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Officials explain $922 million year-end fund balance, rainy-day target and steps to limit year-end supplementals
Summary
Finance officials described how the city classifies fund balance, the $170 million rainy-day fund target, uses for assigned balances and new procurement/budget controls intended to reduce agency overspending and the need for large year-end supplementals.
At the Committee of the Whole hearing Sept. 17, finance officials outlined how the city categorizes fund balance, described a $922 million total reported fund balance for FY24 and explained why the city has relied on year-end supplemental appropriations to cover agency overspending in past years.
Deputy Finance Director Bob Senamy said the city's FY24 total fund balance reported in the ACFR was $922,000,000 and explained how amounts are categorized as nonspendable, restricted, committed, assigned and unassigned. "For us, what largely gets reported…
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