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County Council adopts updated cash reserves policy, citing long-term fiscal stability
Summary
The council unanimously approved Resolution Bill 90-25, updating cash reserve requirements and adding an annual procedural review; auditors said the change aligns with best practices and bond-rating considerations.
The Saint Joseph County Council voted unanimously (9-0) on Dec. 9 to adopt Resolution Bill 90-25, which updates the county’s cash reserves policy. Abby Doyle, chief deputy auditor, said the amendment modestly increases required cash reserves and institutes an annual procedural review to ensure planning for unfunded liabilities.
"Maintaining a cash reserves policy and updating it periodically to reflect our fiscal realities is a recognized best practice," Doyle said, noting rating agencies review reserve policies. Council members praised the approach as a prudent measure to address pressures from property-tax changes and other liabilities.
Councilman Catanzarite said the change complements prior commitments to reduce the county’s pension liability for the county police pension trust fund. After a short procedural vote with the clerk taking roll, the motion to pass Bill 90-25 carried 9-0.
The council recessed briefly for 10 minutes following the vote.
