Minutes 01/06/1988 - Laserfiche WebLink

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WEDNESDAY, JANUARY 6, 1988 Mayor Council Members $160 for each regular or special meeting attend- ed, however, not to exceed $4,800 annually; $140 for each regular or special meeting attend~d, however, not. to exceed $4,200 annually; BE IT FURTHER ORDAINED by said Council that an emergency is deemed to exist, therefore, this ordinance shall be in full force and effect on and after January 6, 1988, and shall remain in effect until amended or repealed by ordinance duly adopted by City Council. City Manager Brown reviewed with Council his written response (dated April 24, 1987) to questions previously raised by Councilmen Cole and Groden regarding the City's procedures and unwritten policy governing usage and/or disposition of "excess fund balances (i.e., balances deemed in excess of current need for any given fiscal year and/or in excess of what might be described as reasonable reserves), with Mr. Brown pointingto certain risks and unknowns, such as catastrophic events, in the City's enterprise funds (Electric, Water and Sewer), suggesting that each of these funds' annual budgets include at least 20% thereof as reserves for contingencies, whereas the General Fund's annual reserve might be limited to 5%, in which cases, if the respective contingency reserves become "line-items" within the respective fund budgets, it will not be necessary for the City Manager to seek Council's permission or authority to spend these reserves during the applicable budget year if emergency needs arise. In addition, City Manager Brown recommended that the City delineate long-range capital needs and establish a funding program therefor, with annual review and updating thereof, both as to projects and funding. Councilman Groden, while agreeing that the City's past budgetary practices (of ov. er-estimating expenditures and under-estimating revenues) have consistently kept the City in good financial condition, expressed his concern that at some point in the future the City will