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Deputy Speaker Frizzell proposes moving surplus above 10% of operating budget into stabilization funds
Summary
Deputy Speaker Frizzell proposed that if year-end unreserved general fund balances exceed 10% of the operating budget, the committee recommend an ordinance transferring the excess into stabilization funds to increase the threshold required to spend that money.
Deputy Speaker Frizzell proposed a new guideline urging the committee to examine year-end unreserved general fund balances and, if they exceed 10% of the operating budget, recommend transferring the excess into one or more stabilization funds.
Frizzell framed the proposal as a mechanism to protect reserves by placing excess funds where they would require a higher vote threshold—0.667 of the Assembly—to spend. "To the extent that exceeds the number 10% of the operating budget... we should immediately recommend as a committee to the full assembly that we adopt an ordinance transferring that excess amount to 1 of the stabilization funds," he said.
Members welcomed the idea as a topic for further consideration and suggested it could be treated separately from the current resolution if the committee wants a detailed study of consolidation or the mechanics of transfers.
