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Council debates raising county—s financial stabilization floor from 5% to 10%
Summary
Council members debated a proposed amendment to the GASB 54 fund balance policy that would recommend a financial stabilization minimum of 10% (up from 5%), citing a current balance near $7 million and concerns that the change could constrain an incoming administration or require cuts or tax increases to reach the higher target.
Council reviewed draft amendments to the county—s fund balance policy under GASB Statement 54 that would change the recommended minimum financial stabilization fund from 5% to 10% of budgeted general fund expenditures (with a cap of 15%) and set the change to take effect Jan. 1, 2027. Proponents said increasing the floor preserves a…
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