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She opined that by 2009, the City will be able to gage if this program is in fact a liability or a benefit. The motion passed 2-0. SB 0841 ESTABLISHES RESERVE FUND. REQUIRES TRANSFER OF SPECIFIED AMOUNT OF GENERAL FUND ENDING BALANCE TO RESERVE FUND. ESTABLISHES CONDITIONS FOR USING MONEYS FROM RESERVE FUND (Priority 1-Support) Ms. Bettman questioned if the "up-to-two percent reserve" would be deducted from the General Fund and therefore reduce the appropriations available for services, or, is it a part of the entire budget. Ms. Cutsogeorge explained that monies would be deposited to the reserve fund only if there were funds available at the end of the budget year. She stressed that the budget would not be reduced at the beginning of the fiscal year for this purpose. Ms. Cutsogeorge reiterated that it would not be assumed the money would be available. She also explained that staff interprets City policy to label bills that will add stability to the State's finances with a high priority status. Mr. Pap~ stated it is his understanding there is an interim committee that is putting together a "rainy-day fund" proposal which will include a stipulation that any balance from that fund would be refunded to the voters. Ms. Brooks responded that some of the bills include spending caps, however, some do not. She explained the general idea is that instead of refunding all monies from the kicker, some funds would be retained and put in the reserve fund to stabilize the State budget. Ms. Cutsogeorge confirmed there is a house bill that is a companion to one of the SJR bills which must be put forth to the voters. Mr. Hill clarified that SB974 creates a "rainy day" fund with the principle to stabilize State revenue and if passed will require an amendment to the Constitution. Mr. Pap~ stated he supports the idea of a "rainy day" fund, however, he noted he is also in support of spending limitations on State government and asked that staff provide the committee with the spending-limitation bills to be reviewed at the CCIGR meeting scheduled for March 31. HB2757 CAPS AMOUNT OF SYSTEM DEVELOPMENT CHARGE PER DWELLING UNIT THAT MAY BE IMPOSED FOR PARKS AND RECREATION CAPTIAL IMPROVEMENTS (Priority 1 Oppose) In response to a question from Mr. Pap~, Ms. Cutsogeorge responded that System Development Charge (SDC) funds were used to purchase a piece of land that is relatively inaccessible to the public. She explained that opponents of this bill question why SDC funds were used for land that cannot be utilized for recreational purposes. S JR0014 PROPOSES AMENDMENT TO OREGON CONSTITUTION TO ELIMINATE DOUBLE MAJORITY VOTING REQUIREMENTS IN PROPERTY TAX ELECTIONS. LIMITS ELECTIONS AT WHICH MINUTES--Council Committee on Intergovernmental Relations March 24, 2005 Page 2