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Comptroller urges caution on adopting minimum fund-balance policy, recommends more legal review
Summary
City Controller Bill Christiansen presented two sample fund-balance policies and advised the committee not to adopt either immediately because city ordinances and state statutes (tax stabilization fund and public debt amortization fund) constrain withdrawals and may require legislative changes. The committee placed the report on file.
Bill Christiansen, the city controller, told the Finance & Personnel Committee that adopting a minimum fund-balance policy could strengthen the city’s financial position and its standing with bond rating agencies — but he urged caution.
Christiansen presented two sample policies: Proposal A would set a conservative minimum fund balance equal to 16.7% of general fund revenues (roughly two months of revenues using 2024 figures); Proposal B would set a 10%…
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