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Oro Valley review of draft 10-year plan spotlights fund reserves and financial reporting
Summary
In a Feb. 25 community working session on a draft 10-year plan, town staff and participants discussed clarifying the town's financial reporting, the general-fund reserve target, and where and how full fund detail is published for residents.
Oro Valley staff and community members on Feb. 25 discussed changes to the town's draft 10-year plan that would clarify financial reporting practices, including the town's target for its general-fund reserve and where reports on other funds appear.
The town's chief financial officer, Dave Gephart, told the group the town tries to maintain a minimum general-fund ending balance of 30% of expenditures. "It's really our general, ending fund balance. We try to maintain a minimum percentage of 30% of expenditures," Gephart said. Participants asked that the draft language be revised to replace an ambiguous…
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