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Council accepts draft financial management policy, asks staff to prioritize reserve replenishment strategy
Summary
Finance staff presented a draft Financial Management Policy that formalizes budgeting, reserves and capital planning, proposes raising the general fund reserve to 25% and creating clearer budget controls; council supported the direction and asked staff to prioritize reserves that cover known liabilities.
The council reviewed a draft Financial Management Policy (FMP) intended to formalize budget rules, reserve targets and reporting.
Finance Director Trang Nguyen summarized key elements: a commitment to structurally balanced annual budgets (no recurring expenses funded by one‑time revenue), clearer budgetary controls, a…
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