Finance Committee Agenda and Packet 2021 12 17

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City Council Finance Committee Meeting Minutes 10/18/21 Page 2 of 3 APPROVAL OF THE MINUTES FROM THE SEPTEMBER 27, 2021 MEETING The Finance Committee approved the September 27, 2021 minutes as presented. RESERVE POLICIES Dennis Maloney, Mayor Pro Tem, presented the proposed amendments to the Reserve Policies. The main Mayor Pro Tem Maloney explained that the intent of amendments were to recognize and record specific City Council decisions/designations of excess General Fund reserves and to provide flexibility for future City Council decisions on future designations of excess General Fund reserves. The targeted fund balance for the General Fund was proposed to increase from 20% to 30% of operating expenditures. The definition of "operating expenditures" was proposed to be all expenditures, less any one-time, non -recurring transfers. The Committee recommended the General Fund targeted fund balance be 25% of operating expenditures, as operating expenditures are defined in the proposed amendment. The Committee also agreed with the proposal that the City Council annually consider one-time transfers of excess reserves to other funds for one- time uses and strive to lower the General Fund balance down to the agreed -upon target. The Committee directed staff to bring the amendments forward to the full Council for approval. The proposed amendments and corresponding narrative can be located in the packet of the October 18, 2021 Finance Committee Meeting. PRELIMINARY DISCUSSION ON 2022 WORK PLAN Dennis Maloney, Mayor Pro Tem, requested a preliminary thoughts/comments on items for the 2022 Finance Committee work plan. Possible discussion items included status reports on SUTS and Bag Tax implementation, Underpass bond issue, and the financial implications of EDI implementation and sustainability initiatives. The Committee agreed to keep the quarterly reports as they are currently presented. A preliminary work plan for 2022 will be presented at a future Finance Committee meeting. The work plan and corresponding narrative can be located in the packet of the October 18, 2021 Finance Committee Meeting.