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El Paso oversight committee backs formal fund‑balance guideline, sets 60‑day minimum
Summary
The Financial Oversight and Audit Committee voted unanimously to forward an amendment to the city’s budget policies that formalizes a 60‑day (roughly 17%) minimum general‑fund balance, after a multi‑hour presentation and questions from committee members.
The Financial Oversight and Audit Committee voted unanimously to approve an amendment to the city’s budget policies to formalize fund‑balance guidelines for the general fund, setting a recommended minimum of 60 days (about 17% of operating revenues).
The change, presented by Robert Cortinas, staff member, was described as creating a formal target where none currently exists beyond a city‑charter cash reserve. Cortinas told the committee, “We are recommending that we set it at 17% in 60 days. We are currently at about 22%,” and noted that the city’s unrestricted fund balance equates to roughly 83 days at the end of FY 2024.
The committee heard that…
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