Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Council committee considers raising general fund reserve target to 30% under new cash-reserve policy
Summary
Auditor staff presented a revised cash reserves policy proposing to raise the general fund target from 20% to 30% and a waterfall to allocate excess to rainy day, health insurance, workers' compensation and police pension funds; council discussed trade-offs between savings and debt reduction and asked about bond-rating effects.
Auditor staff presented resolution 90-25, an amended cash reserves policy that would increase reserve targets for several property-tax-supported funds and create a transfer "waterfall" for excess balances. The plan would raise the general fund target from 20% to 30% of annual expenditures and set a rainy-day target of $5 million. Excess general fund cash above 30% would move to the rainy-day fund; excess rainy-day funds above $5 million would flow to the county health insurance fund;…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
