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Winnebago County board adopts GFOA-style fund balance policy to formalize reserves
Summary
The Winnebago County Board adopted a fund-balance policy based on Government Finance Officers Association (GFOA) and Governmental Accounting Standards Board (GASB) best practices; the measure defines opportunity and unassigned reserves and passed with one recorded nay.
The Winnebago County Board of Supervisors voted to adopt a formal fund-balance policy patterned on Government Finance Officers Association (GFOA) and Governmental Accounting Standards Board (GASB) guidance, a move county leaders said will improve transparency and financial planning.
Supervisor Morris Cox, who shepherded the measure through committee, described the policy as a way to create a common language for county…
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