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Council reviews fund-balance policy allocations after strong year; staff to present transfer details in budget
Summary
Finance staff reviewed the city’s fund-balance policy and the allocation of excess revenues from the most recent audit, showing an ending general-fund balance increase to roughly $160 million and describing how excess funds were assigned to reserves and council-designated priorities.
City finance staff presented the fund-balance policy and the allocation of excess revenues after an audit, showing an increase in the general-fund balance and outlining how excess funds were distributed to required reserves and council-guided categories.
Kim reviewed the policy framework: the charter requires a 10% reserve (nonspendable), council policy sets an additional 15% commitment, and the fund-balance guidelines aim to maintain the undesignated portion at 50% of budgeted expenditures. After those…
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