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Councilmember Elvig stated he liked the idea of having a sunset and the 5-7 year option. <br />It was the Committee's consensus to bring this item back in the near future for a full Council <br />worksession discussion. <br />4.02: Amendment to Financial Policy for Purpose of Allocation of Excess/Deficit General <br />Fund Revenues <br />Finance Officer Lund reviewed the staff report. <br />Councilmember Look stated he would Like to repay the funds that have been borrowed from in <br />the past. <br />Motion by Councilmember Elvig, seconded by Councilmember Wise, to recommend that the <br />City Council to adopt a Resolution Establishing a Financial Policy for the Purpose of Allocation <br />of Excess/Deficient General Fund Revenues and to recommend that the City Council to adopt a <br />Resolution to Authorize the transfer of the 10% General Fund Reserve Allocation to the PIR <br />fund. <br />Motion carried. Voting Yes: Chairperson Look, Councilmembers Elvig and Wise. Voting No: <br />None. <br />4.03: Distribution of Ramsey Town Center Land Proceeds <br />Finance Officer Lund reviewed the staff report. <br />The Committee discussed how the proceeds would be distributed among the accounts. <br />Motion by Councilmember Elvig, seconded by Councilmember Wise, to recommend that the <br />City Council to adopt a Resolution Distribution of RTC Land Proceeds to those accounts as <br />outlined in staffs report. <br />Motion carried. Voting Yes: Chairperson Look, Councilmembers Elvig and Wise. Voting No: <br />None. <br />4.04: Development of Long -Term Budget with Focus on Park, Road, and Trail <br />Maintenance <br />Finance Officer Lund reviewed the staff report. <br />It was the Committee's consensus to bring this back to a full Council worksession. <br />Finance Committee / April 13, 2010 <br />Page 2 of 3 <br />