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Commission codifies reserve policy, requires supermajority vote to spend general fund reserves
Summary
Coral Gables adopted an ordinance to codify its fund-balance and reserve policy into the city code and require a four-fifths vote of the commission to use general fund reserves except during declared emergencies.
The Coral Gables City Commission on May 6 voted to codify its existing fund balance and reserve policy into city code and to require a four-fifths vote before general fund reserves may be spent, except during a declared state of emergency.
Deputy City Attorney Stephanie Throckmorton said the ordinance codifies resolution 2016-34, establishing a 25% reserve requirement and related reserve policy language.…
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