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Village staff proposes fund‑balance policy and six reserve funds to stabilize budgeting
Summary
Staff proposed a fund‑balance policy (general fund 15%–30%, water fund 20%–35%) and creation of six reserve funds — including a capital fire equipment reserve and a retirement contribution reserve — to improve transparency and prepare for equipment replacements and uncertain costs.
A village staff member working on finance and administration presented a proposed fund‑balance policy and a package of six reserve funds intended to improve long‑term fiscal planning and support capital needs.
The proposed policy would set an unrestricted general‑fund balance target between 15 percent and 30 percent of the next fiscal year’s general‑fund expenditures, and a 20 percent–35 percent range for the water fund.…
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