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City Council Regular Meeting — OS/23/OS <br />DRAFT Minutes - Page 18 <br />the General Fund Budget, the budget and comparisons to <br />actual results for 2004 related to revenue, expenditures, <br />transfers and balance funds. Mr. Vie�e reviewed <br />performance, their Management Letter and <br />recommendation; additional analysis, historical perspective <br />and projected future trends; General Fund condition and <br />fund balance at a five-year low, but within state guidelines; <br />five-year tax capacity rates related to tax levies and <br />reductions in property tax rates. <br />Councilmembers asked questions and commented during <br />the presentation. <br />Discussion included loss of State Aid; Park Maintenance <br />and Park Infrastructure Fund and transfers not within the <br />scope of the General Fund; and an explanation of Capital <br />Outlay. <br />Mr. �iere reviewed the City's respective Enterprise Funds, <br />their revenues, expenses and asset equity comparisons over <br />the last five years. <br />Discussion specifically related to the Enterprise Funds <br />included trends, and upcoming operational and cash flow <br />challenges in the Water Fund; Solid Waste Recycling and <br />Golf Course Funds. <br />Further discussion included definition and review of the <br />Tax Reduction Fund as established in 1998 as an <br />endowment fund, with interest earnings transferred to the <br />Gcncral Fund to alleviate pressure on the tax levy. <br />As prompted by Council questions and comments, Mr. <br />V�ere and Mr. Miller reviewed cash flow management and <br />interest earnings from a short and long-term investment <br />perspective; policy and legal restrictions on municipal <br />investments; and budget implications from the loss of State <br />Aid, property tax reductions due to market value revisions, <br />and underperformance of interest income. <br />Mr. Viere apologized to Councilmembers for an <br />