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2006_0620_Packet
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2006_0620_Packet
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City Council Regular Meeting — 06/12/06 <br />DRAFT Minutes - Page 11 <br />general; the favorable record established by the City in <br />aggressive payments and debt reduction policies and practices; <br />existing City policies for fund balances and adherence or <br />updating of those policies as applicable; status of fund balances <br />based on current policy; population demographics with a Xarger- <br />than-average senior population and a lower-than-average �nd�r- <br />18 population; operating deficits; declining fund balances; and <br />Springsted's use of three-months cash flow for funding and <br />contingencies within proprietaxy funds. <br />Further discussion included transferring of funds from one <br />designated fund to another and the stipulations that applied; and <br />fee reductions andlor increases to sufficiently fund Enterprise <br />Funds. <br />In conclusion, Ms. Hea�on opined that based on five-year trends <br />for reserves, the City's credit profile has been weakened by <br />declining reserves and funds not reaching reserve policies; <br />translating to "reduced reserve = reduced flexibility" when <br />considered by bonding agencies. Ms. Heaton recommended that <br />the City aggressively work to refresh fund reserve goals for each <br />operating fund in the City, keeping in mind cash flow, revenue <br />stream cycles, contingencies, and capital replacement needs; <br />continue strategic planning efforts currently underway as <br />planning is critical to success; develop plans to meet goals and <br />policies established (i.e., eliminate fund deficits); consider tax <br />base and per capita income growth strategies; and create <br />flexibility and back-up plans for specific risks. <br />Further discussion included whether the fund goals and policies <br />were still current or needed revision and the need for caution for <br />any lowered ratings simply to meet a goal, but with sufficient <br />documentation and an annual review of goals, if more than 5-6 <br />years old, the City would have some justification for revising <br />their policies. <br />Councilmember Ihlan noted that, in the Community <br />Development Fund (page � 7), the reserve balance dropped to <br />nothing and why there was such a drastic change in 2003. <br />Finance Director Miller advised that, this may be a"bad" <br />
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