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Consultant cautions cutting reserves to fund CIP; urges program reductions
Summary
An outside consultant warned that drawing down reserves to fund the proposed CIP and Fire Fund subsidy could harm the city's fiscal profile and recommended trimming the Capital Improvement Program and strategic initiatives to balance the budget without using reserves.
Mike Fitzgerald of Aclarion, LLC, told council that although the preliminary General Fund presentation showed an operating surplus, the combined effect of proposed capital projects and the Fire Fund transfer would substantially reduce reserves. He recommended reducing the CIP and Council strategic initiatives as necessary to avoid using reserves and to maintain favorable standing with lenders and bondholders.
Interim City Manager Tim Maslow acknowledged the consultant’s concerns and said staff would work to identify difficult expenditure reductions before the August 25 workshop to preserve reserves and avoid debt-funded operations or capital projects.
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