02/10/1992 Meeting - Laserfiche WebLink

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e e . $0.3-0.7 million. The current contingency balance is $700,000 but there are two projects that will encumber about $200,000. Responding to a question from Mr. MacDonald, Mr. Wong said the one-time FY93 resource refers to interest earnings from Bancroft bonds. He also said that staff will recommend the issuance of limited-tax, general obligation bonds that do not have an unlimited general obligation backing; but if there are insufficient payments from property owners, the City would have to back them with this account. Mr. Wong noted that the 1986 Tax Reform Act complicated the issue by requiring jurisdictions to return any excess interest on bonds to the U.S. Treasury. Responding to a question from Mr. Rutan, City Manager Mike Gleason said the Ballot Measure 5 transition fund would cover expenses incurred to implement the Eugene Decisions strategy. For example, to lido things differently" might entail an intergovernmental process lasting anywhere from three to eight months, and involve such things as conducting studies. Responding to an inquiry from Mr. MacDonald, Chris Anderson, Public Works Director, explained the $1.5-2 million Capital Budget. Mr. Boles expressed a desire for dropping "priority changes and additions" in favor of using that fund for such things as Ballot Measure 5 transition, or wherever else council designated. He said that facilities that cannot be maintained should not be built. Responding to Mr. Rutan, Mr. Wong said that the goal is to present a budget document to the Budget Committee in June, so that a legal appropriation act can be implemented on July 1, 1992. Mr. Gleason suggested that the council consider the place-holder budget as a planning instrument. Mr. Boles reiterated his position that the City should focus on preservation of existing assets. Mayor Miller said he sensed consensus with Mr. Boles' position. II. WORK SESSION: EUGENE DECISIONS Before participating in strategy development, Tony Mounts, Finance Division, asked the council to adopt the recommended contingency review process out- lined in the memorandum from the Council Committee on Eugene Decisions dated February 7, 1992. There was consensual adoption of the process. Mr. Mounts served as meeting facilitator. He reminded the committee of the ground rules for the process. Each councilor offering a strategy would indi- cate the answers to the following questions: 1. What do we want to do? (Desired service level) MINUTES--Eugene City Council February 10, 1992 Page 2