Laserfiche WebLink
Regular City Council Meeting — DRAFT Minutes <br />Monday, Apri123,2007 <br />Page 39 <br />[ eration, with ongoing review and revision, and dependent on their use <br />�. and function, for each type of asset. <br />;� Councilmember Roe suggested that those considerations be incorpo- <br />�E rated and broken down for all Capital Replacement funds. <br />r} <br />� <br />7 <br />� <br />�7 <br />�� <br />a� <br />i� <br />1� <br />1� <br />1� <br />1 E, <br />�� <br />1$ <br />1� <br />� <br />2] <br />�� <br />�� <br />�� <br />Operatin� Fund Reserve P�licy <br />Miller reviewed suggested language revisions and specific comments <br />related to this fund. Mr. Miller noted the need to maintain a General <br />Fund Reserve of 50% of the total annual operating budget to accom- <br />modate drawdow� time to receive the City's tax revenue from Ram- <br />sey County; and noted current reserve levels at 30%. <br />Councilmember Pust sought clarification of State Auditor recommen- <br />dations. <br />Mr. Miller advised that the State Auditor recommendation language <br />was chosen very carefully, and related to unreserved fund balances, or <br />undesi�nated monies for cities recommended at approximately 25- <br />30%. Mr. Miller noted that all City of �Zosev���e reserves were desig- <br />nated for some specific purpose; and cautioned that if the City Coun- <br />cil chose to adhere to the recommendations of the State Auditor, even <br />though not applicable to the City's designated funds, the City would <br />run in the red for several months each year. <br />��� Councilmember Pust requested clarification on the Operating Fund <br />� C� Reserve Policy and the Pavement Improvement Plan (PIP) and <br />�� whether they were related, and the accuracy of that perception of <br />�� some citizens. <br />�� <br />�� <br />�] <br />�2 <br />� Li <br />Mr. Miller advised that they were two completely separate funds, with <br />the PIP designated for one very specific purpose only, and that that <br />perception was definitely incorrect. <br />3� Councilmember Pust noted Mr. Miller's comments on page 13, lines <br />;�� 31and 405 respectively; and sought recommendations from Mr. Miller <br />�� in the future and his specific recommendations. <br />�f <br />�� It was Council consensus to complete discussion of these policies prior to adjourn- <br />��� ing tonight's meeting. <br />