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Southern Pines finance staff review fund-balance policy; available reserves shown at $4.2 million (June 30, 2024)
Summary
Finance staff reviewed fund-balance categories, recommended maintaining available and assigned fund balance of at least 25% of budgeted expenditures, and reported an available fund balance of $4.2 million as of June 30, 2024, noting timing and accruals (sales-tax three-month lag) affect interim snapshots.
Finance staff provided council with a multi-slide briefing explaining the town's fund-balance categories, the rationale for a 25% policy target and how timing and accruals affect year‑to‑date snapshots.
Staff explained five fund-balance categories and described committed and assigned funds versus available…
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