ITEM TITLE:
Discussion Item: Work Session on Council Contingency
SUBMITTED BY: John Douglas, City Manager
FISCAL NOTES:
Expenditure Required: N/A
Unencumbered Balance: N/A
Funding Source: N/A
RECOMMENDATION:
Identify Council priorities for scheduled Council Contingency Work Session.
SUMMARY STATEMENT:
This work session was requested by City Council during the 2024 City Council Retreat.
2024 Council Retreat Notes: Use Combination of Council Contingency and Landfill Closure Liability to balance budget in the event of a surplus of revenue at 20 Mils.
Council Contingency Reserve has held between $100,000 and $1,100,000 over the last 15 years with an average of $300,000. Funds are typically transferred from Council Contingency Reserve via Budget Resolution.
Questions for discussion (non-exhaustive list):
What kind of information would you like Administration to provide?
What policy questions need to be answered?
Does City Council want any changes to how we budget and/or spend Council Contingency?