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TO: <br /> <br />FROPI: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br /> MEMORANDUM <br /> <br />Playor and City Council <br /> <br />Pat Klaers, City Administrator <br /> <br />December 17, 200 I <br /> <br />Consider Designation of Holt and Jackson Funds <br /> <br />Item S. I I. <br /> <br />On March 12, 2001, the City Council allocated into various funds the majority of the <br />proceeds from the Holt/Jackson land transaction. Following the spring 2001 decisions, the <br />Council also authorized the installation of a sidewalk along the Holt/Jackson commercial <br />project and funded this improvement from the land transaction proceeds. At this time, <br />approximately $60,000 of the land transaction proceeds remain undesignated. <br /> <br />At the March 12, 2001, City Council meeting, staff was requested to provide options as to <br />where the balance of the funds should be allocated. Some Councilmembers at that meeting <br />expressed interest in having the balance remain undesignated and/or not spending the <br />money in the near future. <br /> <br />It is suggested that the Council place the $60,000 balance into a reserve for special <br />unbudgeted projects, which develop from time to time. In a sense, this would be like a <br />"contingency" reserve fund for the Council. For example, it would be appropriate to use this <br />fund if the city hired a planning consulting firm to assist in updating the comprehensive plan <br />and we had no funds in the 2002 budget for this activity. In the past, the Council has <br />authorized a YMCA study and participation in a communications/customer service study <br />without these activities being in the annual budget. Usually the annual budget contingency <br />fund can be used for these expenses, but this may not always be the case. In many respects <br />the more flexibility that the Council can have in addressing unforeseen expenditures the <br />better off we are as a municipality. Sometimes we are doing budget work 18-20 months <br />before an expenditure takes place and forecasting activities this far in the future can be <br />difficult. <br /> <br />If the Council would prefer to have these Holt/Jackson funds put toward a specific use, it is <br />suggested that the Council look at the fact that ultimately the ice arena floor in the old barn <br />will need replacing. When this will happen is unknown, but the expenditure is going to be <br /> <br /> <br />