City Council

5.1 CONSIDERATION OF CONTINGENCY RESERVE\nPOLICY AND CITY COUNCIL RECOMMENDED\nPROJECT FUNDING ALLOCATIONS\nACTION:\n1) Reaffirm funding for IUSD Pilot School Bus Program\nand Irvine Children's Fund.\n2) Consider Finance Commission recommendation to\nmaintain the current General Fund Contingency\nReserve policy with a desired reserve level of 20 to 25\npercent.\n3) Consider Finance Commission recommendation that\nall project funding requested by the City Council be\nreviewed by City staff and the Finance Commission\nprior to City Council consideration.\n4) Consider Finance Commission recommendation to\nallocate $350,000 from the Contingency Reserve to\nincrease the minimum wage to $20 for City employees\nand contractors and fund the ongoing cost in future\nannual budgets.\n5.1