Agenda - 11-22-1999 - 2 - Laserfiche WebLink

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II. Long-Term /Reserve Fund Recommendations As of )une 30, 1999, the School/Parks Reserve Fund balance is expected to be $2.39 million, with $2.24 million in revenue to the fund and $0.15 million in accrued interest (please see attached). The fund receives one-cent each year in revenue, which translates into an estimated $682,000 in FY 99- 00. (Updated figures show that there is current/y $2,38 mi//ion in this fund, with $2,24 mi//ion in revenue and $0.14 mi//ion in interest. In june, the board changed the future funding a//ocation from one cent to Z/3 cent on the tax base per year, with 2/3 cent going to county capita/ faci/ities needs) A. It is recommended that the School/Parks Reserve not be used for the current needs, and instead be designated for longer-term land acquisition needs, with the following parameters: 1. As proposed in the Master and Recreation and Parks draft report, a new interlocal Parklands and Resources Council should be involved in future plans .for land-banking opportunities for parks and school/park co-location. (the Parks Counci/is current/y deferred pending discussion of the master recreation and parks report) 2. The interest accumulated in the Reserve Fund should be available for possible use to address facility development needs not addressed through bonds or other means. There is currently an estimated $147,000 in interest accrued to this fund. However, County funding .assistance for facility development should be contingent the Board of Commissioners having a say in the development of the site and that value engineering is pursued for the project. 3. The existing $2.24 million in the fund (minus the interest above) should be retained for future land acquisition. Bond funds and other sources should be used for facility development. 4. In the interest of maintaining maximum flexibility for the Board of Commissioners, the school/recreation nexus need not always be readily apparent at the time of acquisition. 5. It is recommended that future one-cent allocations to this fund be split and re-allocated as follows: a. 50% to County capital facility needs (this will amount to approximately $341,000 in FY 99-00) b. 50% retained for land acquisition in the reserve fund (also $341,000 in FY 99-00) (in June, the board changed the future funding a//ocation from one cent to Z/3 cent on the tax base per year, with 2/3 cent going to County capita/ faci/ities needs) B. The Board of Commissioners should establish a "Strategic Issue Team" to meet with the Manager, Finance Director, ERC Director and others as needed, to address future opportunities and problems of school/park proposals when they arise. (a "quickresponse team comprised of the chair and vice-chair has been formed to address this need).