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City Ccruneil Study Session <br />DRAFT 1V�inutes of Mo�day, May �4, 2407 <br />Page �S <br />1 ing; and provided specific resolutions £a�r each Policy. 'I`hose polici�s <br />2 ineluded: Operating Sudget Poliey; Capital Improvement Po�zcy; Debi <br />3 Policy; Revenu� Policy; and Asset Replacement Policy. <br />4 <br />5 Discussion included c�arifying language in the dra#'t ar�salu�ions and <br />6 mark-ups �om a�rigina� staff proposals and City Counei� discussion; <br />7 with City Manager Malinen noting tha� the z-esolutions were specific <br />S to each po�iey, aliowing for future rescinding of the po�icy and re�rea� <br />9 tion for amendments, in an effort to avoid confusion. <br />10 <br />�� Po�icy �anguage was discussed, and by consensus, was amended as <br />12 follows: <br />13 O�erating Sud�et Policy <br />�.4 Page 4, line #114 � 16; amer�d language (Roej <br />].5 "The operat�ng budget will provide �or adequate main�enanee of capi- <br />15 ta1 plant and equipment and �or th�ir ord�rly rep�acement�J;��g <br />�7 • <br />18 <br />19 <br />�o <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />Revenue Policy <br />Page J.6, line #461; strfke tanguage, redundant {R�e) <br />Page 17, line #480, amend �anguage (Roe) <br />"Set fees," rather �han assuming annual increase. <br />Sia�`�' advised that they would be providing department-specif c reports <br />on a quarierly areport �or Cauncil information. <br />27 Operating Fund Resexve Pa�icY <br />28 Mr. Mi��er p�ovided a written report dated May �4, 2007, on the <br />29 City's Operating Fund Res�rve Policy �or a"first look" for the City <br />30 Council and to iniiiate discussions. N1r. MiTler noted that in his <br />31 memo, he had p�avided an overview of the role o£ cash reserves; gov- <br />32 ernmenial best practiees and other considerations; and the xelat�onship <br />33 between �esezves and the budget. <br />34 <br />35 Couneilmember Pus� sought reserve fund strategy recommendations <br />36 �rom Mr. Mi�lea� and a�ked for his expertise and personal "comfort <br />37 �evel" from a finance director's perspective on the level of reserve <br />38 funds, excluding the combined iunds for financial reporting pu�poses <br />39 v�xsus management purposes (Pa�e 4, lines 113 -� �� 7). <br />