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Finance director outlines proposed updates to financial management policy, recommends 45% fund balance target
Summary
Staff proposed a series of updates to the city’s financial management policy, including codifying a fund‑balance target (recommended at 45%), formalizing a spending plan for amounts above the cap, and adding a budget‑process section.
The finance director told the Finance Committee on Feb. 19 that staff is preparing a substantial update to the city’s financial management policy to clarify reserves, fund balance spending and the budget process.
Finance staff recommended that the policy set a fund‑balance percentage target — not just a dollar minimum — and suggested a 45% target "or no less than 45%" as a working recommendation. Finance staff said the policy should specify both a…
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