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City Council <br />Meeting Minutes <br />October 10, 2017 <br />Page 5 of 6 <br />• Option 3: The concept of a targeted fund balance is removed altogether and the <br />Open Space & Parks Fund operates only under a minimum fund balance policy. <br />The minimum fund balance is approximately $369,000 for 2018. <br />Director Watson stated we aren't going to meet the target fund balance We simply <br />need a plan as to how to get to that target and how fast <br />Mayor Pro Tem Lipton stated he would like an option that is not so arbitrary. Given the <br />challenges we have for next fiscal year we shouldn't adopt any option If a property <br />becomes available, we can fund it from General Fund; we shouldn't sit on money if we <br />can spend it on a project He stated he doesn't want fund balances sitting there in <br />savings if projects are simply going to cost more later, we don't want to have idle <br />reserves. <br />Mayor Muckle stated we need to have some money saved if a purchase option <br />becomes available It makes sense to have a policy but don't need to meet it <br />immediately; this is something to shoot for <br />Councilmember Loo stated with a healthy reserve in the General Fund we don't need to <br />have a huge amount of money sitting unused in the Open Space & Parks Fund. We <br />have the flexibility of having the money in the Capital Fund reserve or General Fund <br />reserve She was concerned that once money is in the Open Space & Parks Fund it <br />can't be used for anything else. <br />Councilmember Loo is fine with a piggy back of savings up to $1-2M but doesn't want to <br />have millions of dollars sitting there that we can't use for other projects <br />Mayor Muckle supports $1-2M in reserves, but not growing it above that. <br />Councilmember Maloney would like to put a bound on the fund balance. He stated <br />Option 1a is a realistic bound and if it is in in excess of that we should lower the General <br />Fund transfer. But we need a down payment on this savings. <br />Mayor Muckle would like to set a goal and take a few years to get to it. <br />Discussion was to get to a $1.2M reserve that would cover the 15% minimum and have <br />some available for acquisition This would be funded by the tax revenue <br />Mayor Pro Tem Lipton asked how this affects capital projects Members agreed any <br />transfer to the Open Space & Parks Fund for this reserve would compete with other <br />capital projects. <br />Members agreed to a reserve of $369K - $1.2M and no money committed to this in <br />2018. For the next budget cycle we can see what the new model for operational <br />