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Artesia council adopts 45% general-fund reserve policy to bolster rainy-day savings
Summary
The Artesia City Council on Aug. 11 adopted a formal general fund reserve policy that sets a committed reserve at 45% of next year’s general fund expenditures, moving audited fund balances to meet the threshold and leaving a multi-million-dollar unassigned balance.
The Artesia City Council on Aug. 11 adopted Resolution No. 25-3063 establishing a general-fund committed reserve equal to 45% of projected general fund expenditures for fiscal year 2025–26.
City officials said the action is intended to create a “rainy day” fund to give the city greater stability for emergencies and unexpected revenue shortfalls.
Finance Manager Jamie Murriya told the council that the policy is based on audited fund balances through June 30, 2024, and government finance best practices. Murriya said the city’s audited general fund balances totaled $14,277,195 and that staff proposes to increase the committed reserve…
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