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Attachment B REQUEST FOR COUNCIL ACTION Date:9/17/2018 Item No.:7.a Department ApprovalCity Manager Approval Item Description:Joint Meeting with the Finance Commission 2 B ACKGROUND 3 Earlier this year, the City established a joint meeting between the City Council and Finance Commission 4 to review activities during the past year, to receive any Commission guidance or 5 recommendations, and to identify potential topics for future discussion. 6 7 Since the last joint meeting onMarch 26, 2018the Finance Commission has received presentations and 8 held discussions on the following topics: 9 :The establishment of a Cash Reserve (Cash Carry-Forward)Fund** 21 CIP categorizations & review process ** 22 Changes in funding strategies for the CIP** 23 2019 City Manager Recommended Budget & Tax Levy** 24 2017 Investment Portfolio performance 25 2017 year-end cash reserve levels. 26 2017 Audit and Annual Financial Report 27 Fire Department Phase II Staffing Plan 28 29**The Finance Commission has developed specific recommendations for Council consideration on the 2:first fouritems noted above. Those recommendations are detailed below. 31 32 RECOMMENDATION on Establishing a Cash Reserve (Cash Carry-Forward) Fund 33 The discussionon establishing a Cash Reserve Fund has been an on-going dialogue at the Finance 34 Commission since December of 2016. At the March, 2018 Joint Meeting, the Commission did present a 35 formal recommendation to establish a Cash Reserve (Cash Carryforward)Fund.After some discussion, the 36 Council asked the Commission to review the matter further. 37 38 The Finance Commission now offers theserevised recommendations: 39 3:Establish a Cash Reserve Account comprised of excess cash from the following Funds: 41 1)General Fund 42 2)Parks & Recreation Fund 43 3)Communications 44 4)Information Technology 45 5)License Center 46 Define excess cash reserves as cash amounts greater than the targeted high reserve Page 1of 4