City Council Minutes 2017 09 26 - Laserfiche WebLink

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City Council Meeting Minutes September 26, 2017 Page 4 of 11 • The Recreation Center Construction Fund is projected to spend down all the bond proceeds by the end of 2018. • The Library Debt Service Fund is projected to completely defease the 2004 General Obligation Library Bonds during 2018. • The Consolidated Utility Fund (Water, Wastewater, and Storm Water Funds) reserves are projected to increase by $2.0 million to $18 9 million at the end of 2018. Ending reserves for all the individual utility funds are projected to remain in compliance with the City's Reserve Policy. • The Golf Course Fund is projected to increase its reserves by approximately $107,000 during 2018 All of the major operating funds are in compliance with the reserve policy except the Open Space & Parks Fund which is in compliance with the minimum balance only Director Watson reviewed some scenarios to get the Open Space & Parks Fund balance higher. Open Space targeted fund balance possible alternatives. • Alternative 1: The targeted fund balance is defined as the minimum fund balance plus cost of acquinng the three highest pnonty parcels (current policy). This calculation defines the current target at $1.3 million • Alternative 2: The targeted fund balance is defined as the minimum fund balance plus cost of acquiring the largest remaining pnonty candidate parcel This calculation defines the current target at $2 2 million • Alternative 3 The concept of a targeted fund balance is removed altogether and the Open Space & Parks Fund operates only under a minimum fund balance policy The minimum fund balance is approximately $365,000 for 2018 Watson reviewed the budget calendar and noted the public hearing on the budget will be set for October 17, 2017 Mayor Muckle noted there were members of the public who wished to comment on the recreation center Public Comments Lisa Norgard, 729 Ponderosa Park, asked the council to keep in mind the recreation center expansion and to build what the voters voted for.