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Council debates reserves and drainage funding; staff to propose CO notice while keeping 50% reserve target
Summary
Council reviewed a five-year financial plan and quarterly investment report; staff presented scenarios for funding a $1.615 million drainage CIP (cash vs certificates of obligation) and council directed staff to proceed with a debt-notice route (scenario 5) while maintaining the existing 50% reserve policy for the budget cycle.
The Fair Oaks Ranch City Council spent significant time May 15 reviewing a five‑year financial plan, drainage capital project funding options and the city’s quarterly financial and investment report.
"This plan is not a forecast, rather it provides projected outcomes based on specific assumptions," Director of Finance Summer Fleming told the council as she introduced three additional scenarios and a hybrid option for balancing reserves, certificates of obligation and use of the city’s unallocated fund balance.
Fleming said the drainage capital improvement program currently totals $1,615,000 over the next four years. Council asked staff to model whether to cash‑fund drainage projects or issue certificates of obligation (COs). In the CO scenario staff used a 5% interest assumption over 20 years and reported the debt…
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