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Finance Officer Lund explained that the City already has a public facility fund in place, which is <br />one of the funds that receive 40 percent of the excess funds at the end of the year. The PIR <br />(street maintenance) fund receives 50 percent of the excess funds and the Equipment <br />Replacement fund receives ten percent. <br /> <br />Councilmember Strommen inquired if the only fund that would need to be created would be park <br />maintenance endowment fund. <br /> <br />Finance Officer Lund replied yes. <br /> <br />Councilmember Strommen requested that staff provide Council with a list of funds that have <br />received surplus dollars over the last five years and the amount that has been deposited into each <br />account. <br /> <br />Councilmember Elvig noted that he wants to use the establishment of a park maintenance <br />endowment fund to look for other funding options as well. <br /> <br />Councilmember Zimmennan suggested that the Council discuss the issue at City Council work <br />session. <br /> <br />Consensus was to fmwvard the issue to a City Council work session. <br /> <br />COMMITTEE INPUT <br /> <br />There was none. <br /> <br />ADJOURNMENT <br /> <br />Motion by Councilmember Elvig, seconded by Councilmember Strommen, to adjourn the <br />meeting. <br /> <br />Motion carried. <br /> <br /> The regular meeting of the Finance Committee adjourned at 6:30 p.m. <br /> Respe~_~subm~,~ / <br /> <br /> ~/~, ~ ~y~/~&t Diana Luna <br /> eac'ording Secretary, Finance Officer <br /> TimeSaver Off Site Secr~etrFri~, ]2(c[. - <br /> <br />Finance Committee/December 9, 2003 <br /> Page 6 of 6 <br /> <br /> <br />