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Council designates Assigned Fund Balance to include reserves and increases General Fund reserve to $2.1 million
Summary
Council Member Michelle Griffith moved — and the council unanimously approved — changing the Assigned Fund Balance label to explicitly include reserves and raising the General Fund Assigned Fund Balance from $1,645,435 to $2.1 million, a $454,565 increase producing a subtotal of $2,140,000.
At the July 11 special meeting, Council Member Michelle Griffith moved to change the budget column heading to "Assigned Fund Balance (amount that is designated for a specific task including reserves)" and to increase the General Fund Assigned Fund Balance from $1,645,435 to $2.1 million. The motion specified an increase of $454,565 and a subtotal of $2,140,000 for that column; it was seconded by Council Member Brad DuFur and approved by roll call vote.
Griffith said she had spoken with the Public Finance Department at Zions Bank about what underwriters and bond-rating organizations look for, and said that to reach a AAA rating they would look for "31% or more of annual revenue in the Total Fund Balance." The change to explicitly include reserves in the Assigned Fund Balance label was intended to clarify the city's reserve accounting ahead of any future bond discussions.
