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City finance director proposes lower capital reserve target, council moves to adopt updated fund balance policy
Summary
City staff proposed updating the fund balance and reserve policy to reduce some capital reserve requirements and to phase a new 10-year capital budget process into policy; council discussed and indicated support for a proposed 50% phase-in of the capital reserve rather than 100%.
Sedona’s finance director presented an update to the city’s fund balance and reserve policy that recommends changes to how the city calculates capital reserves and calls for adoption of a 10‑year capital budget and forecast to align reserves with multi-year planning.
Staff said the prior capital reserve approach effectively double-funded capital projects by holding the average of the next three years’ capital spend as a reserve at the same time the city…
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