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Council amends fund-balance policy to clarify scope and remove February deadline
Summary
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 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.
Council members asked for clarification and Administrator said auditors and staff shared the same understanding of the policy and the clarification simply aligns the written policy with practice. The resolution passed by roll call without further amendment.
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