Santa Fe Springs council adopts reserve policy setting multi‑year funding targets

The Santa Fe Springs City Council adopted a formal reserve policy at the meeting, setting target reserve levels and buckets for economic uncertainty, infrastructure replacement, pension funding and other contingencies. Council members voted to approve the policy by voice vote; the motion carried with all members voting in favor.

City Manager Renee Bobadilla and Finance staff presented the policy, which staff described as a financial plan that “sets aside funds to meet future needs and protect against any financial instability.” Finance staff recommended a general fund target equal to 40% of operating expenses — described in the presentation as roughly $41,000,000 — and outlined additional targets for risk management, disaster response,…