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Oswego staff recommends retaining 30% general-fund reserve; board asks about bond-rating effects
Summary
Village staff reviewed fund-balance categories and recommended keeping the current 30% unrestricted-target for the general fund; officials discussed how transfers for capital projects and a recent $400,000 contribution affect the reserve and bond-rating implications.
Andrea, a village staff member, presented an overview of fund-balance concepts and the village's current targets to the Committee of the Whole. She described fund-balance categories (nonspendable, restricted, and unrestricted, with the latter subdivided into committed, assigned and unassigned) and reviewed Government Finance Officers Association guidance that governments should maintain a minimum of about two months of operating expenditures in unrestricted reserves.
Andrea said the village's current fund-balance policy uses a 30% target for unrestricted balances and a 25% minimum cash-reserve target. Citing audited figures in the…
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