An Appropriation from Mt. Hood Retained Earnings (account 620000-319000) in the amount of $200,000 to Mt. Hood Reserve Fund (8417-490000).
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C. (ID # 2026-1249): An Appropriation from Mt. Hood Retained Earnings (account 620000- 319000) in the amount of $200,000 to Mt. Hood Reserve Fund (8417- 490000). Motion to Recommend made by Councilor Finocchiaro Seconded by Councilor Karamcheti All were in favor and motion passed RESULTS: ACCEPTED [UNANIMOUS] TO: City Council AYES: Jason Chen, Cal Finocchiaro, Bradley Freeman, Maya Jamaleddine, Manjula Karamcheti, Elizabeth Kowal, Christopher Park, Devin Romanul, Kim Vandiver, Ryan Williams NAYS: None ABSENT: John Obremski
Transcript
▶ 2:29:07 Speaker 6: Vice Chair Vandiver? Yeah. Councilor Chen? Yes. Councilor Finocchiaro? Yes. Councilor Jamaleddine? Yes. Councilor Karamcheti? Yes. Councilor Kowal? Yes. Councilor Park? Yes. Councilor Williams? Yep. President Freeman? Yes. Chair Romanul? Yes. All in favor.
▶ 2:29:24 Devin Romanul: All in favor, we'll move that forward to our next full council meeting. Up next, item number 2026-1249, an appropriation for Mount Hood retained earnings in the amount of $200,000 to Mount Hood reserve fund.
▶ 2:29:37 Speaker 6: Happy to answer any questions.
▶ 2:29:39 Speaker 2: Yeah, sure. Would... Councilor Williams.
▶ 2:29:44 Ryan Williams: What separates this appropriation from the prior appropriation? What are the difference between the two?
▶ 2:29:49 Speaker 6: So the reserve fund is almost like a savings account, an insurance policy. It also gains interest. So in years prior, we like to keep that somewhere between $400,000 and $600,000. Right now, it's at $230,000. Mm. So this number was advised by the CFO.
▶ 2:30:10 Speaker 2: Okay. Very good. Thank you. Councilor Finocchiaro.
▶ 2:30:13 Cal Finocchiaro: Can I make a motion to recommend?
▶ 2:30:14 Devin Romanul: Second. Motion to recommend made by Councilor Finocchiaro, seconded by Councilor Karamcheti. On discussion.
▶ 2:30:20 Jason Chen: Councilor Chen. Question. Do you know if our Mount Hood enterprise funds are just in a bank account, and then our reserve funds are invested, as you say, to try to have higher return in case we need it?
▶ 2:30:34 Speaker 6: I do not know the answer to that. I can find out for you- That's okay, yeah ... and reach out to you later this week. I believe it all falls under city budget, though. I'll have to double-check.
▶ 2:30:48 Speaker 2: Other councilors? Councilor Finocchiaro.
▶ 2:30:52 Cal Finocchiaro: Yeah, I don't know what the accounts are, but it just seems like we're transferring within the Mount Hood- Correct ... funds, so. Yeah. But that would be something good to find out. Yep.
▶ 2:31:02 Devin Romanul: Any other questions? Seeing none, Madam Clerk, will you please call the roll?
▶ 2:31:06 Speaker 6: Vice Chair Vandiver? Yes. Councilor Chen? Yes. Councilor Finocchiaro? Yes. Councilor Jamaleddine? Yes. Councilor Karamcheti? Yes. Councilor Kowal? Yes. Councilor Park? Yes. Councilor Williams? Yes. President Freeman? Yes. Chair Romanul? Yes. All in favor.
▶ 2:31:21 Devin Romanul: All in favor, we'll move that forward to our next full council meeting. And last but not least, ID number 2026-1250, an appropriation from the Mount Hood retained earnings in the amount of $150,000 to the Mount Hood Professional Services to fulfill contract obligations.