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Ojai council approves midyear budget adjustments, formalizes 100% reserve policy and extends auditor contract
Summary
The Ojai City Council voted unanimously to adopt midyear budget adjustments, establish a formal general-fund reserve policy equal to 100% of prior-year expenditures, and authorize a multi-year audit agreement with Rogers, Anderson, Malady & Scott.
The Ojai City Council voted unanimously to adopt a set of midyear financial actions that include modest budget adjustments, a formal general-fund reserve policy and a multi-year engagement with the city's existing audit firm.
Interim Finance Director Christy Billings and Finance Manager Norma Cervantes told the council the fiscal-year 2024'25 budget had been prepared conservatively and staff's review showed the city remains fiscally healthy but requested adjustments. The staff recommendation included a requested $525,000 increase in budgeted expenditures for additional legal and accounting services.
The council adopted a new general-fund balance policy that sets a formal reserve target…
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