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Charter board debates putting reserve targets in charter after hurricane‑era spending
Summary
Advisory members and finance staff discussed whether to enshrine a specific fiscal‑reserve percentage in the charter or leave reserve policy to annual budget action; staff warned that hurricane recovery, loans and interest payments have reduced available reserves and that some reimbursements remain outstanding.
Board members and finance staff held an extended discussion about fiscal reserves and whether the charter should require a specific reserve percentage. Speakers described historical targets (a prior target that combined disaster and unassigned reserves reached as high as 40% across funds before the hurricane) and current recommended practice (GFOA best practice referenced at about 16%). Staff stressed that…
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