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Budget advisory board backs updated Financial Integrity Principles and emergency reserve policy with two caveats
Summary
Fort Lauderdale staff presented proposed updates to the city's Financial Integrity Principles on Dec. 10, including a new emergency reserve fund with a 1% minimum and 5% upper threshold; the board voted to recommend adoption to the City Commission while asking that any transfer of excess reserve funds be limited to capital/one‑time uses and that Florida statutes be cited alongside GFOA guidance.
City staff presented an update to Fort Lauderdale’s Financial Integrity Principles and Policies to the Budget Advisory Board on Dec. 10 and asked for the board’s input and recommendation to the City Commission.
Keith Farrell, assistant budget manager, said the 2026 update was prompted by the creation of a formal emergency reserve fund and by a desire to align the principles with current practice and statutory deadlines. Staff proposed that the emergency reserve be available for declared emergencies and recovery efforts (ideally to match anticipated federal or state disaster recovery funds) and that the reserve target be a minimum of 1% of general…
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