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MINUTES <br />CITY COUNCIL <br />NOVEMBER 9, 1994 <br />Fund, Street Overlay Fund, and MSA Fund be combined <br />into some type of infrastructure replacement fund. <br />This is a recommendation of the City's new fiscal <br />advisor. <br />Morelan stated that he would agree with consolidating <br />these three funds and using these funds for the same <br />purpose. Morelan suggested that perhaps these <br />administrative fees should go into this fund as well <br />rather than the General Capital Improvement Fund. <br />Scalze noted that the Closed Bond Fund has been used <br />for a number of purposes in the past and suggested that <br />perhaps the City should retain that fund as is. Scalze <br />was concerned that once it is tied to infrastructure <br />replacement it becomes a street fund. <br />The City Administrator pointed out that the Closed Bond <br />Fund is not tied to any potential uses, and felt it may <br />be more appropriate to plan for the use of this fund, <br />but still retain flexibility in its use. <br />Scalze stated that she would like to keep the Closed <br />Bond Fund separate with the indication that it might be <br />used for infrastructure improvements. Scalze stated <br />that this is the first time she has seen the Fund and <br />does not like the idea of rolling it into something <br />else. <br />The City Administrator indicated that there will be a <br />lot of dollars coming into the fund and felt that the <br />City should plan for it. The Administrator suggested <br />that he have some more discussion on this issue with <br />the City's new fiscal advisor. <br />The Administrator reported that it was anticipated that <br />the Capital Improvement Budget would be in a deficit <br />position in the future. However, it is projected at a <br />surplus because of dollars coming into the fund in <br />1994. The Administrator asked if the Council felt <br />expenditures should be prioritized now to account for <br />the revenue coming in. <br />Morelan pointed out that last year the Capital <br />Improvement Budget was spread over a five year period. <br />Morelan felt it seemed like more of a plan to have <br />expenditures spread out over a five year period rather <br />than the three years that this plan covers. Morelan <br />2 <br />