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Chino finance staff propose new reserve policy; council told $20 million committed reserve is realistic step toward 50% goal
Summary
Finance staff outlined a revised fund-balance policy recommending a long-term 50% general-fund target but identifying $20 million as a near-term committed operating reserve; staff also recommended specific reserve levels for internal-service and enterprise funds and said a water-rate study will incorporate enterprise reserves.
City finance staff on March 10 presented a draft fund-balance policy that sets a long-term goal of a 50% general-fund operating reserve while proposing more modest, near-term reserve targets and specific minimums for internal-service and enterprise funds.
Kim Sow, director of finance, reviewed the policy history and the accounting framework under GASB 54 and said the city's audited fund balance for the fiscal year is roughly $40 million. "When we last discussed, the City Council wanted to establish a 50% operating reserve," Sow said, adding the staff's recommended path toward that goal: "At this point this year, we can only…
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