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Northumberland supervisors authorize Davenport to solicit financing, endorse 20% fund-balance policy
Summary
Advisors from Davenport & Company recommended the county adopt a formal fund-balance policy (20% target) and a budget-stabilization fund and to use limited long-term financing to replenish reserves. The board authorized Davenport to seek competitive bids for a financing package and agreed to consider the results during the November budget process.
Davenport & Company presented a multi-page review of Northumberland County's cash flow and reserve position and recommended a two-part approach: adopt a formal fund-balance policy setting an end-of-year target of 20% of expenditures and establish a budget-stabilization fund to cushion unanticipated costs.
"The goal here really is to do two things, get ourselves a policy in place that we could build back towards, and get ourselves out of the business of having to do these RANs into the future," Davenport senior adviser…
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