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Councilmen~ber Cook replied that one of the things he noticed is that last year the City spent 8,9 <br />percent of its budget on parks and that was reduced to 7.9 percent of the budget, which does not <br />make sense when they are adding more and more parks to the area. <br /> <br />Councilmember Elvig suggested that they consider creating a park maintenance endowment fund <br />that woukl be fimded fi'om the general budget. He stated that it going to be crucial for the City to <br />start building an endowment fund for park maintenance, otherwise it will be a real problem when <br />the City quits growing. <br /> <br />Councilmember Kurak replied that at the end of the year if there are extra funds in the general <br />budget they should place it in a parl< maintenance fund. <br /> <br />Councihncmber Elvig stated that he would like to revisit the policy at some point in the future as <br />to where extra funds are placed at the end of the year. The other issue he would like to discuss at <br />somc point is establishing a fund to set aside money to pay for the new City Hall. To further that <br />hc had a conversations with head of the building association and that person indicated that there <br />may bc an opportunity to allow the City to use other funds for maintenance that the City may not <br />bc awarc of. He noted that he would find out more infommtion on the issue and report back to <br />the Council. <br /> <br />Councilmcmber Kurak inquired if the Council were to change the way they distribute "left over" <br />funds would that be done by ordinance. <br /> <br />Finance Officer Lund replied that it would be done by resolution. <br /> <br />Councihnember Cook stated that one of the things that will be beneficial for raising money for <br />thc new City Hall will be the closing out of some tax increment financing (TIF) districts. <br /> <br />Councihnen~ber Elvig stated that if a new City Hall is going to cost between $12 to $14 million, <br />it would be beneficial to keep the amount the City needs to bond to $9 million so they don't go <br />over the 10 million bank limit and have to incur a higher interest rate. <br /> <br />Assistant City Admilfistrator Nelson noted that staff would be meeting with BKV, E & V, and <br />Northhmd Securities to discuss funding options. <br /> <br />Councilmember Elvig suggested that if the City puts out a statement that they are trying to <br />protect green space and maintain the City's parks they might find people that would be willing to <br />donate endowment fees. <br /> <br />Director of Public Works/Fire Chief Kapler inquired if those donations would be earmarked for <br />spcci tic project. <br /> <br />Councilmembcr Cook replied possibly, depending on the person who made the donation. <br /> <br />City Council Work Session/December 1, 2003 <br /> Page 3 of 7 <br /> <br /> <br />