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Fund Balance Strategy
<br /> J1. Risk Management Reserve(Fund 062)-Gen Liab,Unemployment,Workers Comp 80,000 80,000
<br /> Set aside annually budgeted deductible for claim settlement for General Liability($25,000),Workers Compensation
<br /> ($25,000),and Unemployment($30,000).
<br /> J2. Private/Public Road Funding(Gen'I Fund Designated Balance) 200,000 ' 200,000
<br /> Set aside of$200,000 for the public/private road program.The program is in a preliminary stage of development and
<br /> could be designed as a matching program.
<br /> J3. Pension Reserve(Current Balance-$500,000) 70,000 70,000
<br /> Continue to set aside for pension liability and contribution additional$70,000.Total unfunded pension liability as of
<br /> June 30,2014 Valuation is$1,802,406.
<br /> J4. Disaster Contingency(Current Balance-$1,250,000) 0
<br /> Set aside funds for use during a natural disaster.Per FEMA,local jurisdictions should have enough resources to
<br /> survive the first 48-72 hours prior to distribution of resouces.
<br /> J5. IT Equipment Replacement Reserve(Current Balance-$15,000) 5,000 5,000
<br /> Set aside funds to rebuild the Town's technology infrastructure,including servers,computer modules,uninterruptible
<br /> power supply,and related softwares.
<br /> J6. Operating Contingency-20%of Operating Budget
<br /> Best practice for financial health is to designate operating contingency at 20%of operating budget
<br /> a. General Fund(Current Balance-$350,000) 1,412,396 0
<br /> b. Pathway Operations(Projected Balance @ 6/30/16-$638,822) 89,700 0
<br /> Pathway Operation has excess reserve from
<br /> Transfer back to General Fund 551,182 640,882
<br /> Transfer to Pathway Capital Fund 0
<br /> c. Drainage Operations(Projected Balance @ 6/30/16-$426,315) 61,080
<br /> Drainage Operation has excess reserve from
<br /> Transfer back to General Fund 365,236 426,316
<br /> Transfer to Drainage Capital Fund 0
<br /> d. COPS Operation(Projected Balance @ 6/30/16-$156,808) 32,340
<br /> 5. ADJOURNMENT OF THE SPECIAL JOINT MEETING OF THE CITY
<br /> COUNCIL AND FINANCE AND INVESTMENT COMMITTEE
<br /> The meeting adjourned at 10:08 p.m.
<br /> Respectfully submitted,
<br /> •, i /n
<br /> Deborah Padovan
<br /> City Clerk
<br /> The minutes of the May 31, 2016 special City Council/Finance and Investment Committee
<br /> meeting were approved as presented at the July 20, 2016 special City Council meeting.
<br /> 9
<br /> Special Joint Meeting Minutes
<br /> of the Town of Los Altos Hills City Council
<br /> and the Finance and Investment Committee
<br /> May 31,2016
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