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SUBJECT: <br />2025/2026 BUDGET RETREAT <br />DATE: <br />J U LY 24, 2024 <br />The City's Reserve Policy for the Open Space Fund states, <br />PAGE 11 OF 16 <br />The minimum fund balance of the Open Space Fund shall be maintained at or <br />above 15% of current operating expenditures. For purpose of this policy, <br />operating expenditures include only open space operations and exclude all <br />interfund transfers and capital outlay. Use of reserves below the 15% minimum <br />requires authorization from City Council. <br />Within the Open Space Fund, separate and apart from the minimum fund <br />balance, an acquisition reserve is established to fund future open space <br />acquisitions. A minimum of 30% of the annual budgeted sales and use tax <br />revenue proceeds from the tax established in Section 3.20.200(A)(3) of the <br />Louisville Municipal Code shall be encumbered for acquisition of open space <br />land in and around the city, until a target reserve is achieved. The target <br />acquisition reserve amount shall be set by City Council from time to time through <br />the budget process. Use of acquisition reserves for purposes other than open <br />space acquisition requires authorization from City Council. <br />Parks Fund <br />Incorporating the latest information, the following graph summarizes historical and <br />forward -looking projections of revenue, expenditures, and fund balances for the Parks <br />Fund. <br />IIIjj <br />CITY COUNCIL COMMUNICATION <br />12 <br />