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8.A. - Page 20 <br /> Initiative Current Program for Recommended <br /> FY15-16? for FY 16-17 <br /> Redwood City (first report Fall 2016) <br /> Partner with Haas Center for Public Service at No Operating Budget <br /> Stanford to develop public input process for <br /> Library strategic plan beginning in 2017 <br /> Explore increased community conversations No Operating Budget <br /> among residents with diverse viewpoints by <br /> utilizing community engagement tools citywide <br /> including surveys, polls, workshops and open <br /> houses. <br /> Increased transparency in Council decisions by Yes Operating Budget <br /> posting a Voting Summary of Council Actions <br /> FINANCIAL STABILITY PROGRAMS, PROJECTS AND INITIATIVES <br /> CURRENTLY UNDERWAY AND PLANNED FOR FY 2016-17 <br /> In February the City Council expressed interest in ensuring the City's financial stability <br /> through maintaining adequate reserves and tackling unfunded liabilities. This discussion <br /> reaffirmed prior Council direction. Several activities that are currently underway to <br /> support this direction would continue with the recommended budget strategy: <br /> • Maintained General Fund reserve at 20% of operating budget or higher <br /> • Current practice and recommended for FY 2016-17 <br /> • Maintained sufficient reserves for operating and capital needs for utility functions <br /> • Current practice and recommended for FY 2016-17 <br /> • Set aside equipment replacement funds for vehicles and other high-cost <br /> equipment <br /> • Current practice and recommended for FY 2016-17 <br /> • Reduced unfunded PERS liability (most recent assessment of total unfunded <br /> liability is $164 million) <br /> • Current practice ($2 million reduction in FY 2014-15); additional <br /> contributions may be recommended in June 2016 and/or February 2017 if <br /> FY 2015-16 year-end operating surplus occurs <br /> 20 <br />