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City Council <br />Meeting Minutes <br />October 7, 2014 <br />Page 11 of 27 <br />Capital Project Fund Forecast: The Capital Project Fund does not have a minimum <br />reserve limit and will be brought substantially down in 2015, but will begin to recover in <br />2016 and 2017. Within the next four years the fund will be back to over $4 Million. <br />Combined Utility Fund Forecast and Open Space and Parks Fund Forecast: City <br />Manager Fleming reviewed the forecasts for those funds. <br />Key Council Decisions: Are revenue and expenditure estimates reasonable? Does <br />proposed budget reflect prudence? Do Significant Changes reflect Council priorities? <br />Do capital projects preserve assets and focus on areas of greatest need? Can we <br />maintain levels over the long run? <br />BUDGET CALENDAR — KEY DATES: <br />October 7: City Council Meeting, Presentation of City Managers Proposed <br />Budget — Set Public Hearing Date <br />October 14: Special City Council Meeting, Discussion /Q & A and identify <br />revisions Council wants to see on Proposed Budget <br />October 21: City Council Meeting — Conduct Public Hearing and identify any <br />Further revisions <br />November 3: City Council Meeting: Resolution adopting the budget <br />Resolution appropriating funds and Resolution levying taxes <br />COUNCIL COMMENTS <br />Council member Keany asked, in looking at the flood recovery and the dwindling <br />reserves, should the staff scale back on the Capital Projects and delay them for a year <br />or two. This would allow staff to catch up and for the reserves to rebuild. City Manager <br />Fleming would discuss this with the management team. <br />Mayor Muckle noted the 2015 Budget does not include funding for the Helburg <br />Memorial. He stated this is a time sensitive issue as 2015 will be the 100 -year <br />anniversary of fallen Police Officer Victor Helburg. He felt this might be a funding <br />consideration for the 2015 Capital Project Budget. City Manager Fleming stated there <br />was discussion as to whether this might be eligible for Historic Preservation funds, <br />because the incident occurred in Historic Downtown. However, the memorial site is <br />outside of the historic district. Mayor Muckle voiced his preference to delay a Capital <br />Project and fund the Helburg Memorial in 2015 <br />Council member Jeff Lipton also shared Council member Keany's concern the staff may <br />be overextended and agreed the City may want to delay projects a year or two to <br />