Title
Staff report and update: General Fund Reserve balance -considerations for funding.
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Issue/Request:
Staff report and update: General Fund Reserve balance - considerations for funding
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.
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. At the February 16, 2024 special Finance and Budget Committee meeting, the Finance and Budget Committee unanimously recommended approval of directing $7M of the unassigned general fund reserve balance above the 35% cap toward the Downtown Market Plaza project. With the $7M recommendation approved by the Mayor and Council for the Downtown Market Plaza project, the remaining amount of unassigned general fund reserve is $4,057,672.55. Provided below are a listing of the remaining recommendations or ideas brought forward by the City Manager as well as updates since the February 16, 2024 special Finance and Budget Committee meeting for continued consideration and discussion:
* 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 (This recommendation is being considered for funding through mid-year adjustments which are in process for Finance and Budget Committee and City Council consideration)
* Compensation Study: $300 - $500k
* Browning property + improvemen...
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