Finance Committee Agenda and Packet 2017 10 16

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City Council Finance Committee Meeting Minutes 09/18/17 Page 10 of 13 Member Stolzmann and Council Member Lipton discussed how long it would take to reach the targeted reserve level, both agreeing it would not be able to be done in one year's time. Director Watson and Interim City Manager Balser requested clarification from the Finance Committee on the direction staff should take, noting that the shared annual fund allocations from both the General Fund and Capital Project Fund have already been incorporated into the Long -Term Financial Plan to be presented to City Council September 26. Finance Committee Chairperson Stolzmann and Finance Committee Member Maloney directed staff to calculate the annual General Fund appropriation to the Open Space & Parks Fund based on the 2004 operations cost inflated with Parks operation increases, and then set the Open Space & Parks Fund reserve to the largest property plus the 15% minimum reserve. This may determine how many years it may take to reach the desired reserve amount. Members requested this additional information be provided by Director Watson for the meeting September 26. The reports and corresponding narrative can be located in the packet of the September 18, 2017 Finance Committee Meeting. PRELIMINARY 2018 BUDGET REVIEW Finance Director Kevin Watson presented a review of the preliminary 2018 budget which will be presented along with the Long -Term Financial Plan at the September 26 Special Meeting. Members stated that many of the topics that need to be considered by the full City Council on September 26 have already been touched on during today's Finance Committee Meeting. Member Stolzmann directed staff to present the budget as recommended, but to provide options or additional information for: • The split allocation funding of the Open Space & Parks Fund by the General Fund and Capital Projects Fund and start date for the change • Provide options for funding the Recreation Center shortfall and start of operations • Further discuss the preliminary Property Tax Assessed Valuation Member Stolzmann asked Director Watson about the 89.9% expenditures under Part, Repairs, & Maintenance. Director Watson stated that amount was due to Public Works Director Kurt Kowar's earlier budget amendment. Director Watson stated that part of the amount would remain as an ongoing operation piece. 11