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Longview council tables reserve-policy increase, approves $5 million seed for fire apparatus replacement
Summary
Councilmembers debated raising the city's minimum unassigned general-fund balance from 10% to 15% and whether to allocate $5 million to a fire apparatus replacement fund. The reserve-policy resolution was tabled for 30 days; the council approved a $5 million ordinance to seed the fire apparatus fund.
City staff on Thursday urged the City Council to increase Longview's minimum unassigned general-fund balance from 10% of budgeted operating expenses to 15% and to seed a new fire apparatus replacement fund with $5 million.
'Our current projected general fund balance is 23,600,000.0. Currently, council policy requires us to maintain a fund balance of 10% of the general fund operating cost, which is about $10,000,000,' Finance Director (presentation lead) Mister McPhee told the council. He said…
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