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Council reviews draft comprehensive financial policy, fund allocations and reserves in workshop
Summary
Finance Director Martin presented a draft comprehensive financial policy proposing reserve-balance targets and an allocated approach to funnel portions of property- and sales-tax revenue into designated funds; council asked for historical dollar figures, clearer exhibit definitions and another workshop before adoption.
The council spent substantial time March 3 in workshop reviewing a draft comprehensive financial policy focused on budgeting, reserves, accounting and reporting.
Finance Director Martin described the budgeting section as a first piece of a larger policy that would set council-directed reserve percentages and exhibit tables for budgeting. He presented an illustrative minimum reserve of 25% of operating budget for the general fund (roughly three…
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