Laserfiche WebLink
FALCON HEIGHTS CITY COUNCIL MINUTES -4- • <br />September 10, 2003 <br />Reserve Policy (continued) <br />Mayor Gehrz said the City Council worked hard on this in the budget workshops. <br />Council member Talbot said that people should know they have a good City Council here. He is <br />enormously proud to be a member of this team. The City is not going to cut any of its services. <br />Council member Kuettel said that she is excited to be a part of this. It is very prudent to have <br />this Policy in place. With this in place now, our City Council and future City Councils will have <br />a much easier time getting budgets done. <br />Council member Lindstrom said that this has reminded all of us of the fact that this is the <br />taxpayers' money. The City will hold no more of the taxpayers' money than is necessary. <br />This Policy will have a good effect for years to come. <br />Mayor Gehrz said that when she says the City Council put a lot of work into this, they have. <br />Initially, the Council set goals and developed action plans. They invited financial consultants <br />from Ehlers and Associates to meet with them to talk about long term and short-term concerns <br />and issues, and spending reserves. Administrator Worthington and Finance Director Olson • <br />worked on 5 and 10 year CIPs (Capital Improvement Plans). The City Council took all that <br />information into consideration. Council member Lamb created the Reserve Policy and the result <br />is what you heard tonight. She thanked him for his especially hard work. <br />Council member Lamb said this was a good team effort. <br />Lamb moved adoption of the Reserve Policy, as outlined below. The motion was unanimously <br />approved. <br />A. Purpose <br />The City will maintain reserves sufficient to provide stable funding for City services, to <br />provide working capital for maintaining infrastructure and capital assets, and to secure a <br />high credit rating. <br />B. Policies <br />The City will hold no more of the taxpayers' money than is necessary. <br />The City will maintain specified Fund reserves at the level required by State statute <br />(principally TIF and Bond Funds). <br />• <br />SEPTI OMIN.doc <br />