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development and address homelessness and consider medical cannabis <br />revenue opportunities; consider fees charged by the school district and City to <br />be consistent because they are different rates; develop our niche of Mexican <br />food/best tacos etc. <br />Mayor Pulido, need to drive economic activity; consider filling positions that are <br />funded; invest in youth programs; develop projects that general funds such as <br />proposed hotel on 3rd and Main Ave. that could generate $1 million in perpetuity; <br />address homelessness; City has over 700 restaurants throughout the City; <br />noted that OC Streetcar Project will revitalize surrounding area. <br />65C. APPROVE MODIFICATIONS TO THE CITY'S BUDGET AND FINANCIAL <br />POLICIES {STRATEGIC PLAN NO. 4, 11 - Finance and Management Services <br />Consideration of matter continued from the April 18, 2017 City Council meeting <br />to the May 2, 2017 City Council meeting by a vote of 5-0 (Sarmiento and <br />Tinajero absent). At the May 2, 2017 meeting the matter was referred to the <br />Economic Development Infrastructure, Budget and Technology Council <br />Committtee for review at the request of staff by a vote of 5-0 (Pulido and Solorio <br />absent). <br />Council discussion ensued. <br />Matters bifurcated. Agenda items A and C considered jointly and B separately. <br />Councilmember Tinajero, seconded by Councilmember Solorio motion to <br />approve items A and C. <br />Councilmember Solorio, seconded by Councilmember Tinajero motion to <br />approve item B. <br />The following spoke on the matter: <br />• Monica Suter, representing SEIU members, concerned that 25% of <br />workforce is of retirement or close to retirement age and City compensation <br />no longer competitive; supports use of one-time use of funds. <br />MOTION. Approve the revised Budget and Financial Policies, elements a <br />and c, as follow: <br />a. Operating Reserve - Modify the operating reserve to require a <br />range of two months (16.67%) to a maximum of 20% operating <br />reserve. Provide language that operating reserves cannot be <br />used to cover budgetary shortfalls unless a fiscal emergency or <br />fiscal crisis is declared by the City Council. <br />R.. Updated Terminology - Amend the current policy to include <br />terminology utilized in the Budget and Fiscal Policy consistent <br />CITY COUNCIL MINUTES 19 JUNE 6, 2017 <br />