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Finance director outlines reserve-policy options as five-year forecast shows tightening revenues
Summary
City finance staff presented options for updating South El Monte's general-fund reserve policy, including separating emergency reserves from working-capital reserves, after a five-year forecast showed potential revenue declines tied to sales-tax trends.
City finance staff presented a study-session briefing on possible changes to the general-fund reserve policy and reconfirmed the city's five-year forecast, which shows tightening revenue that could require reserves to "buy time" for corrective action.
Finance Director Masami Higa told the council the city's written reserve policy sets a target range of 25 percent to 100 percent of general-fund expenditures and said the city currently holds a level…
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