Broken Arrow City Council
Meeting of: 06/03/2019
Title:
title
Approval of and authorization to execute Resolution No. 1225, a Resolution adopting a Financial Policy for the City of Broken Arrow relating to maintaining Reserves in the General Fund
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Background:
On March 30, 2018 Crawford & Associates submitted the report titled, Best Practices for Financial Operations that had been requested City Manager. During FY 18-19 staff has been implementing recommendations from that report. One subject that was addressed in the report was maintaining adequate reserves. Crawford & Associates stated in their opinion that the current policy which is 10% of operating revenues is the minimum of what should be maintained and that it is more desirable to have a reserve closer to 30% of operating revenues. During the FY 19-20 budget presentation the City Manager discussed this subject. Staff is recommending that the reserves policy be increased to 15% of operating revenues. Adopting Resolution 1225 will result in this policy amendment being adopted. These funds will be restricted and would take Council approval to appropriate them.
Cost: N/A
Funding Source: N/A
Requested By: Cynthia S. Arnold, Finance Director
Approved By: City Manager’s Office
Attachments: Resolution No. 1225
Recommendation:
recommend
Approve Resolution No. 1225 and authorize its execution.
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