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Bristol council approves updated finance policies, sets debt and fund-balance goals
Summary
City Council approved updated finance policies that incorporate the city's budget policy, reference state code, remove a now-defunct solid waste fund from calculations and set targets including an 18% unassigned fund-balance goal and a 5% general-obligation debt ceiling (policy goal).
Bristol City Council on Jan. 28 approved updates to the city's financial policies that, among other changes, fold the separate budget policy into the financial policies, add statutory references for the budget process, remove the now-closed solid waste fund from fund-balance calculations and reaffirm targets intended to strengthen long-term fiscal stability.
An assistant city manager and the finance committee presented the recommended changes and said the revisions were reviewed by the finance committee, which recommended approval. The presentation summarized policy changes…
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