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Lake Forest Park council debates 90‑day reserve, stabilization and $500,000 strategic fund
Summary
Council members debated whether to base the city's reserve on revenues or expenditures, considered a 90‑day target achieved via a 60‑day minimum plus a 30‑day budget stabilization layer, and asked staff for spreadsheeted scenarios and public outreach; a $500,000 strategic opportunity fund was proposed as a target.
Lake Forest Park — City council members spent the bulk of their March 12 meeting debating how to set the city’s budget reserve and how much to place in the budget stabilization and strategic opportunity funds.
The council discussed two broad approaches: keeping the current reserve minimum in municipal code (16% of revenues, described in the discussion as roughly a 60‑day reserve) and creating a separate budget stabilization fund to reach a 90‑day target, or formally changing the reserve policy to require a 90‑day reserve directly. Councilmember Riddle said he favored an informal discussion approach and described the idea as “we’re all comfortable with, sort of a 90‑day reserve.”
Finance staff and the city…
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