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<br /> reductions and no reserves. Council consensus was to lower reserve amounts to <br /> approximately 12% by June 2007, given the State reductions this year. <br /> D. Policy direction regarding deliverables <br /> City Manolger to recommend a budget consistent with the policy on reserves. <br /> Reductions will not be "across the board" reductions. Alternative budget reduction <br /> packages to be presented so Council can make changes to the recommended <br /> budget. <br /> E. Policy direction regarding the budget timeline <br /> Consensus was for staff to bring information to Council in late March or early April <br /> 2004 after results of the State Bond Election is known and an additional quarter of <br /> sales tax figures is available. <br /> 8. FISCAL YEAR 2005-2006 <br /> A. Policy clarification regarding VLF/Reserves <br /> As stated above, Council consensus was for 2005/06 - 66% reductions and 33% <br /> reserves. <br /> 9. ADJOURNMENT - 11 :15 a.m. <br /> M/S Hartnett/Ruskin to adjourn to the next City Council meeting of January 12, 2004. <br /> The motion passed by a unanimous voice vote. <br /> Respectfully submitted, <br /> / <br /> Patricia S. Howe, CMC <br /> City Clerk <br /> SPECIAL BUDGET STRATEGY MEETING JANUARY 10,2004 <br /> MINUTES PAGE 3 <br />