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Committee forwards net-position policy for enterprise funds to Board after unanimous recommendation
Summary
The Budget and Finance Committee voted 3–0 to recommend a net-position policy for enterprise funds to the Board of Mayor and Aldermen, setting an unrestricted net-position target of 3–12 months and directing staff to refine GASB-compliant language for water and sewer reserves.
The Budget and Finance Committee voted unanimously to recommend a net-position policy for the city’s enterprise funds to the Board of Mayor and Aldermen.
Miss Holden, who presented the draft policy, said the measure applies to enterprise funds such as water, sewer and stormwater and aligns reporting terms with Governmental Accounting Standards Board guidance. “Net position is your enterprise funds,” she told the committee, adding that…
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