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3. Affirm Support of Reserve Levels <br />¦ GFOA Standards <br />¦ Continue City Reserve Policy Work Plan <br />• Current reserve levels (2-months worth of expenses) <br />• Staff Recommendations on Future Monies: <br />Reserves Staffing (filling vacancies) <br />Capital Infrastructure Programs & Services (new <br />or expansion) <br />Term specific projects Workforce Compensation <br />Reserve Policy (adopted June 2012) <br />• Unassigned Reserve: In accordance with GFOA and in order to <br />maintain the highest level of fiscal health, the City will maintain <br />under the unassigned Reserve Account designation a minimum <br />reserve level between 5 and 15% of recurring General Fund <br />operating expenditures. Goal is 20%. Amount funded as of <br />6130111: $19.3M (9.8% of operations) <br />• Economic Uncertainty Reserve Account: This reserve is <br />established to offset any major variations in tax receipts as well <br />fees and charges or unforeseen cost increases. It is hereby <br />established the City maintain a minimum reserve level of 1 to <br />10%. Goal is 10%. Amount funded as of 6/30/11: $0 <br />(allocation begins when unassigned reserves reach 10%) <br />^11;°142.9 <br />40.0 <br />35.0 <br />30.0 <br />25.0 <br />20.0 <br />15.0 <br />10.0 <br />5.0 <br />0.0 <br />General Fund Unassigned Balances <br />$30.0 <br />• Staff indicated that use of reserves requires a 2/3 City Council vote <br />and use for on-going expenses not allowed. <br />• Councilmember Benavides indicated that City moving in the right <br />direction and affirm City's Reserve Policy decision. <br />• Councilmember Martinez noted importance of sustainability and <br />need to increase Moody's Bond rating by having reserves. <br />CITY COUNCIL MINUTES <br />4 <br />MAY 7, 2013 <br />1 0B-4 <br />FY 05-06 FY 06-07 FY 07-08 FY 08-09 FY 08-10 FY10-11 FY11-12 FYI-13 FY13-14 FY14-15 Goal