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Palm Desert adopts updated budget and reserve policies, sets 35% minimum reserve and new $5M economic-investment fund
Summary
Council voted 5–0 to adopt updated operating budget, capital planning and reserve policies establishing a 35% minimum total-reserve floor, a proposed $5 million annual economic community investment reserve and an innovation reserve tied to departmental productivity.
The Palm Desert City Council on Jan. 22 adopted updates to its operating budget, capital-planning and reserve policies, including a 35% minimum total-reserve floor and new targeted reserves for economic investment and innovation.
Veronica Chavez, presenting staff recommendations, said staff had originally considered a 25% floor but "rating agencies also use our reserve as some measurement to determine what our rating can be, and so their minimum requirement is 35%. So I'd like to amend that request and ask that…
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