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
Motion · Official minutes
Hold this matter over for discussion by June 30, 2018, after the budget was approved
6 aye · 1 nay
Why This Vote Matters
The council voted 6-1 to delay a decision on requiring the city to more than double its emergency savings from 7% to 15% of the annual budget. The item will be discussed again after the city's budget is approved by June 30, 2018. This change would force the city to set aside millions more dollars in reserves rather than spending that money on current programs and services. Only Mayor Butt voted against the delay, while the other six council members supported postponing the decision until after budget discussions are complete.
Auto-generated context based on official minutes.
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