Finance Director John Carter has an excellent presentation on reserve funds and city budgeting that he addressed to council on September 21st. Director Carter steps through a comparative analysis of Puget Sound City reserve funds, how reserves affect Bond ratings, and the usage of reserve funds. The material is informative for understanding how city budgets are formed.
Some choice quotes:
"...reserve balance had been growing through 2007..."
"We need to be looking at revenue policies and debt service policies...and debt capacity models."
"This year we have already seen the value of our investments drop by about $10 million in total..."
"What processes should be in place to access those reserves..."
"What do we do if we don't meet reserve targets..."
"Our five year projections have not had much focus..."
Council member Stan Snapp commented that their have been no meetings on financial future strategy since he has been elected to council.
http://www.cob.org/government/council/meeting-materials.aspx
http://www.cob.org/audio/cca20090921.mp3
No comments:
Post a Comment