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Port Orange council narrows fund-balance target to 23%–28% after storm-cost debate
Summary
The City Council set a new general-fund reserve policy of 23%–28% after debate about hurricane recovery costs, audit guidance and borrowing options; the measure passed 4-1.
The Port Orange City Council voted to set a new general-fund reserve policy of 23% to 28% on a 4-1 vote, replacing the council's prior target range of 30% to 35%.
Council members said the change is intended to free up some unallocated dollars for capital needs while maintaining a buffer for storms and other emergencies. City Manager Wayne Clark told the council the city's financial picture has changed since the policy was first adopted a decade ago and that the new range would still exceed basic guidance from the Government Finance Officers Association.
The council…
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