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Council adopts budget-stabilization ordinance with reporting requirement for finance director
Summary
Council approved an ordinance establishing a budget stabilization fund (a 'rainy day' fund), adding a preamble and a requirement that the finance director provide a detailed written report (data, methodology, assumptions) when triggers are invoked.
The City Council voted unanimously Dec. 18 to adopt an ordinance establishing a Budget Stabilization Fund intended to provide financial stability during significant, unforeseen revenue shortfalls and to ensure continuity of essential public services.
Councilmember Fellows offered a preamble describing the fund’s purpose and proposed an amendment requiring the finance director to submit a detailed written memo explaining data, methodology and assumptions whenever a projection triggers use of the fund. The council adopted that amendment and then approved a staff-formatting amendment to clarify procedures for removing funds under enumerated circumstances.
Staff said the fund excludes one-time grants, capital projects and nonrecurring items from the calculations and that the requirement for a written memo would apply when the council considers using the fund, to provide transparency and deliberative context. The ordinance carries and the city will publish procedures and reporting expectations for council deliberations.
