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Auburn council adopts revised financial policy, reallocates reserves and creates capital reserve
Summary
The Auburn City Council voted to update its financial management policy, lowering the general fund reserve target from 30% to 25%, creating a new general fund capital reserve, and authorizing staff to return with specific options for using a $1 million pension-designated balance.
The Auburn City Council on Tuesday approved an update to the city's financial management policy that reduces the formal general fund reserve target from 30% of estimated expenditures to 25%, creates a new general fund capital reserve, and directs staff to return with implementation options for an existing $1 million pension-designated balance.
The move reflects council and staff efforts to rebalance long-term fiscal priorities while keeping a multi-tiered set of reserves for economic uncertainty, employee liabilities and self-insurance.
Finance Director Gretchen Johnson presented the city's third-quarter financial update and the proposed policy changes. Council…
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