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Sacramento council adopts prior-year savings policy to prioritize budget balance, reserves and liabilities
Summary
The City Council approved a new policy directing one-time prior-year savings first to budget shortfalls, then to restore the economic uncertainty reserve, with remaining funds split to pay pensions, capital needs and one-time projects.
The Sacramento City Council voted to adopt a prior-year savings policy that would direct one-time savings first to any projected budget shortfall, then to restoring the city’s economic uncertainty reserve, with remaining funds split evenly among pension paydown, capital and deferred-maintenance needs, and one-time uses.
Finance Director Pete Coletto, who presented the proposal, told the council the policy is intended to align one-time funding sources with one-time uses and to help stabilize the city’s long-term fiscal position. “What we’re proposing is a policy…
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