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Council tables reserve-policy increase but approves $5 million fire apparatus replacement fund seed
Summary
City staff proposed increasing the general fund minimum reserve from 10% to 15%, but the council voted to table that ordinance for 30 days. The council approved an ordinance allocating $5 million from fund balance to start a dedicated fire apparatus replacement program.
City financial staff told the Longview City Council on Oct. 9 that the city’s projected general fund balance is about $23.6 million and asked the council to consider raising the formal minimum unassigned fund balance from 10% to 15% of annual operating expenses.
Finance Director Ronald McPhee (presenting) said increasing the minimum reserve is a conservative step to protect the city’s credit rating and provide a financial safety net; he also described a $5 million proposal to seed a dedicated fire apparatus replacement fund to provide predictable replacement of life‑safety equipment. “Increasing…
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