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CITY COUNCIL WORK SESSION September 22, 2014 <br />DRAFT <br />44 Mayor Reinert asked that the council review the statutory language for a better <br />45 understanding of the restrictions on city use of reserve funds. Finance Director Rolek <br />46 concurred that it is very important to understand those restrictions. <br />47 <br />48 Council Member Kusterman wondered about the possibility of borrowing against <br />49 dedicated funds and the council discussed funds that are discretionary for borrowing. <br />50 Staff discussed with the council the possible ramifications of borrowing. <br />51 <br />52 Ms. Heaton added that one of the biggest considerations for the city's bond rating is cash <br />53 on hand. She recommends that the council decide what the "savings account" will be and <br />54 move from there. She also recommends that the council look ahead at a period such as <br />55 five years to determine what funds will actually still be in reserve. A lack of cash on <br />56 hand can lead to the need to borrow and that is not recommended. <br />57 <br />58 The mayor noted that there should be more analytical ability with the new financial <br />59 system coming on line. <br />60 <br />61 The council concurred that they will receive additional infoiniation on the reserve fund <br />62 and continue their discussion at a future meeting. <br />63 <br />64 The meeting was adjourned at 9:30 p.m. <br />65 <br />66 These minutes were considered, corrected and approved at the regular Council meeting held on <br />67 October 27, 2014. <br />68 <br />69 <br />70 <br />1 <br />anne Bartell, City, ler <br />73 <br />2 <br />