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Item C: Use of Facility Reserve-Next Steps on Police Patrol Facility
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Item C: Use of Facility Reserve-Next Steps on Police Patrol Facility
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6/10/2010 10:25:38 AM
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2/6/2009 11:10:56 AM
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Agenda Item Summary
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2/9/2009
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<br /> <br />ATTACHMENT D <br /> <br /> <br />FY09 BUDGET COMMITTEE MOTIONS <br /> <br /> <br /> <br />1.Allocate up to $25 million of the Facility Reserve to upgrade, rehab, and maintain City Hall for <br />the purpose of extending its useful life at least 15 years. <br /> <br /> <br />2.Should Council decide not to proceed with a new City Hall after other Budget Committee action <br />regarding the Facility Reserve, transfer the balance of the Facility Reserve, or up to $8 million, <br />into a fund or trust that shall be managed for the sole purpose of incrementally increasing Patrol <br />FTE's over the next 10 years. Use the principal and earnings over 10 years to optimize Patrol <br />FTE’s so that after 10 years the balance of the fund is zero. <br /> <br /> <br />3.Direct staff to investigate the possibility of directing up to $3 million of reserves to the business <br />loan program for a one-time transfer to be reimbursed after 5 years with interest less <br />administrative cost and, if the staff and Council feels that this is a good use of the money, bring <br />it back to Council in a supplemental budget or the FY10 budget. <br /> <br /> <br /> <br />
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