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Staff forecasts $14.87M year-end general-fund reserves and proposes $5M one-time use
Summary
City Manager Atkinson told council the forecasted general-fund ending reserve is $14,869,000 and proposed using $5,000,000 of available reserves for one-time expenses; the result would lower reserves to about $9.9M before next-year recalculation of policy levels.
City Manager Atkinson walked the council through year-end reserve projections and explained how available reserves are generated from carryover and year-end revenue or underspending. He said the projected general-fund ending balance is $14,869,000 and proposed using $5,000,000 for one-time expenses in the coming year, which would lower the projected balance to about $9,900,000 prior to recalculating required policy reserve levels after the fiscal year close.
Atkinson illustrated the mechanics of the "buckets" and restated that policy reserve is maintained at 20% of operating in his example. "We predict to end this year at $14,869,000. We propose to use $5,000,000 in your general fund," he said. Council members did not object but requested further detail on policy-level calculations and the implications if revenue or expense assumptions change.
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