Increase minimum cash reserves from 7% to 15% of annual spending
In Plain English
The city currently requires keeping 7% of its annual budget in cash reserves for emergencies. The new policy more than doubles this requirement to 15%. If approved, the city must set aside millions more in savings instead of spending on current programs.
Auto-generated summary. Source: official agenda documents.
Votes
Hold this matter over for discussion by June 30, 2018, after the budget was approved
6 to 1
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