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Buena Vista adopts finance, investment and reserve policies; board raises general-fund emergency reserve to five months
Summary
Trustees approved updated finance and investment policies and increased the general fund emergency reserve from 27% (~3.2 months) to 42% (about five months), and set three-month operating reserves for enterprise funds.
The Town of Buena Vista Board of Trustees on July 8 adopted a suite of finance documents — an overarching finance policy, a new investment policy and a financial reserve policy — and approved increasing the general fund emergency reserve.
Town finance staff presented the proposals and asked the board to choose an emergency-reserve target. The board adopted a new emergency-reserve policy that sets the general fund emergency reserve at 42% of annual operating expenditures (roughly five months’ worth of operating expenses under…
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