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Committee approves $46.3M capital reallocation amid debate over reserve policy changes
Summary
The committee approved a $46,276,796 reallocation of FY24 capital to the FY25 capital improvement fund and discussed proposed reserve-policy changes, including a recommendation that the general fund reserve be set as a range (proposed 29%–45%) while other property-tax funds move to a 16 2/3% requirement.
The Lake County Financial Administrative Committee on April 9 approved Resolution 8.2, reallocating $46,276,796 of FY24 capital into FY25 to address long-term capital needs and fund one-time capital investments, while also hearing a longer discussion about proposed changes to the county's fund balance reserve policy.
Regina Tuzak, the county's chief financial officer, presented the reallocation request and walked members through how excess reserves are calculated under policy 3.2. Tuzak said the county's policy requires undesignated reserves equal to a percentage of the next…
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