Commissioners split on using reserves as Abruzzo warns Amendment 3 could cut revenues
Administrators told the board they boosted reserves by $26.7 million as a buffer against revenue risk from Amendment 3; several commissioners urged retaining reserves to preserve the county's AAA bond rating while others urged finding funds for targeted restorations.
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County staff and commissioners spent a sustained portion of the hearing debating how much of the newly identified funds should be held in reserves versus allocated to restore cuts. Administrator Abruzzo said credit-rating agencies have emphasized the importance of maintaining reserves in light of Amendment 3 and read the proposed increase into reserves of $26,700,000; he told the board rating agencies were “very concerned about amendment 3.”
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