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CBTA TAC backs sending working-capital-reserve policy draft to finance directors working group
Summary
The CBTA Technical Advisory Committee reviewed a proposed working capital reserve policy, agreed it matched financial-adviser guidance, and voted to recommend that the finance committee send the item to the finance directors working group for further review.
The Central Virginia Transportation Authority Technical Advisory Committee reviewed a staff-drafted working capital reserve policy on March 10 and voted to recommend that the finance committee forward the proposal to the finance directors working group for detailed review.
The working capital reserve is defined in the authority’s adopted financial policies as a fund equal to at least three months of the budgeted annual regional CBTA funds. Staff said the target level is $18,000,000 and that the account is currently about two-thirds funded. The reserve is intended as a cash-flow cushion — not…
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