Title
Discussion: General Fund Reserve balance - Considerations for funding
Body
Key Issues:
In September of 2023, the Mayor and City Council amended the General Fund Reserve balance guidelines which established a process by which to consider use of funds from the General Fund Reserve balance. The ordinance establishing the guidelines and the process to consider use of general fund reserve resources is attached to this packet. At the February 6, 2024 City Council meeting, there was discussion regarding the potential use of general fund reserve resources toward the Downtown Market Plaza project. The packet for the February 6, 2024 Downtown Market Plaza financing discussion is linked to this packet through related items link.
From the February 6 discussion, the Mayor and Council requested the Finance and Budget Committee hold a special meeting to discuss and consider other recommendations or initiatives that could be funded by the unassigned general fund reserve resources.
Per the established guidelines, the unassigned general fund reserve balance above the 35% cap, is $11,057,672.55. The use of unassigned general fund reserve resources may be appropriated by a majority vote of the City Council for expenditures considered to be one-time in nature.
Listed below are recommendations for the use of unassigned general fund reserve resources that the city manager and management team have identified for consideration and discussion.
* Downtown Market Plaza Project: $5M - $10M
* Funding allocations toward Equipment Replacement Programs (VERP, BERP, MERP, SLERP): $3M
* Community gateway monuments for south and east highway corridors: $300 - $500k
* Audio Visual enhancements for City Hall conference rooms: $50k
* Compensation Study: $300 - $500k
* Browning property + improvements: $3M
Totals: $11,650,000 - $17,050,000
Presenter
Mark Dunning, City Manager