Finance Committee Agenda and Packet 2014 04 21

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City Council Finance Committee Meeting Minutes 03/17/14 Page 2 of 4 City Manager Fleming stated his desire to amend the Reserve Policies section of the City's Fiscal Policies to include a reserve for the Conservation Trust Fund. This reserve would be set at a dollar amount determined necessary for the acquisition of the top (4) class properties. Council Member Stolzmann suggested using a set percentage of revenue as the reserve amount. City Manager Fleming indicated that the use of a percentage could limit the use of funds necessary to continue the funding for operations and maintenance and limit the use of funds in excess of any anticipated acquisitions. Council Member Keany stated that perhaps the use of both a dollar amount and a percentage could be established to reach the desired goal. City Manager Fleming stated that he would be meeting with the Louisville Open Space Advisory Board on May 27, 2014 to discuss and receive a list of the desired properties. The Finance Committee stated it would be helpful for City Council to receive a copy of the listing prepared by the Open Space Advisory Board and a map indicating the locations of the properties listed. Council Member Keany stated his concern that certain policies outlined in the Fiscal Policies may not be being followed to the letter. Finance Director Watson indicated that the policies are being followed but that, in his opinion, the entire document needs to be revised from the ground up, including the Financial Indicators. Director Watson stated that the document has not been revised in many years, with the exception of the Investment Policy, that there are new "terms" within the industry that are not addressed, and that there are new guidelines from CGFOA, CML, and the Colorado State Auditor's Office which the City should consider. Mayor Muckle stated that the policies should be re- written in a broad manner as to allow the City latitude in areas such as debt balances and terms. City Manager Fleming stated that he would also like to see the Financial Indicators updated to include an adjustment for inflation. The Finance Committee Members stated they would like the City Manager and Finance Director to bring the proposed revision regarding the Reserve Policy back to the Committee for review and discussion. The documentation and corresponding narrative can be located in the packet of the March 17, 2014 Finance Committee Meeting. 2015 — 2019 CAPITAL IMPROVEMENTS PROGRAM REQUEST PROCESS Finance Director, Kevin Watson, provided the Finance Committee with a copy of the summary memorandum and request form issued to all departments as part of the 5 -Year Capital Improvement Program. 3