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<br /> April 17, 2005 <br /> <br /> The Honorable Stacy Higa, Chairperson, and Council Members <br /> Page 2 <br /> annually is not advisable. I suggest the same type of language that was included when the <br /> Disaster and Emergency Special Fund was created, where an annual appropriation of at least <br /> $100,000 is required to be made. For example, last year the minimum $100,000 was set aside <br /> for this current fiscal year. This year, for FY2005-06, we are proposing $1 million for this <br /> fund because the fiscal situation allows this after consideration of other priorities. To <br /> maintain needed services and our fiscal health, this type of flexibility is required. <br /> Recommendation. I can support the creation of a special fund for the purpose of providing <br /> public access, open space, and natural resources preservation. This fund can be valuable in <br /> providing a place where private funds, grant money, and County appropriations can <br /> accumulate. However, placing bond proceeds in this fund is not advised by our Bond <br /> Counsel. In addition, requiring a percentage of property tax revenues to be deposited annually <br /> is not supported as a matter of policy. Instead it is recommended that a minimum <br /> appropriation of $100,000 annually be established. Procedurally, when a pazcel of land is <br /> identified as worthy of acquisition, a capital appropriation should be initiated. Funds from <br /> this special fund can then be transferred to the Capital Projects Fund to be used in part or in <br /> full for the purchase of this land. <br /> Please feel free to contact me or Finance Director William Takaba if you have any questions <br /> on this matter. <br /> Alo a, <br /> W~^ <br /> Harry <br /> KiG <br /> MAYOR <br /> cc: William Takaba, Director of Finance <br /> <br />