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Finance director: Cocoa’s assigned fund balance reset; council approves amending list and early debt repayment planning
Summary
Finance staff presented a consolidated review of assigned fund balance, recommended reassignments and proposed reserving funds for an ERP replacement and early debt repayment; council voted to amend the FY24 assigned fund balance list to include a $3 million early debt‑repayment set‑aside and items approved earlier in the meeting.
Rebecca Bowman, the city’s finance director, presented a multi‑year reconciliation of assigned fund balances dating to fiscal years 2021–2023 and summarized proposed assignments for fiscal year 2024.
Bowman said the consolidated assigned fund balance being presented totaled $16,631,258 and reviewed policy‑level reserves the city has in place, including a stabilization reserve (Bowman cited $13,000,000) and a…
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