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Arlington board lowers minimum undesignated fund balance to 75% in unanimous vote
Summary
The Arlington Board of Mayor and Aldermen unanimously approved Resolution 2025-39 to revise the town's Fund Balance Policy, lowering the minimum undesignated fund balance from 100% to 75% of the current year's budgeted revenues and setting a 125% maximum, citing GASB Statement No. 54 guidance.
The Arlington Board of Mayor and Aldermen unanimously adopted Resolution 2025-39 on Sept. 2, 2025, revising the town's Fund Balance Policy to lower the minimum undesignated fund balance to 75% of current year budgeted revenues and set a maximum at 125%.
Brittney Owens, the town's recorder and treasurer, presented the staff proposal and said the change aligns with Governmental Accounting Standards Board (GASB) Statement No. 54 guidance. Alderman Larry Harmon moved to approve the resolution, and Alderman Jeremy Biggs seconded; Mayor Mike Wissman called for a vote and the motion carried unanimously.
Why it matters: The Fund Balance Policy determines the size of Arlington's reserve relative to annual budgeted revenues. Board members indicated the change provides additional flexibility while preserving a financial cushion. The resolution was passed with no additional conditions or amendments recorded in the meeting minutes.
The Board did not record individual roll-call votes in the minutes; the meeting record states the motion "carried unanimously." The financial reports and supporting documents referenced by staff were noted as "on file" at Town Hall.
The Board will implement the revised Fund Balance Policy as adopted; no effective date beyond adoption was specified in the meeting minutes. The item was introduced during the Board's New Business agenda and required no further action at the meeting.
