Cross_cutting

6:50 we looked at our legacy practices and assumptions of budgeting and how we structure reserves. So I'm gonna go over these next two slides to illustrate some of the key elements of those practices that contribute towards closing the deficit that I just presented. Some are one time and some are ongoing, and some require further council action. So I'll start from the top. The closure of the self-insured benefits fund. The city made the operational decision to switch over to the Association of Washington Cities pooled insurance rates. And previous to that, we had a fund that held funds to pay for the insurance because we were self-insured. And because now we switched over to a pooled rate, we no longer need to hold those funds. So we are refunding those back to the funds that contributed to that. That's a one time transfer back to those contributing funds.

7:49 We are transferring back to the general fund interest income of ARPA unrestricted funds. These are unrestricted from interest income that's been earned, and that would be ongoing, and that would be a transfer back to the general fund. We have an interest income transfer back to the general fund from the facilities asset management and replacement fund. And that is a fund that is originally source funded from the general fund. So the original source of funds is the general fund. The interest income would be transferred back to the general fund, and that would be an ongoing transfer back. And we will be presenting to you during the budget, during the biennium budget recommendation an update to the business and license surcharge language, which would allow for broader park usage.

8:48 Currently, it is restricted towards parks, major maintenance, and capital. And our proposal is to insert another language amendment that would say something to the effect of, and parks operations. So it would say something,