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Councilmember Elvig stated that he wanted to know how they were going to manage their <br />assumptions because the City could have an enormous amount of money coming in beyond what <br />has been projected and the Council needs to decide what to do with those funds. Possibly they <br />should look at placing those funds aside for park maintenance rather than looking at adding <br />employees. <br /> <br />Mayor Gamec replied that the Council should be reviewing the budget every quarter along with <br />the fi'anchise fee. <br /> <br />Councilmember Elvig inquired if the City could create a fund such as parks capitalization or park <br />maintenance and hold those funds over each year. <br /> <br />Finance Officer Lund replied yes. She stated that for the 2004 budget she would rather keep <br />conservative numbers in the budget, but the Council can always write a policy that would <br />designate where additional funds would go. <br /> <br />Mayor Gamec inquired as to how the Council felt about the 2004 budget. <br /> <br />Councilmember Elvig replied that the budget is balanced and he was comfortable with that. He <br />did want to get some agreement from the council that they are going to start looking at <br />establishing a maintenance fund. <br /> <br />Councilmember Cook stated that after the first quarter if they find they are way ahead they can <br />eliminate the franchise fee and if they still have additional funds then they can look at creating <br />additional funds. <br /> <br />Consensus of the Council was to proceed with the 2004 budget and review the budget on a <br />quarterly basis. <br /> <br />Finance Officer Lund stated that the budget included $338,000 for capital equipment and <br />inquired if everyone was in agreement with that amount so they could proceed with the sale of <br />the bonds. <br /> <br />Councilmember Elvig inquired as to why they would not go for more money since the bond rates <br />are so low. <br /> <br />City Administrator Norman replied that the maximum had already been set. <br /> <br />Councihnember Pearson inquired if the Council has received any comments regarding the <br />franchise fee because he has heard from local businesses that they have been charging too many <br />fees. <br /> <br />City Council Budget Work Session/November 10, 2003 <br /> Page 3 of 4 <br /> <br /> <br />