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Finance Committee Keeps Current Model for Allocating Investment Interest to Operating Funds
Summary
Staff explained the city’s method of allocating interest earnings to operating funds (not capital), citing GASB reporting and liquidity risk; committee voted to accept staff’s recommendation to maintain the current allocation model.
The Tracy finance committee on Oct. 22 heard an informational presentation on how interest earned on city cash and investments is allocated and voted to maintain the city’s current allocation model, which assigns interest to operating funds rather than directly to capital funds.
Finance staff told the committee the allocation approach follows accounting and industry practices, including Governmental Accounting Standards Board (GASB) requirements to…
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