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Finance director reports Mayfair draw will lower general fund balance; commissioners ask procurement threshold review
Summary
Finance staff reported a $7 million draw from general‑fund reserves to cover Mayfair capital transfers, noted a stormwater receivable write‑off tied to school boards and pension market losses; commissioners asked staff to research whether the $50,000 purchasing threshold for commission approval can be adjusted to reduce staff agenda work.
Cindy (finance director) briefed the commission on first and second quarter financials and related administrative matters.
Cindy said most department budgets are within projections; however she reported the Mayfair capital transfer will reduce the city’s general fund by about $7 million this year because the project draws from reserves. She said the general fund reserve ratio stood at about 18.06%, above the city policy minimum of 14% but below a desired 25% target. Cindy said the Marina and Mayfair showed operational gains but capital…
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