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Holladay staff outline draft financial policies, stormwater utility goals and a pushed road overlay program
Summary
Finance staff presented a draft financial-policy manual recommending a 15% general-fund reserve target, a 60-day stormwater utility working-capital target (FY24 at ~26 days), administrative fee recapture, and a proposal to prioritize at least $500,000 for roadway overlays in the FY26 budget; council asked for clarifications on limits and implementation.
City finance staff presented a draft set of financial policies intended to guide budgeting and capital planning in Holladay. The draft includes a recommended general-fund unassigned reserve target, explicit working-capital targets for enterprise funds and clearer rules for one-time revenues and administrative-cost allocation.
"Last year, we were at 33.6%, which is about $7,800,000 of fund reserve fund balance," a staff presenter told the council while explaining a proposed policy that would set a 15% reserve target for the general fund. Staff said the lower target would free room for planned capital commitments while preserving a prudent cushion.
The stormwater utility fund was highlighted. Staff proposed a minimum of 60 days of annual operating expenditures as working capital; they said fiscal-year 2024 calculations showed the fund at roughly 26 days. Finance staff noted they are studying a potential rate change and that some revenues are already earmarked for bond payments and personnel costs.
On near-term capital, public-works staff described using the county contract to deliver about $300,000 of paving work after July 1 and said the FY26 tentative budget will include a minimum allocation of $500,000 for roadway overlays. Council members pressed staff on timing, audit treatment, and whether limited transfers within departments require council approval; staff said the city manager retains some reallocation authority but that material reassignments would be presented as amendments.
No formal policy vote occurred; staff asked the council for edits and said the draft will return for final review as the budget process advances.
