Council amends fund-balance policy to clarify scope and remove February deadline
The council approved an amendment to section 5.8 of the Comprehensive Finance Policy clarifying that the 25% fund-balance target applies only to operational expenditures (excluding debt service and capital purchases) and removed a February adjustment deadline; staff said the change aligns the policy with recent audit practice.
The full story
The Finance and Taxation Committee brought forward a resolution amending section 5.8 (fund balance) of the city's Comprehensive Finance Policy manual. Administrator explained the change is intended to clarify that the 25% target refers to operational expenditures and excludes debt service and capital investments such as the recent industrial-park land purchase. The amendment also removed an unusual deadline that required determining the amount by February; staff recommended using the audit process to make any necessary adjustments instead.
Sign up to keep reading.
Your free newsletter brings you what your city council, county, and school board discussed and decided.
Keep reading for free
Create a free account to finish this story and see the video, transcript and key details.
Continue with GoogleContinue with emailAlready have an account? Log in