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dmmjttzE c&E fiott of tiIE <br /> �E'L onn ail 9i»fin na �p i ifs s <br /> Ms. DeRose stated that it is her understanding that the city has cash reserves in other <br /> various accounts which are not planned to be transferred into this new rainy day account. <br /> Dr. Varner asked the City Controller to prepare a report addressing cash reserves; <br /> funding for capital needs; and year-end transfers. <br /> Council Member Deiter asked Mr. 011ett to also identify each fund which has cash <br /> reserves by name and account number and the projected amount of each,along with the <br /> information requested by Dr. Varner. <br /> Mr. 011ett indicated that he would update the Council. He noted that in prior years the <br /> city had a system of"use it or lose it"in the past with regard to departmental budgets. <br /> Council Member Kirsts noted that he had heard that Bremen tracks their river boat funds <br /> and believes that they too are placed into their rainy day account. <br /> Mr. 011ett stated that river boat funds are receipted into the city's general fund. <br /> Council Member Pfeifer voiced concern about the creation of a rainy day fund. She <br /> stated that CEDIT funds are targeted for specific uses most of which are capital or infra-structure <br /> related. She questioned why the extra CEDIT funds would not be used for such purposes since <br /> she has many streets in her district which could be addressed. <br /> Mr. 011ett stated that the funds to be placed into the rainy day fund are a"one-time <br /> deposit". <br /> Council Member Dieter noted that he shares many of the same concerns as Council <br /> Member Pfeifer, and asked Mr. 011ett to also address in his report the specific uses authorized by <br /> state law for CEDIT and COIT funds. <br /> The Council Attorney stated that she and Ms. DeRose briefly discussed the current <br /> version of the Bill which is now proposed to go into the South Bend Municipal Code. In light of <br /> the fact that the title to the Bill is substantially different, a new publication must take place <br /> resulting in the Bill having to be continued until the May 24th meeting. She added that she had <br /> sent a memo to the Council and to Ms. DeRose setting forth information from other <br /> communities as to how they addressed a rainy day fund in their communities. <br /> Council Member Dieter suggested that all of the requested information be made available <br /> before May 24th so that it could be reviewed and discussed at the Committee meeting to take <br /> place on May 24th. <br /> Personnel and Finance Committee Meeting of May 10,2004 <br /> Page 2 <br />