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MINUTES <br />CITY COUNCIL <br />NOVEMBER 9, 1994 <br />street assessment policy. (100% assessed versus the <br />50/50 split discussed earlier this year for overlays.) <br />The Administrator reviewed 459 Fund, Park Development <br />Fund. The Administrator reported that he would like <br />the Park & Recreation Commission to consider closing <br />this fund, and felt the dollars could be handled <br />appropriately through the Capital Improvement Fund. <br />Morelan noted that any dedicated park donations could <br />be appropriately handled through the General Capital <br />Improvement Fund. <br />The Administrator reviewed 500 Fund, Closed Bond Fund. <br />Morelan asked why a 95o assessment rate was used. <br />The Administrator believed we would typically average <br />about a 97o assessment collection rate. However, 95% <br />is a conservative estimate so that the City does not <br />set itself up for any surprises. The Administrator did <br />not believe the rate was unrealistically low compared <br />to the average. He stated that information is <br />contained in the Annual Financial Report for 1993. <br />The Administrator pointed out that by the year 2000 the <br />City will have a significant amount of dollars building <br />in the Closed Bond Fund. The Council will have to then <br />make a decision as to what to do with those dollars. <br />The City will have infrastructure needs between now and <br />the year 2000, and the Closed Bond Fund would be an <br />obvious source of funding for some of those needs. <br />The Administrator felt that further analysis of this <br />Fund was necessary, and suggested that he involve the <br />City's new fiscal advisors in this analysis. <br />The Administrator suggested that if the Council looked <br />at using some of the Closed Bond Fund dollars to buy <br />down the levy in 1995 and the next few year, it could <br />be setting itself up for some surprises. The <br />Administrator pointed out the list of infrastructure <br />needs on pages 34 and 35 of the budget document. <br />Morelan suggested that before any decisions are made, <br />the Council get the analysis of the Fiscal Advisor. <br />Morelan felt that using some of the Closed Bond Fund <br />dollars to subsidize the tax levy for the next few <br />11 <br />