City Council Minutes 2015 02 03 - Laserfiche WebLink

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City Council Meeting Minutes February 3, 2015 Page 12 of 16 money transferred out of the capital project funds to achieve the same goal. City Manager Fleming explained if the same amount was transferred out on top of the amount the general fund must transfer to cover operational costs for open space and parks, it would draw the general fund down below the 15% minimum reserve policy. Mayor Pro Tem Dalton asked if the policy would keep enough in reserves to fund the top three candidate properties. City Manager Fleming confirmed it was the intent. Mayor Pro Tem Dalton inquired if the top candidate property is purchased, are there sufficient funds to acquire the remaining two. City Manager Fleming explained the next highest ranking parcel would be moved to the top three and the acquisition cost would be calculated to always keep that amount in reserve. Mayor Pro Tem Dalton asked for the number of properties in the top tier. City Manager Fleming explained there are 20 to 30 properties. The Open Space Advisory Board has been asked to determine what properties they would like the City to acquire, and then take the other properties off the list. Mayor Pro Tem Dalton was willing to support the policy if there was an end and the real number of properties actually met the standard definition for open space. Mayor Muckle stated future Councils will have the opportunity to buy open space parcels. He agreed at some point there will not be any available property. Mayor Pro Tem Dalton felt this Council should add some clarity of their vision. Council member Loo was not comfortable with what the City would be signing off on. She stated the policy would transfer $350,000 per year for open space and parks. She asked how many years this amount has been transferred. Finance Director Watson explained it began in 2014 when Parks were put into Open Space. City Manager Fleming explained in 2008 a significant amount of parks maintenance expenditures were funded directly from the open space and parks fund in recognition of the constraints on the general fund and the relatively high and increasing reserve in the open space and parks fund. He noted the ballot language specifies the funds could be used for both land acquisition and maintenance, therefore more costs were shifted over to the open space and parks fund. The fund is going down because of the funding for the Washington Underpass and for the City Services Facility. Finance Director Watson explained 2015 will be the first year the General Fund will support the Open Space and Parks Fund by transferring $570,000. This amount does not include the $300,000 amount to build the reserve, which begins in 2016. The City Manager is proposing the amount needed to build the account and meet those objectives, to be from the Capital Projects Fund transfers to the General Fund. There are two transfers; one from the Capital Projects and one from the General Fund.