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3. COUNCIL COMMITTEE REPORTS <br /> <br /> A. Investment Committee Recommendation To Adopt Resolution Establishing <br /> Policy Regarding Maintenance Of Unappropriated General Fund Balance <br /> Between 15% And 20% Of Estimated Revenues. (501) (Budget) <br /> <br /> Financial Director Ponty explained that the Investment Committee reached their <br /> recommendation after two meetings; surveying 4 Bay Area cities; and examining the <br /> volatility and concentration of the City's General Fund's two largest sources of revenue being <br /> sales tax and property tax. <br /> <br /> Council Member Jordan arrived at 7:15 p.m. <br /> <br /> Discussion ensued regarding reserve amount, reasons for maintaining reserve and desire to <br /> correlate numbers with other factors besides percent. <br /> <br /> M/S Ruskin/Claire to adopt Resolution No. 13598 establishing policy regarding <br /> maintenance of unappropriated General Fund balance between 15% and 20% of estimated <br /> revenues. <br /> <br /> The motion passed by a majority roll call vote, with Council Member Jordan dissenting and <br /> Council Member Leipzig absent. <br /> <br /> B. Investment Committee Recommendation To Finance Reconstruction Of Fire <br /> Station No. 11 By Appropriating $1,832,000 From Unappropriated Fund <br />-- Balance In The General Fund. (501) (Budget) <br /> <br /> Financial Director Ponty explained this as a companion to item 3A, previously approved. <br /> The recommendation was to apply $1,832,000 to finance construction of the new Fire <br /> Station No. 11 from the $2.1 million projected unappropriated fund balance for Fiscal Year <br /> 1998/99. <br /> <br /> Ed Bailey, Co-Chair Person for Friendly Acres Association, stressed the need for a new <br /> facility. <br /> <br /> Council discussion involved remodeling vs. reconstruction of Fire Station No. 11. <br /> <br /> M/S Claire/Hartnett to accept the Investment Committee recommendation to finance <br /> reconstruction of Fire Station No. 11 by appropriating $1,832,000 from the Unappropriated <br /> Fund Balance in the General Fund. <br /> <br /> The motion passed by a majority roll call vote, with Council Member Jordan dissenting and <br /> Council Member Leipzig absent. <br /> MINUTE ORDER 99-051 <br /> <br /> Mayor Howard recognized Jessica Jenkins, a Redwood City student, as having been voted a <br /> young woman of excellence into the Women's Hall of Fame in San Mateo County. Ms. <br /> Jenkins thanked Mayor Howard for the recognition. <br /> <br /> ADJOURNED REGULAR COUNCIL MEETING APRIL 5, 1999 <br /> STUDY SESSION MINUTES BOOK NO. 57 <br /> MINUTES Page 291 PAGE 3 <br /> <br /> <br />