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Garden City council adopts fund-balance policy, sets 25% minimum reserve
Summary
The Garden City Council on Aug. 4 adopted a formal fund balance policy that establishes a 25% minimum reserve target (about three months of operating expenditures) and recommends a 35% guidance level for surplus use; the motion passed 7-0.
Garden City — The Garden City City Council voted 7-0 Monday to adopt a fund-balance policy that sets a minimum target of 25% of operating expenditures (roughly three months of operations) and a recommended upper guidance of 35% for surplus funds.
City Treasurer Shepherd told the council the policy is intended to "ensure that we're being fiscally responsible" and described it as "basically...a framework" that classifies fund balances and sets monitoring and reporting requirements. Shepherd said the policy applies to the general fund and to enterprise funds such as water and sewer, and can be applied to other funds as the council desires.
The policy directs staff to provide more detailed budget-to-actual financial reporting so the council can identify overspending earlier. "If we're overspending by month 3, then we know…
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