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279 Ms. Smith said she is glad Council is planning to go through the interview process. Ms. Smith said she understands that Council will be discussing procedures and limited public participation as proposed by Mr. Cox, and she thinks it is a worthy idea. Ms. Elizabeth Coudry, 528 Valley Road, supported opening up the interview process for board applicants as proposed by Mr. Cox, as she feels the public will ask good questions and present new points of view. Ms. Coudry said this is especially important since we have had a decade of one party on Council. M_r. Sean Corseau, 1224-A Smith Street, a member of the Charlottesville Track Club's Publicity Committee, said he feels there are a lot of other organizations that need f'mancial support before the Charlottesville 1 O-Miler Race, and he hopes the Track Club has exhausted all other support. Ms. Debra Murray, a member of the Charlottesville Track Committee, said she favors having the City become a sponsor of the 10-Miler, the City's largest and longest race for 16 years. Ms. Murray said she feels the race provides benefits to the community by bringing in visitors and donating proceeds to local charities. Ms. Murray noted that they are also requesting that the mileage along the race course be permanently marked. REPORT: BUDGET STRATEGY Mr. O'Connett explained that he wants to confnma-with Council the priorities and programs to be addressed in the upcoming budget. Ms. Linda Peacock, Assistant City Manager, listed the following financial policies: no changes to the current tax rate; allocating 40% of new revenues to the schools; keeping a minimum t2% fund balance policy; a capital fund transfer of at least 3% (perhaps more if available) of expenditures; budgeting a Council Reserve with a target of $200,000; and recommending that the surplus only be used for one-time expenditures. M_r. Chris Cullinan, Budget Director, reviewed the available resources and spending needs. New revenues are projected to be $3.36 million and there is a $3.2 million budget surplus from FY 99. It is recommended that half of the surplus be used for economic development and half for school capital needs. Mr. Maurice Jones, Communications Director, explained that 16,000 budget surveys were sent out in City Notes and 628 were returned. Results indicate that citizens want to see more spending in the areas of schools and programs for children and youth and the same level of spending for public safety, recreation and parks. Mr. O'Connell suggested that Council focus tonight on major budget policies; questions or comments Councilors have or additional research Councilors would like done; program priorities; and filling in the gaps in the budget schedule. Mr. Caravati said that Council had previously discussed the possibility of reducing the fund balance to 10%, and asked if 12% is considered standard. Mr. O'Connell said that setting aside a certain percentage for a fund balance is considered good fmancial management and is important for bond ratings. Mr. O'Cormell said he recommends leaving the balance at I2% because if the economy changes it may have to be used for capital projects. Mr. O'Connell said that if it is changed, it should be done as part of a longer term strategy. Mr. Cox said he feels the $200,000 for Council's reserve is very tight and leaves out a lot of worthy causes. Mr. Cox said since the City is experiencing good times he questions whether that amount is enough. Mr. O'Cormell said the amotmt is a little higher than last year ard noted that the reserve is meant for annual ongoing costs, and if Council wants to increase the amount, it needs to look at it in that fashion. Mr. O'Connell said surplus funds are not ongoing.