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City Councal Study Session <br />Monday, ~Tuly lb, 2007 <br />Page 14 <br />ager's recommended 2008 Budget document would provide steps to <br />achieve those goals as outlined by City policy. <br />Discussion included the role of cash reserves; governmental best prac- <br />tices and other considerations; and relationship between reserves and <br />budget. <br />Additional discussion included current non-compliance with existing policy <br />and phasing in compliance through realistic goals and implementation; im- <br />pacts of transferring the Taxpayer Reduction Fund to General Fund Re- <br />serves; implementation over multiple years; comparison to cities of similar <br />size and similar scoped operations; benchmarking with cities with like bond <br />ratings; and reliance of the General Fund on property taxes. <br />Councilmember Ihlan requested staff to provide calculations on reserve lev- <br />els compared to computations methods used by the Cities of Shoreview and <br />St. Louis Park. <br />Further discussion included interest revenue generated funds for the Tax- <br />payer Reduction Fund and impacts to taxpayers in the short- and long-term; <br />and original intent of the fund when it was established. <br />By consensus, the City Council concurred with staff's comments and rec- <br />ommendations on the markup copy; with "Implementation" language <br />changed on page S, line 179-182, to read: <br />"All fund reserves shall be reviewed each year at the time of the annual <br />budget preparation for the purpose of achieving compliance with this <br />op /icY,] Budgets shall be prepared on an "All Resources" basis, so that <br />the City Council and Community can readily discern the current and pro- <br />jected management of all reserves." <br />Staff was directed to bring the draft resolution to the next business meeting <br />for consideration and possible action. <br />e. Discussion -Discuss the Charlie Pond Area (Millwood & Bren- <br />ner) Water Modeling Results, Storm Sewer Improvement Project <br />and Purchase of Vacant Land <br />Councilmember Pust clarified that, since this was in her neighbor- <br />hood, there was no potential conflict of interest, as no decisions would <br />