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City Council <br />Special Meeting Minutes <br />June 9, 2015 <br />Page 9 of 12 <br />#161 — no title. <br />#172 — no title. <br />Other comments /suggestions: <br />• Check spelling errors throughout <br />• Harper Lake wildlife sanctuary, create more habitat in future years. <br />• Campus Drive Connection — include in out years although requires private <br />property interest. <br />• Golf Course Maintenance Facility /Bulk Storage Area — screen from Dillon. <br />Draft Update of Financial Policies <br />Finance Director Watson noted a staff goal was to complete an update of the Fiscal <br />Policies. <br />1. General Policies <br />2. Reserve Policies <br />3. Debt Policies <br />4. Revenue Policies <br />5. Operating Budget Policies <br />6. Investment Policies <br />7. Capital Asset Management Policies <br />8. Accounting, Auditing and Financial Reporting Policies <br />Reserve Policies General Fund <br />• The minimum unrestricted fund balance is set at 15% of current operating <br />expenditures, the targeted unrestricted fund balance will be at or above 20% of current <br />operating expenditures. <br />• Authorizes the City Manager to reduce reserves below the target, but requires City <br />Council authorization to reduce reserves below the minimum. <br />Reserve Policies Open Space & Parks Fund <br />• The minimum fund balance shall be maintained at or above 15% of current operating <br />expenditures. For purpose of this policy, operating expenditures include only open <br />space and parks operations and exclude all interfund transfers and capital outlay. <br />• The targeted fund balance will include the minimum fund balance plus an amount <br />sufficient to cover the City's share (considering other likely joint partners) of the total <br />projected cost of acquiring the three highest priority candidate open space. <br />Reserve Policies Combined Utility Fund <br />