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Carmel council signals support for new budget rules, 90/10 CIP guideline and larger reserve goal
Summary
Councilmembers reviewed proposed changes to the city’s budget policies, including raising the capital threshold, adopting a 90/10 operating/CIP guideline and targeting a larger reserve (50% of operating expenditures). Council gave staff direction to return with formal code and budget book language.
CARMEL-BY-THE-SEA, Calif. — The Carmel-by-the-Sea City Council on May 5 reviewed a package of proposed changes to the city’s fiscal policies and signaled support for several major shifts in how the city plans and sets reserves.
City finance staff and the council’s Financial Stewardship ad hoc committee proposed reorganizing and clarifying the budget book and municipal policies, raising the asset capitalization threshold (a staff recommendation to move from $10,000 to $50,000), and adopting new budgeting guidance that prioritizes capital projects. Staff recommended a 90/10 operating-to-capital guideline — i.e., budget to keep operating costs at or below 90% of revenue and target 10% of revenue for capital…
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