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Sioux Falls council adopts reserve targets, sets 3% sales-use tax fund cushion
Summary
The Sioux Falls City Council on Dec. 9 adopted a fiscal policy setting a 25–35% general fund available balance goal and a 3% reserve for the sales and use tax fund (roughly $3 million), adding a 10-year general fund forecast and requirements for mayoral justification when reserves are used; the measure passed 4–3 after debate.
The Sioux Falls City Council voted 4–3 on Dec. 9 to adopt a resolution establishing a 25–35% general fund available balance target, adding a 3% reserve for the sales and use tax fund and requiring a 10‑year general fund forecast and mayoral justification if reserves are used.
Tim Condo of the City Finance Department told the council the recommended minimum general fund reserve is 25%—roughly three months of operating expenses—with a suggested upper benchmark of 35% as a performance indicator. Condo said finance also recommended a new sales and use tax fund reserve equal to 3% of budgeted second‑penny sales tax revenue, which he estimated at about $3,000,000 based on current budgets.
"The 25% is really the…
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