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Grosse Pointe Farms council approves year-end budget adjustments; fund balance remains high
Summary
Council approved housekeeping year-end budget adjustments that transfer funds to capital projects and keep the city’s fund balance at about 27 percent of revenues, within the stated policy range.
Grosse Pointe Farms City Council approved year-end budget adjustments outlined by budget/finance director Roland. The adjustments were described as largely housekeeping measures, including a roughly $190,000 transfer to capital projects and a minor decrease in the budgetary rainy-day fund balance line items.
Roland told council the city remains on target with a fund balance of about 27 percent of revenues, within the administration’s 20–30 percent policy goal. Council members said they supported the adjustments and highlighted the importance of maintaining reserves for rating and bond considerations.
The council approved the adjustments by a unanimous voice vote and asked the finance director to report final figures once implemented.
