Finance Committee Agenda and Packet 2024 05 16

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City Council Finance Committee Meeting Minutes April 18, 2024 Page 3 of 6 Councilmember Kern moved to recommend the staff presentation to be presented to City Council on May 7 with the requested updates on the costs for the Master Trails Plan and other funding options. Councilmember Hamlington seconded. The Motion was approved. Public Comments: Louisville resident Matt Jones commented about the Open Space ballot measure and the language in the measure. Matt commented that the open space in the city is in bad shape and supported using funding from the open space tax to get management on the ground to manage the open space. Matt feels the management of the open space is very behind. Louisville resident Helen Moshak commented that the Open Space Advocacy group notes have been emailed to the committee. She supports using the investments in the right order for the best results, first by expanding to a full survey of the ecosystem; second, by an in-depth open space management to replace the 2004 plan and avoid single -topic plans spread across multiple years; third they would like to operationalize the plan including funding for staff; and finally trail planning. Louisville resident Cathern Smith agreed with the comments made by Matt and Helen. She supports prioritizing a full ecosystem survey first. She commented on the importance of providing habitat for native wildlife and supports increasing staff resources to implement a cohesive open space plan. She also suggested Council should provide more direction to staff. She is in favor of building a reserve for acquisitions. Louisville Resident Sherry Sommer agreed with the comments of Matt, Helen, and Cathern. She commented that if we do a comprehensive plan, the quality will be higher, and it will be easier for staff to implement. Review of Fiscal/Reserve Policies: The Director of Finance presented a review of the city's reserve and investment policies with the intention to request changes to these policies as provided and noted in the meeting packet. Staff proposed the following amendments to the existing policies: For the newly established Open Space and Park Funds: • Maintaining a minimum operational reserve of 15% for each newly created fund; and • Establishing an acquisition reserve to fund future Open Space Acquisitions within the Open Space Fund annual; and • Re -Codifying the annual General Fund Transfer for Park Operations. For Golf Course Fund Reserves: • Removing reference that capital expenditures will be funded by the Capital Fund For the Investment Policy: • Modifying the frequency in which the Finance Director provides investment reports to the Finance Committee shall be updated from Monthly to Quarterly, to align with existing practices. 5/90