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Council adopts financial policy resolution maintaining 17% reserve as a goal; board urged stronger wording
Summary
After debate, the council adopted staff-recommended edits to the comprehensive financial policies and left the 17% general-fund reserve expressed as a goal rather than a binding policy; Financial Advisory Board members urged making it a policy with a required restoration plan if breached.
The El Cerrito City Council on March 17 adopted a resolution to update the city's comprehensive financial policies after a lengthy debate over whether the general fund reserve target of 17% should remain a goal or be elevated to a policy.
Members of the Financial Advisory Board (FAB) said the board unanimously recommended changing the language from "goal" to "policy" so the city would be required to…
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