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Shenandoah council approves $348,711 transfer to meet reserve policy and renews investment policy
Summary
Shenandoah’s City Council approved a $348,711 transfer to bring the general fund up to the required 180‑day reserve level and unanimously renewed the city’s investment policy after staff reported no changes to the existing policy.
Shenandoah Mayor John g Escottle presided as the City Council on Wednesday approved a $348,711 transfer to meet the city’s 180‑day general fund reserve requirement and renewed the city’s investment policy by voice vote.
Council was told staff calculated the target 180‑day reserve at $5,980,140 for fiscal 2024–25 and recommended the $348,711 transfer to meet the policy minimum. City finance staff said, with the transfer, the general fund reserve and available cash balance total a little more than $9 million.
The action implements a policy the council adopted in August 2020 that requires the city to hold a minimum of 180 operating days of cost in the general fund. Councilman Raymaker moved the transfer and Councilman Pollard seconded; the council approved the motion by voice vote.
Separately, staff presented the city’s annual investment policy review. City staff said the document on the agenda is the same version adopted last year after the city worked with Hilltop Securities; no committee-proposed changes were reported. Councilman Raymaker moved approval of the investment policy, Councilman Pollard seconded, and the council approved it by voice vote.
Next steps: staff will record the approved transfer and post the renewed investment policy as required by local code, and the city will continue routine reporting to the council on fund balances and investment performance.
