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Goochland committee weighs lowering 'available fund balance' target; schedules workshop
Summary
County financial advisor Kevin Roddy (PFM) recommended lowering the new available fund-balance target from the current 55–65% range to a more attainable 35%, citing peer comparisons and rating-agency considerations; the committee voted to hold a policy workshop before the January board meeting to finalize the change.
The Goochland County Finance and Audit Committee spent the bulk of its meeting debating whether to revise the county's recently adopted "available fund balance" policy, which currently sets a target range of 55–65% of general-fund budgeted amounts.
Kevin Roddy, a partner with PFM Financial Advisors, presented peer comparisons and rating-agency perspectives, and recommended a lower, attainable target of about 35 percent while preserving a strong unassigned fund balance and a small revenue-stabilization reserve. "It's about $12,700,000 to come in compliant" with the higher…
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