Appendix A and need for the <br /> EDA to have consistent language with the other two changes. He thought the first <br /> sentence on page two should read"...30% of the annual operating budget...". He <br /> thought the City should make it clear it is talking about operating funds. <br />
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