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^ • <br />COUNCIL MEETING <br />HAR 1 3 2000 <br />REQUEST FOR COUNCIL ACTION <br />DATE: March 8,2000 <br />CITY <br />ITEM NO: / 0 <br />Department Approval: <br />Name RonMoorse <br />Title City Administrator <br />Administrator Reviewed: Agenda Section: <br />City Administrator’s <br />Report <br />Item Description: Community Endo\\ment Fund <br />At a recent work session, the Council discussed options for best managing the use of funds in the <br />City’s Building Outlay Fund, once the bonds used to finance the City facilities are fully paid in 2007. <br />The Council directed staff to obtain information regarding an endowment type fund that has been <br />created by the City of Minnetonka. Information regarding this fund, which is called the Community <br />Investment Fund is attached. The key element in how this fund is used is that over the long term the <br />principal amount in the fund continues to grow, and annual expenditures from the fund are generally <br />limited to the amount of the interest earned in the fund. This ensures the fund will continue to be <br />available as a funding source for priority community projects over the long term. <br />COUNCIL ACTION REQUESTED: <br />Motion regarding follow-up by staff in relation to a Community Endowment Fund.