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Regular City Council Meeting <br /> Monday, September 16, 2019 <br /> Page 4 <br /> Commissioner Murray explained the law allows only up to twenty-five percent <br /> and the previous finance director was in agreement with the Commission to be <br /> around twenty percent, which was reasonable. <br /> Councilmember Laliberte appreciated the work that was put into this item. She <br /> was also interested in pursuing what is allowed to the city through the state and <br /> the change the state has made so if the recommendation is for twenty percent, she <br /> would be open to have further discussion about that. <br /> Councilmember Groff concurred and thought Commissioner Murray's work was <br /> very helpful and he appreciated that. He thought that as long as it is done in a <br /> gradual safe manner. <br /> Mayor Roe thought it might be appropriate to recommend to the Commission the <br /> development of a policy related to doing this and as to how much, which types of <br /> city funds as well as parameters for management. <br /> Mr. Trudgeon believed the law change only affects cities that have an AAA Bond <br /> rating and that not all cities are eligible for this opportunity. He thought if there <br /> was some interest in doing this the Finance Commission can work with staff to <br /> create a policy to look at the funds to be used with recommendations and bring it <br /> _ forward for Council ratification. <br /> Commissioner Murray did not really want to get into too much detail in doing it <br /> and would suggest turning it over to the finance director and come up with a pro- <br /> posal of what the finance department wanted to do. <br /> Mayor Roe indicated the Council was supportive of the approach with commis- <br /> sion review of the recommendation. <br /> Commissioner Reif reviewed the topic of looking at the use of the cash reserve or <br /> cash carry forward fund to provide monies for the EAB Program. <br /> Councilmember Etten asked if the concern with approving a five- or six-year plan <br /> up front, or is it a concern to use the cash reserve account. <br /> Commissioner Reif thought the concern was approving a five- or six-year plan up <br /> front for something the Commission felt was more of an annual request by the <br /> parks and recreation department. <br /> Chair Hodder noted there were many competing interests for very limited dollars <br /> and the reserve fund was decreasing precipitously so the Commission did not <br /> want to make that recommendation. <br />