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WEDNESDAY, APRIL 12, 1995 <br /> <br />City government directs its financial and budgetary operations in a <br />manner reflecting sound economic principles in order to secure the <br />viability of the City as a corporate governmental entity with a Goal <br />that the General Fund should be balanced from tax revenues derived from <br />local, state and federal sources, and user fees. Dependence on the <br />Enterprise operations to underwrite the provision of "core" services <br />should be strictly monitored. The Enterprise Funds are designed to <br />operate as private businesses. The major Enterprise Funds include the <br />Electric, Water, Sewer and Refuse Funds and there are several other <br />minor Enterprise Funds. Each fund should be self-supporting and pro- <br />vide for future capital expenditure needs. A long-term goal should be <br />for excess revenues above operating and capital expenditures to be used <br />for capital improvement projects which will benefit the "stockholders" <br />of our utility companies--the citizens. The Capital Reserve Fund, <br />which was initially funded by the Electric Reserve Fund, finances <br />capital purchases in the General Fund. We do not have a recurring <br />revenue source for the Capital Reserve Fund, thus we need to determine <br />a revenue source for future capital needs. The Meals Tax Fund is doing <br />very good and will supply funding for the Junior High School project. <br />The drawdown will be significant for two years but it should bounce <br />back later. This year a School Fund has been re-established, after a <br />number of years being a part of the General Fund, due to the elimina- <br />tion of the Textbook Fund in FY96-97. Also, we are adding a Land <br />Disposition Policy stating that any City-owned land and/or property for <br />which no current or future use is planned or anticipated will be <br />evaluated for potential sale. The proceeds of such sale(s) will be <br />allocated to the Fund which the land/property was associated or to a <br />more pressing need. Mr. Reynolds noted that the General Fund unex- <br />pended fund balance for FY95-96 was projected to be about $750,000 <br /> <br /> <br />