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Council Member Hartnett explained that this policy would clarify and enhance the City Manager's authority to sign certain agreements on behalf of the City and suggested that this policy be directed to the Council's Finance Committee to review and make recommendations. Recommendation: M/S Foust/Hartnett to refer this topic to the Finance Committee to review and make recommendations. The motion passed by a unanimous voice vote. MINUTE ORDER 05-116 6. STUDY SESSION A. FY 2005/2006 Budget Study Session 1 I. A. Introduction- City Manager Everett gave the background stating that the budget process began in February setting policies, looked at over arching guidelines and rated priorities from high to low. Council has seen the draft Capital budget, the Block Grant budget and has seen the HSFA recommendations. (PowerPoint presentation on file) B. Council Priorities- City Manager Everett explained the new City Council priorities. C. Reductions Since FY 2002/03 - City Manager Everett explained the process of the budget review and reductions that resulted in reduced expenditures of $1 OM; elimination of 52 full time equivalent positions; and elimination of 23,777 casual hours. II. A. General Fund- i. Revenue and expenditure overview ii. Major budget assumptions iii. February 2005 estimates iv. What Has Changed? v. Use of reserves in FY 2005/06 - FY 2007/08 Financial and Financial Planning Director ponty explained the above topics and gave the three year projection assuming the 2005/06 budget as presented is adopted. Projected deficits of about $1.5M in 05/06; $1.6M in 06/07; and $1.2 in 07/08, leaves reserves in 07/08 at SPECIAL MEETING MINUTES CITY COUNCIL JUNE 20, 2005 PAGE 5 "-r" -,