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Financial Services Director Ponty referred to the presentation that showed assumptions using reserves to cover 67% of the deficit in 2006/07 and 50% of the deficit in 2007/08. He explained that Council Member Foust asked for information showing impacts of using 75% of reserves in 2006/07 and 67% in 2007/08. He stated that the results are very similar, leaving $14,069,000 in reserves at the end of 2007/08 which is equal to almost 19% of the revenues and right under the ceiling of 20%. The first scenario leaves reserves at 19.55%, both scenarios leave the City reserves in a sound position. He suggested a status report come back in January. Mayor Ira stated that along with the recap in January, due to the importance of the success of the downtown an analysis of the estimated needs is necessary. He requested that a more precise projection of revenues be brought back in January with focus on the reserves. He referred to the 1997 Police Department staffing study, stating that it may not be applicable any longer in order to provide the presence needed in the downtown cinema area. He requested that information be provided in advance of the January meeting date. III. Capital Improvement Program - Manager of Engineering and Construction Chang explained the Capital Improvement Program and an overview on the various funds utilizing a Powerpoint presentation (on file in the City Clerk Department). Engineer Delgado explained the roadway management program and Engineer Herrera explained the distribution system replacement program. Council comments and questions ensued with Council Member Howard requesting support for her to work with the Alliance to do a survey on the need of a shuttle service. Coments from Council included the concern with operational costs stating the benefit of a survey and creation of a baseline and realistic approach to partnering that might include the school district, County and SamTrans. IV. Redevelopment Agency - Redevelopment Manager Moeller gave the presentation of the proposed Redevelopment Agency budget for 2005/06. The focus of the budget is related to the opening of the retail/cinema project and the revitalization of the downtown core. She also stated that the in terms of the Council's over arching goals and priorities that one of the main focuses is the creation of attractive public spaces which includes the Courthouse Plaza, the streets, the sidewalks and parking lots. JOINT MEETING MINUTES CITY COUNCIL AND REDEVELOPMENT AGENCY JUNE 27, 2005 PAGE 5 .,.- -"