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Committee recommends raising Middleton's reserve target to 25%–40% and lowering contingency to 0.5%
Summary
The Middleton Finance & Personnel Committee voted Aug. 5 to recommend that council amend the city fund-balance policy: increase the general unassigned fund balance target to 25%–40% of next year's budget and reduce the annual general contingency target to 0.5% of budgeted expenditures. The change was advanced for council consideration by voice vote.
The Middleton Finance & Personnel Committee on Aug. 5 voted to recommend that the City Council amend the city's fund-balance policy to raise the target reserve and reduce the budget contingency.
Bill, a city finance staff member, told the committee the Government Finance Officers Association recommends a minimum of two months (16.7%) and said the city currently runs near the top of its existing 16.7%–33.3% range. "I'm recommending that you consider increasing that…
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