Staff proposes FMPC updates including higher reserve minimums and tighter guidance on capital impacts

Jack Ireland, the city CFO, briefed the Finance Committee on proposed changes to the Financial Management Performance Criteria (FMPC), describing 11 recommended edits and the staff rationale (statutory changes, best practices, and departmental input). Ireland said the city has strengthened reserves over the last decade and that the city's current general-fund reserve exceeds $350,000,000. "Our current reserve is over $350,000,000," he said, and staff proposed increasing the unassigned fund-balance minimum from 50 to 55 days, with an eventual goal of reaching a 60-day lower bound.