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To ensure that the City, Council and OSAB remain responsible stewards of the fund <br />proceeds and use the fund assets in a manner consistent with the tax language, we <br />suggest the following steps be taken: <br />1) Council develop a policy memo to staff that outlines what constitutes <br />appropriate expenditures from the fund including guidance that open <br />space expenditures should be prioritized <br />2) Council commit to increasing and ensuring transparency and <br />accountability in the management of these funds and direct city staff to <br />set up future accounting systems to support reporting of all <br />expenditures from the fund by program and purpose, i.e. open space <br />acquisition, park acquisition, open space operations, park operations, <br />etc. <br />3) Council direct staff to maintain a minimum fund balance, which would <br />be set at a level that ensures the City has the assets available to <br />secure high value open space property that may come on the market <br />with short notice. <br />4) Council charge OSAB to review and provide recommendations on staff <br />proposals for open space capital expenditures from the fund during the <br />capital fund budget development process. <br />Our goal with these recommendations is to create opportunities for OSAB and <br />citizens to provide informed input to Council and staff on open space and parks <br />priorities, increase transparency and accountability to citizens, Council, staff and <br />OSAB, and maintain the public trust. From the annual survey it is clear the citizens of <br />Louisville place a high value on our open space properties and it only seems <br />reasonable to ensure our fiscal policies and practices reflect those same priorities. <br />Attached: Appendix A: Conservation Trust Fund Tax Language <br />CC: Ember Brignull, Open Space Manager <br />Joe Stevens, Parks & Recreation Director <br />• Page 2 <br />8 <br />