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Monterey NCIP staff recommend ending a separate contingency account, holding about 10% of funds in main NCIP fund
Summary
City finance staff told the Neighborhood Capital Improvement Program committee they will discontinue a stand-alone NCIP contingency project and instead leave a roughly 10% holdback inside the main NCIP fund (Fund 216); staff said the move aligns accounting practice with CIP and preserves flexibility while staff and council refine project estimates.
Monterey staff presented a proposed change to how the Neighborhood Capital Improvement Program manages leftover project balances and contingency funding, telling the NCIP committee they plan to discontinue a separate NCIP contingency account and to keep an operational holdback inside the main NCIP fund.
Reggie, the city presenter, said finance’s recommendation is to “hold back roughly 10% of the available funds for contingency.” He explained the change would mean the city will no longer operate a distinct contingency project line for NCIP but will retain unappropriated balances inside Fund 216 and draw from that balance when needed.
The prese…
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