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Treasurer reports reserves stable but warns of federal Title funding uncertainty and higher insurance costs
Summary
Treasurer presented fiscal-year-end figures showing general fund reserves at 28% excluding a planned $18 million capital transfer, flagged potential loss of federal Title allocations totaling roughly $373,000 to the district, and reported a 12% increase in property/casualty insurance that was negotiated down.
Treasurer Mr. Turnello told the board July 14 that, excluding an $18 million transfer to the capital plan, the district's general fund reserves exceeded expenditures by about $8.9 million; with the transfer included, expenditures exceeded revenues by about $9.4 million. Excluding the onetime capital transfer, reserves equaled about 28 percent of expenditures, or roughly 103 days of cash on hand.
Turnello highlighted uncertainty over federal Title…
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