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Regular City Council Meeting — DRAFT Minutes <br />Monday, Apri123,2007 <br />Page 40 <br />1 <br />� Councilmember Ihlan requested further discussion in the future on the <br />:� City Council's ability to adjust Reserve Fund levels andlo� transfer <br />• I �unds from one Reserve Fund to another. <br />_� <br />� <br />� <br />� <br />c� <br />City Manager 1Vla�inen and Mr. Miller noted that agenda time had <br />been scheduled at the May Study Session for a discussion on just this <br />specific issue. <br />1� City Manager �alznen advised that staff would fi��it�� those policies <br />11 discussed tonight, and changes as recommended by staff and Council, <br />1� in resolution format for City Council consideration and formal adop- <br />1;3 tion. <br />1� <br />] ,:a <br />] �� <br />l� <br />Councilmeinber Roe asked staff to seek a legal opinion as to when <br />and whether transfers could occur from one Reserve Fund to another. <br />]�3 Councilmember Roe requested specific feedback from staff on how <br />l� the reserve levels impact the City's credit ratings; their relationship to <br />��] Enterprise Funds and recommended percentage of operating funds in <br />� � reserve to support those funds and accommodate specific fund-related <br />�� capital improvements; and their recommendations for Council study. <br />�� <br />�� <br />�� <br />��� <br />�'r <br />��3 <br />�� <br />�� <br />�1 <br />�2 <br />�� <br />�4 <br />Mayor Klausing spoke in support of ineeting the policy of maintaining <br />a 50% reserve; but sought additional staff input on how to factor that <br />into the budget in the short-term while attempting to get back to that <br />level without substantive additional costs and impacts to services. <br />Mayor Klausing thanked Councilmembers and staff for the excellent <br />discussion. <br />rt �, Adjourn <br />The meeting was adjourned at 10:02 p.m. <br />