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p� 4.1 Approved Minutes: February 4, 1998 (Special Meeting) <br />fit' February 4, 1998 (Regular Meeting) <br />4.2 Decided Not To Review the following Planning Commission Actions at its meeting <br />on January 28, 1998: <br />4.2a Lands of Wilson, 11471 Page Mill Road: approved request for a Site <br />Development Permit for a new residence with an attached garage and <br />a detached one car garage. <br />4.2b Lands of Malek, 11972 Rhus Ridge Road: approved request for a Site <br />Development Permit for a new residence and a variance to exceed the <br />maximum development area. <br />4.3 Awarded Certificate of Appreciation: Michael Duffy, Safety Committee <br />4.5 Issued Proclamation: Congratulating the Santa Clara Valley Water District on <br />30 years of service as an integrated water resource agency <br />Item Removed: <br />4.4 Amendment No. 3 to City Manager/City Engineer Employment Agreement - <br />Reso # <br />Siegel stated that the amendment should include a statement that it was effective January 1, <br />1998. <br />MOTION SECONDED AND CARRIED: Moved by Siegel, seconded by Johnson and passed <br />unanimously to adopt Resolution #9-98 approving and authorizing execution of an amendment <br />No. 3 to City Manager/City Engineer employment agreement between the Town and Jeff <br />Peterson. <br />5.1 Study Report on Fiscal Reserve Policy <br />Jim Steiner, Chairman of the Finance Committee, presented an overview of the committee's <br />report on the Town's fiscal reserve policy. The report listed the following required reserves <br />areas: emergency funds, contingency funds and capital improvement funds. It also listed the <br />following reserves areas which were not required: equipment replacement funds, insurance <br />coverage, legal costs fund, pathways construction and enterprise funds. Of the total unreserved <br />fund ($5,494,538) the Finance Committee recommended establishment of the following reserve <br />levels: Emergency Fund Balance (General Fund only) _ $1,050,000; Contingency Fund Balance <br />_ $350,000; and Capital Improvements Fund Balance = $1,985,000 for a total reserves of <br />$3,385,000. The remaining fund balance of $2,109,538 would be designated for future <br />operations. Mr. Steiner explained the rationale used for the emergency funds which included <br />buildings and roads and the rationale used for the contingency funds which included revenue <br />losses and unforeseen expenses. The need for Capital Improvements was analyzed over a ten <br />year period beginning in 1998. <br />February 18, 1998 <br />Regular City Council Meeting <br />